Associated with Verico Financial Group, a top Mortgage Broker Network in Canada, I aim to provide you with the best possible independent professional mortgage advice.
Starting with your own financial goals, I will advise on the best lenders and products available to you, lead you through the Mortgage approval process and keep you well informed as we move towards completion.
I offer advice both as in individual with the practical experience of shopping for a family home, in addition to that of a business owner when financing a business through both good and bad economic times, plus valuable experience as a commercial and residential property owner and investor.
Whether you are taking a mortgage for your first home, remortgaging, or re-financing, the priority remains the same – developing an ongoing mortgage strategy centred around your own particular needs.
Time for some Independent, Professional advice
Sourcing a mortgage which is right for you Independent Professional advice
Most home buyers today need a mortgage, and in todays market there is good reason to get an early start to organising your finances.
By using the services of an independent mortgage broker you not only are able to access all lenders and products to get the best fit for you, but in the majority of instances, the service is free!
Your consultation with a broker is without obligation and it will put you in a strong position to offer on a property when you find the right home.
By taking time to meet with a mortgage professional you will go through a pre-approval process which will result in a conditional pre-approval or, more accurately, a 120 day rate hold.
Subject to receiving and approving financing key words to remember
It is important to realise that although you may now be pre-approved at a certain rate there will remain a number of Lender conditions to be met. In addition, the Lender still needs to approve of the property which you wish to purchase.
For these reasons never offer on a property without inserting a subject to receiving and approving financing clause.
Be ready to make your move
Once you have met with your mortgage broker you will be on a forward footing and know:
What price range of home you should be looking at;
What your monthly mortgage payments will be;
How much deposit you will need to come up with;
What your various purchase costs are likely to be including Property Transfer Tax;
Start dealing with any wrinkles
Your discussion with your Mortgage Broker will also let you know:
How strong your credit score is and whether you need to take any remedial action;
Whether you need to arrange Gift letters (if a family member is helping with your deposit); NOAs; letters of employment and so on.
Whatever you do
Do not enter into any new credit card or financing arrangements until you have purchased your new home. A $100 monthly credit payment will reduce your purchasing power by $100,000!
National Bank of Canada Weekly Economic Watch
Housing starts rose from 166.5K in April to 193.5K in May (seasonally adjusted and annualized). Urban starts improved 22K to 181.1K on increases in both the multi-unit (+14.9K to 135.9K) and the single-detached (+7.1K to 45.3K) segments. At the provincial level, urban starts shot up in Quebec from 0K in April to 56.3K as social distancing measures were eased but plunged 37.1K to 56.5K in Ontario. June results should provide a clearer snapshot of the post-lockdown residential construction industry in Canada. Projects delayed on account of the Covid-19 pandemic might sustain starts at a relatively high level for a short while but the longer-term horizon looks less promising in light of much higher joblessness and reduced immigration. Moreover, tougher CMHC standards for mortgage insurance will likely exclude some potential buyers by shrinking their purchasing power. We estimate that the new rules governing maximum gross debt service will reduce by about 11% the amount that the median Canadian household will be allowed to borrow.
Source: NBA Economics and Strategy
Virtual Tours and Live Streams a Hit on REALTOR.ca
While staying home to help stop the spread of COVID-19, Canadians are spending more time looking at properties on REALTOR.ca, Canadas No. 1 real estate platform*. During the week of March 9, visits to REALTOR.ca dropped by 30%; however, since April 12 traffic has crept back up by 14% and consumer inquiries to REALTORS through the site rose by 25%similar to levels during the same period last year. Despite the pandemic, REALTOR.ca has seen a 14% increase of visitors during the first quarter of 2020.
As COVID-19 is limiting how buyers can visit homes that interest them, REALTOR.ca makes it possible for Canadian REALTORS to virtually showcase listings by integrating video and 3D tours from 10 of the most popular services. Since April 7, REALTORS can also schedule and promote live stream open houses using popular platforms such as Facebook Live, Instagram Live, Zoom and YouTube.
If theres one thing 30-plus years in this business has taught me, its that as an industry we are early adopters of technology, said Costa Poulopoulos, Chair of the Canadian Real Estate Association. With restrictions on how we can continue to serve our clients, Im proud that weve been able to add features for REALTORS that allow them to continue to show homes to interested buyers.