22 Mar

Federal Budget March 2017

General

Posted by: Anne Martin

Min Morneau and Prime Minister Trudeau

 

The Federal Budget March 2017 has been tabled.  Aimed to strengthen the middle class there are many features included but there are also many that were not included such as changes to capital gains tax and there are no new mortgage rule changes.

Here are some of the inclusions.

  • Skills, Innovation and Middle Class Jobs
  • Communities Built for Change
  • Tax Fairness for the Middle Class
  • A strong Canada at home and in the World

Follow this link to opinion by Dr. Sherry Cooper, Chief Economist Dominion Lending Centres.  http://ow.ly/xSpQ30aazgA

Follow this link to the Federal Government announcement. http://www.budget.gc.ca/2017/home-accueil-en.html

 

21 Mar

Why did your mortgage broker require so many documents?

General

Posted by: Anne Martin

Why So Many Mortgage Documents?

A mortgage application is complicated.  Along with your declarations about your income, you have to provide proof of what you said.  This makes sense because many people are unsure about their yearly income or they are mistaken.  Other statements that have to be proven include current mortgage status, job status,  debts, child tax credits, income and property taxes, sources of down payment and more.

Required documentation is determined by the particulars of the mortgage application.

Incredibly, many years ago proof of your statements on the application were not universally required.  Back in those days, there was very little fraudulent behavior.  Unfortunately, our “word” is not good enough as we must provide the proof in writing to guard against fraud and money laundering.  Lending institutions and insurers will even scrutinize our proof because there is all types of fraudulent activities even when the documents appear to be “true and accurate”.

Its just a sign of the times.

KATHLEEN DEDILUKE explains more below;
Dominion Lending Centres – Accredited Mortgage Professional
Kathleen is part of DLC Integrity Mortgage BC based in Nanaimo, BC

Why So Many Mortgage Documents?

 

17 Mar

Mortgage Insurance Premiums are Rising – Mortgage Market Update March 17, 2017

General

Posted by: Anne Martin

What does this mean to you as an existing or potential homeowner?

Now more than ever, it is essential to speak with me to make an informed decision on what is likely to be the one of largest purchases of your life.

How will the new rules affect the average consumer?  Click HERE to read more.


Best rates are as low as 2.59% for a 5 year fixed, variable rate prime minus 2.70%

*OAC  **conditions apply

This is a critical time to sit down and review your household financing needs. Please do not hesitate to contact me should you have any questions.

If you are in the market for a home, or need to refinance in the next year, it is really important to make an appointment today to find out how these changes may affect you.

**rates subject to change with market conditions – E. & O. E.

For further interest rate info and full newsletter, CLICK HERE

10 Mar

Mortgage Market Update March 8, 2017

General

Posted by: Anne Martin

Would you like tips to improve your credit score?

Click HERE to find out how.

Best rates are as low as 2.59% for a 5 year fixed, variable rate prime minus 0.65%
*OAC  **conditions apply

This is a critical time to sit down and review your household financing needs. Please do not hesitate to contact me should you have any questions.

If you are in the market for a home, or need to refinance in the next year, it is really important to make an appointment today to find out how these changes may affect you.

**rates subject to change with market conditions – E. & O. E.

For more rate details, CLICK HERE

2 Mar

Mortgage Market Update March 2, 2017

General

Posted by: Anne Martin

MARKET UPDATE

 

Best rates are as low as 2.64% for a 5 year fixed, variable prime – 0.60%
*OAC  **conditions apply

This is a critical time to sit down and review your household financing needs. Please do not hesitate to contact me should you have any questions.

If you are in the market for a home, or need to refinance in the next year, it is really important to make an appointment today to                                                                           find out how recent changes may affect you.

**rates subject to change with market conditions – E. & O. E

For more rates and info click here.  

 

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/