Congratulations! You’ve decided to begin your search for a new home, or perhaps you’ve already found the home of your dreams and are ready to make an offer. It’s now time to consider your mortgage options. With so many different choices available, how do you choose the right mortgage?
As a mortgage professional, I want to help you find the product that best fits your needs. Whether purchasing a home, renovating your current home, helping your children, or purchasing an investment or vacation property - investing in real estate is a major decision. My goal is to help make your experience a positive one. In addition to arranging mortgage financing, I am able to help you with:
There’s absolutely no charge for my services on typical residential mortgage transactions. Like many other professional services, mortgage brokers are generally paid a finder’s fee when we introduce trustworthy, dependable customers to a financial institution.
Because my work hours are flexible, we can work on your mortgage any time. I am available evenings and weekends, which means you don't have to book time off work to get a mortgage. I am happy to meet with you either by phone or in person (depending where you are), and am always just a call away to answer any questions you have. My service and support do not end once you have your mortgage - I am available to answer questions and help with follow up whenever you need me.
Choosing the right lender, and the mortgage that best suits your needs, is an important decision. I want to help make the process a smooth one for you. Let me help you achieve your dreams.
BUYING A HOME Part 3 of 3
BUYING A HOME - SHOP WISELY
This article provides a brief overview of the process of shopping for a home. It is best to connect early with a mortgage professional so that you are well preprared to start down the road to home ownership.
In addition to knowing what you can afford, it is equally important to connect with a realtor that you are comfortable working with. Realtors are experts with respect to the legal aspects of purchasing a home, and are knowledgeable about the features and characteristics of your community. Your realtor will arrange for you to view several homes, and once you have decided on a home your realtor will guide you through the process of making an offer. Your realtor will support you until the keys have changed hands.
Before you start shopping, take some time to think about your priorities. Consider your future plans. For instance, is there a particular area you want to live? Do you need to be close to work, schools, shopping, or medical services? Is access to public transportation important? Will your family be expanding in the near future?
Put everyhing you can think of on your wish list, but remember to be flexible. Sometimesbuyers have to compromise because their funds are limited. It is important to get into a house you can afford and consider cosmetic upgrades down the road. Even if you cant afford to replace the hideous shag carpet in the family room right away, it might be worth living with for awhile to get into a home that meets most of the big ticket items on your wish list that are hard to change (ie: location, number of bedrooms). Alternatively, if there are major renovations to be done you might consider a purchase plus improvements mortgage.
One way to be prepared is to do some of your own research. If there are certain areas that you are interested in, take some time to drive around and look at the type of homes available. If you see for sale signs, jot down the address or listing number. Another way is to visit the Realtor.ca site. Enter your preferred options and price range to get a better idea of listings available. Your realtor will also do homework on your behalf to identify suitable properties, and will be able to provide advice and information about different neighbourhoods in your community. Being very clear about what is most important to you in terms of wish-list items will help your realtor narrow down the scope of your search.
When you start to look at homes, be careful not to be caught up by a house where minor upgrades and cosmetic fixes create the look that you are after but that do not include the important features you need. For instance, dont buy a two bedroom house when you know youre planning to have a family and will need more rooms soon. Dont make a compromise that will likely create a major strain down the road. If youre on a budget, look for a home whose full potential has yet to be realized. A good strategy is to look for a house that you can add value to, as this will help you build equity for when you decide to upgrade. If your budget allows, buying a brand new home means you wont have much to do in terms of upgrades or finish work.
After looking at multiple houses, you may find it hard to keep them straight in your mind. One suggestion is to write notes on the listing sheets are each house you view. Write down your general impression, as well as any specific features you want to remember. After you have looked at a few properties you will likely start to refine your wish list. This will help save time for both you and your realtor as you become very clear on what you want.
Once you choose your ideal property, its time to make an offer. Your realtor will write up the documentation and present it to the realtor representing the sellers.It is not unusual for offers to go back and forth several times before all of the details are finalized. Your realtor will explain the process to you, and help you arrange anyrequired inspections and documentation.
After you havev an accepted offer (agreed upon by you and the sellers), your mortgage professional will submit your application for final approval. Once final approval is in place and you have removed all of the conditions of your offer, your documents will be forwarded to your lawyer to finalize all of the necessary paperwork. Shortly after the money changes hands, you will receive the keys to your new home!
Buying a home may seem daunting, but having the right team to support you will make itseem far less intimidating. If you have any questions, please call me at 250-826-5857 or email me directly at firstname.lastname@example.org. Lets get you up to speed and into your dream home!
CREA Updates Resale Housing Market Forecast
The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service (MLS) Systems of Canadian real estate Boards and Associations in 2018 and 2019. Housing market fundamentals remain strong in many parts of the country. Nonetheless, many housing markets continue to struggle in the face of policy headwinds.
The new mortgage stress test announced last October had been expected to cause homebuyers to rush purchases in advance of the new rules coming into effect in January and for the pull-forward of sales activity to result in fewer transactions in the first half of 2018.
Evidence suggests the policy response was stronger than expected, with seasonally adjusted national home sales last December having surged to the highest level ever recorded before dropping sharply in early 2018.
Actual (not seasonally adjusted) national sales figures for March, April and May are typically among the most active months in any given year. Combined sales fell to a nine-year low for the three-month period. The seasonally adjusted trend suggests sales momentum has not yet begun to rally.
Interest rates are widely expected to rise further this year and next. Home sales activity is nonetheless still expected to strengthen modestly in the second half of 2018 as housing market uncertainty diminishes.
Taking these factors into account, the national sales forecast has been revised downward and is now projected to decline by 11% to 459,900 units this year. The decrease almost entirely reflects weaker sales in B.C. and Ontario amid heightened housing market uncertainty, provincial policy measures, high home prices, ongoing supply shortages and this years new mortgage stress test.
Bank of Canada maintains overnight rate target at 1¼ per cent
The Bank of Canada today maintained its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 per cent and the deposit rate is 1 per cent.
Global economic activity remains broadly on track with the Banks April Monetary Policy Report (MPR) forecast. Recent data point to some upside to the outlook for the US economy. At the same time, ongoing uncertainty about trade policies is dampening global business investment and stresses are developing in some emerging market economies. Global oil prices have been higher than assumed in April, in part reflecting geopolitical developments.
Inflation in Canada has been close to the 2 per cent target and will likely be a bit higher in the near term than forecast in April, largely because of recent increases in gasoline prices. Core measures of inflation remain near 2 per cent, consistent with an economy operating close to potential. As usual, the Bank will look through the transitory impact of fluctuations in gasoline prices.
In Canada, economic data since the April MPR have, on balance, supported the Banks outlook for growth around 2 per cent in the first half of 2018. Activity in the first quarter appears to have been a little stronger than projected. Exports of goods were more robust than forecast, and data on imports of machinery and equipment suggest continued recovery in investment. Housing resale activity has remained soft into the second quarter, as the housing market continues to adjust to new mortgage guidelines and higher borrowing rates. Going forward, solid labour income growth supports the expectation that housing activity will pick up and consumption will continue to contribute importantly to growth in 2018.