Mortgages in Ottawa

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.

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

I am grateful to love what I do and appreciate when clients feel the same. Thank you dear client for the lovely flowers.

This is an important message to buyers and why you have to work with a mortgage professional with lots of experience. A PRE-APPROVAL DOES NOT GUARANTEE A MORTGAGE APPROVAL. Yikes right!!... There are many factors that go into getting a mortgage, from capital, capacity, credit, collateral, character and conditions. Documents and a full application must be reviewed upfront. If your mortgage person doesn't do that you are putting your deal at risk. Underwriting is now done upfront. This can avoid future declines and headaches.

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.

I just received a message from a client. "I can't thank you enough for all your hard work. You have changed my life, thank you so much." WOW!... I love my job, but messages like this deeply move me and carry me forward. Thank you to my client.

There are so many reasons to work with a Mortgage Broker instead of your Bank! Asking the Bank which mortgage you should get is like going to a Ford dealership and asking which car you should buy. When you have choice, you can be confident you're getting the best rate and mortgage for your situation.

Spring is in the air!

Mortgage rates are very complex, which causes confusion and questions. Will fixed rates keep rising? When will the Bank of Canada start increasing the overnight rate, which can cause variable rates to rise? Why are all online posted rates for insured mortgages while few people can get that rate? Why are there rate premiums for certain situations? What rate do you actually qualify for, and why can it be so different from what your neighbour got? The best answer is to get professional advice. To navigate the complexity and better understand rates and what you qualify for, get in touch.

There are some common pitfalls among many first-time buyers who don’t seek out professional advice and guidance. When you work with a Mortgage Broker, you get the education you need to make informed decisions throughout the homebuying process. Knowledge is power and it’s best to get that knowledge as early in the process as possible. Are you getting ready to jump into homeownership? Let's have a conversation to make sure your experience is efficient, cost effective and, above all, successful!

In its latest policy announcement today, the Bank of Canada held its target for the overnight rate at the effective lower bound of 0.25%, with the bank rate at 0.5% percent and the deposit rate at 0.25% percent. What that means is not change to prime rate.

I am grateful to be able to serve my clients as a mortgage broker. 2020 was a challenging year, so this honour is particularly humbling and appreciative. I love serving my clients. Thank you for allowing me to do so.

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