Kari Gares
4 - 4205 27th St V1T 4Y3 Vernon, BC, Canada

Are there changes on the horizon regarding OSFI's B-20 guidelines for the Mortgage Stress Test? #mortgagemechanics #mhc #Verico #VericoMortgageHouseCorp #OSFI #B20 #stresstest

The results are in! Our office made #CMPs Top 20 in a Small Market for all of Canada in 2020. This was by no means an easy feat. I thank my amazing assistant for putting in the extra hours so we could ensure all of our clients were serviced. I know there were times that our service levels dipped (from our standard turnaround times) but we worked harder and longer to get the work done! I also want to thank my awesome clients who made this recognition possible. You’re continued... trust, along with a lot of patience, is the reason we celebrate this honor! Who says you have to be a part of a large office to do GREAT work! https://www.mortgagebrokernews.ca//top-75-brokers-2021-354

Fixed or Variable? Personally, I’ve been more partial to a variable rate mortgage over that of a fixed. This past year has has shown a shift in that thinking with fixed rates being as low as 1.59%. But, with fixed rates rising and variable rates remaining low it’s becoming more appealing for borrowers to consider different options. #variablemortgage #lowrates #mortgagemechanics

Housing affordability is a real concern for many. It’s apparent that all levels of Government need to sit at the same table to deal with this issue. Affordability cannot be controlled by increasing taxes or by setting stronger regulations around building and development guidelines or by making it harder for the average Canadians to buy. Affordability can be dealt with if Governments take a real hard look at the supply side of the equation. We’ve seen stronger stress test rul...es implemented by the Federal Government but yet house prices are still skyrocketing. We’ve seen rental freezes and tightening to the Rental Tenancy Act but yet rental rates are still increasing. We’ve seen a speculation tax cause an influx of buyers to communities without one. We’ve seen new potential homebuyers being squeezed out of a market only to increase demand on the rental side. We’ve seen investors leave the rental space at a substantial rate to only see these homes get bought by home owners who have no desire to add it back as rental stock. Everything is connected and if we don’t start to notice and work together our housing sector will become so unaffordable we may start to see a substantial uptick on homeless rates. When policies fail to deal with the issue it’s time to scrap it, readjust and reimplement strategies that are targeted, well thought out, and complimentary to other government policies. We need to work together because housing affordability is not just regional any more - it has become a National crisis. https://financialpost.com//government-is-why-housing-in-ca

New signature logo.

https://karigares.com/holiday-home-purchase-what-to-expect/

It’s moving day! Our office will be closed today but emails will be monitored throughout the day. We apologize for any inconvenience but rest assured we will be back at it first thing Monday. Please email us at [email protected] as voicemails will only be monitored periodically throughout the day. ... Stay Safe! #movingday #mortgagemechanics #mortgagehouse

One way to minimize the tax burden is by increasing our tax base. That’s why it’s crucial this Council support our planning and development department through strategic goals that aim to improve efficiencies; support staff by providing the necessary resources needed to hire for new positions and to allow for upgraded systems. Encouraging sustainable growth during times of uncertainty will help us to weather the storm we call COVID. It will also forge stronger relationships between staff and the development community which in turn provides much needed housing inventory. https://vernonmatters.ca//council-tries-to-balance-covid/

We are very proud to be given the opportunity to sponsor the Vernon Winter Carnival Society light up this year at the #civicsquare. This holiday season will be unlike any other due to COVID so we wanted to be apart of bringing joy back into peoples lives through the twinkling of Christmas lights. Thank you to all the volunteers who hung every strand of light with care and for their ability to adapt in an every changing environment.

Here are a few stats from our 2020 Fiscal Year: 1. Total of Approved/Funded Applications since October 2019: 145 2. Total Volume: $60,000,000+ 3. 36% of total business Repeat Clients...Continue reading

This is happening #officerenovation! We are super excited to announce that our office will be getting a fresh new look in the new year! After 12 years of being in the same location we felt it is time to revamp our look and improve on our spaces. With the help of our interior designer Carley Rangen we will transform our space into a work of Art!

