News, Views and Trends!
Whenever there’s speculation that the Bank of Canada (BoC) will raise its key interest rate – or rates actually rise – many people are preoccupied worrying about locking in if they have a variable rate or renewing early in a fixed rate.
But, don’t panic! Rates aren’t going through the roof.
Would it surprise you to learn that your doctor uses a mortgage broker? Well, it’s true – doctors use mortgage brokers all the time.
In fact, I personally have an extensive list of medical professionals as clients, including family doctors, specialists, dentists, veterinarians… and the list goes on.
So, why would these high-income earners use a mortgage broker?
There’s nothing surprising about the loosening of mortgage standards to spur growth. In the last real housing bubble of 1990, banks and government brought in stricter lending rules, making it tougher for borrowers to get a mortgage.
Fast forward to the present. We’ve yet to see a housing bubble or market crash, but the government has taken drastic – perhaps even unheard of – precautions to slow the housing market.
In 1990, I was working for the largest trust company in Canada. I can tell you that it has never been harder to qualify for a mortgage than it is today!
Continue reading “Looser Mortgage Standards Hit the UK! Is Canada Next?!”
There’s a great new flexible interest-only mortgage product that could prove beneficial for a number of borrowers, including first-timers, real estate investors, professionals, seasonal workers and others looking for lower monthly mortgage payments.
Designed to help borrowers increase monthly cash flow by providing maximum flexibility, this product can be used for both purchases and refinances.
I recently tried this product out and was really impressed!
Continue reading “Looking to boost Cash Flow? New Flexible Mortgage could be a game-changer!”
Our lifecycle goes something like this… Go to school. Find a job (and work hard for 40 years). Fall in love. Get married. Save money. Buy a house. Start a family. Retire on enough pension or savings. Enjoy the results of your hard work. Live in your house until death. Leave the house for your kids.
This is how most of us envision a normal lifecycle. But how often does this really happen? How many people really live happily ever after? What’s the big deal about tapping into home equity to fully enjoy life?
Continue reading “Live Your Life: You’ll never see a U-Haul following a hearse!”
