Mo Izmeth Mortgages

A mortgage is the cornerstone of a sound financial plan, and can help build long-term wealth. But with the mortgage marketplace getting more and more complex, you need the professional, expert and tailored advice of a Mortgage Broker!

DEBT 101: Good vs Bad It's important to know the difference! Taking on debt that will potentially pay you dividends in the future is considered good debt.... Bad debt is typically when you take money from your future self to buy goods and services today which provide you with no future income benefit. The right amount of good debt can help you build long-term wealth and afford the things you want, without taking on bad debt.

The Bank of Canada announced today that it is maintaining the benchmark rate, noting that first-quarter growth was better than anticipated, although the rise of more transmissible variants of COVID-19 and new lockdowns are concerning. As vaccines roll out, consumption is expected to rebound sharply. The Bank will monitor the risks associated with our hot housing market, which is being driven by low rates, limited supply, and the desire for more living space. With rates still extremely low, it's a great time to get in touch for a review of your mortgage strategy. It's important to get advice and a professional assessment of your situation if you want to switch your mortgage for a lower rate, need a new mortgage, are renewing, or looking to refinance for debt consolidation, renovations, or other large expenditures.

It's a good first step to find out how much you qualify for before you start house-hunting, but a mortgage pre-approval does not necessarily mean you'll get a mortgage. Get in touch - I'll take you through all the steps

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.

The Bank of Canada announced today that it is maintaining the benchmark rate, noting that first-quarter growth was better than anticipated, although the rise of more transmissible variants of COVID-19 and new lockdowns are concerning. As vaccines roll out, consumption is expected to rebound sharply. The Bank will monitor the risks associated with our hot housing market, which is being driven by low rates, limited supply, and the desire for more living space. With rates still extremely low, it's a great time to get in touch for a review of your mortgage strategy. It's important to get advice and a professional assessment of your situation if you want to switch your mortgage for a lower rate, need a new mortgage, are renewing, or looking to refinance for debt consolidation, renovations, or other large expenditures.

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.

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.

Cash Back Mortgage rates are lower than they have typically been, causing an upswing in use by first-time home buyers. Getting 3% cash back of the total mortgage amount can be a big financial boost and provide much-needed breathing room after closing on the most expensive purchase most people make. The funds can help pay for things like closing costs, renovations, and moving costs. Interested in learning more? Let's discuss whether a cash-back mortgage fits your needs.

The Financial Consumer Agency of Canada has a comprehensive website with tips and tools to help you better understand your finances with a focus on our challenging times. The site will help you think more about your financial well-being - https://bit.ly/3eRmGPe

With mortgage deferrals ending, there are options for those in need. I'm here to help!

As expected, the Bank of Canada announced today that it is keeping the overnight rate steady at 0.25%. It is expected the Bank will keep this target unchanged until well into 2023 to aid Canada's economic recovery. With this stable, low interest environment it’s never been a better time for qualifying homeowners to refinance to consolidate debt to improve cash flow, save interest costs and protect their credit scores. Get in touch any time for advice and a personal assessment of your situation if you need a new mortgage or want to change your current mortgage strategy.

Attention renters! Your rent payments can now build your credit score. It makes sense that those who pay their rent on time all the time have that counted towards their credit score. This will help those who are planning to buy a home at some point. It may better help them qualify for a mortgage and have access to the best possible rates. Read more here https://bit.ly/2GXW4yW