I am proud to have been a nationally and locally award-winning Mortgage Broker for over 28 years in the Kingston area.I have been one of the broker/owners of our company over the same time period. I have been ranked in the Top 3 as a Mortgage Broker in the Kingston This Week's Reader's Choice Awards for the past several years, and in the fall of 2013, I was proud to be inducted into the Canadian Mortgage Hall of Fame.
My son, Chris, my daughter, Karen and Karen Schmidt ,comprise the Matthey Mortgage Team.Chris has been a mortgage agent for 8+plus.Karen's background is in International Finance and has been a agent for 4 years. Karin Schmidt has a 20+ year banking background and is our client services manager
Our speciality is First Time Buyers, but we cover a wide range of financing options for all types of situations.
If you are military, you may have seen news stories on huge mortgage penalties paid by members to their Bank, when posted. You may qualify for our "Freedom Mortgage" for military that offers no penalty when you produce a posting notice inside or outside of Canada.
If you are a First Time Buyer , we have the most comprehensive guide available for you that you can order on line.Just send an email to firstname.lastname@example.org under the heading "First Time Buyers Guide Please"
There are many ways to contact us if you have a question.You can text us direct at 613-561-2719.You can email us at email@example.com You can use the live chat button on our web page or you can also access us Face2Face(F2F) through Apple Facetime by dialing 613-561-2719.The last option works well with our clients for any questions, they have on their mortgage, before, during or after closing.
It is our belief that our job does not end with your mortgage approval.We support you through changes in your life and lifestyle and we are there to guide you into the nest mortgage products that benefit you, not the lender.
We would love to hear from you.
The majority of our business comes from referrals, which is a great reinforcement that people appreciate the job that we do. Our job is not just to get you a great rate (although we do that too!) - it is to explain the home buying and mortgage process to you, clearly explain the terms and conditions of your mortgage to you (so unlike with the bank you're not suddenly hit with a shocking penalty you had no idea could happen) and keep you informed about where rates and the economy are going.
You can find Open Houses and New Listings in the Kingston area here:https://www.facebook.com/buysellshowkingstonrealestate/
You can find Waterfront Open Houses and Listings here:https://www.facebook.com/YGKWaterfrontproperty/
Preapprovals under the new government guidelines Jan 1,2018
If youre getting a pre-approval or closing on a purchase after January 1, 2018, read on. Below are important reminders from the banking regulator, OSFI.
First off, know that if you have a pre-approval in place, A bank shouldhonour[that] pre-approval, OSFI says. But the regulatorcautions that you need toconfirmthis with the lender. Some pre-approvals arelittle more than glorified rate holds.
Also, OSFI recommends being aware ofall conditions that apply to your pre-approval. At the time your pre-approval becomes arealapproval,many lenders will want to make sure your credit, income and debt loadhavent deteriorated sinceyoufirst applied. In other cases, a lender maydo a full approval up to a few years in advanceif you request it, subject only to a cursory credit review and an up-to-date appraisal before you close.
If you need a mortgage in the coming months, here are sometimelines to be aware of(and this is a direct quote from the regulator):
Loan applicationsin process/signedfor borrowerswho qualified before October 17, 2017, will not be affected by the new rules, regardless of when the house will be completed/delivered.
Loan applicationspre-approvedforborrowers whoqualified before October 17, 2017, should not be affected by the new rules, regardless of when the house will be completed/delivered (the borrower should confirm thiswith the institution as B-20 does not address pre-approval).
Loan applications or pre-approval occurring between October 17, 2017, and January 1, 2018, mightbe subject to the new rules, depending on the institution. This is because,as mentioned in theannex to the cover letterthat accompanied the final Guideline B-20, where possible,institutions are encouragedto comply with the new rules as soon as they can.
Loan applications or pre-approval occurring after January 1, 2018, will be subject to the new rules.
That last point is key if youve bought a home thats not closing until 2018 or later. If you apply for financingafterthe rules kick in,your purchasecontract date doesnt matter. The new rules will apply.No doubt, this will bean unpleasant surprise forasmall minority of new-build buyerstryingtoget a bank mortgage near closing.
Construction intentions for multi-family dwellings in Montréal continue to climb
In October, the value of permits for both single-family and multi-family dwellings increased in the CMAs of Montral and Toronto. However, in the Vancouver CMA, both residential components fell, offsetting the gains in September.
Municipalities in the CMA of Montral issued $538.1 million in permits for multi-family dwellings in October, higher than in Toronto ($409.2 million) and Vancouver ($330.6 million). In regards to single-family homes, Toronto registered $451.3 million in permits, followed by Vancouver ($148.1 million) and Montral ($122.4 million).
The Montral CMA issued permits approving the construction of 2,956 new units, stemming mainly from multi-family dwellings (2,720). October marked the fifth consecutive month where the number of units approved for multi-family dwellings exceeded 2,000. Vancouver approved the construction of 1,860 new units for multi-family homes, while Toronto (1,691) approved fewer despite having a higher value for the component.
Housing Market Digest by Will Dunning, Economist for Mortgage Professionals Canada
The Office of the Superintendent of Financial Institutions (OSFI) now requires that all residential mortgages by federally-regulated lenders must be stress-tested, at two percentage points above the contract interest rate (or the 5- year posted rate, if that is higher). In combination with the requirements for mortgage insurance, about 90% of all new mortgages will be tested.
This can be expected to reduce housing activity by 10-15%. It is on top of the impact from recent rises for mortgage interest rates (another 5-10% drop in activity). The combined 15-25% drop in housing activity will affect the broader economy.
In two years, employment could be 150,000-250,000 lower than it would otherwise be. There is a risk that house prices will fall. In a modern economy, a sustained drop in house prices is one of the most dangerous things that can happen: as happened in the US a decade ago, falling house prices can turn into widespread economic decline.
Resale activity recovered a bit more in September, to 492,900, due to partial rebounds in BC and Ontario. Activity is flat in most other areas.
CREAs House Price Index was flat in September. The year-over-year change is now 10.7% (down from the peak of 19.7% that was seen in April).
The sales-to-new-listings ratio (SNLR) was 55.7% in September, slightly above the balanced market threshold of 51%. This indicator points to an outlook for stable prices (at worst). But, as noted, OSFIs stress test policy creates a risk of falling prices.
We should, in general, expect that resale activity will trend upwards over time, because the population is growing and the housing inventory is expanding. Therefore, it is useful to look at sales on a per capita basis. Recent activity is below the long-term average.