Rhonda Stark

An annual mortgage checkup is an important stepping stone for long-term success. It will help make sure you’ve: determined if you can take advantage of today’s ultra-low pandemic rates; looked at maximizing your mortgage principal reduction; ... consolidated debt for one manageable payment, improved cash flow, and interest savings (if you have enough equity); and, accessed the lowest-cost funds for large looming expenses. I'll help make sure your mortgage incorporates what may be ahead: it could pay big dividends and is the best way to get you where you’re going in your financial future. Book a consultation today!

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.

Christmas is 2 weeks today, hard to believe. And with that, 2021 is right around the corner. It has been a very challenging year is so many ways. I am grateful for all those that have supported me and my business in various ways this year, especially my family, friends, my Mortgage Intelligence team, MI Head Office, my clients, and my industry and referral partners. You have all brought joy into my life in spite of everything that has transpired during 2020. You all mean so much to me and I look forward to our ongoing relationships and many amazing things ahead!

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.

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

It's the most wonderful time of the year! Let's all stay strong and make 2021 amazing!

Don't become a victim of fraud

What's the first thing you should do when you get your mortgage renewal? Get a second opinion! Regardless of how loyal you are to your bank, they still may quote you a non-discounted rate. And even if they offer you a better rate when you question it, is that how you want to be treated? ... It just makes good common sense to get a second opinion so that you can make sure you are getting the best deal possible. At renewal, you can renegotiate everything pertaining to your mortgage with no penalties which means this is an important moment of opportunity. If your renewal is coming up in the next 9 months, get in touch!

I want to wish all of my friends, family, MI Peeps, clients, business connections the VERY Best this Holiday Season. It has been a challenging year, but all of you have made it amazing for me! And I am so grateful! Stay well everyone! <3

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

Are you preparing for homeownership? If so, be sure to get yourself mortgage ready well in advance to avoid stress and to be sure you can act when you find the perfect home. I'll give you important advice on your credit situation and downpayment strategies, and make a big difference in your homebuying journey. If you are ready to fall into homeownership, get in touch for the conversation you need to get where you want to go!

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 Bank of Canada announced today that it is keeping its benchmark rate at 0.25%. It is expected that the Bank will keep this rate unchanged well into 2022 to ...aid our economic recovery. The Canadian economy is in recession with negative GDP growth (although forecasted to be positive in 2021), inflation is at zero, the Canadian dollar relative to the U.S. is stabilizing around $.76, oil prices are hovering around $43 U.S./barrel and unemployment is currently at 10.9%, a marked improvement from last month. Low interest rates, tightened housing supply, immigration of approximately 250,000 in 2020 despite Covid-19, and pent up demand for housing have, in the last several months, boosted both unit sales and the average home selling prices in the Greater Toronto Area, Vancouver, Ottawa and Montreal areas but showed a slight decline in Calgary. Cam Strong, CEO of Invis Mortgage Intelligence says The service sector principally tourism, accommodation, food services, arts and entertainment will continue to face many hardships. Canada, being an oil producing country, will be slower to recover economically than other G7 countries from the Covid crisis due to low oil prices and a drop in demand with the decline in commuting and airline transportation. The good news is that a vaccine, already pre-ordered, could be available as early as spring 2021 and our technology, financial, housing, public sector infrastructure projects and manufacturing sectors are performing well and leading the way to recovery. Unemployment has been forecast to rebound to 7.5% by end of 2021. Canadians have record high mortgage and consumer credit debt of $2.5 trillion according to Statistics Canada as of August, 2020 however, thanks to the Bank of Canada, the servicing costs on this debt is now lower. The next rate-setting day is Wednesday, October 28th. With this stable, low interest environment its never been a better time for qualifying homeowners to refinance to save interest costs and protect their credit scores if they have fallen behind on payments during COVID. Always get advice and a personal assessment of your situation if you need a new mortgage or want to change your current mortgage strategy.

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."