AGENT LICENSE ID
160000444
BROKERAGE LICENSE ID
ON: 10317 -NB 160000437
Pamela Nierlich
Mortgage Broker
Office:
Phone:
Address:
927 Prospect St, Fredericton, New Brunswick
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Home Financing 101 - The things they don't teach you in school.
Where outlining your financial future is as simple as drawing on a chalk board.
Call to book your one on one, a class where there are no stupid questions.
You will learn: what you need to qualify, how much it will cost
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BLOG / NEWS Updates
What's In A Name
Whats in a name you say, oh you may be surprised. Technology has made our lives much more convenient however there is also a dark side to technology, it has made it very easy for the criminal element to do their dirty work. The mortgage industry is a breeding ground for fraud and lenders are required to do their due diligence when I submit yourapplicationto make sure that all is legit. Now I will say that I seldom see fraud in my office however there has been the rare occasion where incoming clients have presented documents that have been altered which is a hard stop to the application going any further.
Have you ever Googled your name to see what the big wide web has to say about you? It is a good practice because lenders and default insurers Google your name when they get your mortgage application and if they dont like what they see it could either put a stop to the application or cause us some issues to sort out that could delay the process. Lenders and default insurers will also Google the address of the property that you are buying. Keep in mind that they are lending hundreds of thousands of dollars to someone that they have never heard of before, put yourself in their shoes, if it was your money I am sure you would want to do your homework.
They typically are looking for things such as criminal activity, discrepancies in the application, property negatives. Some examples may be that your Facebook page states that you just started working for company ABC 2 weeks ago while youpresented an application that stated you have worked for company XYZ for the past 5 years. The home you are looking to buy was previously a grow op or involved in some other serious criminal activity. The home you are looking to buy was previously an auto shop or other environmental negative. You may have been recently charged with a serious crime, you get my drift.
So do your homework, Google your own name and see what the lenders will see, also Google the property address to see if any negatives come up as you may not want to buy a certain property if you know about its past.
Home affordability improved in Q2 2020
Housing affordability in Canadas large urban centres improved in the second quarter of 2020 after having deteriorated in the two prior quarters. Higher incomes helped in Q2 but the largest portion of the improvement came in the form of lower interest rates. Indeed, the latter declined 19 basis points in the quarter, reflecting the easing from the central bank. Combined, income and mortgage rates were more than enough to offset the increase in home prices. Still, the decline in interest rates on a quarterly average basis does not completely reflect the change in 5-year mortgage rates since the beginning of the COVID-19 pandemic. The February to June decline in mortgage interest rates was a much more significant 41 basis points. Looking ahead, the preliminary data for rates shows additional improvements in the third quarter of the year (cumulatively they are down over 70 bps). While we expect this to help affordability, home prices should remain resilient based on the latest resale market data showing record sales volumes. Homebuyers have rushed back to the market after having delayed purchases and are now being offered record-low interest rates. Once pent-up demand is exhausted, the Canadian housing market will still have to face high levels of unemployment and reduced household formation due to lower immigration.
Bank of Canada maintains commitment to current level of policy rate, continues program of quantitative easing
The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of percent. The Bank Rate is correspondingly percent and the deposit rate is percent. The Bank is also continuing its quantitative easing (QE) program, with large-scale asset purchases of at least $5 billion per week of Government of Canada bonds.
Both the global and Canadian economies are evolving broadly in line with the scenario in the July Monetary Policy Report (MPR), with activity bouncing back as countries lift containment measures. The Bank continues to expect this strong reopening phase to be followed by a protracted and uneven recuperation phase, which will be heavily reliant on policy support. The pace of the recovery remains highly dependent on the path of the COVID-19 pandemic and the evolution of social distancing measures required to contain its spread.
The rebound in the United States has been stronger than expected, while economic performance among emerging markets has been more mixed. Global financial conditions have remained accommodative. Although prices for some commodities have firmed, oil prices remain weak.
In Canada, real GDP fell by 11.5 percent (39 percent annualized) in the second quarter, resulting in a decline of just over 13 percent in the first half of the year, largely in line with the Banks July MPR central scenario. All components of aggregate demand weakened, as expected.
