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Todays Best Mortgage Rates

mortgage rates for the burlington housing market

If you are shopping for a Mortgage in the Burlington area, give me a call to find out the Best Mortgage Rates available.

Fixed 5 year can be found in the 2.59% range and 5 year Variable in the 2.05% range. These rates are good for Pre Approvals, Purchases and Refinances.

I will make sure you get the best features and flexible options to meet your needs today and several years from now.

How would you like a Free warranty on the Heat /Air/Plumbing and Electrical systems in your house for the first year. Ask me how!

Beware of No Frill mortgages advertised out there. Higher penalties for early pay off and missing privileges may be lurking in the small print.

You can depend on my 30 plus years in the business to give you a Stress Free Mortgage Experience.


Burlington’s Lowest Mortgage Rates

Recent changes in both Fixed and Variables have brought rates back to the lowest in history.

I have been doing mortgages in Burlington Ontario for over 25 years so I have seen a lot of rate changes.

2.84% for a 5 Year Fixed is an amazing rate considering the 15 year average is probably in the 6%to 7% range.

Variable mortgages are back to the rates seen in 2009-2010 with latest Bank of Canada rate setting. When they were this low, 70% of our mortgage chosen were variable.

What is the right choice for you? Variable might be the right choice if you are an informed and media savvy person. You will need to have a higher risk tolerance and be prepared to watch rate changes and seek advice as to whether you should lock in sometime in the future.

I like the 5 year fixed at 2.84%over the 4 year at 2.77%. Take it and forget it.

It should be interesting to see if the 10 year fixed gets down to the 3.39% level.

Rate shopping can be confusing and tedious. Let us do the shopping for you. Our services are free and at The Mortgage Centre, we work for you not the lenders

Mortgage Refinance to Pay off Debts

mortgage rates for the burlington housing marketIts just after Christmas and most of us are receiving our Visa, Amex and MasterCard Bills.

Unless you have  savings or an upcoming bonus you will pay the minimum and let the balance ride.

Many Credit Cards have interest rates from 18% to 29% and that rate is compounded monthly.

If you leave those balances over time you can pay for your initial purchase twice!

What to do?

I have a few suggestions. Try getting a consolidation loan at your bank. They’ll often give you an Unsecured Line of Credit at rates of 5% to 9%. the payments will include some principal reduction and you may be able to get the debt paid off sooner than keeping it on a high rate card.

If that doesn’t work, my suggestion is a Mortgage refinance. We take a look at your whole debt situation and refinance it into a low rate… as low as 2.89% often adding a Secured Line of Credit to help with future emergencies. Your overall monthly payment is drastically reduced and your cash flow freed up, helping you pay with cash in the future. We make suggestions about using the generous prepayments options in the mortgage to payoff the newly added credit card debt.

Cost of doing this may include a lawyer fee, appraisal and a penalty if the existing mortgage contract is broken. Many clients prefer to break the exiting mortgage and take advantage of todays amazing low rates.

So if you are worried about those January Bills, give me a call to see how we can help you relieve the stress.




First Time Buyer Burlington On.


I’ve helped thousands of First Time Buyers  finance their home purchase in the Burlington area.

I see some very basic differences working with First Time Buyers.  Mostly its the education and support clients need when they lack the past experience of home ownership. I’m happy to say, addressing this need is a specialty of mine. After 30 plus years I still get a charge seeing these clients start their new lives and families in their own home.

Here are a few quick tips to help you enjoy the process and avoid disappointment.

  • Get a Pre-Approved mortgage and get it in writing.. see my blog on pre-approvals.
  • Work with a one Real Estate Agent that you feel comfortable with.
  • Start the homework from your pre-approval. Gathering Salary Letters etc.
  • Confirm availability of your down payment. Can you withdraw RRSP money? Are Gifts available? Do you need to save more?
  • What is your lease situation? How much notice do you need to give to a landlord?
  • Don’t switch jobs while house hunting?Probation periods are not accepted by Lenders.
  • Have your deposit money available for an offer. Do you have $5000-$20,000. available?
  • Avoid long closings over 120 days. Most Lenders will only commit a mortgage rate 120 days.

