MORTGAGE INTELLIGENCE
8192 Cummington Square W., L2G 6V9 Niagara Falls, ON, Canada

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

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.

Will prices go up or down? How about rates? Here are some predictions... but nobody can say for certain what the future holds. Stay focused on your goals and get in touch for expert mortgage advice tailored to your situation.

This is good info for anyone planning to buy their first home.

If you need help polishing your score so you can qualify for the best rates, get in touch.

The Bank of Canada has announced it is maintaining the benchmark rate, noting that Canada’s economic recovery will continue to require extraordinary monetary policy support. The Bank says it will hold the policy interest rate at the effective lower bound until economic slack is absorbed so that the two per cent inflation target is achieved, which the Bank doesn’t expect to happen until sometime in 2023. The next rate-setting day is January 20th, 2021. The beginning of the new year will be a great time to get in touch for a review of your mortgage strategy. It's important to get advice and a personal 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.

Don't become a victim of fraud

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

The CERB is ending October 3rd and will transition to a new form of Employment Insurance (EI). While still subject to Parliamentary approval, here are some key things to be aware of: 1. With CERB, everyone received $2,000 for each 4-week period. With the new EI, the amount received will depend on your earnings over your best 14 weeks of employment, with the minimum weekly payment at $400 (for 26 weeks) and the maximum at $573. So some people will receive more and some less t...han CERB. 2. EI is administered by Service Canada. If you were receiving CERB via Service Canada then you will be automatically transitioned over. If you were receiving CERB through Canada Revenue Agency, you need to apply through Service Canada. 3. It'll be easier than before to qualify for EI, after working as few as 120 insurable hours. 4. You can earn income from employment or self-employment while receiving benefits. 5. If you cannot resume work and are self-employed and therefore not eligible for EI, the Canada Recovery Benefit provides $400 a week for 26 weeks. Additional programs are available if you are sick and need to self-isolate, or if you need to care for a child, dependent or family member due to COVID.

Lower rates are good news for those who want to access their home equity through a refinance (minimm 20% home equity required) for a low-cost way to get needed funds. While everyone's situation is different, many homeowners are determining that it makes sense to refinance to restructure their debt to get financial breathing room with one lower monthly payment and interest savings. This move can also protect and improve your credit score. And since we're spending more time a...t home, many are looking at renovations to improve the quality of our their lives or for functionality like building a new home office. If a refinance can work for you, don't hesitate to get in touch for a personalized cost/benefit analysis so you can determine whether it makes good financial sense.

The recent shock to the economy has had many Canadians thinking seriously about what their life might look like after their paycheques stop. Even if you have a workplace pension plan to look forward to, you may find it falls short of the income you’d like to live on. Is it possible to take your pension into your own hands and create sustainable long-term income? An investment property has the potential to provide a monthly income and grow your wealth over time. And this is a wealth-building strategy that is within reach of ordinary Canadians. If you are thinking about an investment property, get in touch to have all your questions answered.

Early advice can save time, money, and stress! The process of qualifying for a mortgage should begin before you buy a home. Let's start with a conversation for advice on downpayment, determining what you can afford, understanding all of the costs involved in buying a home, budgeting, improving your credit, mortgage features beyond rate like prepayment options, refinancing penalties, restrictions and more. Get off on the right foot on your homebuying journey!

Important information if you've deferred mortgage payments.

With the major Banks lowering their posted 5-year fixed rates, the qualifying rate will drop to 4.79%, which makes it slightly easier to qualify for a mortgage! The qualifying rate is used in stress tests for both insured and uninsured mortgages, and a lower rate is good news for anyone who needs a new mortgage: homebuyers and those looking to refinance or renew their mortgage at a different lender for a better deal. Get in touch to see how much you qualify for!

I'm always finding ways to say YES! to homebuyers and homeowners. Working with over 50 lenders, including the major banks, credit unions, national, regional and private lenders, I have mortgages that can meet you where you are financially, giving you the options you need to achieve your goals for homeownership and financial security. I work with all Canadians first-time buyers, new to Canada, renovation enthusiasts, trade-up buyers, renewers, seniors, investors, vacation home purchasers, and those who need to refinance to consolidate debt or take out equity for a specific goal. What’s your need?

Tiff Macklem, Governor of the Bank of Canada, made a strong statement when he said that "we have been unusually clear about the future path for interest rates which will allow Canadians to be confident that interest rates will be low for a long time. This is of course very comforting news for homebuyers and homeowners, especially those purchasing, renewing or refinancing. If you want to discuss how you can benefit if your current rate is higher or to have a review of your mortgage strategy, get in touch.

A little bit of optimism... lower rates over a long period of time could be good news for many.

If you're spending more time than usual in your own backyard this summer, you might appreciate these tips on keeping away pests - even the "cute" ones

The Bank of Canada has just announced that it is maintaining the overnight lending rate. "In a statement announcing the decision, the bank says the rate will have to stay low to provide extraordinary monetary policy support to help recuperate from the economic impact of COVID-19."

Make your mortgage work for you. Get in touch any time for a free mortgage checkup! I’d be delighted to advise you on how to get the most from your mortgage. - Transfer consumer debt to a lower interest rate. - Pay off your mortgage early and save thousands. ... - Get out of a high-rate mortgage. - Access the lowest-cost funds for renovations. - Make sure you are getting the best possible deal at renewal.

If you've started working from home, keep a file for all your expenses and reimbursements from your employer so you can take advantage of any eligible claims when you file your 2020 income tax return

Six pieces of advice to help guide first-time home buyers through a changing landscape.

It's hard to believe Canada Day is just a few days away! Here's how to celebrate safely with your social bubble.

Refinancing your mortgage could make a huge difference if you’re struggling to pay your bills. Depending on where you are in your current mortgage term and what new lower rate you could qualify for, it might be a smart financial move. I can help you run the numbers. And no matter what you decide to do, it always pays to get expert mortgage advice. https://business.financialpost.com//with-mortgage-rates-bo

Do you have a recreational property that you're considering renting out to provide some additional income? If so, you might find this information useful.

Good news... the other two Canadian mortgage insurers are not changing their guidelines to match CMHC's announcement that would result in a reduction in buying power of approx. 9 to 11%.

Mortgage qualifying for insured mortgages will get tougher starting July 1. If you are thinking of homeownership, have your situation reviewed as soon as possible to determine how this might affect you. Get in touch - I'm always happy to help.

Canadians that continue to be in need can apply for the fourth installment of the CERB starting on Monday. You can apply for four of the 4-week periods. (If you are receiving it through EI, there is no need to do anything.) The CERB is available if you earned $1,000 (before taxes) or less during the eligibility period. Apply through your CRA or Service Canada account.

Bank of Canada is holding its key interest rate target at .25%. "...the impact of the pandemic on the global economy appears to have peaked, although uncertainty about how the recovery will unfold remains high." Please feel free to reach out at any time: by phone, email, or we can arrange a video conference if you have any questions or want to explore options available to you. Be well.

Do you have a mortgage renewal coming up? Here are a few important things to consider. And don't hesitate to get in touch - I can help you make the best decision for your current situation.