Sunshine Coast Mortgages by Erin Wareing

Every little bit counts, mortgage qualifying rate is dropping this week.

The Sunshine Coast is not only a great place to live but a great investment too!

Did you know that your ability to refinance or purchase is in jeopardy if you have deferred mortgage or other payments of any kind? I hope that any new deferral or assistance options are positioned to Canadians with more of the potential implications included.

You may have heard that last week, the Canada Mortgage and Housing Corp (CMHC) announced that effective July 1, 2020 the qualifying standards for debt servicing and credit scores will be tightened for mortgages insured by them. They are only one of three 3rd party insurers in Canada. Today, Genworth, announced that they WILL NOT be changing their qualifying standards. No official word from the 3rd insurer yet.

On todays BoC Rate Decision... "the Bank of Canada made its sixth interest rate decision of the year and the first under its newly appointed Governor Tiff Macklem. The decision itself no change is unsurprising as the Bank has repeatedly stated that it has no intention of reducing the rate below its current 0.25%.... However, the Bank did have some new things to say about the impact of the COVID-19 pandemic on the global economy that it appears to have peaked due to massive policy responses by governments and that financial conditions have improved. This is the first sign of good news since the pandemic was declared in March and should help to engender confidence for Canadians who are contemplating real estate purchases this summer." Scott McKenzie - First National Financial

I'm hearing that the Qualifying Rate set by the Bank of Canada is going to drop to 4.94%, effective Monday, May 25. This is the rate that we use to determine your affordability, so as of Monday, you can afford just a little more Mortgage!

It's a good time to get pre qualified... Although real estate is still "open", we've experienced a relatively slow spring. I expect things to pick up significantly in these coming weeks as we all start to look forward to moderately relaxed restrictions.

We're in the thick of some interesting times. https://www.cbc.ca/news/business/bank-of-canada-1.5497098

Nice one Gibsons! Just one more great reason to move on over here people https://www.burnabynow.com//b-c-s-best-and-worst-beer-town

It’s typical this time of year that a lot of people are thinking about their Real Estate investment. The spring market is often bustling and active which means a lot of you are seeing your Mortgage come up for renewal in the next few months. 60-90 days prior to your renewal is a great time to talk to a Mortgage Broker about your options. Very often, it makes sense to stick with your current lender. Sometimes, it doesn’t. ... Give me a call for a free consultation to assess your options. 604 904 6779

Thanks for this insight McLash Law!

Free, unbiased advice over here, just saying!

I've had lots of clients interested in the new First Time Home Buyers Incentive and how it might help them. This article offers a good, simple explanation of the program. Please reach out to me with questions!

Earth Day 2019 - Protect Our Species

So thrilled for my clients, closing on this beauty in Gibsons

Building your trusted Real Estate team is so crucial to a smooth home buying process. Here's some tips on finding the right agent for you. You can also just ask your friendly Mortgage Broker for a recommendation...wink wink!

Big announcement on upcoming housing affordability measures today, this comment below struck me as the most intelligent way to look at it. Thoughts? "Taking out new loans from CMHC or retirement savings doesn't make housing more affordable," he said. "It just allows for another source of debt financing that must be repaid."

I recently read an article that said nearly 1/4 Canadians don’t compare mortgage rates before buying. I was surprised! Did you know that as a Mortgage Broker it’s my job to do those comparisons for you? I don’t work for any specific lender. Not only making sure you’re getting the best rate but, most importantly the best product to match your needs. If you’re curious about how a Mortgage Broker can make a difference to the way you manage your renewal or ... initial mortgage please get in touch with me. See more

Great news for all of us with Variable Rate Mortgages today as the Bank of Canada holds their key interest rate.

Hello out there! I'm sure most people have heard that yesterday the Bank of Canada raised their key interest rate by .25%. What does that actually mean though? If you have a variable rate mortgage this quarter percent raise means an increase in payments of just $13 per $100,000 borrowed per month, or $36 a month on your 300K mortgage. ... Feel free to reach out if you have any questions about your mortgage financing

Pretty happy to be pulling up my Mortgage Broker socks this morning and getting back to work! .....actually, I own Mortgage Broker socks !

Alright Vancouver friends and realtors: Check out what $1,388,000 can buy you in Gibsons on the Sunshine Coast. If this doesn't motivate you to want to move over here then I don't know what will :)

Good couple of bits to note in this article on the reason to look at a Variable Rate Mortgage and the relationship between interest rates rising and penalties for existing Bank customers.

Valentines Day is coming up, some great ideas from my favourite Wine Blogger.

Surprise, the best and the lowest aren't necessarily the same!

I see more and more people on my news feed visiting us here on the Sunshine Coast year round. Here are a few good reasons to come visit! *Bonus, the ferries are way less busy in winter!

I love this as an alternative to traditional housing solutions. Entrepreneurial spirit for the win!