If you are thinking of buying your first home, next home or a rental property, now is the time to get a mortgage pre-approval and lock in that rate for up to 120 days. This way, you’ll know exactly what you can afford and have your mortgage ready in hand.
I will support you every step of the way from shopping for your home, to making an offer to getting your keys.
I will help you understand the process and ensure that you get personalized advise on the best mortgage solution for you and your needs.
Things that make your loan officer cry!
If you have ever applied for a mortgage you know how much paperwork it can be. Although we still close average transactions in less than 4 weeks, there are situations where unexpected things happen. This blog is a quick guide to the 3 things that can throw off deals, and sometimes make your mortgage originator cry. Consider it a list of things not to do during the loan process.
1. When a borrower quits their job (or gets fired) in the middle of the loan process. This shouldnt be much of a surprise but if you are trying to qualify for a loan based on your income dont change jobs during the transaction. You dont have to stay at your job forever, just dont quit in the middle of your mortgage process.
2. SURPRISES! Although life is full of surprises try to be as honest and upfront about all of your debts and financial information with your loan originator up front. Its never good when all of a sudden your mortgage team pulls your information and finds out you make great money but you have $23,000 in collection debt on that boat you forgot about. Remember you dont need to over exaggerate your income to impress your mortgage company, we are more impressed with honesty and organization.
3. Disappearing Acts. Nobody loves vacations as much as we do but there are a lot of moving parts in the real estate and mortgage process and you may need to be around to sign documents and communicate. You can still take vacations just make sure to let everyone involved in the transaction know so that they can plan around your travel.
Just remember, your Realtor, your loan originator and an entire team of others are working their to their best level to help you close on your real estate transaction- before you make a bone head move, just think What Would My Loan Officer Do?
No harm can come from asking a question so whether you are already in the mortgage process or you are thinking about jumping in soon, you can call me or email me any time for free advice that will avoid tears in the future!
LISTINGS FALL AGAIN TO END 2019, PUSHING PRICES HIGHER
Canadian Real Estate Association data show that national-level home sales fell 0.9% (sa m/m) in December 2019 after rising in the previous nine months. Limited availability looks to be increasingly weighing on sales activity. The month saw another broad-based decline in new listings18 of the 31 centres for which we have data witnessed fallsthat lifted the national sales-to-new listings ratio to 66.9%. It was the highest ratio since 2004 and a third straight month of supply- demand conditions tilted in favour of sellers (after data revisions). Fourteen cities reported sellers market conditions; the rest were balanced. The aggregate MLS Home Price Index (HPI) rose 3.4% (nsa y/y), its best gain since March 2018.
Montreal remained Canadas tightest local market, with rising sales and falling listings leading to yet another record-high sales-to-new listings ratio and the citys steepest y/y MLS HPI gains since 2005. Ottawas ratio also reached a new high as new listings plunged by more than 20% (sa m/m), driving a record 12.5% (nsa y/y) MLS HPI increase. Toronto also crept into sellers market territory for the first time since March 2017as in Montreal, home purchases rose and new listings felland its 7.3% (nsa y/y) HPI rise was the sharpest since 2017.
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Source: Scotiabank Economics
Story in 2018 and early 2019 was weak sales; story in 2020 will be lack of supply
The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service (MLS) Systems of Canadian real estate boards and associations this year and for 2020.
Evidence suggests housing activity will continue to improve into 2020, with prices either continuing to rise or accelerating in many parts of Canada. Indeed, many housing market indicators continue to support this outlook.
Economic fundamentals underpinning housing activity remain strong outside of the Prairies together with Newfoundland and Labrador. The national resale housing market outlook continues to be supported by population and employment growth while consumer confidence is benefiting from low unemployment rates outside oil-producing provinces. Additionally, the Bank of Canada is widely expected to not raise interest rates in 2020.
Mortgage interest rates have declined, including the Bank of Canadas benchmark five-year rate used by Canadas largest banks to qualify applicants under the B-20 mortgage stress-test. Though the decline in the benchmark rate has been modest, it is helping to improve homebuyer access to home purchase financing.