Our office is a certified #reversemortgagespecialist. We also offers #homeequitylinesofcredit. The two options differ greatly. There is no one mortgage product fits all. Each product should be customized to fit the borrowers short, mid and long term goals. Give us a call to discuss which option is right for you. #mortgagebroker #mortgagemechanics #MortgageAdvising #vernonbc #financialfreedom

CONTEST ALERT: Do you have a First National Mortgage? Something to look forward to in 2021 from First National - enter today!... Each of us have felt the impact of the events of 2020. It was a challenging year. But we've made it this far by being supportive, patient and trusting. To express their gratitude, First National Financial LP is launching the 2020 Silver Linings contest! The contest runs from October 1 December 15, 2020, and each First National mortgage is eligible for one entry. The $20K mortgage prepayment grand prize will be awarded in January 2021. Entering is easy: Log in to My Mortgage (if you aren’t registered yet, it’s a very simple process and a great way to manage your mortgage online, anytime) Click on the contest entry page Sign up for electronic Annual Statements If you’re already registered for electronic Annual Statements, you can still enter. Click on the contest entry page and submit your answer to the contest question. For more information and contest details, visit the contest page.

Due to the new Provincial Health Orders our office will continue to remain closed to walk in traffic. We will continue to offer limited face to face meetings but masks are now mandatory. Our office is still offering online mortgage applications for those who feel more comfortable with virtual meetings. We will continue to deliver great customer service through multiple application options for the health and safety of our customers and for our staff. It’s still business as usual with a slight modification. If you are still looking to refinance, purchase or renew we would be more than happy to provide recommendations based on your personal situation. We can be reached online at www.karigares.com or by phone.

Selling can seem like a daunting task. Should you hire an Interior Designer to give your home a fresh look or to provide you with recommendations before you list? I’m selling and the call I made to my Interior Designer should have happened well in advance of the actually listing. If hiring a designer is not in the cards there are some DIY options or decorating trends that are cost effective and simple to do but, according to this article, some trends are on their way out. So before you pick up a paint brush or change your fixtures/flooring take a look here to avoid the latest trends that are hitting the over and done category. https://www.familyhandyman.com//home-trends-that-buyers-/

Will CMHC's prediction that Canada's housing market will see a 18% decline take form? At this point, the real estate data does not support this theory. Locally, we have seen a substantial uptick in housing activity over the summer months compared to the same time the year before. Despite COVID restrictions & uncertainties, our Community is holding its own. When we, as a region, look to economic recovery plans, our real estate industry will be an equal contributor to keep things moving forward. https://www.mortgagebrokernews.ca//oped-why-all-the-fear-m

What does a Pre-Approval mean? This is a great post from one of our #topfemalebroker’s in the Industry who was kind enough to share: Mortgage Pre Approval does not mean you’re good to purchase with no concerns. Don’t be fooled by this and don’t put firm offers in on any property without calling your mortgage broker first. What many clients don’t know is a pre approval does not give you the right to go in on a purchase with a firm offer. #Realtors must understand this as we...Continue reading

https://www.ratespy.com/7-reasons-cmhcs-letter-was-a-bad-id

https://www.bnnbloomberg.ca/video/~2012751

This year has marked significant changes in the Mortgage Industry. Lending policies are far tighter than ever before (even during the global melt down of 2008). Markets will naturally adjust to economic conditions with or without Government interference. CMHC’s stance to make qualifying harder for many, including a very large segment of the first time home buyer group, has given rise to the two private insurers who have chosen to stay the course. I applaud lenders, Genworth a...nd Canada Guaranty for realizing the importance of home ownership through prudent underwriting principles. Mortgage lending is neither simple or easy. Qualifying for one is time consuming and, for many, challenging. People still need a place of shelter. With skyrocketing rental rates, homeownership offers a more stable alternative. It CMHC is truly worried about affordability then the simple answer would be to further their investment in developing more affordable rentals/housing. Unfortunately, with their latest adjustment to policy, they have cut them selves at the knees by systematically hindering their market share. Consequently, their market share is exactly what helps the Federal Government deliver on these initiatives. Their policy adjustment was, in my opinion, strategically wrong; hence, their letter to lenders asking for them to support their mission to alter the lending environment. And I thinks it’s why many won’t. See more

