Skip to content

TagMortgage News

Dont Panic

How are things?

Dont Panic

Hope this update finds you well.   First, let’s make sure you are okay.  We will get through this.  I guarantee it!  I’ve been through the 2008-09 US subprime mortgage crisis, the SARS 2002 crisis, and the 1990 real estate collapse.  We recovered from all of those terrible times and we will recover from this. I am here to help you in any way possible.  Don’t hesitate to call on me for assistance.

The government has been announcing new programs to provide financial assistance almost daily.   And there have been just as many amendments to those programs as they work to fine tune the programs. 

I want to make sure you are informed with accurate info.  There’s been so much junk articles posted in the mainstream and social media outlets.  Let’s block out that junk and focus on reality.

Continue reading “How are things?”
Important Mortgage Updates Thursday March 19

Mortgage Updates 03-19-2020

Important Mortgage Updates Thursday March 19

Welcome to today’s update.  

Canada and the banks announced a six month deferral of mortgage payments.  I have been fielding many calls on how this works and the answer is different for each financial institution.  I will be posting updates as they become available. Some of the financial institutions have not yet come out and said they will give a full six months of deferred payments, while others have. It’s still early but I will keep you informed as the details roll out.

Another update on the rates. Fixed rates are up again slightly. Variable rate pricing for new applications has increased as well. Most financial institutions are now offering variable rates at prime (Prime: 2.95%) or just minus .05%. No surprise as stock market jitters is spooking everyone.

This will pass and we will come out okay on the other side of this. That’s my message.  We’re all in this together and we will come out of it together. Call or message me if you need anything. My team and I are here to help.  

Steve Garganis 416 224 0114 steve@mortgagenow.ca

Important Mortgage Updates

Important Mortgage Updates 03-18-2020

Important Mortgage Updates

There have been many changes lately and there will be many more to come. As this is a critical and fast-moving situation, I wanted to get these updates out and will be updating you regularly as we all work through this.

We’ve all heard about the Bank of Canada rate cuts.  Two one-half percent rate cuts in less than two weeks. Unprecedented. And while common logic would dictate that mortgage rates would fall, that’s not exactly happening.

Continue reading “Important Mortgage Updates 03-18-2020”
Adjustments to the Mortgage Stress Test

Adjustments to the “Stress Test” don’t go far enough

Adjustments to the Mortgage Stress Test

In case you missed it, Finance Minister Bill Morneau announced this week that adjustments to the “Stress Test” are coming on April 6th. While the government says the change will make the stress test qualifying rate more responsive to market conditions, what does that really look like?

On the bright side, this new qualifying rate will probably be lower by around 0.30%.  This will increase the amount of a house one can buy by around 5%.  

Example… $500k increases to $525k.  

On the dark side, this isn’t really making a whole lot of difference. I don’t want to sound pessimistic, but I’d like to point out the shortcomings of his announcement. It’s purely political. They said they would do something and I guess, technically they did. But it really has no significant impact. 

Continue reading “Adjustments to the “Stress Test” don’t go far enough”
New First Time Home Buyer Incentive Happy Couple Buying New Home Gets Key From Builder

New First-Time Home Buyer Incentive.. the quick facts.

New First Time Home Buyer Incentive Happy Couple Buying New Home Gets Key From Builder

The First-Time Home Buyer Incentive (FTHBI) program is a Shared Equity plan that came into effect Sept 2nd (just before an election, what coincidence).  The program was created to stimulate new home construction and to fill a lack of housing supply.

Here are the quick facts about the program and how you can actually qualify.  Spoiler alert, this program isn’t for everyone, and actually, it’s going to be more relevant for smaller cities and towns where home prices are below $500k.  Still, it’s worth reviewing to see if you do qualify… Continue reading “New First-Time Home Buyer Incentive.. the quick facts.”

Finance Your New Construction Home at Prime Minus 0.80%!

Blog Image, New Construction, May 2019

Before I get into the topic of new home financing, I want to share some positive news! The Ontario housing market is definitely alive and well! I’m seeing new properties come to market and disappear within weeks or even days. Multiple offers are also a reality, once again. Watch for encouraging sales stats to be reported next month.

Buying a resale home

Buying resale is great because you can see what you’re getting and you can have it now (average closing is 45 to 90 days). You can also set and hold your mortgage rate now.

But, there are also some negatives to buying a resale. For one, you’ll never get 100% of what you want. Maybe the kitchen, master bedroom or backyard could be bigger or perhaps you’d prefer a different floorplan. The truth is, you’re buying someone else’s home that wasn’t designed for you.

But, hey, that’s life and you can’t have everything you want. At least, not yet… or maybe you can?

Construction financing as low as prime minus 0.80% – 3.15% today!

Continue reading “Finance Your New Construction Home at Prime Minus 0.80%!”

Where are rates headed? Down!

Rate Image, Nov 2018

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.

Continue reading “Where are rates headed? Down!”

Is the Gov’t Stalling on Your Tax Return? Here’s How I Handled it!

Blog Image, CRA, September 2018

Did you file your 2017 taxes on time, yet your NOA is MIA? If so, you’re not alone!

I’ve had this happen with a few of my clients… as well as with my own tax return! That’s right! My accountant filed my personal tax return in April… and for months, I didn’t receive my NOA. Every time I called the Canada Revenue Agency (CRA), they either told me it was coming, they were working on it, or they reminded me they have up to four months to complete the return (FOUR MONTHS!?)!

Well, four months passed… and still nothing! Continue reading “Is the Gov’t Stalling on Your Tax Return? Here’s How I Handled it!”

Honoured to be rated among Top 3 Best Mortgage Brokers in Burlington!

mortgage_brokers-burlington-2018-drk

I truly love what I do, so being recognized as a top performer is just icing on the cake for me!

I’m honoured to be named among the Top 3 Mortgage Brokers in Burlington by Three Best Rated®, which identifies a city’s top three local businesses, professionals, restaurants and health care providers.

Continue reading “Honoured to be rated among Top 3 Best Mortgage Brokers in Burlington!”

%d bloggers like this: