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Mortgage Updates

Mortgage Updates
 2024 is well under way and the markets are picking up at a fast pace.  We are busy in the office with new Pre-Approvals and activating expired Pre-Approvals for home buyers that were waiting on the side lines. 

This just in...Fixed Rates are on the move!  There has been some discussion in the past 24 hours with some recent data being released in the US and employment report for Canada last Friday, we are seeing a slight uptick in the bond market which is resulting in an increase of fixed rates

I can't stress enough to any and all potential home buyers or mortgage shoppers, ensure you have a rate held.  Take the time to fill out the application, CLICK HERE it literally takes minutes and this will allow us to secure a rate for you to ensure you are protected with the best rate possible for your next mortgage. 

We are fine tuning our systems and processes more than ever before to make it as easy as possible for our clients and business partners. 

If you or anyone you know that is entering the housing market or renewing a mortgage in 2024, please send them my way.  We are looking for new clients to help in 2024 and would be so grateful for your connection.
As the market picks up and more people are applying for mortgages, here are a few common pitfalls that we are running into when people are trying to get the best rates and maximum mortgage amount:
  • Changing jobs.  Whether you are starting a new job or trying out being self employed, banks and lenders are looking for two years of consistent income and in the same line of work.  If you are salaried, then the approval is much more seamless.  If you are paid hourly or do not have guaranteed hours, then the banks want to see 2 years of consistent income.
  • Buying a new vehicle (or any major purchase) that results in large monthly payments will negatively affect how much you qualify for.
  • Co-signing a loan for anyone.  That debt is treated like your own even if you are not making the payments.
  • Credit shopping on your own.  Many people worry about their credit score being affected when applying for a mortgage with a broker.  This is not the case.  It will only affect you if you shop from bank to bank on your own whether it's for a mortgage, a vehicle or any other major purchase that requires a loan.
  • Making large deposits into your bank account.  All large deposits need to be confirmed as part of the anti-money laundering policies in Canada. When in doubt how it will affect you, ask first before making deposits. 
These are the most common items we see get in the way of people applying for their desired mortgage amount.  It is never too early to start the application process to build a plan for your next mortgage.  We will help you through all the steps with what you need to do to be prepared.  Don't do it alone, call us for any and all questions. 
Refinancing is an option for mortgage holders when they need to make a change to the current terms of their mortgage for one reason or another.  When refinancing, you do need to ensure you leave at least 20% of your property value as equity in your home.  Example, you can borrow up to 80% of your property value in a new mortgage amount.  When refinancing, it is treated like the first time you took the mortgage, you do need to re-qualify at today's rates and provide current documentation.  Don't be afraid of that process, you are an expert as you have done it before and we are here to guide you through the steps of what is needed.

Here are some of the top reasons to Refinance Your Mortgage:
  • Roll in higher interest debt, consolidate
  • Bundle all payments into one to increase your monthly cash flow
  • Lower your interest rate from what it currently is to save thousands of dollars in interest
  • Extend your amortization to lower payments overall
  • Make changes to title and who is on the mortgage (such as co-signors that want to come off title)
  • Take out equity for large purchase such as investments or renovations
  • Take out equity to help children or family with a down payment to purchase a property of their own


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