4 Dec

Changes to Conventional Mortgages

General

Posted by: KariAnn Wenzel

Effective January 1, 2018, borrowers with 20% down or more will have to undergo a “stress test” when qualifying for a mortgage. Borrowers will need to qualify at the greater of the contract rate plus 2% or the benchmark rate as by the Bank of Canada.  The chart below shows the impact to borrowers.

15 Apr

It’s not all about the rate!

General

Posted by: KariAnn Wenzel

Most people get caught up on interest rates when shopping around for their mortgage.  Sometimes the best interest rate isn’t the best mortgage for you!  There are many other factors to consider including pre-payment priveleges, payout penalties and whether or not the mortgage is portable or assumable.  A licensed mortgage broker can go over all of the small details with you and help find the best mortgage for you at the lowest rate available!

19 Jan

Time for a financial check up?

General

Posted by: KariAnn Wenzel

When is the last time you had a financial check up?  With today’s rates as low as they are, there has never been a better time to review your home financing options.  For those of you looking to purchase, take advantage of a pre-approval to lock in your rate for up to 120 days.  This will give you peace of mind and security in a market where rates are starting to climb.  If you already own a home, now may be the time to take a look at your current mortgage features.  Will you save money by switching to a different lender or term?  Today’s low rates are starting to make this a very attractive option.  Do you have other outstanding debts that you are paying higher interest on? Consolidating all your debts into one, low monthly payment may also be a great option.  If your mortgage is coming up for renewal soon, you may have the option to lock in a new rate several months before your renewal date.

Whatever you situation is, I am here to help!  My advice is free and my hours are flexible.  Call for your financial check up today!!!