Testimonial: Dear Kari I wanted to say how much "W" and I appreciate the amazing work you put in to make our dreams come true with this condo. You never gave up on us and you taught us so much about real estate! I’m not sure where we would be without you as our broker. Probably renting for a long time. We couldn’t be happier with how much you truly helped us out, thank you so much we will definitely be recommending your services to any friends / family. We owe you one!... Take care - Happy Homeowner’s #Verico #TheMortgageHouse #1stTimeHomeBuyers

Thank you to all of my clients, both past and present, for your continued support. It’s hard to believe that I’ve been an independent broker for the last 9 years (in the Financial Industry for 23). This recognition couldn’t be achieved without you! Thank you! #Verico #ChairmansClub2019

It is the long weekend. Our office will be closed starting today July 31th. We will reopen Aug 4th at 8 am. If you wish to schedule an appointment or need to start the approval process, please head to our website www.karigares.com and complete our easy to fill mortgage application. For inquiries, please feel free to drop us an email or leave a message at our office 250-558-3091 and we will get back to you upon our return. Stay safe. Enjoy the time with family and friends. And we will see you all when we return.

It's a discussion that we have been having with many clients over the years. The rate game. Many people are enticed with the lowest possible rate with very little forethought to penalty structures, flexible payment options and all of the bells and whistles that allow a borrower to pay down their mortgage quickly (that would be a discussion for another day). But, it is the penalty, or better yet, the penalty calculation that borrowers should focus on and not just on the rat...e as the sole indicator of getting a good deal. If you are one of the unlucky few to get caught with an Interest Rate Differential Penalty (IRD) with your major Bank you probably have asked yourself, "why is this penalty so high"? The real answer is in the calculation methodology that is used by most major institutions. When clients say that they secured a rate of 1.99% with HSBC, what they are actually saying is that they secured a rate discount of 2.95% and it is this difference that forms the basis of the penalty calculation. The higher the discount with these major lenders, most certainly the higher the penalty. Many ask why I use Monoline Lenders such as MCAP or First National, well the answer is very simple - they don't play in the discount realm. Their rate is their rate which means their penalty calculation is based on the contract rate as outlined on their commitment and that of the market rate. These penalties are by far cheaper due to this significant difference. So, when you are enticed with a super low rate, you need to ask yourself...what is this "super low rate" costing you in the event that you need to break your mortgage contract for any unforeseen reason such as a job transfer, marital split, financial reasons or to simply upgrade or down grade. The answer is quite simple. https://www.movesmartly.com//beware-the-siren-call-of-hsbc

For the first time, Genworth Financial and Canada Guaranty have chosen to not follow CMHC’s lead with this newest shift in lending policies. And it’s a welcome change for many borrowers who may have been shut out of the market due to CMHC’s overly excessive approach to the housing market and default management policies.

And some common sense prevails.

These changes will potentially reduce the purchasing power for any borrower. If you’ve been waiting for market values to come down before committing to your plan of purchasing, it may be a good time to revisit your numbers to ensure that these changes will not adversely impact your ability to buy. Connect with us today click here to access our contact page https://karigares.com/contact/ #MortgageMechanics #HighRatioLending #CMHC #Mortgages #Broker

Reading between the lines...how would you feel if CMHC were to axe the minimum down payment of 5% and increase that threshold to 10%. Do you think it would further restrict first time homebuyers (FTHB) making it harder for the younger generation to realize the dream of home ownership? #MortgageMechanics #FirstTimeBuyers

We’ve been told by many borrowers, who have grown increasingly more frustrated, that getting a mortgage today has been, by far, more challenging than in years past. Lenders are applying a higher level of scrutiny to most files. Deals are taking longer to underwrite. So far, the Okanagan has seen a decline in sales activity but market value remains relatively stable for most markets. COVID-19 has changed the lending landscape and all we can do is be quick to react. https://www.theglobeandmail.com//article-big-banks-are-ti/

The impact of COVID is not quite known. Economists are doing their best to predict housing outcomes; but it is definitely going to be a wait and see before we fully understand how COVID will impact our local market.

