It PAYS to shop at Axis Mortgage Inc.
Many Canadian homeowners pay too much for their homes because they are not getting the best mortgage financing available to them. Long gone are the days of dealing with "my bank". Your bank has their bottom line as their number one priority, which is why many Canadians never see the best rate they could, and they never see the most flexible mortgage they could, and they pay WAY TOO MUCH on any payout penalties they may incur.
I know the mortgage process can be intimidating, and some financial institutions don't make the process easy at all. In fact many institutions are down right cumbersome, so let me navigate that process for you and allow you to live a stress free process.
I’m a Professional Mortgage Planner and an independent, unbiased, expert, here to help you move into a mortgage you love.
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.
I am a member of the VERICO MORTGAGE BROKER NETWORK, 3 time winner of Canada's Mortgage Company of the year. I have been in the mortgage industry for nearly 15 years, and never before has experience mattered so much.
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.
Weakness in Toronto and Vancouver after seasonal adjustment
In August the TeranetNational Bank National Composite House Price IndexTM was up 0.2% from the previous month. Removing normal seasonal patterns (seasonal adjustment), the index would have been virtually flat, following retreats in June and July. In other words, after seasonal adjustment, the downtrend of June and July did not turn around in August.
Individual market indexes were up in eight of the 11 metropolitan markets surveyed. Seasonally adjusted, they would have been up in only four. The published (non-seasonally-adjusted) indexes were up strongly under any respect in Ottawa-Gatineau (1.4%), Hamilton (1.4%), Montreal (1.2%) and Quebec City (0.5%). However, gains in Toronto (0.3%), Edmonton (0.2%), Victoria (0.1%) and Winnipeg (0.1%) only reflected usual seasonal pressures. After seasonal adjustment, these indexes would have dropped or be flat. Indexes were down for Halifax (0.6%), Calgary (0.3%) and Vancouver (0.4%).
The published Toronto index was up for a fifth straight month. But it is the opposite after seasonal adjustment as the index would then have been down for a fifth straight month. For Vancouver and Victoria it was a third straight month of decline after seasonal adjustment.
In August the composite index was up 1.4% from a year earlier, the smallest 12-month rise since November 2009. This weakness is partly attributable to a peak in August 2017 from which the index declined in following months. For this reason the 12-month rise is likely to accelerate in the months ahead. August 2018 indexes were down from a year earlier in Toronto (3.3%), Hamilton (0.7%), Calgary (0.5%) and Edmonton (0.3%). They were up from a year earlier in Winnipeg (1.3%), Quebec City (1.4%), Halifax (4.6%), Montreal (4.8%), Victoria (5.0%), Ottawa-Gatineau (5.2%) and Vancouver (7.6%).
Besides the Toronto and Hamilton indexes included in the composite index, indexes exist for the seven other urban areas of the Golden Horseshoe. In July, two of these, Barrie and Oshawa, were, like Toronto and Hamilton, below their peaks of Q3 2017. Indexes not included in the composite index also exist for seven markets outside the Golden Horseshoe, five of them in Ontario and two in B.C. The 12-month rise of these indexes varied widely, from 1.5% for Sudbury to 14.3% for Abbotsford-Mission.
 Note on methodology: The current-month data used to calculate the index are those of closed sales entered in the provincial land registry. To illustrate the home price trend, the published indexes of the 11 metropolitan markets entering into the TeranetNational Bank Composite House Price Index present moving averages of the last three months of raw indexes, a procedure that evens out month-to-month fluctuations. For our full methodology, please visit www.housepriceindex.ca
Bank of Canada maintains overnight rate target at 1 ½ per cent
The Bank of Canada today maintained its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 per cent and the deposit rate is 1 per cent.
CPI inflation moved up to 3 per cent in July. This was higher than expected, in large part because of a jump in the airfare component of the consumer price index. The Bank expects CPI inflation to move back towards 2 per cent in early 2019, as the effects of past increases in gasoline prices dissipate. The Banks core measures of inflation remain firmly around 2 per cent, consistent with an economy that has been operating near capacity for some time. Wage growth remains moderate.
Recent data on the global economy have been consistent with the Banks July Monetary Policy Report (MPR) projections. The US economy is particularly robust, with strong consumer spending and business investment. Elevated trade tensions remain a key risk to the global outlook and are pulling some commodity prices lower. Meanwhile, financial stresses have intensified in certain emerging market economies, but with limited spillovers to other countries.
The Canadian economy is evolving closely in line with the Banks July projection for growth to average near potential. Following growth of 1.4 per cent in the first quarter, GDP rebounded by 2.9 per cent in the second quarter, as the Bank had forecast. GDP growth is expected to slow temporarily in the third quarter, mainly because of further fluctuations in energy production and exports.
While uncertainty about trade policies continues to weigh on businesses, the rotation of demand towards business investment and exports is proceeding. Despite choppiness in the data, both business investment and exports have been growing solidly for several quarters. Meanwhile, activity in the housing market is beginning to stabilize as households adjust to higher interest rates and changes in housing policies. Continuing gains in employment and labour income are helping to support consumption. As past interest rate increases work their way through the economy, credit growth has moderated and the household debt-to-income ratio is beginning to edge down.
Recent data reinforce Governing Councils assessment that higher interest rates will be warranted to achieve the inflation target. We will continue to take a gradual approach, guided by incoming data. In particular, the Bank continues to gauge the economys reaction to higher interest rates. The Bank is also monitoring closely the course of NAFTA negotiations and other trade policy developments, and their impact on the inflation outlook.
The next scheduled date for announcing the overnight rate target is October 24, 2018. The next full update of the Banks outlook for the economy and inflation, including risks to the projection, will be published in the MPR at the same time.