These are a few tips I think make the process smoother and stress free. Don’t be afraid to create a team of experts to help you. You’ll need a Lawyer, House Inspector, Insurance agent, Mortgage Broker and of course the Real Estate agent. Tell each of them who you are working with so they can work together if a problem occurs in the transaction.

There are great reading materials for First Time Buyers

available from my office or go on line to:

Lastly, enjoy the journey. You only buy your First Home once!








Mortgage Pre-Approval

Mortgage Pre-Approval

I have spoken many times about my Burlington Ontario clients getting a Mortgage Pre-Approval.

So many people think a casual chat with their Bank or a Mortgage Rep/Agent is enough to have the confidence to house hunt and eventually make an offer on their dream home.

Much of my business over the years has come from Realtors who have sent disappointed client’s to me who thought they had a full Pre Approval, bought and were formally declined after a few days.

Here’s how a Mortgage Pre-Approval must be done.

A full application needs to be taken, preferably in person with all topics covered. Income, down payment, credit issues and other obligations. The clients need to give full disclosure and transparency so their are no surprises later. A credit bureau must be done and discussed with the client to verify the debts, payments and authenticity. If there are problems like lateness or more serious issues, explanations should be provided so they can be discussed with the lender.

Income and Employments needs to be reviewed and sustainability of the income should be decided. Example , Bonus and Commission income can be used if a 2 year record can be show.

Also,, if Self Employed, the client may be able to do a Stated income mortgage if the ownership of a company can be provided. HST returns, General Business Licence. Articles of Incorporation.

Down payment needs to be discussed in the pre Approval to ensure it is useable and available by closing. If a gift is to be provided, the time lines are important as well.

A Discussion about closing costs and time lines for a formal approval once the home is found and an offer is made.

Most important, the clients Home Purchase goals and objectives should be reviewed to make sure they are realistic and attainable given the information provided.

The Broker should sum up all the information, answer the clients questions then submit the deal formally for a Pre-Approval. Once the Lender approves the submission, the client can begin the home search.

The benefits of a formal Mortgage Pre-Approval are:

  • The client is fully underwritten by both the Broker and the lender
  • No surprises when the client buys and applies
  • Education and Information
  • 120 day rate hold to protect against rising interest rates
  • Lightening fast approvals once you but. All the hard work is already done.

A Full Pre-Approval will save time and disappointment.

Thanks for reading






Best 5 Year Fixed and Variable Mortgage Rates

Doing Mortgage Business in Burlington for over 25  years, I have seen a lot of great Rate Offerings. I always exceed at getting my Burlington and area clients the Best Rates possible.

In the past 2 months we have seen No Frills Mortgages with big discounts and big disadvantage’s like -no portability and reduced prepayment privilege’s.

Good news

Several of my A Lenders who have great products and all the Bells and Whistles have just dropped their rates to the 2.97% range for the 5 Year Fixed and 2.5% for the 5 Year Variable.

Here’s what my clients have to say:

Bob watched the rates for us all through the entire buying process and made sure we received the best rate right up to closing day !

So now clients don’t need to give up  flexibility and long term savings to get a great Rate.

Call any time to start your Stress Free Mortgage Experience.



Of course we still have some of those No frills mortgages with even deeper discounts for those who are willing to give up some features.

Best 5 Year Mortgage Rate

Happy New Year

What a great way to start the New Year with a 5 year fixed Mortgage at 3.29% *

Variable Mortgages available as low as 2.50% *

* some conditions apply and rates are subject to change.

View original: 

Best 5 Year Mortgage Rate

NEW YEAR Mortgage predictions

Here are my predictions fro 2014

Mortgage Rates

Fixed rates will drop due to competition within the Lenders for Market Share and a recovering Stock Market. The Bond Market should allow 5 Year Fixed rates to land around the 3.19% level by March this year.

I predict the Back of Canada Rate will be stable at least until July this year and the 3.00 % Prime rate
will hold. Later this year we might see a .25% jump.

