I believe that each and every client deserves the best service and care, whether refinancing their existing mortgage or obtaining a mortgage to buy their dream home. I am here to help families across Simcoe County, with all their mortgage needs. If you are looking for trusted, reliable, unbiased advice, look no further. I will treat you and your family the same way I would treat my own.
With access to over 90 of the top lenders in Canada, I have the tools necessary to place any mortgage, including refinances, purchases, renewals and debt consolidation, mortgages for new comers, self-employed, tarnished credit, etc.
My Personal Experience with Unconventional Financing
Fun Fact- A little over 11 years ago, my husband (then boyfriend) and I decided we wanted to move out of our parents houses. We had both just started our careers, and what we wanted to buy vs. what we qualified for were two totally different things. But we knew we didnt want to rent and pay someone elses mortgage. So, with some great advice from a family member in the real estate industry, we explored different home and mortgage options. We decided on an owner occupied rental home, and an interest only mortgage with a private lender. I know what youre thinking because I thought the same thing at the time. Interest only mortgage?! But the lower monthly payments, afforded us the luxury of a 4 bedroom, 3 bathroom home, with a 2 bedroom, 1 bathroom basement apartment to rent out. We diligently put away the rent payments, every month to put towards paying down the principal on the mortgage, and after 5 years had paid down the mortgage so significantly that, combined with the appreciation, the equity allowed us to purchase our next home. Our second home would have been out of our budget as well, had it not been for the significant down payment from the equity built up in the prior home. Not only that, but we had now progressed further in our careers, which meant we were making more money, and were able to get traditional financing from one of the big banks.
So, at the time, what seemed like a risky decision, yet the only way we could have bought a home, turned out to be the best stepping stone for our future real estate ventures.
Whats my point? Well, dont assume you will be renting for the rest of your life, or cant make the jump off your parents couch, until you explore all avenues. Would this situation have worked for everyone? No! Had we not been diligent in putting money towards the principal, we likely wouldnt be where we are today. But if you want something bad enough, you will do what it takes to make it work.
Working with a mortgage agent can help you explore various untraditional methods that are available. Contact me today and lets make your homeownership goals a reality.
Bank of Canada raises overnight rate target to 1 ½ per cent
The Bank of Canada today increased its target for the overnight rate to 1 per cent.
The Bank Rate is correspondingly 1 per cent and the deposit rate is 1 per cent. The Bank expects the global economy to grow by about 3 per cent in 2018 and 3 per cent in 2019, in line with the April Monetary Policy Report (MPR). The US economy is proving stronger than expected, reinforcing market expectations of higher policy rates and pushing up the US dollar. This is contributing to financial stresses in some emerging market economies. Meanwhile, oil prices have risen. Yet, the Canadian dollar is lower, reflecting broad-based US dollar strength and concerns about trade actions. The possibility of more trade protectionism is the most important threat to global prospects.
Canadas economy continues to operate close to its capacity and the composition of growth is shifting. Temporary factors are causing volatility in quarterly growth rates: the Bank projects a pick-up to 2.8 per cent in the second quarter and a moderation to 1.5 per cent in the third. Household spending is being dampened by higher interest rates and tighter mortgage lending guidelines. Recent data suggest housing markets are beginning to stabilize following a weak start to 2018. Meanwhile, exports are being buoyed by strong global demand and higher commodity prices. Business investment is growing in response to solid demand growth and capacity pressures, although trade tensions are weighing on investment in some sectors. Overall, the Bank still expects average growth of close to 2 per cent over 2018-2020.
Multi-family dwellings reach record high
The value of permits issued by Canadian municipalities increased 4.7% to $8.2 billion in May. This followed a 4.7% drop in April, the only month this year where municipalities reported a total value below the $8.0 billion mark.
In the residential sector, municipalities issued $5.5 billion worth of permits in May, up 7.7% from April. This was the second-highest value on record, following the $5.7 billion worth of permits issued in October 2016. Five provinces posted increases, with Ontario and British Columbia reporting the largest gains.
The multi-family dwelling component reached a record high in May, with municipalities issuing $3.1 billion worth of building permits. The increase was the result of higher construction intentions in British Columbia, Ontario and Alberta.
The value of single-family dwelling permits also rose in May, up 6.2% from the previous month to $2.5 billion. This was the first increase following four consecutive monthly declines. Ontario led the seven provinces that registered increases.
Municipalities approved the construction of 21,344 new dwellings in May, up 6.6% from April. The rise was mainly attributable to multi-family dwellings, up 7.4% to 15,983 new units. Single-family dwellings increased 4.3% to 5,361 new units.