24 Feb

The steps to income qualification.

General

Posted by: Anne Martin

Overcoming the Challenge of Income Qualifying

Qualifying for a mortgage can be challenging for some with lots of things to consider.  Are you employed on a salary, do you get paid by the hour or are you self employed?

Self employed?  How do you pay yourself?  Are you an incorporated company or are you a sole proprietor?  What do you declare on your taxes.  These questions are important because your mortgage professional needs to know which self employment programs you qualify for, along with what type of documentation you will need to supply us.

Also, considered is mortgage insurance.  There are many options here according to the size of your down payment.

Check out the following article by

GEOFF LEE

Dominion Lending Centres – Accredited Mortgage Professional
Geoff is part of DLC GLM Mortgage Group based in Vancouver, BC

Overcoming the Challenge of Income Qualifying

 

16 Feb

New Mortgage Regulations may be affecting home sales.

General

Posted by: Anne Martin

New Mortgage Regulations Weigh On Home Sales

The Canadian Real Estate Association released its January national statistics which shows that sales are down by 1.3% month over month.  This would be the second lowest monthly result since the fall of 2015.

Activity was down about 50% in all local markets led by the big 3 – Vancouver, Toronto and Montreal.

But interestingly, the number of sales for 2016 was up 1.9%, with sales slowing in the second half of 2016 and this new data shows that this trend continues.  Could this be the effect of the new mortgage regulations?  Probably!

A major issue is supply shortages too.  You can’t have sales if there is nothing to buy.  People who are selling are concerned about where they might go so they are holding off.  Therefore, we are in a sellers market creating multiple offer situations in many communities.  Buyers are faced with the decision to make a firm offer taking major risks or go in using a condition and not getting the house.

Read more from Chief Economist Sherry Cooper, Dominion Lending Centres.

http://ow.ly/WVoB3094gm6

 

10 Feb

Get in Front of a Bad Situation

General

Posted by: Anne Martin

Get In Front of a Bad Situation

As a mortgage agent with Neighbourhood Dominion Lending Centres in Barrie, I often see people who for whatever reason have gotten behind in their debts.  Sometimes someone has been sick, a car accident left them unable to work for some time, lost job, or even money management issues.   The important first thing to do is to contact the creditors that you are behind with and ask them if they can help you.

Often they will give you some time relief to get the debt payments up to date, work out a payment schedule or work with you on a plan.  Many mortgage contracts have a clause where you can miss a mortgage payment, contact your mortgage lender or mortgage specialist for advise on this.  Of course, the missed payment gets tacked on the end but it could be helpful at this time of uncertainty.  Make sure you ask whoever the creditor is if the agreed to plan will be reported on your credit report.  If it will be, think carefully to ensure that you don’t disrupt future plans.

Bankruptcy and consumer proposals are not always in your best interest.  Consult a reputable credit consulting company for your options.  If you have equity in your home, contact a mortgage broker for a free no obligation consultation.

Read the following blog by –

SHAUN SERAFINI

Dominion Lending Centres – Accredited Mortgage Professional
Shaun is part of DLC Canadian Mortgage Excellence based in Lethbridge, AB

Get In Front of a Bad Situation

3 Feb

US Jobs Strong, But Not Wages–Trade Restrictions a Real Danger

General

Posted by: Anne Martin

Job growth in the US in January was better than expected, although the unemployment rate rose a little to 4.8%.  Still well beneath the Canadian unemployment rate of 6.9%.  They seem to be experiencing the same part time employment issues that we are in Canada, meaning there was a rise in part time work over full time.

Trump pledges to bring employment back to the country that he believes has been lost to NAFTA and Mexico however, Dr. Cooper believes that many of those jobs have been lost to automation  Replacing workers with robots makes the human factor of those jobs obsolete because of new technologies.  These jobs will not be returned in their traditional form.

Trade wars could begin with retaliatory tariffs from countries affected.

Read more…  https://dominionlending.ca/news/us-employment-strong-january-wages-lag/