Lauren Pye Mortgage Agent, VINE Group
555 Bloor St E M4W 1J1 Toronto, ON, Canada

Couldn’t be more proud to be Mortgage Alliance’s #1 team in Canada for the FOURTH year in a row!! There’s no I in team and that’s 100% true of the amazing people I’m blessed to work with each day. The reason we work as hard as we do is for our families and our clients, who always come first. Thank you so much to all of YOU for your incredible support. Lots of winners at yesterday’s annual awards, congratulations to all! With the crazy year we’ve had and these crazy times we’re living in, it’s so important to celebrate when we can, so CHEERS!!

How much could you refinance for? Get your free digital report and find out: Estimated market value and home equity Comparable recent and historical sales Trends for your city and neighborhood... If you qualify, it could be possible to access up to 80% of your home value. Your home is not an ATM, but it's always a good thing to know your options, especially in a pandemic. Email [email protected] for your personalized copy, and start making smarter mortgage decisions today.

Thank you for your sacrifice we will remember.

You guys voted on the top 3 real estate trends of 2021 - here are the results. What’s a 4th trend you would add to the list? My market update hits your inbox once a month. Get it here: laurenpye.ca/signup

About every 2 months the Bank of Canada announces if they’re going to tweak the OVERNIGHT rate. This affects the PRIME rate set by your bank or mortgage lender. Why do you care Because if you have a LINE OF CREDIT or a VARIABLE MORTGAGE, your interest rate is actually an equation based on PRIME. For example, if your rate is:... PRIME - 0.45% Then your interest rate today is: 2.45% - 0.45% = 2% Today The BoC announced *no changes* to the OVERNIGHT rate. So PRIME rate, and your payments, should stay the same for the time being. What about the months ahead It’s possible we could see smaller micro cuts of perhaps 0.10. If that happens, PRIME could fall, and you would pay less interest as a result. KNOWLEDGE IS POWER: Not all lenders have the same PRIME (most today are 2.45%). You and a friend could each have PRIME-0.45% with different lenders with one of you getting a better rate. Some payments are fixed even with a variable interest rate. Then, if PRIME falls, more of your payment goes to pay off your mortgage and less goes to interest. Of course at some point interest rates will move up again, but the BoC has repeatedly said it has no plans to do that for a couple of years. The next BoC rate announcement is on Wednesday, March 10th. Follow me to make smarter mortgage decisions, and I’ll continue to keep you informed on the #artoffinancing

Does Santa read the fine print? Maybe if he’s also a mortgage broker Cartoon by Bill Watterson

Feeling festive! Only 7 more sleeps ’til Santa! #tbt #famjam

Fixed rates may be on the rise. Should you act now? This week, the Bank of Canada makes a multi-billion-dollar move. Read my latest blog post to understand:... >> big money moves behind the scenes >> what this means for interest rates >> if you should make mortgage changes now Click here: laurenpye.ca/post/fixed-rates-may-be-on-the-rise

Can you guess what the standard for affordability is? Hint: it’s not 51 cents. A Canadian household making $100,000/yr would need to spend more than half of that to make the the mortgage, property tax, and utility payments on an average home/condo. That’s 51 cents of every dollar earned (before tax). Over the next few weeks I’ll be sharing more on:... >> how we got here >> why tech is getting involved >> if you should buy now or wait >> how to qualify if you want to buy Turn on notifications so you don’t miss a post > click the 3 dots in the top right corner. Thanks to RBC Economics for the numbers. (They’re from Q1, so not distorted by covid.)

Happy Thanksgiving

The answer might surprise you. First of all, no, deferred payments shouldn't affect your credit score. However, the fact that you deferred will show on your credit report - but only until you start making regular payments again. After that it's supposed to disappear.... But here's what you really should know, even if you didn't defer: >> Lenders keep their own records and internal scores for clients. And a deferral is one thing that could affect this. So if you deferred with lender A, you may have better mortgage options with lender B in future. >> If you apply for a mortgage, a lender can find out information that's no longer on your credit report. And they don’t like surprises. So tell your mortgage broker about any credit hiccups from your past, including deferrals. >> Mistakes happen, and take time to fix. So check your credit report at least once a year (it's free) and report any errors ASAP. Just keep in mind there's a 1-2 month reporting delay. Lots of Canadians deferred payments for all kinds of reasons, but the process was a bit foggy bc.. covid. So I hope this clears things up a bit. And I'm curious to know, does any of it surprise you?

Most people don’t know this, but all 3 insurers have entire departments dedicated to helping Canadians in financial distress. And they’re experts, because they’ve been doing this for a long time (way before covid). Because if you’ve lost your job, received an unexpected health diagnosis, or are going through a separation or divorce, you’re definitely not alone.... So even though the 6 month covid mortgage deferral window is now over, if you need help, talk to your lender and insurer. There might be options available through: >> Genworth’s Homeowner Assistance Program >> Canada Guaranty’s Homeownership Solutions Program >> CMHC assistance If you can, it’s always better to make regular payments, because it protects your credit and saves money in the long run. But if you can’t pay your mortgage as usual, here are some solutions that they might consider: >> pause or suspend payments for a short time (deferral) >> stretch the mortgage out for longer to lower the payments >> add missed payments to the mortgage balance owing >> move from a variable to a fixed rate to prevent against a potential rate increase >> other special payment arrangement In all cases you’ll have to pay the full amount owed, plus interest. And sometimes none of these options will be possible. But no matter what, ask for help right away. If you’re not sure what to do, or want to talk things through, I’m also here to help.

Should you buy a condo or house? In the 416 or 905? Now or in the future? Only you can answer these questions. But Urbanation Inc. has more data on them than you could possibly dream of.... Click to learn more (than you probably wanted to know!)