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/
Is Buying a Home with a "Friend" or "Friends" a Good idea? Family? Widowed?Divorced?BFF?
The substantial increase in property values, together with increased government regulation has eliminated many first time buyers form the market or substantially reduced their buying power.The burden of saving for a down payment and the cost of ownership aretwo factors that are also preventing buyers from entering the market.
There have been instances, in the past, where buying with a partner has made sense for young people to get into the housingmarket.Those partners could be your brotheryoursister, yourcousin, yourBFF or you and your partner and another couple.It has also been popular amongst older divorced or widowed men and women who want the freedom of a home, the economy of shared expenses and the safety and companionship of a partner.Millennials, however, have dominated the first time buyer category with a median age of 28-31, when entering the market.
There are obviously a lot of reasons to own instead of buying.
The obvious ones include:
1)Creating equity, insteadof throwing away money on rent. For those current homeowners in the market today, ithas been a win-winfor past buyers based on property appreciation.(see below)
2)Ownership carrying costs are often less than current rates as rental accommodation shortages have pushed rents up significantly.
3)You may be able to purchase better accommodation than you would in a rental situation as you will qualifybased on two incomes.
4)You need only to come up with 2 1/2% for the down payment, plus another 1 1/2% of closing costs
The best type of property to buy in a scenario, such as this, is a duplex or a triplex with one other unit as a rental component.In the former, a down payment of 5% is required.In a triplex, a down payment of 10% is required.Most popular have been up and down two-unit properties with separateentrances and separate accommodations.
Lets consider a couple of examples where we will look at the monthlycarrying costs on a mortgage, thevalue appreciationin a property over 5 years at a 2% annual compound rate and the assumption of the sale of the property at the end of a 5-year term
Example #1-Purchase price $300,000 -Total Down payment with closing costs each $11-12,000, Taxes estimated at $3200 per year-5 year term using 3.14% and bi-weeklypayments
Payment each $978-balance at the end of 5 years $246K
Assuming a 2% annual compound appreciationrate over 5 years=$331K
Net equity assuming a sale with a 4% real estatecost,plusHST,pluslegals=$314,500-$246,000=$68K or 34K each
Example #2-Purchase Price of $400,000 Total down payment $15-16K each, Taxes estimated at $4200
Payment $1282 each-Mortgage balanceafter 5 years
Value after 5 years as above $441K
Value after sale and costs-$419500
Net equity-$91,500 or $45750 each
In a scenario such as this, it is assuming the partners go into this for a 5 year period to maximize equity, but a lot can happen in 5 years.While partnered ownership can set the stage for a build-up of equity towards future individual purchases, thearrangement has to be approached in a business manner with a defined written agreement that sets out the What Ifs for the future.
There are too many to list here but here are a few must haves in an agreement:
1)What happens if one partner wants out before the 5 years?
2)Clauses pertaining to shared cost, how they are handled and by whom.
3)Parking and shared facilities.
4)Guests or live-ins.
5)Life insurance and disability coverage if one partner should die or get ill.
Being in the business for over 29 years, I have had a lot of experience in accommodating this type of purchase.Divorced parents, widowed seniors, friends, couples, partners have all found this to be a good option for homeownership and in the case of widowed seniors a source of companionship.
Together with a lawyer, we can advise you on the full overview of what you need to consider in your agreement.
The government has changed the parameters under which borrowers can qualify for mortgages.You must have good credit and we have to examine your outside debt picture to ensure you meet the qualifying guidelines.Applications can be done online or in person in my office.Call 613-384-4000 ext 222 to set up an appointment.For any questions, please feel free to email me at firstname.lastname@example.org
Toronto index stopped trending down in January
In January the TeranetNational Bank National Composite House Price IndexTM rose 0.3% from the previous month, a tic higher than the historical average for January and a second consecutive monthly increase. However, only four of the 11 metropolitan markets surveyed showed gains the first time since January 2016 that a rise in the Composite Index has had so little breadth. It was due mainly to a second straight monthly jump of the index for the important Vancouver market (1.2% in January on the heels of 1.3% in December). The Toronto index rose 0.2%, the Victoria index 1.0% and the Montreal index edged up 0.1%. All the other component indexes were down on the month: Hamilton (0.2%), Ottawa-Gatineau ( 0.2%), Edmonton (0.3%), Calgary (0.3%), Halifax (-1.0%), Winnipeg (1.1%) and Quebec City (2.0%). For Montreal, it was a 13th monthly increase, and for Hamilton it was a fifth decrease in a row. The rise of the Toronto index was the first in six months. The raw (unsmoothed) Toronto index  on which it is based was up for a third consecutive month. The firming of the smoothed index is due entirely to condo dwellings. The smoothed index for non-condo units fell in January for a sixth straight month, bringing its cumulative decline to 9.6%.
Click here for full release. https://housepriceindex.ca/2018/02/toronto-index-stopped-trending-down-in-january/
2018 CMHC Prospective Home Buyers Survey
In October 2017, CMHC surveyed 2,507 prospective home buyers on-line. Respondents were all prime household decision-makers who intend to purchase a new home within the next two years, including approximately 1,500 First-Time Buyers, 500 current owners, and 500 previous owners.
The survey results highlight that:
First-Time Buyers and Previous Owners share the same top motivator to purchase a home: they want to stop renting. Improved accessibility (physical obstacles and barriers) and investment opportunity were also noted as top motivators across all groups. Changes to mortgage regulations and concerns about possible future interest rate increases were not among the top motivators.
Over four-in-ten First-Time Buyers and Previous Owners say they would delay their home purchase if they were not able to find their ideal home, with a fairly similar proportion saying they would be willing to compromise on the size of the home and location.
The majority of future home buyers intend to obtain a mortgage to finance their home purchase, with First-Time Buyers showing higher incidence compared to Previous Owners and Current Owners.
Across all future home buyers groups, more than six-in-ten say they are likely to have a financial buffer in case their expenses change in the future. Furthermore, the majority of future home buyers, especially Current Owners, agree that they feel confident they have the necessary tools and information to manage their mortgage and debt load.
Among all groups, the two most common actions completed one to two years prior to the purchase of a home were saving for a down payment and determining what type of home to buy. On the other hand, in the last three months before purchasing, about two-in ten of prospective buyers pre-qualify for a mortgage.
About one-in-four prospective home buyers stated that they would be very likely to consider delaying their purchase in the event of an increase in interest rates.