The mortgage process can be intimidating. Navigating amortization, compounding factor, pre-payment privileges, substantially different methods of payout penalty calculations and the cumbersome documentation process can have your head spinning. For 18 years I have been simplifying the process. I have helped over 3000 families enjoy a net savings of more than 3 Million Dollars.
I have access to mortgage products from multiple lenders, and I work with you to determine the best product that will fit your immediate financial needs and future goals. Mortgages are not created equally.
I am a member of the VERICO MORTGAGE BROKER NETWORK, 5 time winner of Canada's Mortgage Company of the year. Being part of Canada's largest Mortgage company allows for access to unbeatable pricing and technology, but being locally operated allows us to be personal and understand the local market and your needs. Never before has experience mattered so much. Mortgage rule changes, government intervention and shifting markets have made mortgages very complex.
I save you money by sourcing the best products at the best rates – not only on your first mortgage but through every subsequent renewal or additional purchase. So whether you're buying a home, renewing your mortgage, refinancing, renovating, investing, or consolidating your debts — I’m the Mortgage Planner who can help you get the right financing, from the right lender, at the right rate.
I have only 3 days to get this done!
12 days into a 14 day financing condition I received a text from a Realtor... Can you take a call right now?
That call was about a young client who had been pre-approved by her bank 3 months earlier yet when it came time to get the file completed they could not help her. 2 things were very alarming: 1) they had pre-approved her for nearly $100 000 more than she purchased the home for, 2) they had been avoiding her inquiries into why she was not hearing from them.
I suppose there was one other thing that was a bit alarming, and that was the interest rate they had pre-approved her for and the fact that they didnt use the correct calculations on her CMHC insurance premiums. At the time this wasnt really an issue as there really wasnt an approval in place in the first place.
Fast forward 3 days (yes we needed a short extension as there was no way to get the file completed in just the 2 days remaining on the original condition period) and the file was completed. The file required a lot of supporting documentation from the client in order for me to build a strong case for an approval. Working with a lender that was focused on finding solutions rather than working inside a small box of policies was going to be important. One of the very important things to understand in this industry is that mortgages are not created equally and that my relationships with lenders and underwriters play a significant role in getting files funded.
As we get ready to enjoy Easter with friends and family I am humbled by the fact we were able to see this one through. We were able to get this young lady and her daughter into her home (she takes possession next week). We were able to satisfy the needs of a seller whom we dont even know, Realtors on both sides have a saved/completed deal, Solicitors on both sides have a file to work on. There are a lot of people involved in a transaction and when we can pull that together it is a wonderful feeling.
If you are in a similar situation I would be honoured to help you and your family. I am days away from completing my 3000th mortgage and each one brings the sum of savings well north of 2 million dollars.
P.S. We calculated her CMHC premium correctly, and I was able to secure a rate that was .55% lower than her original pre-approval. This is going to save her thousands of dollars over the life of he mortgage. What a great way to head into home ownership.
Record December caps record year for Canadian home sales
Statistics released today by the Canadian Real Estate Association (CREA) show national home sales set another all-time record in December 2020.
Home sales recorded over Canadian MLS Systems jumped by 7.2% between November and December to set another new all-time record.
Seasonally adjusted activity was running at an annualized pace of 714,516 units in December 2020 the first time on record that monthly sales at seasonally adjusted annual rates have ever topped the 700,000 mark.
The month-over-month increase in national sales activity from November to December was driven by gains of more than 20% in the Greater Toronto Area (GTA) and Greater Vancouver.
Actual (not seasonally adjusted) sales activity posted a 47.2% y-o-y gain in December the largest year-over-year increase in monthly sales in 11 years. It was a new record for the month of December by a margin of more than 12,000 transactions. For the sixth straight month, sales activity was up in almost all Canadian housing markets compared to the same month in 2019.
For 2020 as a whole, some 551,392 homes traded hands over Canadian MLS Systems a new annual record. This is an increase of 12.6% from 2019 and stood 2.3% above the previous record set back in 2016.
Mortgage Deferral Agreements and Their Impact
CMHCs Fall 2020 Residential Mortgage Industry Dashboard discusses mortgage deferral agreements and their impact.
At the end of the second quarter, credit unions, mortgage finance companies (MFCs) and mortgage investment entities (MIEs) have allowed mortgage deferral agreements for about 6%, 7% and 7% of their respective residential mortgage portfolios.
Chartered banks have allowed 16% of mortgages to go into deferral since the beginning of the pandemic. Of these, close to 2 out of 3 borrowers had resumed payments on their mortgages at the end of the third quarter of 2020. In the coming months, we could see higher delinquency rates if some borrowers are unable to resume their payments; these mortgages will have to be booked as arrears.
These deferral agreements have affected financial institutions cash flows, with reductions of:
4% in scheduled mortgage payments
3% in non-scheduled payments (accelerated monthly payments and lump-sum payments)
While remaining at low levels, mortgages in arrears (90 or more days delinquent) have increased slightly between the first and second quarters of 2020 from:
0.24% to 0.26%, on average, for chartered banks
0.23% to 0.25%, on average, for non-bank mortgage lenders
We also observe an increase in early-stage delinquencies (31 to 59 days and 60 to 89 days), which suggests that arrears could continue on an upward trend.