If you are thinking of buying your first home, next home or a rental property, now is the time to get a mortgage pre-approval and lock in that rate for up to 120 days. This way, you’ll know exactly what you can afford and have your mortgage ready in hand.
I will support you every step of the way from shopping for your home, to making an offer to getting your keys.
I will help you understand the process and ensure that you get personalized advise on the best mortgage solution for you and your needs.
Things that make your loan officer cry!
If you have ever applied for a mortgage you know how much paperwork it can be. Although we still close average transactions in less than 4 weeks, there are situations where unexpected things happen. This blog is a quick guide to the 3 things that can throw off deals, and sometimes make your mortgage originator cry. Consider it a list of things not to do during the loan process.
1. When a borrower quits their job (or gets fired) in the middle of the loan process. This shouldnt be much of a surprise but if you are trying to qualify for a loan based on your income dont change jobs during the transaction. You dont have to stay at your job forever, just dont quit in the middle of your mortgage process.
2. SURPRISES! Although life is full of surprises try to be as honest and upfront about all of your debts and financial information with your loan originator up front. Its never good when all of a sudden your mortgage team pulls your information and finds out you make great money but you have $23,000 in collection debt on that boat you forgot about. Remember you dont need to over exaggerate your income to impress your mortgage company, we are more impressed with honesty and organization.
3. Disappearing Acts. Nobody loves vacations as much as we do but there are a lot of moving parts in the real estate and mortgage process and you may need to be around to sign documents and communicate. You can still take vacations just make sure to let everyone involved in the transaction know so that they can plan around your travel.
Just remember, your Realtor, your loan originator and an entire team of others are working their to their best level to help you close on your real estate transaction- before you make a bone head move, just think What Would My Loan Officer Do?
No harm can come from asking a question so whether you are already in the mortgage process or you are thinking about jumping in soon, you can call me or email me any time for free advice that will avoid tears in the future!
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.