- What Do Higher Interest Rates Mean To You? - Interest rates are on the rise, and I want to make sure you’re prepared to know what this means for your mortgage. We all want the lowest rate possible to have extra money to spend on food, entertainment, or a vacation. But, when it comes to interest rates and mortgages why bother spending extra money ...
- The Mortgage Stress Test & How To Pass It In 2022 - No one likes to hear the word “test”. But don’t sweat, this is a test you don’t have to study for. A mortgage stress test isn’t exactly what it seems. Sure, it can still send chills up your spine and you may lose some sleep wondering if you’ll pass, but with an experienced mortgage broker ...
- Everything You Should Know About Mortgage Rates - We all want the lowest rate possible on our mortgage, right?! It would be nice to have extra money to spend on food, clothing, your brand new truck, and so on. You may feel like most of your income is coming in one door, and immediately heading out the other. However, there are many options ...
- 2021: The Year In Review - Phew, 2021 has come and gone. I have happy thoughts reflecting on the good that came in the past year, and I have excited thoughts leading into 2022 as well. The pandemic has still been up in the air this past year, but we were able to adapt and shift our ways of living to ...
- Understanding How Mortgage Penalties Work - It is important before signing any mortgage agreements to read the fine print. Mortgage penalties are an important part of a mortgage agreement; however, most homeowners don’t find out about them until they have to pay them. When shopping for a mortgage, you should carefully consider your options and choose a mortgage that best fits ...
- Getting approved for a mortgage if you’re self-employed. - You’re thinking about buying a house, that’s great! Buying your first home is an exciting financial venture to take on. One of the first steps you will take on that journey is finding out how much of a mortgage you can get approved for. But, as someone self-employed, there are a few extra steps you ...
- 5 Tips to Improve Your Credit Score - Your credit score can make or break your real estate dreams as a first time home buyer. Especially with the stress test looming overhead while you’re scrambling to get your savings together for a down payment. Mortgage lenders always will review your credit score before pre-approving you for a mortgage for a few reasons. So ...
- What are the penalties if I break my mortgage? - The Bank of Canada has announced many dips in interest rates over the past few months, so I thought it timely that we talk about the penalties of breaking a mortgage as I’ve had clients asking me recently if it makes sense for them to break their mortgage to take advantage of lower interest rates. ...
- What happens when you buy a house without a pre-approval - It’s exciting, house hunting for the place you will call home. Especially if it’s your first home buying experience. You look through all the listings online, you make your wish list, you go out and see them in person — or virtually! Then it happens…you fall in love with a home and you are set ...
- 5 things I wish I had known as a first time home buyer - When I look back at the time I purchased my first home, I was far from an expert and I only knew the bare basics of mortgages and what I was getting into. Making the transition from renting an apartment, condo or house to buying your first home is a big leap, though a rewarding ...
- Dealing with Debt, your mortgage & COVID-19: for the self-employed - Looking back at February in 2020, many self-employed individuals and business owners had no idea their world would change come March 15 onward. COVID-19 has had a vast impact on business owners and support from the government has been tough to navigate on many levels from an HR perspective, an operating standing point and cash ...
- The Bank of Canada Just Lowered Interest Rates Again – What You Need to Know - On March 13, 2020, the Bank of Canada made a pretty big cut to interest rates. In their press release, they mention that: “this unscheduled rate decision is a proactive measure taken in light of the negative shocks to Canada’s economy arising from the COVID-19 pandemic and the recent sharp drop in oil prices”. The ...
- Do You Qualify for the Affordable Homeownership Program? - For many renters in Simcoe County, the idea of owning a home isn’t exactly an option due to affordability. Across all the cities in Canada, Barrie was rated the 13th most expensive city to live in. The Canadian Government has implemented different assistance programs such as the First Time Home Buyer’s Incentive. However, these programs ...
- A Year in Review – Mortgage Highlights From 2019 - Wow, 2019 sure flew by, as did the entire decade! With the excitement of a brand new year upon us, let’s have a look back at 2019 and unpack some of the key issues that impacted the mortgage world and home ownership in Canada. The mortgage stress test The much-debated mortgage stress test has been ...
- Tips for Closing up the Cottage - We’ve certainly enjoyed great weather this summer, but now that fall is officially here, it’s time to start planning the cottage close up. Whether it’s a tiny cabin, a waterfront oasis or a woodland retreat, there are certain maintenance essentials that must be tackled when closing your cottage before winter sets in. Here is a ...
- Refinancing & Home Equity 101 - Since it’s back to school time, let’s take a look at a question I’m often asked and learn more about mortgage refinancing and home equity options. There are many reasons why people want to refinance their mortgage and start fresh with something that’s more in tune with their current financial situation. For example, perhaps you’re ...
- Hot Off the Press! Must-Know Facts About the New First Time Home Buyer Incentive Program - It’s finally here! A brand-new update was released on the much-talked about First Time Home Buyers Incentive program offered by the federal government’s National Housing Strategy. This new program will be administered through the Canadian Mortgage and Housing Corporation (CHMC), and it’s designed for those struggling to find affordable housing, which as we all know, ...
