Rental Restrictions

When looking to purchase a condo or town home, one important thing to research in the strata bylaws is whether or not the complex allows for rentals. Allowing rentals can be seen as both positive and negative. On one hand, rentals allow owners the flexibility of moving without needing to sell however, the complex may suffer from residents who do not express as much care for the complex's maintenance. You must decide what is right for your family so make sure to ask your realtor about rental restrictions in properties you look into buying.

Misconception

It has been a smoking busy time in the mortgage market this week. Tons of first time home buyers seem to be leaping head first into new homes. It's great! There is a common misconception that repeat home owners have a harder time qualifying for buy homes than first time home buyers. This is not true. As a repeat home buyer you can still qualify to buy a home with just 5% down and, those funds can even be from a gift. Lenders evaluate your income and credit just like any other application so, it is no harder to buy a second home than it is to buy the first. If you are considering upgrading to a larger home, contact me! I can walk you through the steps and show you exactly what you can qualify to buy.

Come on, get in!

Another busy week in the world of mortgages and, despite the Bank of Canada Governor saying that long terms rates may be on the rise, experts say there is nothing to be alarmed about. Several banks came out this week with rate specials including lots of variable options. If you are planning to get into the market in the Spring, now is the time to get pre-approved to secure your low are. The process is simple and easy and, as a mortgage broker, I take care of all the leg work for you. For those of you who currently have a variable rate mortgage, ask me about how you can dramatically increase the equity in your home in a short amount of time. 2014 is shaping up to be a strong financial year for Canada and taking advantage of low rates now is key to financial security in the future.

Bruised credit

Sometimes credit challenges happen. Missed payments, balances over the limit, collections. It is important to remember that there are lenders out there who work specifically with clients who have bruised or damaged credit. Whether you own a home currently or are looking to buy, we can help you to explore all the options and get you set on the right path. It never hurts to ask so call me today and let's start saving money! Call me today!

High interest credit cards

Have you considered consolidating high interest credit card debts into your mortgage? Did you know that if you make minimum payments of $125 a month on a $5000 credit card with an 18% interest rate, it will take you 23 years to pay it off! You will actually be paying over $7000 in interest just to borrow that initial $5000. If you would like to learn about options for consolidating, give me a call!

Renewals and Running Accounts

When a lender registers a mortgage on a title they get to choose if they wish for it to be a running account. If they choose this, the mortgage has the ability to be readvanceable and the client can opt to refinance without needing to see a lawyer. The downside is that even when the mortgage term is up for renewal, the client cannot change to a new lender without visiting a lawyer to break the running account charge. The client is tied to that lender unless they pay the legal fees. When shopping for a mortgage, ask if the mortgage is registered as a running account and the benefits and pitfalls of that kind of product.

Cut backs

The housing market is looking strong as we get to the mid-way part of January and there are now talks that longer term interest rates could be on the rise as early as May. The Bank of Canada Governor Mark Poloz expects this rise in long term rates because of tapering in the U.S. bond market. This month the U.S. Federal Reserve cut back it's buying of bonds which may result in increased bond values come the late Spring. Not effect is expected for shorter term rates or the Prime rate. If you are considering securing a longer term rate, now is the time to do it. Call me today!

High interest credit cards

Have you considered consolidating high interest credit card debts into your mortgage? Did you know that if you make minimum payments of $125 a month on a $5000 credit card with an 18% interest rate, it will take you 23 years to pay it off! You will actually be paying over $7000 in interest just to borrow that initial $5000. If you would like to learn about options for consolidating, give me a call!

I can't help you lose 30 pounds...

The New Year is upon us and for many people it is a fresh start. Did you make resolutions this year? Whether personal, spiritual, physical or financial, the goals you set for 2014 are likely very present for you right now so it is a good time to get started on working towards them. While I cannot help you to lose 30 pounds or develop s stronger relationship with your spouse, I can help you if your plans for 2014 include buying a home or consolidating some debts. The housing market across Canada is looking stable and rates remain very low. Getting pre-qualified for a mortgage has never been easier and it never hurts to gather information and explore your options, even if you don't plan to make any changes until later in the year. Give me a call today and let me help you make 2014 the best year yet!

I can't help you lose 30 pounds...

The New Year is upon us and for many people it is a fresh start. Did you make resolutions this year? Whether personal, spiritual, physical or financial, the goals you set for 2014 are likely very present for you right now so it is a good time to get started on working towards them. While I cannot help you to lose 30 pounds or develop s stronger relationship with your spouse, I can help you if your plans for 2014 include buying a home or consolidating some debts. The housing market across Canada is looking stable and rates remain very low. Getting pre-qualified for a mortgage has never been easier and it never hurts to gather information and explore your options, even if you don't plan to make any changes until later in the year. Give me a call today and let me help you make 2014 the best year yet!