Maternity Leave

Maternity Leave Your little bundle of joy has finally arrived and now you are quickly running out of space in your current home. Did you know that we can use a mother's regular income to qualify for a mortgage even if she is on maternity leave? So long as a letter is attained indicating a mother's return to work date, her full income can be used to buy a home while she is home with the little one. If you have a growing family and wish to upgrade to a larger home, call me today!

Bubble

The housing market has been staying busy with the threat of further interest rate increases. Buyers are jumping into the market and taking advantage of low rates while they last. We are not expecting to see the Bank of Canada move the Prime rate until well into 2014 and the Governor of Canada Stephen Poloz came out this week and said, "I don't perceive that there is a bubble in the Canada's housing market". I am certain the media will continue to insist on the mystical bubble existing but overall, the Bank of Canada is optimistic about the economy. If you are wishing to buy a home prior to the end of the year, now is the time to act. Getting pre-approved will offer you information on your purchasing power as well as hold rates for you until January. Give me a call to explore numbers today!

Buying a home

Buying a home is a major decision and will likely be the largest investment of your life. To best prepare you, we can offer you a pre-approved mortgage. This means that before you even start shopping, we can help you to determine your purchasing power and also hold interest rates for you for up to 120 days. The process for getting approved is simple and only takes 10 minutes. Once we gather some basic information from you by phone or our online application, we can get back to you in 24 hours to discuss all your options and hold rates for you. Call or apply today because knowing you can, means you can make it happen!

One in four

The real estate market has remained strong and recent statistics have shown that nearly 60% of a Canadian homeowners have a mortgage. According to Statistics Canada, the average mortgage payment is about $1585 per month and that many Canadians took mortgages due to low interest rates in order to consolidate debts. Dominion Lending Centres has been a top choice for Canadians in the second quarter of 2013. We dominated the mortgage broker industry by holding a market share of 27%. Basically that means that of people who used a mortgage broker in the second quarter, 1 in 4 chose a DLC agent. Thank you for supporting my business and introducing me to those you know for their mortgage needs!

Down Payment - How much do you need?

The minimum down payment to buy a home in Canada is 5% down whether you are a first time home buyer or a 10th time home buyer. So long as you are qualifying on income for an owner-occupied home, you are fine to put 5% down and have the loan approved through CMHC or another insurer. If you are planning to use a self-employment stated income program where you do not qualify on income, that program uses a minimum of 10% down. For rental properties, most lenders wish to see a 25% down payment. If you are planning to buy a home and need advice about how much to save for your down payment, call me today!

Before it's too late

Fixed rates have been increasing and there are rumours that mortgage lending guidelines may become even stricter. This has many people jumping into the market to avoid being locked out by high rates and qualification changes. If you have been considering buying a home but have not been sure if now is the time, later on may be too late. Over the past couple of weeks, several lenders announced they were no longer doing pre-approvals or rate holds for clients. This is unfortunate for clients who want to hold rates for 4 months while they shop. If you need mortgage advise for a current mortgage or help getting a new mortgage, please ask me. My services are complimentary and I am also happy to help!

CHIP Mortgages

CHIP Mortgages Do you have an elderly parent or grand-parent who is living month to month on a small pension but owns their own home? Are looking for a way to help them financially? CHIP Home Income Plans is available to homeowners over the age of 55 years and allows applicants to take up to 50% of their home equity out without a medical. The client will never owe more than the value of their home and the funds can be taken in a lump sum or as a monthly draw. The funds can be taken with no interest paid until the client leaves their home or, interest payments can be made monthly or annually. Ask me how to apply for a CHIP Mortgage.

Three year sit

The Bank of Canada met this morning and, as expected, they left the Prime rate sitting where it has been for the last 3 years. Despite sighting economic improvements in China, Japan and Europe, the Bank is not expected to raise the Prime rate until the third quarter of 2014. The kids are back to school this week and we are into the last remaining months of the year. So how has 2013 shaped up for you? Are you reaching your goals? If buying a home was on your "To-Do in 2013 List," you still have time to get into the market. The most important thing you can do before buying a home is to get pre-approved. This way you can not only hold interest rates for 4 months while you shop, you can assess your purchasing power and know exactly how much you can spend. Getting pre-approved is free to you and takes only moments. Call me today! If you already own your own home and have not had a mortgage review in the last 2 years, I strongly suggest taking a look at it. The market has changed and you need to ensure that your mortgage is working in the same directions as your goals. It is a simple process that could save you thousands of dollars Call me today for a complimentary review!