Congratulations! You’ve decided to begin your search for a new home, or perhaps you’ve already found the home of your dreams and are ready to make an offer. It’s now time to consider your mortgage options. With so many different choices available, how do you choose the right mortgage?
As a mortgage professional, I want to help you find the product that best fits your needs. Whether purchasing a home, renovating your current home, helping your children, or purchasing an investment or vacation property - investing in real estate is a major decision. My goal is to help make your experience a positive one. In addition to arranging mortgage financing, I am able to help you with:
There’s absolutely no charge for my services on typical residential mortgage transactions. Like many other professional services, mortgage brokers are generally paid a finder’s fee when we introduce trustworthy, dependable customers to a financial institution.
Because my work hours are flexible, we can work on your mortgage any time. I am available evenings and weekends, which means you don't have to book time off work to get a mortgage. I am happy to meet with you either by phone or in person (depending where you are), and am always just a call away to answer any questions you have. My service and support do not end once you have your mortgage - I am available to answer questions and help with follow up whenever you need me.
Choosing the right lender, and the mortgage that best suits your needs, is an important decision. I want to help make the process a smooth one for you. Let me help you achieve your dreams.
BUYING A HOME Part 3 of 3
BUYING A HOME - SHOP WISELY
This article provides a brief overview of the process of shopping for a home. It is best to connect early with a mortgage professional so that you are well preprared to start down the road to home ownership.
In addition to knowing what you can afford, it is equally important to connect with a realtor that you are comfortable working with. Realtors are experts with respect to the legal aspects of purchasing a home, and are knowledgeable about the features and characteristics of your community. Your realtor will arrange for you to view several homes, and once you have decided on a home your realtor will guide you through the process of making an offer. Your realtor will support you until the keys have changed hands.
Before you start shopping, take some time to think about your priorities. Consider your future plans. For instance, is there a particular area you want to live? Do you need to be close to work, schools, shopping, or medical services? Is access to public transportation important? Will your family be expanding in the near future?
Put everyhing you can think of on your wish list, but remember to be flexible. Sometimesbuyers have to compromise because their funds are limited. It is important to get into a house you can afford and consider cosmetic upgrades down the road. Even if you cant afford to replace the hideous shag carpet in the family room right away, it might be worth living with for awhile to get into a home that meets most of the big ticket items on your wish list that are hard to change (ie: location, number of bedrooms). Alternatively, if there are major renovations to be done you might consider a purchase plus improvements mortgage.
One way to be prepared is to do some of your own research. If there are certain areas that you are interested in, take some time to drive around and look at the type of homes available. If you see for sale signs, jot down the address or listing number. Another way is to visit the Realtor.ca site. Enter your preferred options and price range to get a better idea of listings available. Your realtor will also do homework on your behalf to identify suitable properties, and will be able to provide advice and information about different neighbourhoods in your community. Being very clear about what is most important to you in terms of wish-list items will help your realtor narrow down the scope of your search.
When you start to look at homes, be careful not to be caught up by a house where minor upgrades and cosmetic fixes create the look that you are after but that do not include the important features you need. For instance, dont buy a two bedroom house when you know youre planning to have a family and will need more rooms soon. Dont make a compromise that will likely create a major strain down the road. If youre on a budget, look for a home whose full potential has yet to be realized. A good strategy is to look for a house that you can add value to, as this will help you build equity for when you decide to upgrade. If your budget allows, buying a brand new home means you wont have much to do in terms of upgrades or finish work.
After looking at multiple houses, you may find it hard to keep them straight in your mind. One suggestion is to write notes on the listing sheets are each house you view. Write down your general impression, as well as any specific features you want to remember. After you have looked at a few properties you will likely start to refine your wish list. This will help save time for both you and your realtor as you become very clear on what you want.
Once you choose your ideal property, its time to make an offer. Your realtor will write up the documentation and present it to the realtor representing the sellers.It is not unusual for offers to go back and forth several times before all of the details are finalized. Your realtor will explain the process to you, and help you arrange anyrequired inspections and documentation.
After you havev an accepted offer (agreed upon by you and the sellers), your mortgage professional will submit your application for final approval. Once final approval is in place and you have removed all of the conditions of your offer, your documents will be forwarded to your lawyer to finalize all of the necessary paperwork. Shortly after the money changes hands, you will receive the keys to your new home!
Buying a home may seem daunting, but having the right team to support you will make itseem far less intimidating. If you have any questions, please call me at 250-826-5857 or email me directly at email@example.com. Lets get you up to speed and into your dream home!
Forecast Update: Economies Shutting Down
Rapidly evolving developments necessitate an update to the forecasts we published just last Friday. Additional quarantine or shut-down measures have been put in place in a number of countries in the last few days. As a result, we now anticipate global GDP growth to be 0% in 2020, followed by a sizeable rebound in activity in 2021 given our view that economic activity will rebound quickly once the virus is no longer a serious threat to public health. At present, we believe activity will begin to return to normal in the third quarter, except in countries where containment measures were aggressively deployed in the first quarter (essentially the Asian economies), where activity resumes in the second quarter. In Canada, the closure of non-essential business in Quebec and Ontario announced earlier this week will have large economic consequences. At present, we believe Canadian economic activity will fall by 28% in Q2 as these measures are felt. If other provinces follow, the fall in Q2 economic activity would be in the 35% range. We now assume that economic activity resumes by the start of the third quarter and that growth rebounds sharply at that time. However, the 20% drop in US economic activity in the second quarter will restrain the rebound in Canadian activity in the third quarter owing to the usual lags between US and Canadian economic outcomes. Under these assumptions, Canadian GDP would fall by slightly more than 4% in 2020 and rebound by 5.1% in 2021. Though we have not included any additional measures in this update beyond those already announced, we believe a substantial ramping up of fiscal support measures in Canada is forthcoming. There is a chance that aggressive virus management measures are required beyond Q2 to ensure the virus is truly well-contained. Evidence in Asia this week suggests that even in countries where aggressive management measures have been put in place, COVID-19 can come back quite quickly. If measures in Canada are not lifted by the end of Q2, growth would fall again in Q3, and GDP would fall by 6.3% in 2020 instead of the 4.1% we currently expect. A key question for forecasters is the length of the virus-related restrictions on firms and households. As noted above, a shift of one quarter in the resumption of normal operating conditions can have a large impact on growth outcomes. Since we do not have a good handle on the ultimate length of the interruptions, we consider it more informative to assign probabilities to the time at which virus containment measures end. At this time, we believe there is a 75% chance that activity resumes by Q3 and a 25% chance that activity returns to more normal levels by Q4. How officials manage virus containment internationally, as well as the evolution of the virus, will inform our assessment of probabilities going forward.
Source: Scotiabank Economics
Home resale market was gaining momentum prior to Covid-19
At the national level, resale home prices were gaining momentum in February. The 0.4% monthly gain in the Composite index was double the average of the previous ten years for a month of February. In particular, after 12 consecutive monthly declines, Vancouver HPI rose in each of the last five months, reflecting the fact that Vancouver resale market recently returned to balance. Sure, we still saw weakness in other regions, such as the Prairie Provinces (Alberta, Manitoba and Saskatchewan) where markets were still favorable to buyers. But CREA just reported a rather generalized increase in home sales in February, including for Calgary and Edmonton. Unfortunately, then came the outbreak of Covid-19 and its impact on oil prices and disruptions in the supply chain. The unprecedented sanitary measures imposed by the authorities to tackle the pandemic will severely impact business activity and jobs over the coming months. In that situation, the home resale market should be heavily curtailed for the coming months.
Source: Teranet Inc., and National Bank of Canada