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1 Year 7.44%
2 Years 6.44%
3 Years 5.89%
5 Years 5.54%
*Rates subject to change and OAC
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13429
BROKERAGE LICENSE ID
13429
Manuel Mangibin Mortgage Agent

Manuel Mangibin

Mortgage Agent


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211 Valley View Drive, Chruchill, Ontario, L0L1K0

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Welcome! We are dedicated to helping you find the best mortgage solution to suit your needs. 

 

Our services include first-time homebuyer mortgages, refinancing options, mortgage renewals, variable and fixed-rate mortgages, and mortgage pre-approvals. We work with a wide range of lenders to provide our clients with access to a variety of mortgage products and services. 

 

The first step in the mortgage application process is to complete our online mortgage application, which can be done from the comfort of your own home, at any time that works best for you. The online application is secure and easy to use, and designed to gather all the necessary information we'll need to begin the process of finding the best mortgage solution for you. 

 

Once you've completed the online application, we will be in touch with you to schedule a consultation and discuss next steps. During this initial consultation, we'll discuss your financial situation, your mortgage needs, and your goals. Based on this information, we'll help you choose the best mortgage product and walk you through the application process. 

 

What's required from applicants throughout the process includes but is not limited to proof of income, employment information, banking information, income tax history and details about your assets and liabilities. We'll also need information about the property you're looking to purchase or refinance, such as its value and location. 

 

We understand that the mortgage process can be overwhelming. That's why we're here to guide you every step of the way. We will work with you to ensure that you have a clear understanding of the mortgage products available, the application process, and what's required from you as an applicant. 

 

We're here to accommodate your preferences and work with you in the way that works best for you. Contact us today to get started on your mortgage journey. 

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BLOG / NEWS Updates

Housing affordability: Significant deterioration in Q3 2023

From National Bank of Canada The third quarter of 2023 witnessed a considerable deterioration for housing affordability in Canada. This degradation follows three consecutive quarters of improvements and deletes nearly two thirds of the progress that had been made so far. The worsening was widespread with every single market experiencing an increase in their mortgage payment as a percentage of income (MPPI). At the national level the deterioration stemmed from a surge in home prices of 4.6%, the largest in 6 quarters and partially erasing the decline over the last year. A rebound in home prices during a period of rising interest rates could initially appear perplexing. That said, a chronic lack of supply in the resale market compounded by record population growth has allowed prices to rise. Also contributing to lessening affordability, mortgage interest rates rose 32 basis points in the quarter, more than eliminating the two prior declines. While still rising income was a partial offset in the third quarter, it did little to assuage the situation. Looking ahead, we see a moribund outlook for affordability. At the very least, a further worsening is in the cards for the last quarter of the year. Mortgage interest rates have steadily trended up in October on the back of rising longer-term interest rates. If interest rates hold at their current level, it would only take a home price increase of 2% in the fourth quarter to surpass the worst level of affordability in a generation. The outlook remains particularly challenging for first-time homebuyers. HIGHLIGHTS: Canadian housing affordability posted a worsening in Q323 following three consecutive improvements. The mortgage payment on a representative home as a percentage of income (MPPI) rose 4.0 points, more than erasing the previous pullback of 1.6-points in Q223. Seasonally adjusted home prices increased 4.6% in Q323 from Q223; the benchmark mortgage rate (5-year term) surged 32 bps, while median household income rose 1.2%. Affordability deteriorated in all of the ten markets covered in Q3. On a sliding scale of markets from worst deterioration to least: Vancouver, Toronto, Victoria, Hamilton, Calgary, Montreal, Quebec, Ottawa-Gatineau, Winnipeg, and Edmonton. Countrywide, affordability worsened 2.5 pp in the condo portion vs. a 4.5 pp degradation in the non-condo segment. https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/housing-affordability.pdf

Housing market slowed in September as interest rates weigh in

Summary On a seasonally adjusted basis, home sales decreased 1.9% from August to September, a third monthly contraction in a row following the renewed monetary tightening cycle of the Bank of Canada and the surge in long-term interest rates. On the supply side, new listings jumped 6.3% in September, a sixth consecutive monthly increase. Overall, active listing increased by 3.7%, a third monthly gain in a row. As a result the number of months of inventory (active-listings to sales) increased from 3.5 in August to 3.7 in September. This continues to be higher than the trough of 1.7 reached in the pandemic but remains low on a historical basis. The active-listings to sales ratio loosened during the month but remained tighter than its historical average in every province except Ontario, which now indicated a slightly less tight market than the average. Housing starts rose 20.1K in September to a 3-month high of 270.5K (seasonally adjusted and annualized), a result comfortably above the median economist forecast calling for a 240.0K print. At the provincial level, total starts went up in Ontario (+19.3K to 103.6K), Alberta (+8.7K to a seven-and-a-half-year high of 49.1K) and Nova Scotia (+5.1K to 8.1K). Alternatively, declines were recorded in British Columbia (-8.6K to a 7-month low of 40.5K) and Saskatchewan (-2.7K to 3.4K). The Teranet-National Bank Composite National House Price Index rose 0.7% in September after seasonal adjustment. All 11 markets in the composite index were up during the month: Halifax (+1.9%), Ottawa-Gatineau (+1.7%), Victoria (+1.7%), Vancouver (+1.1%) and Calgary (+0. 9%) posted stronger-than-average growth, while Winnipeg (+0.7%) matched the composite index, and Montreal (+0.1%), Hamilton (+0.1%), Edmonton (+0.2%), Toronto (+0.5%) and Quebec City (+0.5%) saw less vigorous increases. https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/economic-news-resale-market.pdf

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