My duties as a mortgage agent are to provide sound financial advice to my clients on debt management, and mortgage financing solutions. I provide advice to my clients in rebuilding their tarnished credit scores, pay off high interest credit card debts, and most importantly, finance their dream home or investment properties. A good financial plan is what everyone needs to achieve his or her financial goals.
I work with over 25 lenders and will negotiate a competitive rate and fair terms that match your needs on your behalf. Keep in mind that I work for YOU, Not the Lenders!!!
If you think my service could be helpful to you or anyone you know, feel free to contact me for a no obligation review.
BLOG / NEWS Updates
Why Should You Consider Using A Monoline Mortgage Lender?
Which mortgage lender is offering the best rates and terms? This is a very common question I get asked a lot. In many client cases that I dealt with, it is with a non-bank lender; or what our industry would called a Monoline Lender. However, due to the lack of understanding by general public, clients would show concerns and worrisome, this is why I would like to take this chance in sharing our knowledge on Monolines Lender with you. According to CanadianMortgageTrends.com, A monoline is a mortgage lender that focuses just on mortgages. A monoline lender does not have other products it can cross-sell, which differentiates it from a bank or credit union ... http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2010/10/monoline-lender.html We partner with many Tier A lenders, also known as Monoline Lenders. The lowest rates we advertise are mostly offered by these lenders. Many mortgage brokers like about their simple business model in focusing on just mortgages. They tend to focus in providing competitive mortgage solutions rather than soliciting you to open a chequing or savings account, apply for a credit card, open a line of credit, or other manner that typical banks would involve in these days. You might wonder what are the risks in going with a Monoline Lender. Monolines are in the business of lending you money, not borrowing from you. Let me ask you a rhetorical question, when money is being lend to you, is the risk of defaulting the loan lay on the borrower or the lender? The most critical is your mortgage agent can explain clearly to you all the terms and conditions in the mortgage commitments. This way, you can fully understand your rights, payment schedules, prepayment privilege, early payout penalty, and other important details before you make an informed decision. The mortgage industry is heavily regulated by the government, protecting the client. Monolines are required to follow the same lending guidelines as the major banks. In fact, many Monoline Lenders get their funding from large financial institutions like RBC, TD, and National Bank. I also did some researches with other mortgage brokers, and below are some of the common reasons why they like monoline lenders: - They do not operate in a local branch setting, so they have a lot less overhead expenses to be maintained. As a result, they often offer very competitive solution such as mortgage rates, prepayment privilege and early payout penalties. - They have customer service departments to service you and offer online access to view your mortgage details - They typically focus on a specific niche (i.e..:mortgages for self employed people.). This allows them to provide mortgage solutions and services that are especially suitable for their clienteles - They offer unique products like the 35 year amortization - Monoline mortgage lenders respect the value mortgage brokers bring to their clients. Since their business rely on maintaining a good relationship with the mortgage brokerage network, they have great incentives in providing the best solution and services to our clients. As long as client provides the necessary documents on time, they are very nimble in funding the mortgage deals. Every client has a unique situation and requires different mortgage needs. It is our duty as your mortgage agents to assess each circumstance thoroughly to determine which lender is best suited for you. Although we can also help our clients to get access to mortgage solutions from banks such as TD, National Bank, after detailed comparison, we often would recommend a Monoline Lender. Everyone wants the best rate and terms possible. If you are desire in finding a mortgage that is suitable for your needs, you have to be open mind in giving your business to that different type of lenders. After all, if there is no Monoline lenders offer more financing choices to the consumers, what is the incentive for our banks to remain competitive?
Ontario just introduced a 16-point plan to control real estate, including a Foreign Home Buyer Tax
On April 20, 2017, the Ontario government introduced the Ontarios Fair Housing Plan, a 16-point plan to control real estate, address thedemand for housing, increase supply, and protect buyers and renters. The 16 measures in the plan include a legislation that would implement a new 15 % Non-Resident Speculation Tax (NRST), similar to the 15 % tax on foreign buyers already introduced in Vancouver last May. Once legislation passes, the tax would be effective retroactively to April 21. The measures are aimed at cooling down the hot housing market in the Greater Toronto Area, where prices were up 33 % from a year ago while condominium rents rose 8.3 % in the first quarter from a year ago. Now that two major cities have been impacted by a Foreign Buyer Tax, only time will tell if investors will look to other Canadian cities to invest their funds.
