Jashan Sangha LendingPro Mortgages

If you are thinking purchase or refinance (i.e. to get a lower rate or for debt consolidation), get in touch as soon as possible to discuss your situation. Why? Uninsured mortgages (i.e. when have more than 20% equity) approved before June 1 are not subject to the new tougher stress test announced by OSFI last week, which means qualifying may be easier. This applies to purchases that close after June 1 with a signed purchase and sale agreement.

Be well. Be happy! Happy Easter Long weekend everyone.

There has been a flurry of refinance activity over the last year given our rock-bottom interest rates, providing homeowners with access to today’s low rates and the most cost-effective way to get needed funds. Refinancing means getting out of your current mortgage and replacing it with a new one. A minimum of 20% home equity is required to complete a refinance. Since breaking your current mortgage comes with a fee, I can complete a personalized cost/benefit analysis so you ...can determine whether refinancing makes sense. With fixed rates edging up, there may not be any benefit to waiting to see if you can get a better deal later.

There are so many reasons to work with a Mortgage Broker instead of your Bank! Asking the Bank which mortgage you should get is like going to a Ford dealership and asking which car you should buy. When you have choice, you can be confident you're getting the best rate and mortgage for your situation.

Mortgage rates are very complex, which causes confusion and questions. Will fixed rates keep rising? When will the Bank of Canada start increasing the overnight rate, which can cause variable rates to rise? Why are all online posted rates for insured mortgages while few people can get that rate? Why are there rate premiums for certain situations? What rate do you actually qualify for, and why can it be so different from what your neighbour got? The best answer is to get professional advice. To navigate the complexity and better understand rates and what you qualify for, get in touch.