Lending Policies

I see further tightening by the government by way of Bill 20/21 this time focusing on the insurers. Lenders will have to do more due diligence on Self Employed files and more focus on the property itself.

Auto Appraisals.

Many Lenders use Auto Appraisal systems instead of Appraisals. I see a tightening and more full appraisals being requested. Wait times could be as much as 3-5 days as Appraisers find it hard to keep up with the demands.

As always, I suggest using a Mortgage Broker for your purchase or refinance. You get access to many products and Lenders. Theses days, everyone needs advice and experience behindthem to get the best deal and the job done.

Continued – 

NEW YEAR Mortgage predictions

Mortgages for Rental Properties

Several years ago, it was fairly easy to obtain a mortgage to purchase a rental property.

If the rent carried the mortgage, taxes and condo fee’s if applicable your would probably get approved for up to 80% financing.

That’s changed is recent years. Now lenders are looking for Debt Servicing. example.
A client needs to be able to carry their own home and the rental property against there own income and 50% of the rental property income. The Total debt cant exceed 42% of the total income.
This is difficult for many investors and pretty much impossible if you own 2 rental properties.

One solution is to use a non bank lender that has different risk models and uses different underwriting calculations. I have access to these lenders. You might pay a slightly higher rate but don’t forget its all tax deductible if the property is for investment.

Getting preapproved for rental purchases is often overlooked and yet this type of mortgage financing has been tightened up almost as much as self employed deals.
Get preapproved and try to avoid properties with heavy taxes and condo fee’s

If you own a Rental property or plan to purchase one or two give me a call to see what you can borrow.

View the original here: 

Mortgages for Rental Properties

Don’t become a 2nd choice Mortgage Client!

Even though I have great referral sources that highly recommend me to their clients, occasionally I meet clients who have already been to their Bank and were declined. I become 2nd choice

This past week, I had two such deals. The first clients applied to their bank for a fairly easy mortgage, they waited 3 days of a 4 day finance condition and we’re declined on a small technicality.
I was asked to meet them and rescue the deal. Withinone day, I was able to put together a great package for them. They were relieved and happily removed their finance condition. This one turned out well and I didn’t mind being 2nd choice.

The second client , was pre approved by their TD Bank branch and made an offer on a modest townhouse. They went back to their TD Branch and we’re quickly declined for the deal. The reason given was the bank thought the client was taking on too much risk. The client was shocked and disappointed in their bank.

Both the listing agent and selling agent told the client to see me asap. I was able to get the client in right away and quickly packaged the deal off to one of my fastest lenders. Keep in mind this was Friday of the of Remembrance Day weekend. The banks are closed on Monday and the Conditionfor Financing expired Monday. I assured the client that I could the deal done by Monday and I didn’t see any risk in the deal. Unfortunately the client was in a panic and called twice this weekend looking for assurance which I gave. On Sunday the client called and cancelled the deal. The reason given was that the banks decline and comments about risk bothered her a great deal. She wasn’t able to sleep and was under a lot of stress. I followed her instructions and cancelled the file knowing that I could easily have had an approval for her.

The moral of the story is many clients can be influenced by outside forces. In this case a purchase that should have taken place died because an outsider influenced a buyer to walk away from a deal put together by 2 knowledgeable Real Estate agents. She got a great deal on the house and would have carried it easily. I thinks its important for Real Estate Agents to control the financing and refer their clients first time to an experienced professional who can meet the clients needs and desires and keep their own opinions to themselves

Read this article:

Don’t become a 2nd choice Mortgage Client!

Welcome to the Burlington Mortgage Centre

Bob Beach and Associates are a team of Mortgage Specialists with over 25 years of experience. We help our clients find the right mortgage at the best rates and terms. The team at Bob Beach and Associates Mortgage Centre provides Burlington residents with a stress free experience finding a mortgage to suit their needs and dreams. Our goal at the Mortgage Centre is not only to provide you with the best suited Mortgage for your financial situation but also to inform you, so you leave feeling empowered and in control of your finances. Every person's situation is unique and requires custom care to create a mortgage plan for you.