Shara Turner

Over half of Canadian mortgages are set to renew before the end of 2026, and with the Bank of Canada decreasing its key interest rate to 4.75% on June 5th, homeowners are faced with the decision of whether to choose a fixed or variable rate upon renewal. Being aware of available options and preparing for changes is key to navigating the current mortgage market. A significant number of homeowners will need to renegotiate their mortgages within the next few years, particularly those who have variable-rate mortgages or secured loans during the period of historically low rates in 2021. As the current mortgage landscape sees variable rates surpassing fixed rates, it is important for homeowners to consider their options carefully when it comes to their upcoming mortgage renewals. The current average five-year variable interest rate sits at around 6.7% +/-, while fixed rates typically hover around 5.6% +/-. Variable rates are influenced by factors such as the Bank of Canadas key overnight lending rate, which recently saw a cut for the first time in four years. Despite expectations for further rate cuts by 2024, the era of historically low interest rates is likely coming to an end. Variable-rate mortgages are subject to fluctuations and can result in changes to mortgage payments when the prime rate rises or falls. However, options with fixed-payment structures can provide stability by keeping monthly payments consistent, even if rates increase. Amidst the current uncertainty, more borrowers are opting for fixed-rate mortgages with shorter terms such as 1,2, or 3 years. This allows borrowers to lock in and have a predictable monthly paymentwithout committinglong-term. When deciding between fixed and variable rates, borrowers should consider their risk tolerance and personal circumstances. Those going through transitions like career changes or separations may prefer the stability of a fixed-rate mortgage. Strategic options like shorter-term fixed-rate mortgages, hybrid-rate mortgages, and convertible mortgages can provide flexibility and benefits depending on the borrowers needs. Seeking advice from a mortgage broker can help individuals navigate the best mortgage product for their unique situation. Anticipating interest rate changes and adjusting financial strategies accordingly can have a significant impact on long-term mortgage management. Do you have questions related to real estate or borrowing?Please reach out as I can assist with both aspects and help you navigate throughthe entire real estate journey.

Im thrilled to share this wonderful resource with everyone. Inside you will find an abundance of information about the mortgage approval process, key terminology, the impact of your credit score and how to improve it, and also learn about the process of purchasing a home. Please follow the link, register, and I will email you the complimentary report. Feel free to reach out with any real estate or mortgage-related questions as I hold both professional designations; realtor and mortgage agent level 1. Enjoy! https://sharaturner.royallepage.ca/ask/6c0848bea9142036feda352bfe57e601 I look forward to connecting. Shara

We had a wonderful call yesterday with one of my lenders. The key emphasis was on increasing FLEXIBILITY. The BDM was telling us about a few exciting new policy changes that are being rolled out. Some of these include higher GDS TDS ratios for mortgage applications and a lower minimum beacon score (credit rating) requirement. It has become very challenging for many Buyers to qualify under the typical 39/44 ratios with the cost of living rising so, these increased ratios and flexibility are very welcomed. The BDM also shared some exciting new policy changes that apply to those who are applying under the class of Business for Self, BFS. Very exciting news for many. Having said that, its incredibly important to keep affordability in mind at ALL times. The last thing you want to do is get yourself into a situation where you are stretching your limits. Always speak with a mortgage agent about the pros and cons and stick to your budget so you can maintain peace of mind at all times. Questions? Please reach out. You can reach me atshara@themortgageadvisors.com https://www.mortgageweb.ca/sharaturner

Did you know there is more potential than you may think in a fixer-upper? Lets explore the untapped possibilities waiting to be revealed and turn ordinary houses into extraordinary homes! ✅ Visionary Vision: Look beyond the surface and imagine the possibilities! A cramped kitchen could become a chefs paradise with a simple layout tweak, while an unfinished basement might just be the perfect canvas for a cozy home theater. With a keen eye for potential, every space holds the promise of greatness. ✅Creative Configuration: Dont let a quirky layout deter youembrace it as an opportunity to get creative! That awkward alcove could be transformed into a charming reading nook, and those sloped ceilings might just add character to a cozy attic bedroom. With a little imagination, even the most unconventional spaces can shine. ✅Future-Proof Features: Keep an eye out for hidden treasures that add long-term value to a property. From energy-efficient upgrades to structural improvements, investing in the right features can pay off big time down the road. Think smart and consider how each improvement contributes to the overall appeal and functionality of the home. Ready to unlock the hidden potential in your next property? Reach out and Ill connect you someone from my amazing Jack Uppal Royal Lepage Dream team who will be happy to assist!!! Ready to explore a fantastic and under explored/utilized mortgage solution, Purchase plus improvements. Please reach out as Id love to chat! Lets discover the mortgage solutions together and turn your real estate dreams into reality! 🌟🔑 #HiddenPotential #RealEstateRevealed #PropertyPerfection

Welcome to my Blog!!! Im thrilled that you have found your way here and I would like to take a moment to share my facebook page with you. You can find me athttps://www.facebook.com/SharaTurnerOttawaMortgageAdvisor/ Please follow and connect with me!I will be posting mortgage and real estate related information and always open to requests. If you have questions, please post them or reach out to me directly as I would love to assist. I look forward to sharing with you and ultimately connecting in the future. Best wishes, Shara

Welcome to my Blog!!! Im thrilled that you have found your way here and I would like to take a moment to share my facebook page with you. You can find me athttps://www.facebook.com/SharaTurnerOttawaMortgageAdvisor/ Please follow and connect with me!I will be posting mortgage and real estate related information and always open to requests. If you have questions, please post them or reach out to me directly as I would love to assist. I look forward to sharing with you and ultimately connecting in the future. Best wishes, Shara

Welcome to my Blog!!! Im thrilled that you have found your way here and I would like to take a moment to share my facebook page with you. You can find me athttps://www.facebook.com/SharaTurnerOttawaMortgageAdvisor/ Please follow and connect with me!I will be posting mortgage and real estate related information and always open to requests. If you have questions, please post them or reach out to me directly as I would love to assist. I look forward to sharing with you and ultimately connecting in the future. Best wishes, Shara