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AGENT LICENSE ID
M16002284
BROKERAGE LICENSE ID
11621
Tess Arpa Mortgage Agent

Tess Arpa

Mortgage Agent


Phone:
Address:
226 King St E., Cambridge, Ontario

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Whether it is your first time applying for a mortgage or not, the process can be overwhelming and intimidating. With a great mortgage agent on your side you will be well informed and educated throughout the entire process. Being educated will give you confidence and provides you with realistic expectations. 

If you are: 

- A First Time Home Buyer 
- Looking to Upgrade or Downsize Your Home  
- At Your Mortgage Term Renewal 
- Wanting to Consolidate Debt and Have Home Equity 
- Have ANY Mortgage Related Questions 


PLEASE KNOW I AM ALWAYS HAPPY TO HELP!

Thank you for taking the time to visit www.mortgageswithtess.com 
Tess Arpa is a mortgage agent under Excel Mortgage Canada Connection and serves the Cambridge, Guelph, Kitchener, Waterloo, Brantford, Mississauga, Milton and surrounding areas in Ontario.


HEAD OFFICE: 
1 VICTORIA ST , SUITE 613
KITCHENER ON N2G 0B5 
 


BLOG / NEWS Updates

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 [1] 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.

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