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Big Bank Survey Reports Need For Services Mortgage Brokers Provide.
SOURCE | Mortgage Broker News | By Justin da Rosa Brokers have for years boasted about their ability to find the best mortgage for clients by considering more than just the best rate. A new study suggests young homebuyers need that service now more than ever.When it comes to buying a home, its in a purchasers best interest to consider all aspects of a mortgage and not just the rate. It seems many arent considering their mortgage from all angles with a new study finding many regret taking on a mortgage that has left them house poor. Its important to choose the house and mortgage that you can afford so that you can manage your cashflow and wont end up with buyers remorse, David Nicholson, Vice-President, CIBC Imperial Service, said. A house can represent so much - a new start, independence, putting down roots, starting a family or building wealth. But, its important to evaluate the pros and cons and crunch the numbers so its the right decision for today and tomorrow. Many millennials regret purchasing their homes, according to a recent CIBC report. A poll found 39% of millennials have become homeowners; of those purchasers, 81% plan to sell in the near future.Of those, 63% cited housing costs making them cash poor; 57% are afraid interest rate increases will make it more difficult to meet payment requirements; and 36% believe renting is the better option.The results speak to the growing need for the services brokers provide - which include in-depth advice about long and short term mortgage options that best suit individual financial goals. One of the problems you have with millenials is they figure they can get all the information they need online as opposed to the information from people like brokers. The internet is no different from a dictionary or encyclopedia, Bill Macklem, a BC-based broker, told MortgageBrokerNews.ca. You can research how to build a car or a plane but building it is another matter. You need to have someone that is going to be your advocate, who is going to see what youre doing and help you plan it out. We dont have enough financial education and I think brokers provide that.
Canadian home sales fall further in July
According to statistics released today by The Canadian Real Estate Association (CREA), national home sales declined further in July 2017. Highlights: National home sales fell 2.1% from June to July. Actual (not seasonally adjusted) activity in July stood 11.9% below last Julys level. The number of newly listed homes edged back by 1.8% from June to July. The MLS Home Price Index (HPI) was up 12.9% year-over-year (y-o-y) in July 2017. The national average sale price edged down by 0.3% y-o-y in July. Julys interest rate hike may have motivated some homebuyers with pre-approved mortgages to make an offer, said CREA President Andrew Peck. Even so, sales activity continued to soften in the Greater Golden Horseshoe region. Meanwhile, sales and prices in Montreal continue to strengthen. All real estate is local, and REALTORS remain your best source for information about sales and listings where you live or might like to. July marked the smallest monthly decline in Greater Golden Horseshoe home sales since Ontarios Fair Housing Plan was announced in April, said Gregory Klump, CREAs Chief Economist. This suggests sales may be starting to bottom out amid stabilizing housing market sentiment. Time will tell whether thats indeed the case once the transitory boost by buyers with pre-approved mortgages fades. Click here to continue reading
Decline in single-family component moderated by gain in multi-family dwellings
Canadian municipalities issued $8.1 billion worth of building permits in June, up 2.5% from May and the second highest value on record. Higher construction intentions for multi-family dwellings and commercial buildings were mainly responsible for the national increase. All building components reported gains in June, except for single-family dwellings. The value of residential building permits fell 0.9% in June to $5.0 billion, the fourth decrease in five months. The decline was mainly the result of lower construction intentions in four provinces, notably Ontario. In June, the value of permits for single-family dwellings decreased 12.5% to $2.4 billion. Seven provinces registered declines, with Ontario being the main contributor to the decrease. Conversely, construction intentions for multi-family dwellings rose 12.5% in June to $2.7 billion, marking a third consecutive monthly increase. Seven provinces registered gains, led by Ontario and British Columbia. Click here for more information