Mortgages By Grant

Changes to the Stress Test I’m seeing a lot of posts triggering a lot of fear and confusion in the marketplace regarding the upcoming changes to the stress test. It is true - the Federal Government will implement a change to the stress test effective June 1, 2021. This change will only affect uninsured mortgage applications. These are mortgages with a 30-year amortization, mortgages on rental properties or refinances. In any case - it will affect those borrowers with 2...0% or more down. This change will not affect those borrowers with less than 20% down or those with an amortization of 25 years or less. So in essence, this change really only targets those borrowers whom are the most qualified and who have equity in their homes. This change will account for roughly a 5% decrease in borrowing power for those borrowers. For everyone else, this is much to do about nothing. It’s expected this will have almost no impact on the marketplace as a whole. It’s not likely to cool down the market whatsoever. Politicians wanting to make it seem as if they are addressing a heated real estate market. If you’re wondering how this change may affect you and your circumstances, feel free to contact me today!

Another happy client!

Get pre-qualified Make a budget Stick with it!

Another happy client!

Changes to the Stress Test I’m seeing a lot of posts triggering a lot of fear and confusion in the marketplace regarding the upcoming changes to the stress test. It is true - the Federal Government will implement a change to the stress test effective June 1, 2021. This change will only affect uninsured mortgage applications. These are mortgages with a 30-year amortization, mortgages on rental properties or refinances. In any case - it will affect those borrowers with 2...0% or more down. This change will not affect those borrowers with less than 20% down or those with an amortization of 25 years or less. So in essence, this change really only targets those borrowers whom are the most qualified and who have equity in their homes. This change will account for roughly a 5% decrease in borrowing power for those borrowers. For everyone else, this is much to do about nothing. It’s expected this will have almost no impact on the marketplace as a whole. It’s not likely to cool down the market whatsoever. Politicians wanting to make it seem as if they are addressing a heated real estate market. If you’re wondering how this change may affect you and your circumstances, feel free to contact me today!

Another happy client!

Even the bears like to have a good soak!

Today’s Central Bank Announcement: This morning, the Bank of Canada made its second interest rate decision of 2021. Prior to doing so, many economists speculated that the Bank would hold its overnight rate steady but also signal its intention to begin tapering the asset purchase activity that has been the cornerstone of monetary policy since the pandemic began.... They were partly right. The Bank held its overnight rate steady as expected, but did not budge in its commitment to using Quantitative Easing to keep interest rates low across the yield curve. All of this is great news for home buyers

As we ring in 2021, we prepare for a new year of dreaded TAXES! Here is a great article that outlines some of the changes to expect in 2021, notable is: Increase to basic personal exemption (inflation) Increase to TFSA limits (75K total contribution amount if you’ve never contributed) EI premiums to remain the same for workers ... CPP premiums INCREASING for workers Canada Training Benefit ($250) Simplified home office deductions (for those who have/are working from home Cannabis is now a legitimate medical expense! Have a successful 2021 Tax Year! Filing deadline is April 30. https://www.greedyrates.ca//tax-changes-canadians-need-to/

Wishing everyone a Happy New Year! . Cheers to 2021!

Wishing everyone Happy Holidays and a very Merry Christmas!

Happy Thanksgiving to all!

Wishing everyone Happy Holidays and a very Merry Christmas!

There have been some market signals recently suggesting we may be at the bottom of the falling fixed mortgage interest rate. We could start seeing some rising rates in the very near future . If you’ve been contemplating refinancing, or if your mortgage is coming up to the end of term get ahold of me and let’s discuss all the options that may be available to you. It’s not too late to capitalize on these historic low interest rates . Also, if you’re currently paying 2.8% o...r more on your mortgage, it’s definitely worth having a look to see if there are savings for you. Message me today. Happy Friday everyone!

Happy Thanksgiving to all!

Today a major news outlet has done yet another story on homeowners being shocked over the penalty they’ve incurred to break their big bank mortgage. This is becoming an all too common news story. Banks are in the business of making money, period. They do a very poor job of explaining (and even sometimes disclosing) the penalties associated to their mortgage products and how they’re calculated. Instead, they wow and wooze prospective clients with flashy low rates and cash b...ack offers. And people line up and never ask any more questions. This is how they make billions of dollars every quarter. Moral of the story? Use a broker, period. It’s not always about the rate, that’s just what banks want you to believe because that is their business model. Penalty implications matter! Banks will happily give you the equivalent of $1000 in rate savings or cash back over a 5 year term over their competition, but that hardly matters if it costs you $22,000 or more to get out of it. As a mortgage professional I have no affiliation to any one bank or lender. I work for you and your best interests, period. If you’re in the market for a new mortgage or want advice on your current one, don’t ever hesitate to give me a shout! https://toronto.ctvnews.ca//mississauga-ont-homeowner-told

No change to Bank of Canada Prime today https://toronto.citynews.ca//bank-of-canada-interest-/amp/

The Stress Test rate has dropped again! Great news for buyers!

Happy Civic Long Weekend!