It's finally done! My newest website is officially complete and mobile friendly to boot! I have been putting this off for quite some time and COVID is exactly ...what I needed to light the fire! Check it out by clicking here www.karigares.com Stephanie Tambellini Design Studio You can even access my newest company, August Insurance Services Inc, under the Insurance Tab. Stay tuned as we develop a new logo for this new biz! We are all about providing a #OneStopShop atmosphere that brings the necessary tools needed to ensure your mortgage experience is nothing short of AWESOME! And, just because I am not done yet. ALEX (Approval Lead Efficiency Expert) is back on! I am finally developing my Mortgage Broker Program that will take the Mortgage Broker / Customer relation to the next level! Stay tuned for more exciting announcements as we pave a new path in the Mortgage Industry! #MortgageMechanics #MortgageInsurance #MortgageBroker

There is some light at the end of the tunnel when it comes to the Housing Market. Although we are in unprecedented times, supply and demand will almost always dictate how business flows. In this case, we still have ample buyers (even if temporarily sidelined) who will be back as soon as the social distancing perimeters are lifted which will allow people to get back to work. Pre-Approvals are still essential - even during times of crisis. It will give you peace of mind in ...knowing where you stand. It will ensure you secure a rate for up to 120 days (lenders specific) in the event rates decide to increase. And it gives you confidence that you have done your homework before you commit. Yes, we have all had to slow down over these last 4+ weeks. I have used this as an opportunity to reconfigure my business. We are building new systems that will provide the client with a better experience. We are revamping our website which will allow a more efficient and mobile experience. And we have just launched August Insurance Services Inc which will allow you to access Term, Disability and Critical Insurance without having to leave the comfort of your home: https://bettermortgageinsurance.ca/augustinsuranceservices Our office is here for you during these trying times. If you need to chat about your mortgage or a new mortgage or just simply need a catch up reassessment of your mortgage finances, we are here to help. Give us a call at 250-558-8091. Our new website should be launched soon. We will post with updates along the way. https://www.mortgagebrokernews.ca//recessions-on-its-way--

It seems like the next phase of government support will provide some relief for small businesses trying to keep up with rent and payroll obligations.

Hopefully this is only temporary. Understanding some of the challenges we are faced with in our Industry will help those seeking a mortgage under these conditions some clarity. https://www.canadianmortgagetrends.com//covid-19-fallout/

Market update: The BoC holds their overnight rate at .25% and introduces new monetary policies.

Understanding how a mortgage deferral works is essential when deciding if this option is something you need to do. In all cases, the lender will ensure you understand the policy and how a mortgage deferral may cost you more in interest if you choose to tack on the deferred interest to the back-end of the loan.

We're pleased to see the #HoC pass today's emergency legislation. We repeat our call that it's critical that wage subsidy dollars begin flowing to #Cdnbiz - and by extension all Canadians - in a matter of days, not weeks. The urgency cannot be overstated. #CdnPoli #BizResilience

It is official. Our office is growing - not in numbers but in products available. Being a home owner, whether it is your first or last home you'll ever buy, we must take steps to protect this investment. Since September we have been working hard to open a new company that is entirely dedicated to the preservation of your financial wealth - Insurance. August Insurance Services Inc is now licensed here in BC to help serve you with your Term, Disability and Critical Illness I...nsurance needs. We are so excited to be able to offer you another tool to ensure you are getting the best service that caters to all of your home buying/refinancing needs. Check out our new website: https://bettermortgageinsurance.ca/augustinsuranceservices We are now busy working on marketing aspect of this new Company. I welcome you all to click the link to check it out. Please feel free to connect with me at 250-558-8091 if you have any questions.

A cross-section of some of the country’s top lenders recently provided updates on how COVID-19 has impacted their operations and shaped their outlook...

Let's hope that with the implementation of "social distancing" practices coupled with increased sanitation that we will not see this bold move here in BC. It is a delicate balance to stop the spread and "flatten the curve" while ensuring that our economic foundation remains sturdy and functional. This measure may put extra pressure on price demand and may increase the rate of recovery for businesses. Let's do our part. #WeAreInThisTogether https://www.mortgagebrokernews.ca//site-closed-no-new-resi

I worked for this company for close to 14 years. They are a community based organization that believes in building a positive work environment and ensuring they give back to their community and clients. This is just another example of how they are making "Banking that comfortable".

