It PAYS to shop at Axis Mortgage Inc.
Many Canadian homeowners pay too much for their homes because they are not getting the best mortgage financing available to them. Long gone are the days of dealing with "my bank". Your bank has their bottom line as their number one priority, which is why many Canadians never see the best rate they could, and they never see the most flexible mortgage they could, and they pay WAY TOO MUCH on any payout penalties they may incur.
I know the mortgage process can be intimidating, and some financial institutions don't make the process easy at all. In fact many institutions are down right cumbersome, so let me navigate that process for you and allow you to live a stress free process.
I’m a Professional Mortgage Planner and an independent, unbiased, expert, here to help you move into a mortgage you love.
I have access to mortgage products from multiple lenders, and I work with you to determine the best product that will fit your immediate financial needs and future goals.
I am a member of the VERICO MORTGAGE BROKER NETWORK, 3 time winner of Canada's Mortgage Company of the year. I have been in the mortgage industry for nearly 15 years, and never before has experience mattered so much.
I save you money by sourcing the best products at the best rates – not only on your first mortgage but through every subsequent renewal or additional purchase. So whether you're buying a home, renewing your mortgage, refinancing, renovating, investing, or consolidating your debts — I’m the Mortgage Planner who can help you get the right financing, from the right lender, at the right rate.
Know Your Market, not The Market
Random Musings As I sit here ready to write this article I am strugglingwith what topic to discuss, what topic is going to mean more to you, theconsumer. Should I talk about interestrates or the potential changes to mortgage rules, or the fact that a couple oflenders have exited the Mortgage Broker world? Maybe I should talk about the difference from one mortgageto the next, all valid topics for-sure, but today I am not going to be thatspecific, no this is going to be quite random. My randomness started by doing some research over my pastfew lunch breaks and coffee shop visits, well o.k., not really research, morelike eaves-dropping. I have beenhearing a lot of real estate and mortgage related conversations, interestingconversations, by people who obviously have very little experience, whom arespeaking with a great level of confidence, like they have done it a hundredtimes. Are these people like manyothers? Are they bombarded withmedia reports about what is right and wrong and what is real or not real? I have to admit, I am an active tweeter and face-booker, Ilove the articles and the “knowledge” I gain, but like any media outlet it canbe very confusing and overwhelming.On any given day I can read three articles that may start like this: #1 CMHC reports a decline in housing starts compared to thistime last year. #2 The CalgaryReal Estate Board predicts year over year growth and property valueincreases. #3 Is there a Canadian Real EstateBubble? Are you confused yet? I am and this brings me to my first musing. Understand “your”market, not “the” market In my opinion there is no market when it comes to realestate, there is only your market.National averages, CMHC reports, lender forecasts are all interestingarticles but if you are making the significant decision to purchase a home,sell a home or take a particular type of mortgage after only consulting with a Nationalentity then you are likely missing the boat. A large change of home price in Toronto or Vancouver candramatically change that national average you are so intently following. When I hear people say they are notgoing to buy now because we are in a bubble and prices are definitely comingdown I can’t help but want to tell them to stop and get knowledgeable of themarket they want to buy in. Thatmarket could be as precise and limited to a two bedroom apartment in WestLethbridge. Yes “your market” canbe that small, and to make your decision on a CMHC report based on overallNational housing information could lead to the wrong decision. Walk a Mile Just recently I participated in the YWCA Walk a mile in hershoes event to raise money for the local YWCA. I dressed in a skirt (and yes the wind was blowing it up), Ihad on a string top (that was cutting into my ribs) and wore a long wig (I hadto hold the hair out of my face all day) and of coarse I was in bright pinkhigh heels (and yes they hurt my feet and my legs). I walked the full mile and at the end I knew for that shortmoment what it was like to be a “lady”.What did I take from it?Well first I took great honor in being able to raise funds for a veryworthy cause, but I also took from it an understanding. The next time I am walking with a womenwho needs to stop due to sore feet, I will gladly stop because I now know whatthey are experiencing. Is this lesson I learned applicable to real estate? Absolutely 100% it is. If your real estate agent, homeinspector or mortgage planner do not own a home how can they possibly know whatyou are about to go through. Ifyour Mortgage planner is not experienced with owning revenue property how canthey possibly point out things you should be thinking of regarding tax issues,vacancies, cash flows or cap. rates?Taking the advice of someone who read a book or two, or who has friendsthat have done it is not likely the basis for your sound decision! Taking advice from those who understandwhat you are going to experience is absolutely essential. The Apex of thespread curve is way tighter than it was a month ago! What? What on earth are you talking about? I am talking about the differencebetween variable rates and fixed rates, which one is better for you and whatthis means to your future mortgage product. If you were to have looked at a line graph a month ago youwould have seen a big curve representing a fixed rate and a big curverepresenting a variable rate.These curves would have mirrored each other (representing a wide spread)and clearly shown the benefit of a variable rate mortgage. A month ago many lenders were offeringfive year variable rate mortgages at prime minus .80% (equal to 2.2% at thattime) and offering 5 year fixed rates at 3.79%. This was a spread of over 1.5% and meant the variable ratewas a safe option for many who understand that the Bank of Canada prime rate isnot likely to increase for many months to come. Today is a different story with most lenders now offeringvariable rate mortgages at prime minus .20% (equal to 2.80%) and fixed rates at3.39%, this is a spread of only ½% meaning variable rate mortgages are not nearas attractive as they were. Thespread, or the graph curve is much tighter. My final musing: Crazy rules I hear so many “rules” when talking to my clients. You now the one like this: You should purchase rental propertiesthat yield monthly rent equal to 1% of the purchase price. Well, to put itbluntly if that was the rule there would never be a rental property sold inSouthern Alberta. This would meanyou would need to earn $3000 per month on your $300 000 home. Good luck with that! Keep those conversations going, stay excited about realestate and do yourself a big favor.Seek the help of those who are experts in your market and in yourcommunity.