- Venturing Into the Mortgage World – Challenges for Self-Employed Professionals - Love being your own boss? There are certainly many benefits to working for yourself, including control over the type and nature of the work that you do, and the flexibility you can enjoy in terms of your working hours and environment. That’s not to say the freelance life is completely full of free-wheeling ease and ...
- Learning the facts about assumable mortgages - Now that interest rates are predicted to rise, an increasing number of people are talking again about assumable mortgages, also called a mortgage assumption. With an assumable mortgage, the home buyer can take over, or assume, the obligations of the existing mortgage of the seller – but only with the approval of the original mortgage ...
- How Does the Bank of Canada Control Interest Rates? - The Bank of Canada seems to be shrouded in mystery; who are they and how can they control interest rates for an entire country? This unique corporation has an interesting job to do, and as Canadians, it’s rather comforting knowing they ultimately have our backs. What is the Bank of Canada and how does it ...
- New Mortgage Qualifying Rules & What You Need to Know - New mortgage rules were recently released by Canada’s top regulator of federal banks, The Office of the Superintendent of Financial Institutions (OSFI), and will take effect on January 1, 2018. These rules were designed to protect today’s housing market, and help avoid the economic risks associated with even a slight increase in interest rates. Many ...
- Fixed vs. Variable Mortgage Rates – Lock in your rate, or fluctuate? - If you are looking to renew your current mortgage, or you are a first-time home buyer, you likely already know just how many little details need to be sorted out before deciding on what kind of mortgage you will end up getting. One consideration is whether you should get a fixed-rate or variable-rate mortgage. If ...
- Buying A Home When You’re The Boss: Mortgage Tips For The Self-Employed - In today’s world, a vital backbone of our economic growth comes from those who are self-employed. While self-employment definitely has its benefits, it can be a little tricky when it comes time to apply for a mortgage. However, not to fear, there are several steps you can take to prepare yourself for a mortgage application ...
- Is Your Rate Too Good To Be True? - With the real estate market being much hotter than the weather these days, you might have noticed that interest rates on mortgages are at an all-time low as well – Making it a fabulous opportunity for first-time home buyers and real estate investors alike. When you compare today’s interest rates to the rates of 5 ...
- What to Expect for your Barrie Mortgage in 2014? - You’ll likely see fixed rates start to rise come the summer. The Bank of Canada recently suggested that strength in the US market over the next few months will help boost the Canadian bond market. As the bond yield rises you’ll see fixed mortgage rates start to rise as well. Say goodbye to the record ...
- Barrie’s Fall Housing Market Outlook 2013 - The Canadian Mortgage and Housing Corporation (CMHC) recently released the Fall 2013 housing market outlook for Barrie. In the report it highlighted that house starts would increase, existing home prices would increase beyond inflation & newcomer employment would support the housing market. While still running at a third of their 2002 peak, new home sales ...
- Barrie Housing Market Information – 3rd Quarter 2013 - CMHC (Canadian Mortgage and Housing Corporation) recently released the latest report on the housing market in Barrie, Ontario. There were a number of interesting insights that can be extracted from the document. New home construction has slowed in the 2nd quarter of 2013, falling to its lowest level in 5 quarters. Builders started construction on only ...
- Toronto Home Sales Soar and Prices Continue to Climb - The Financial Post reported today that existing home sales in the GTA rose 30% in September. Sales through MLS accounted for 7,411 home sales up from 5,687 a year ago. “It’s great news that households have found that the costs of home ownership, including mortgage payments, remain affordable”, said Dianne Usher, president of The Toronto ...
- GTA Home Sales Skyrocket 29% in Mid – September - The Toronto Real Estate Board announced at 29% increase in home sales over year across the GTA as of mid-September. In addition to skyrocketing sales, prices increased four per cent with the average residential home in the GTA now costing some $514,560. “The strong growth in sales that we have seen over the past two-and-a-half months ...
- Canadian House Sales Up 2.8% in August - “Sales soar as prospective buyers race to beat rising mortgage rates” – CBC stated yesterday in response to the release of monthly real estate figures from The Canadian Real Estate Association. “Canadians continued to snap up housing in August, with home sales up 2.8 per cent from July and up 11.1 per cent from the ...
- iPad Mini Referral Contest Winner! - I like to thank everyone who participated over the last couple of months in my “Win An iPad Mini” referral contest. The draw was held yesterday & we now have a winner! I was able to present the prize yesterday afternoon at my office. …AND THE IPAD MINI WINNER IS… Ilan Kibel from A.Farber & ...
- Is the Variable Rate Mortgage Ready for a Return? - It was only a couple of years ago that 5 year variable rate mortgages were as popular as the 5 year fixed. Lenders were offering deep discounts of up to .85 or .90% below the Prime rate, that made for a variable rate of 2.15 or 2.10%. Lenders started to realize that their profit margins ...
- Mortgage Rules & A Hot Housing Market May Affect Your Wallet - Canada’s housing market is overheated, mortgage rules are stricter and this could affect your wallet – in a bad way. If interest rates begin to rise many Canadians may find themselves in some financial hot water. The exciting part is that Canada’s housing market is so hot that some home prices are on par ...
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