Shout out to Sproing Creative for helping me market my business over the years. It is wonderful to know I have a group of talented professionals who have helped me achieve my business goals over the years: https://www.youtube.com/watch?v=SI5m8kzE_Kk

For the thousands of people who made or received firm offers before the coronavirus outbreak changed everything, the anxiety level is high

TD response to COVID-19. https://www.td.com/ca/en/personal-banking/covid-19/

https://www.bankofcanada.ca//press-conference-opening-sta/

Do you have a Scotiabank Mortgage? Find out how you can defer your payments in the event of a layoff or if you have been quarantined due to COVID-19. https://www.scotiabank.com//mort/terms-and-conditions.html

Help is on the way for those who have been laid off due to COVID-19.

For MCAP Clients: There has been a lot of questions and requests by homeowners regarding MCAP’s Skip-A-Payment program. In response MCAP has: Communicated details of the Skip-A-Payment program to all homeowners through the COVID-19 Update section on MCAP.com. This includes a list of Frequently Asked Questions. Launched the Skip-A-Payment tool on MyMCAP. This easy to use tool allows our homeowners to apply for the Skip-A-Payment program online. Homeowners can access thi...s tool by logging into MyMCAP. The online tool will then direct homeowners to complete an online form. Please note that irrespective of the payment frequency, the Skip-A-Payment program allows homeowners to defer a mortgage payment for one month at a time for eligible Homeowners. Should you have any questions, please visit the COVID-19 Update page

For First National Clients: As you can appreciate, we are experiencing an unprecedented volume of requests and the call centre is encountering higher than normal wait times. If a client’s request is urgent (ie a client has a payment due within the next 7 days); we ask the client send an email to [email protected]. This email must contain full name, mortgage number and property address in the message to us. In the subject line also indicate when the next payment is d...ue. Clients can also send this message directly through their my mortgage portal (our online mortgage management system). Be assured that we are committed to getting back to all clients who have contacted us. If a client has a payment due in the next couple of days and can’t get a hold of FN to defer their payment, we will be refunding NSF fees if payments are missed due to the impact of covid-19. If a client has already emailed us to discuss deferrals, they do not need to email again as we will answer the inquiry as soon as we can. Please direct clients to our covid-19 page too; as this page is updated continually. I encourage you to read the FAQs here also. https://www.firstnational.ca/residential/covid-19

Mortgage Questions During COVID-19

**Stay connected COVID 19 (3)** MyMCAP Portal MyMCAP (portal for MCAP customers) now has the tool to submit a ‘Skip-A-Payment’ (up to 1 month at a time). The H...omeowner fills out the form online, and it is submitted for processing. No waiting on the phone or sending emails to get this done! Please got to MCAP.com for our FAQ page for more details. See more

IMPORTANT NEW CRITERIA FOR LOW RATIO INSURANCE COVERAGE Effective March 24, 2020, the following low loan-to-value mortgages funded prior to the date of this ann...ouncement, March 20, 2020, are eligible for government-guaranteed insurance: Low loan-to-value mortgages with a maximum amortization term up to 30 years commencing from when the loan was funded. Low loan-to-value mortgages whose purpose includes the purchase of a property, subsequent renewal of such a loan, or refinancing. All other eligibility criteria for government-guaranteed insurance will continue to apply to these mortgages. The above amendments will remain in force until December 31, 2020, at which time the eligibility criteria will revert to the existing rules. The Minister of Finance reserves the right to make amendments prior to this date, should circumstances change. These changes will not apply to low loan-to-value mortgage loans funded on or after March 20, 2020. The other existing criteria which apply for transactional mortgage insurance will remain unchanged.

http://secure.campaigner.com//sh/591-1ux77r--p68ag-fg43we2

I am absolutely humbled to be standing among some of Vernon’s amazing entrepreneurs and volunteers. Thank you Greater Vernon Chamber of Commerce for acknowledging those who support our Community and the people who live, work and play here. #top20over40