A good credit report and credit score are important factors in determining whether or not you will be approved for a mortgage. Here are some simple steps you can take to maintain a good credit history, and improve your chances of being approved.
What is a Credit Score
Your credit score is a number that illustrates your financial health at a specific point in time. It also serves as an indicator of your financial past, and how consistently you pay off your bills and debts. This is one of the factors mortgage professionals consider in qualifying you for a mortgage.
How to Check Your Credit Score
To find out your credit score, contact Canadas two credit-reporting agencies: Equifax Canada at www.equifax.ca and TransUnion Canada at www.transunion.ca. For a fee, these agencies will provide you with an online copy of your credit score as well as a credit report a detailed summary of your credit history, employment history and personal financial information on file. You can also obtain a free copy of your credit report by mail. If you find any errors in your report, notify the credit-reporting agency and the organization responsible for the inaccuracy immediately.
If You Do Not Have a Credit Score
Its important to begin building a credit history as early as possible. You can begin to build one by applying for and responsibly using a credit card. Your financial institution or mortgage professional can help.
How to Improve Your Credit Score
Demonstrating your ability to manage credit is key to maintaining a good credit score. There are a number of things you can do to improve your credit score. These include: Always pay your bills in full and on time. If you cannot pay the full amount, try to pay at least the required minimum shown on your monthly statement. Pay off your debts (such as loans, credit cards, lines of credit, etc.) as quickly as possible. Never go over the limit on your credit cards, and try to keep your balances well below the limits. Reduce the number of credit card or loan applications you make. Once your credit score has improved, work with your mortgage professional to obtain a mortgage that works for you.
Find Out More
To find out more about credit scores and reports, visit the Financial Consumer Agency of Canada website and download or request a free copy of their guide, Understanding Your Credit Report and Credit Score. This guide provides practical, straightforward information on how to obtain and understand your credit report and score, as well as how to build and maintain a good credit history.
CMHC’s 2017 Mortgage Consumer Survey
In March 2017, CMHC completed an online survey of 3,002 recent mortgage consumers, all prime household decision-makers who had undertaken a mortgage transaction in the past 12 months. Sixty-five percent had undergone a mortgage renewal, 15% had refinanced their mortgage, and 20% had purchased a home with mortgage financing (11% First-Time Buyers and 9% Repeat Buyers). CMHC has conducted this survey since 1999. It is the largest and most comprehensive survey of its kind in Canada.
The Home Buying Process
Sixty-four percent of First-Time Buyers indicated they were renting before purchasing, and 34% lived with family.
Wanting to buy their first home (37%) and feeling financially ready (31%) were the most important reasons First-Time Buyers gave for purchasing a home in the past year. Low interest rates was the most important reason noted by Repeat Buyers at 33%.
Fifty-three percent of buyers were aware of the latest mortgage qualification changes, and 19% noted that it impacted their purchase decision. For example, 11% of buyers said they increased their down payment, 6% purchased a smaller home, 5% purchased in a dfferent location, and 3% delayed their purchase.
Buyers interact with a wide variety of people, and are most likely to consult a real estate agent (72%), or look to a family member or mortgage lender for advice (both at 57%). Forty-one percent reported interacting with a mortgage broker. Of all interactions, real estate agents were noted as most valuable.
Seventy-one percent of First-Time Buyers accessed savings for their down payment, while 18% received a gift from a family member.
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