Natalie Wellings: Mortgage Broker with Verico Compass Mortgage Group
13120 St Albert Trail NW T5L 4P6 Edmonton, AB, Canada

Merry Christmas and Happy New Year! My office will be closed from Dec 24th until the 29th. I will be in the office on the 29th and 30th and then returning to regular business on Monday, January 4th. Have a safe and happy Christmas!

In today’s policy announcement, the Bank of Canada left their key interest rate unchanged at 0.25%. The prime rate used for variable rate mortgages and home equity lines of credit is 2.45% and will also remain unchanged. The next interest rate announcement is set for January 20th 2021.

Worried about having to meet me in person to sign your mortgage documents? Don’t! Because of the pandemic, my lending partners have been allowing mortgage documents to be electronically signed. I can complete your transaction from beginning to end via phone and email. No need to leave your house; you can sign your mortgage documents from your couch! Call me today to get started! *If you still want to meet me, I am l available for in-person client meetings if that is preferred.

Thank you to my friend Dennis Faulkner on the great article! I literally just had this conversation with a first time buyer about half an hour ago. You are so right on all of these points!

The number one question I am asked is, does applying for a mortgage or having my credit checked ruin my credit score? The short answer is no! It is normal (and okay!) to have your credit checked from time to time in the course of living your life. If you are doing somewhere between 2-5 credit checks a year your credit score will not be impacted in a meaningful way by having these checks done. In the past, if you authorized an excessive amount of credit checks your score cou...ld be impacted and go down. However, Equifax has made some changes to their credit monitoring policies this year and have reduced the impact of multiple inquiries on your credit report if they were done for the same purpose and over a relatively short period of time (example: buying a car or shopping for a mortgage as an example). Read more here: https://www.consumer.equifax.ca//understanding-hard-inqu/. See more

What happens to your home, and mortgage, when you split up? No one really wants to think about the possibility of divorce when you buy your home as a couple, but as we all know, it does happen. So what happens to your home, and your mortgage if the relationship comes to an end? Typically, couples have a joint mortgage where both of their names are listed on the title of the home as well as the mortgage itself. This leaves you with a couple of options:... 1. Sell the house, split the proceeds according to your agreement, and go your separate ways. 2. One person buys the other out, and the remaining spouse stays in the home and retains title* and a mortgage* to the property. How do you know which is the right decision for you? Well, the first option is significantly less complicated. You simply put your home up for sale, sell it, and split the proceeds according to a predetermined agreement, that you've both drafted and signed. The other option depends on a variety of factors, especially if you face other difficult circumstances at this time, like if young children are involved and need to remain in the house, or the market is down and neither of you can afford to face the loss. Sometimes the second option is the only option. If that’s the case and you’re going to be the one buying out the other half, you will have to refinance your mortgage using a single income. Please get in touch with me so I can run the numbers to see if you will qualify for the mortgage on your own. You will also need to negotiate and agree on an amount to buy your ex-partner out of the property. If the equity in your home is sufficient, you may be able to withdraw it to pay out your existing spouse. If you do decide to go this route and refinance your mortgage post-separation, please contact me to help you navigate this, sometimes daunting, process. Above all else, if you are facing a divorce or separation that will affect your mortgage get informed first. It is difficult to know if you are making the right decision unless you discuss it with an experienced mortgage provider. I can help by informing you of your options and the necessary steps to proceed with obtaining a mortgage on your own, and ultimately help you find a solution that best fits your current financial situation. Don’t hesitate to call me today if you need help or have questions about your mortgage 780-722-6287.