Here is a link to the governments economic response plan to support Canadians and businesses. More details will be rolling out in the coming days. My office i...s taking phone calls and emails to assist constituents however not face to face visits at this time as part of our effort to protect staff and constituents. Ottawa office- [email protected] 613-995-9095. Vernon Office [email protected] 250-260-5020. See more

From First National LLP First National has a program in place to address payment difficulties caused by the current COVID-19 pandemic. We appreciate that there may be requests to self-isolate, there may be a pause to regular employment or other work-related matters resulting from COVID-19 that may impact our clients. Our financial relief program is customized to each individual’s circumstances and could include deferral of payments on mortgages for up to six months. If clients have any questions, they can reach us at 1.866.557.5509 or by email at [email protected]. We commit to working with our customers on a case-by-case basis.

With the recent announcement from our Bank partners regarding a mortgage deferral option for those who have been impacted by COVID-19, we are here to assist you. If you have been impacted and need additional assistance, please feel free to connect with our office. We will do out best to assist in a timely matter. With that said, we are experiencing higher than normal call volumes from worried clients but rest assured, we are here and we will help you and your family naviga...te through the process. To ensure immediate assistance, I am posting a list of our Lender Partner's customer service numbers so that you can connect with them direct. Please only call if you have been impacted. We need to ensure that we keep the lines open for those that have already been laid off or who are now experiencing hardship. If you need to discuss with me first I can be reached at 250-558-8091 or by email at [email protected]. You are not alone! If you cannot find your respective lender number listed below please send me an email. Customer Service Numbers below: B2B 1 800 263 8349 BMO 1-877-895-3278 Bridgewater 1-866-243-4301 CIBC 1-800-465-2422 CMLS 1-888-995-2657 Optimum 1-866-441-3775 Equitable 1-888-334-3313 First National 1-888-488-0794 Haventree 1-855-272-0051 Home Trust 1-855-270-3630 HSBC 1-888-310-4722 ICICI 1-888-424-2422 Manulife 1-877-765-2265 MCAP 1-800-265-2624 Merix 1-877-637-4911 Marathon 1-855-503-6060 RBC 1-866-809-5800 RFA 1-877-416-7873 RMG 1-866-809-5800 Scotia 1-800-472-6842 Servus 1-877-378-8728 Street Capital 1-866-683-8090 TD 1-866-222-3456 Valley First CU - 1-888-597-8083

#BREAKING: Canada’s big six banks will allow mortgage payment deferrals for up to six months to help customers struggling amid the economic downturn. https://trib.al/xZTGxgY

Update on COVID-19: We’ve seen our first lender implement a reduce rate hold period from the standard 120 days to 30 days from funding. With the bond markets behaving erratically, hedging funds has been an exercise in futility. With this announcement, I’m sure many other lenders will follow suite. What does this possibly mean for you? Your rate will not be locked in until 30 days before your mortgage is scheduled to complete which means we can’t offer an immediate Rate guaran...tee. I know many clients want to take advantage of the incredibly low interest rate market - including those with current approvals. We will do our best to make changes but not all lenders are offering rate reductions. It will be on a case by case situation. Last week was a whirlwind of a week. Please be patient while we navigate this new scenery we all find ourselves in. Our office will continue to keep everyone appraised of the situation as it unfolds. If you need assistance due to a recent layoff, many lenders are offering assistance as are the insurers (CMHC and Genworth). Please call our office if you need help. We will help you navigate the situation in the most expedient way possible. Yours truly, Kari Gares, Broker/Owner

https://vernonmatters.ca/2020/03/09/good-on-paper/

BREAKING NEWS: Bank of Canada lowers overnight rate again by another .50% due to economic shocks caused by concerns related COVID-19. https://www.bankofcanada.ca//bank-of-canada-lowers-overn/

Understanding how a reverse mortgage can work for you. #ReverseMortgage https://vernonmatters.ca/2020/03/09/good-on-paper/

Mortgage Professionals Canada working hard for you. #Mortgages #FixedvsVariable #Budget #StressTest https://www.bttoronto.ca//what-to-consider-before-buying-/