It PAYS to shop around.
Many Canadian homeowners pay too much for their homes because they are not getting the best mortgage financing available in the market.
The mortgage process can be intimidating for homeowners, and some financial institutions don't make the process any easier.
But I’m here to help!
I’m a VERICO Mortgage Advisor and I’m an independent, unbiased, expert, here to help you move into a home you love.
I have access to mortgage products from over forty lenders at my fingertips and I work with you to determine the best product that will fit your immediate financial needs and future goals.
VERICO mortgage specialists are Canada’s Trusted Experts who will be with you through the life of your mortgage.
I save you money by sourcing the best products at the best rates – not only on your first mortgage but through every subsequent renewal. So whether you're buying a home, renewing your mortgage, refinancing, renovating, investing, or consolidating your debts — I’m the VERICO Mortgage Advisor who can help you get the right financing, from the right lender, at the right rate.
Keep it Simple
Keep it simple when buying a houseSpring is here, which means increased activity in the real estate market. If you are thinking of buying a house, keep these simple tips in mind.Decide whether the time is right for you to buy – “If you currently own a house, you should buy and sell at the same time, which will help ensure you don’t sell low and buy high,” explains Chartered Professional Accountant Eli Palachi, a partner with Crowe Soberman LLP in Toronto. “If you are a first-time purchaser, try to buy when you can secure low mortgage rates so that your monthly cash outflow is lower.”Determine what you can afford – “Establish a budget that includes the cost of the new house and then try living with that budget for a while to make sure you won’t become financially strapped and end up house rich and cash poor,” advises Chartered Professional Accountant Albert Yu, a sales representative with RE/MAX Hallmark Realty Ltd. in Toronto. “Mortgage rates are at historically low levels these days. But keep in mind that every one-per-cent increase in interest rates means you can buy 10-per-cent less house.” Yu says your budget should also include other costs, including a rainy day fund that covers three to six months’ worth of expenses, retirement savings and a children’s education fund. Your Chartered Accountant can help you set up a realistic budget and help with decisions on how to finance a house purchase.Don’t forget to factor in the hidden costs – “In addition to the price of the house itself, your other costs include legal fees associated with closing the sale, adjustments for property tax and utilities, the land transfer tax, mortgage fees, house appraisal fees and moving,” says Palachi. “If you are buying a bigger house, you may also have higher insurance costs.”Shop around for the best mortgage rate – “Speak to several banks to see what their rates are,” says Palachi. “It doesn’t hurt to get an idea of what competitive rates are, and banks don’t charge a fee or commission for securing financing. Your CA can also introduce you to mortgage officials at the bank.” If you are going to shop around for rates, Yu cautions against signing several applications that would result in a credit check. “Your credit score will decrease if too many checks are done at once,” he explains.Make the biggest down payment you can afford – “You must pay at least 20 per cent of the purchase price down to avoid a high-ratio mortgage and paying one-time Canada Mortgage and Housing Corporation premiums,” explains Yu. A larger down payment will also lower your monthly payments.
NORTHERN STAR (FOR NOW...)
In contrast to the US, Canadian growth is accelerating sharply going into the second quarter, following a solid gain in domestic demand to start the year.
Fast, and accelerating, population growth, and remarkably strong employment growth are providing a solid underpinning to consumer spending and the housing market.
Positive export data suggest that the ongoing strength in domestic demand will be buttressed by net exports in the second quarter, and possibly beyond.
Canadian inflation is at the Bank of Canadas target, in sharp contrast to the US, where it has moved away from the Feds objective. This gives the BoC room to keep rates on hold if inflation remains on target.
Downside risks remain important and are all linked to US-centric developments, with worries about US trade policy ongoing despite the pause with China.
Recent Canadian developments stand in sharp contrast to events in much of the rest of the world. Whereas US growth is clearly decelerating, Canadian growth is on an upswing, with recent indicators pointing to a very sharp rebound from a somewhat sluggish start to the year. Canadians appear to be, for the time being, largely insulated from the broader malaise facing the global economy as consumer and business confidence has improved sharply in recent quarters, owing to strong sales and job creation. While there are a number of factors suggesting that the growth rebound observed will persist through 2020, there is a risk that a divergence between Canadian and US outcomes may not last.
Source: Scotiabank Economics
CANADA — SETTING THE AUTUMN TABLE
The Bank of Canada will have the opportunity to set a course of action or, more likely, inaction for some time at least into the Fall when it delivers its latest policy communications on Wednesday July 10.
Key may be how the BoC views external risks that it warned had increased in May. Further, watch for key guidance toward Q3 GDP. Recall that the BoC only forecasts out a quarter at a time and the April MPR published quarterly GDP growth up to 2019Q2. While it has to revise up that 1.3% estimate for Q2 to something that would probably be deep in the 2s perhaps bordering upon 3%, how the BoC views the durability of this improvement relative to potentially temporary and distorted drivers is key by way of assessing 2019H2 risks.
In the meantime, the case for the BoC to stand pat on rates for some time is guided by the following points:
The BoC is starting at a more relaxed policy stance than the Fed with slightly negative real rates and below its neutral rate. This gives the BoC more of a policy buffer against downside risks;
The BoCs preferred core inflation measures are on- if not a smidge above-target at 2.1% y/y while the Feds preferred gauge is well below 2% at 1.6%.
C$ weakness is the flip side to the implications of US dollar strength. The CAD rally of about a nickel since early June has been backed by firmer commodity prices. Further C$ appreciation may be limited if the Fed cuts because US monetary policy easing is already significantly priced in;
Canadas economy is on the rebound in Q2 whereas the US is decelerating;
Domestic trade policy risks are less negative for Canada now given the CUSMA deal that is pending passage in the US and Canada (but passed in Mexico) and the reversal of steel and aluminum tariffs and reciprocal actions;
housing markets are stabilizing in Canada, driven by job growth, lower mortgage rates and distance from B20;
nonfarm payrolls disappointed in May but Canadas job growth has remained strong this year;
Canada has imported bond market easing driven by Fed rate expectations and to a degree can ride along the Feds coat tails.
Source: Scotia Economics