Canadian home sales up on a month-over-month basis in March
According to statistics released today by The Canadian Real Estate Association (CREA), national home sales were up on a month-over-month basis in March 2017. Highlights: - National home sales rose 1.1% from February to March. - Actual (not seasonally adjusted) activity in March was up 6.6% from a year earlier. - The number of newly listed homes climbed 2.5% from February to March. - The MLS Home Price Index (HPI) was up 18.6% year-over-year (y-o-y) in March 2017. - The national average sale price increased by 8.2% y-o-y in March. Home sales over Canadian MLS Systems edged up 1.1% in March 2017, surpassing the previous monthly record set in April 2016 by one-quarter of a percent. March sales were up from the previous month in more than half of all local markets, led by the Lower Mainland of British Columbia, London St. Thomas and Montreal. Actual (not seasonally adjusted) activity in March was up 6.6% year-over-year, with gains in close to 75% of all local markets. Sales in the Greater Toronto Area (GTA) posted the biggest increase, which offset a decline in the number of homes changing hands in Greater Vancouver. The number of newly listed homes rose 2.5% in March 2017, led by gains in the GTA, Calgary, Edmonton and the Lower Mainland of British Columbia. With new listings having climbed by more than sales, the national sales-to-new listings ratio eased to 67.4% in March compared to 68.3% in February. A sales-to-new listings ratio between 40 and 60 is generally consistent with balanced housing market conditions, with readings below and above this range indicating buyers and sellers markets respectively. The ratio was above the sellers market threshold in about 60% of all local housing markets in March, the majority of which are located in British Columbia, in and around the GTA and across southwestern Ontario. There were 4.1 months of inventory on a national basis at the end of March 2017, down from 4.2 months in February and the lowest level for this measure in almost a decade. The number of months of inventory in March 2017 stood at or below one month in the GTA, Hamilton-Burlington, Oakville-Milton, Kitchener-Waterloo, Cambridge, Brantford, Guelph, Barrie District, parts of the Niagara Region and parts of cottage country. The Aggregate Composite MLS HPI rose by 18.6% y-o-y in March 2017. Price gains accelerated for all benchmark housing categories tracked by the index. Prices for two-storey single family homes posted the strongest year-over-year gains (+21%), followed closely by townhouse/row units (+17.9%), one-storey single family homes (16.6%) and apartment units (16.3%). While benchmark home prices were up from year-ago levels in 11 of 13 housing markets tracked by the MLS HPI, price trends continued to vary widely by location. In the Fraser Valley and Greater Vancouver, prices have been recovering in recent months after having dipped in the second half of last year. On a year-over-year basis, home prices in the Fraser Valley and Greater Vancouver remain well above year-ago levels (+19.4% y-o-y and +12.7% y-o-y respectively). Meanwhile, y-o-y benchmark price increases were in the 20% range in Victoria and elsewhere on Vancouver Island. Guelph recorded a similar price gain, while Greater Toronto and Oakville-Milton saw prices rise in the 30% range in March. By comparison, home prices eased by 1.2% y-o-y in Calgary and by 1.5% y-o-y in Saskatoon. Prices in these two markets now stand 5.4% and 5.1% below their respective peaks reached in 2015. Home prices were up modestly from year-ago levels in Regina (+1.7%), Ottawa (+4%), Greater Montreal (+3.3% y-o-y) and Greater Moncton (+4.7%). Year-over-year price gains were led by different benchmark housing categories in each of these markets. In Regina, apartments posted the biggest price increase, which snapped a long series of price declines for apartments that began in early 2015. In Ottawa, prices rose most for one-storey single family homes. In Montreal, two-storey single family home prices posted the biggest gain; meanwhile in Moncton, it was townhouse/row unit prices that climbed the most. HPI) provides the best way of gauging price trends because average price trends are prone to Home Price Index (MLSThe MLSbeing strongly distorted by changes in the mix of sales activity from one month to the next. The actual (not seasonally adjusted) national average price for homes sold in March 2017 was $548,517, up 8.2% from where it stood one year earlier. The national average price continues to be pulled upward by sales activity in Greater Vancouver and Greater Toronto, which remain two of Canadas tightest, most active and expensive housing markets.