Trusted Tips and Resources

Trusted Tips & Resources

Trusted Regina Mortgage Expert Answers Questions About Rising Lending Rates

Trusted Regina's Skott Enns and Ryan Boughen of TMG The Mortgage Group can be found in the Mortgage category.  


We sat down and asked Skott Enns of TMG The Mortgage Group some questions we thought you'd like the answers to!


"As many of you have now heard, the Bank of Canada       increased it's lending rate to 0.75%. That is an increase of 0.25%, from their previous rate of 0.50%."


QUESTION #1: Who will be affected by this?


 "When the BoC increases their rate, this will typically translate into an  increase in the Prime lending rate, which is how banks calculate their  variable mortgage rate. Hence, if you have a variable rate mortgage (or  there is a line of credit component attached to your mortgage), you can  expect your mortgage rate (and likely your payment) to increase by 0.25%  in the very near future."



QUESTION #2: What does this actually mean?


"Of course no one likes to hear that their interest rate is increasing, but before panicking, it is important to look at what this actually means in dollars and cents. With this 0.25% increase, your mortgage payment will increase by $13/month for every $100,000 you owe."


"So if you have a $300,000 mortgage, this will increase your mortgage payment by $39-ish per month. Clearly you would rather keep that money in your own pocket, but this is not a scenario where the sky is falling."


Image result for arrow going up with house


QUESTION #3: What to do?


a) "We can lock in your mortgage rate by converting it to a fixed term. When you originally received your mortgage financing you (in most cases) were committing to that particular lender for a 5 year period. If you are now 2 years into that variable rate, and wanted to lock in to a fixed term, you would be locking into a term of at least 3 years. Make sense? Keep in mind, however that in many cases, the fixed rate that you would be locking into is still going to be higher than your new increased variable rate."


b) "We can do nothing, and stay the course with a variable rate. Although one can never guarantee what will happen with mortgage rates, history shows that those borrowers with variable rates who stay the course as opposed to locking in mid term still save more money."


SKOTT'S TWO CENTS:


"As a blanket statement, I am encouraging the clients who are calling me to stick with their variable rates. As mentioned, in most cases your new variable rate will still be lower than the fixed rate you would be locking into. If you consider this, in addition to the ultra low penalty that comes with breaking a variable rate mortgage (should it ever happen), I still believe a variable term is the right way to go."


"That being said, every situation is unique. If you have any questions at all about your mortgage please do not hesitate to contact me at 306.201.6500."


I am happy to answer any questions/concerns you may have.


If you are looking for honest, unbiased advice from a mortgage broker in Regina they would love to talk with you!

Skott Phone 306-201-6500  Ryan Phone 306-570-3379 

No Time to set up an appointment! No Problem! You can also click here to apply now  with Ryan or apply now with Skott and get the ball rolling.

TMG The Mortgage Group Skott Enns & Ryan Boughen are Trusted Regina Mortgage Brokers


 

Trusted Regina tutors and educators Oxford Learning are offering great summer programs!

Oxford Learning Center works with all ages from 3 up to College age, and they are there for you and your child if they are struggling with a particular subject, having difficulty concentrating or you want to prepare them for secondary school. What you may not know is there is help and the answer is Oxford Learning Center.

Based on decades of research into how children learn, they designed a radically new approach to teaching and this is how Oxford Learning came to be the powerhouse of better learning that it is today. The Oxford Learning Regina tutoring team will give your child the tools for a life time of learning; You really couldn’t give your child a better gift. 

Oxford Learning Center are your Trusted Regina tutors and educators

OXFORD LEARNING IS…A SMARTER SUMMER

There is one key skill your student needs to become a successful student and that skill is reading. Studies show that early reading skills predict future academic success. Reading skills, imagination, dedication, and achievement all develop as children build their learning skills and develop self-esteem and confidence. Why not get your preschooler off to a flying start this summer with one of our preschool programs?

LITTLE READERS ACADEMY PRESCHOOL PROGRAM - AGES 3-6

Daytime: 2.5 hours per session
Times: Monday to Friday mornings 9:15 - 11:45 AM
Monday to Friday afternoons 1:00 - 3:30 PM
The minimum number of summer sessions recommended for
NEW students is 20.
Registration and assessment fee - $100.00 (non- refundable)
(For new students only).
Cost for classes: $32.00 per session
• 8 sessions/month - ($256.00)
• 12 sessions/month - ($372.00)

ENGLISH or FRENCH R.E.A.D. ELITE PROGRAM FOR AGES 4-6

Evening or daytime- 1 hour or 1.5 hours per class
The minimum number of summer classes recommended for NEW students is 16.
Registration and assessment fee - $175.00 (non refundable)(For new students only).
Cost: $35.00 per hour - 8 hours/month ($280.00); 12 hours/month ($396.00)
We accept enrollments year round in all programs.

SUMMER WORKSHOPS & SKILL DEVELOPMENT PROGRAMS

Fun and interactive workshops and programs offered during the summer.

LEARN ABOUT TIME! (GRADES 1 – 6)

Dates: Wednesday, July 19 from 1:00 pm - 3:00 pm
Pricing: $40.00 per person

LEARN ABOUT MONEY! (GRADES 1 – 6)

Dates: Wednesday, August 16 from 1:00 pm - 3:00 pm
Pricing: $40.00 per person.


STUDY SKILLS BOOT CAMP (GRADES 7 – 9)

Dates: August 21 – 24
Monday to Thursday from 10:00 am - 12:00 pm
Pricing: $240.00 per person.
Combine this with the Group Dynamics Friday, August 25 program

TEAMWORK SUCCESS (UNDERSTANDING GROUP DYNAMICS) (GRADES 7 – 9)

Dates: Friday, August 25 from 10:00 am to 3:00 pm
Pizza lunch provided
Pricing: $100.00 per person.

FUN IN FRENCH (GRADES 2-6)

Dates: July 6, 13, 20, 27 and August 3, 10, 17, 24
Thursdays from 1:00 pm – 4:00 pm
Pricing: $50.00 per Thursday

30-HOUR MATH, WRITING, AND/OR STUDY SKILLS (GRADES 1-12)

Summer special hour package
Individualized programs; 3-1 student/teacher ratio.

Summer Specials
• Core/Advantage, SAT, ACT prep:30 hours for the price of 25 ($1225.00)
• Full Dynamic Assessment: $175.00 (July and August only)
• Little Readers: 20 hours for $560.00
• R.E.A.D Elite: 16 hours for $496.00
Regular hourly pricing used for fewer scheduled classes.
REGULAR program SIBLING DISCOUNT: 5%

Oxford Learning are your Trusted Regina tutors and educators! 


                                                                  

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Regina, SK   S4R 1P3
Ph: 306.529.8558

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