Page 6 - Sports Energy News, Cornwall, Issue No 136

6 Issue #136 May 2024 www.sportsenergynews.com

Neighbourly Advice Fr om Our Local Pr ofessionals
Neighbourly Advice From Our Local Professionals

By Brian Johnston mortgage rates—plummeted by 125 basis 15 to 30 bps in recent weeks. The gains are
Mortgage Specialist points, or 1.25 percentage points, by early being driven primarily by recent U.S. data,
January. Since reaching that low, they’ve including strong employment, GDP, and
FIXED RATE MORTGAGES HAVE rebounded by approximately 60 bps, with inflation figures.
RISEN! WHAT IS HAPPENING? around 25 bps worth of those gains seen in the U.S. Federal Reserve Chair, Jerome Powell,
As variable-rate mortgage holders eagerly past three weeks. As a result, fixed mortgage seemed to confirm those calls when he said a
anticipate the Bank of Canada’s first rate cut, rates are being taken along for the ride. “lack of further progress” on the inflation front
fixed rates are heading in the other direction: Strong economic data to blame could lead to interest rates staying higher “for
up. Rate expert Ron Butler of Butler Mortgage as long as needed.” In Canada, where GDP
After peaking in early October, Government says 2- to 5-year fixed mortgage rates are growth and employment have held up better
of Canada bond yields—which lead fixed up across various lenders by anywhere from Continued on page 41

By Michael VanderMeer look for a new home it is a good idea to for you while a bank associate works for
Real Estate Agent get prequalified for a mortgage so there the bank.
are not surprises when it comes time to For those of you that are too busy to get to
BANK OR MORTGAGE BROKER? financing. Most people already have their the bank, most banks have their in-house
Although this article applies more to own bank and prefer to deal with them, mortgage brokers that come to you. These
my associate above (Brian Johnston), but there are cases where a bank will turn mobile specialists work beyond banking
financing is a big part of our business as you down, but a mortgage broker can get hours to further accommodate you. In
well. Realtors are here to help you, and the deal approved. The mortgage brokers some cases, these specialists, along with
mortgage brokers like Brian are essential can do more creative financing than a mortgage brokers, can provide a slightly
to a lot of our deals. When starting to bank can, and the mortgage broker works
Continued on page 41

and spending the time to get it right when current and long-term goals, as well as
Max Ming P.Eng. CFP ®
Financial Planner you first start a plan helps investors gain make suggestions to help you achieve
confidence and stay the course, which those goals. It’s important to note that not
TOP QUESTIONS TO ASK A pays dividends for a lifetime. all advisors do everything. Some advisors
FINANCIAL ADVISOR
Every now and again, someone asks us are specialized as investment managers,
With hundreds of billions of dollars to explain the benefits of dealing with a consultants, or retirement income
circling the globe every day, financial financial professional. This issue has been planners. Finding the right advisor for
markets are becoming increasingly
in the news lately, so we thought it might your needs is important to achieving
complex. Given this, it only makes sense help to go over a few of our answers. financial independence.
that your investments should be fully
What do financial advisors do? Are you qualified? What credentials do
researched and followed, on an ongoing basis, by someone with In general, they cover a wide range of you have?
the expertise and professional qualifications to understand both services that will typically include your You might assume that all financial
market behaviour and your financial goals. Having the knowledge investments, assets, debts, help with
Continued on page 41

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