Innovative Mortgage Solutions

Welcome! We appreciate you taking the time to visit our website. Located in Sherwood Park, mortgages are our specialty. We have compiled some general mortgage information as an introduction to the scope of our company.

The Innovative Mortgage Solutions team’s primary focus is to provide you – our customer – with a unique combination of invaluable choice, and personalized, exemplary service.

In meeting with you on a one-on-one basis to discuss your mortgage in Sherwood Park, we are able to fully comprehend your individual financial position and goals, making us better equipped to negotiate the appropriate mortgage for you.

Our goal is to develop long term relationships with customers and referral partners – relationships that are not limited to a single transaction, but rather those that will remain long after we complete the mortgage process.

Whether you are ready to jump into the application process, or simply want to discuss your mortgage options with a qualified mortgage broker in Sherwood Park, we welcome you to contact the Innovative Mortgage Solutions team today!

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Current Mortgage Rates

 
1 year 2.29%
2 year 2.09%
3 year 2.34%
4 year 2.54%
5 year 2.64%
7 year 3.44%
10 year 3.84%
ARM/Variable 2.05%
HELOC 3.20%

**Rates last updated August 31, 2015. On approved credit, rates are subject to change without notice.

Announcements

Announcing the IMS Get to Know Us Series
August 31st, 2015

 

In keeping with the personal touch we strive to deliver throughout the mortgage process, Innovative Mortgage Solutions is excited to announce an upcoming blog series that will feature one member of the IMS team every week.

GTKUWe believe that it is important to get to know our clients and their situations, because not all mortgage options work for every home buyer. We take great pride in offering exceptional, personalized service every step of the way and thought we would take this opportunity to turn the tables and allow you to learn a little more about us. 

Be sure to check our blog every Monday for our team updates and don’t forget to follow us on Facebook and Twitter for fun giveaways, trivia and the latest in mortgage news.

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Bank of Canada Announcement
July 15th, 2015

 

0715boc

Bank of Canada Governer Stephen Poloz

Today, the Bank of Canada announced that they’ve lowered their key interest rate for the second time in 2015 – dropping from 0.75 percent to 0.5 percent. According to the BoC, “additional monetary stimulus is required at this time to help return the economy to full capacity and inflation sustainably to target.”

The bank had projected a growth of 1.8 percent for the second quarter, however it is now expected that the economy contracted at an annualized 0.5 percent. The bank has also pushed back their projection of when the economy will return to full output, citing that it will reach this target in the first half of 2017 instead of by the end of 2016.

Although the BoC did not use the word ‘recession’ in their update, the most widely accepted definition of the word states that a recession occurs when two consecutive quarters of shrinking GDP are witnessed; something that Canada has seen in the first two quarters of 2015. Immediately after the rate cut news was announced this morning, the loonie dropped by more than one cent – hitting 77.57 cents US.

The bank estimates the underlying trend in inflation to be 1.5 to 1.7 percent, and expects growth in the Canadian GDP to resume in the third quarter.

One of the first major lenders in Canada to react to this morning’s news was TD Bank, who lowered their rates by 10 basis points to 2.75 percent. Although lenders are not obligated to adjust their rates according to the BoC’s benchmark rate, their cost of borrowing is affected and they tend to pass these savings (or higher costs) on to consumers.

For up-to-date information on additional lender responses to this rate cut, be sure to follow us on Facebook or Twitter. If you have questions about your mortgage or what this means for you, please feel free to contact our office and speak to one of our Mortgage Brokers today.

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Bank of Canada Announcement
May 27th, 2015

Eight times a year, the Bank of Canada (BoC) meets to determine what the base lending interest rate should be. Any change to this rate indicates a subsequent change to other rates, such as mortgages and additional types of customer loans. This information is also a good indicator of the current status of the Canadian economy.

Today, the BoC announced that the benchmark rate on overnight loans will remain at 0.75% – unchanged for the third time since a reduction in January of 2015. This translates to a rate of 2.85% at your local bank.

Recent weeks have shown an increase in Canadian currency, which can be attributed to a rebound in oil prices and a weaker U.S. dollar. The bank plans to monitor this boost in the coming months to assess potential economic implications for Canada should the increase remain.

The BoC’s outlook on inflation also remains unchanged, estimating that the underlying trend of inflation is 1.6 to 1.8 per cent. Risks to financial stability continue to be elevated, although recent indicators suggest that consumption in Canada is holding up fairly well given the impact of lower oil prices on gross domestic income. As a whole, the bank remains optimistic that the economy will return to full output by the end of 2016.

The Bank of Canada is scheduled to meet again on July 15, at which point we will notify you of any rate changes and provide a general update on the Canadian economy.

If you have questions about your mortgage or what this means for you, please feel free to contact our office and speak to one of our Mortgage Brokers today.

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