UNBIASED REPORTING SINCE 2009
A FOUR PART SPECIAL EDITION… PART 1 of 4
Canada’s mortgage lending rules and policies are broken. They just don’t work. And the more our Federal government tries to help, the worse it gets. Message to the government… STOP TRYING TO HELP!.. CAUSE YOU AREN’T!
And if you think the interest rate cuts will solve all of this, guess again. There’s a lot more to it.
Continue reading “The Great Mortgage Reset”
The Federal Government announced they would be extending the current amortization on insured mortgages (those buying with less than 20% down) to 30 years. ONLY if you are a First-time buyer or you are buying a newly built home. I applaud this move but I would have liked for these 2 limitations to have been excluded.
I would go further and say we should extend it to 35 or 40 years, maybe even 50 years!
Continue reading “New $1.5 million price cap, 30 year extended amortization.. Is it enough?”
The Bank of Canada just cut the overnight rate by another 0.25%. For the second consecutive month, they’ve lowered the rate. In total, a 0.50% drop in two months. (not enough, but it’s a start) Great news for anyone in a Variable rate mortgage. It means you will be paying 0.50% less on your mortgage. We can expect further cuts this year and next. Read on for more details.
Continue reading “Bank of Canada Rate Cut July 2024: Impact on Mortgages and Economy”
It’s tough to get a mortgage these days. New and existing clients have been calling non-stop letting me know that they’ve been turned down by their bank. It’s upsetting – but I must say, it’s not surprising.
Mortgage lenders are under an enormous amount of pressure to cut back on approved mortgage loans. Why? The government is desperate to slow down rising home prices, so they use their influence over the Big 6 Banks to turn down the heat.
But here’s the thing: you have options. You don’t need a Big 6 Bank to get the mortgage you need.
Continue reading “You Don’t Need a Big Bank to Get a Mortgage”
Higher interest rates are causing a lot of problems for homeowners. Not just in terms of being able to purchase a home – but also in terms of being able to sell the existing one. Unfortunately, this is a problem I’ve been getting far too many calls about these days. Finding a new home is really only half the battle. Selling your current home to complete the transaction is the real challenge, especially in this market.
It’s easy to feel stuck when you’re in this situation. Luckily, with the right people and the right guidance, there’s always a solution. Here’s an example of a client we were able to get out of a pretty tight corner.
Continue reading “Problem & Solution: I Bought A New Home, But Haven’t Sold My Old One”