The Burke Mortgage Group - Windsor, Chatham and Essex

07/12/2023

This morning, the Bank of Canada increased the policy rate to 5%, in line with expectations. This hike marks the highest and swiftest increase seen in 40 years.

With Canada's economy growing at an accelerating pace, the Bank anticipates a slowdown in consumer spending resulting from increased interest rates. However, recent retail trade and other data suggest an ongoing surplus demand in the economy.

Furthermore, the housing market has seen a noticeable uptick. The demand for new construction and real estate listings is outstripping the available supply, adding pressure to prices.

The labor market shows some indications of increased worker availability, although conditions remain tight. Robust population growth from immigration is supplementing both demand and supply in the economy. Immigrants are easing the labor shortage while contributing to consumer spending and driving the demand for housing.

If you have any questions about how this affects your mortgage, or if it is due for renewal, reach out to your Mortgage Broker. They have the necessary expertise to help you make the best decisions.

03/27/2023

02/07/2023

We’re back with 3 more perks to using a Mortgage Broker.

6⃣ Get access to special deals and add-ons. Many financial institutions would love to have you as a client, which is why they often offer incentives to attract creditworthy customers. These can include retail points programs, discounts on appliances, shopping clubs, and more. We do the math on which offers might be worth your attention when it comes to financing or mortgage insurance so you get the perks you deserve.

7⃣ Things move quickly! Our job isn’t done until your mortgage closes. We’ll help ensure your mortgage transaction takes place on time and to your satisfaction.

8⃣ Get expert advice. When it comes to mortgages, rates, and the housing market, we’ll speak to you in plain language. We can explain the various mortgage terms and conditions so you can choose confidently.

Here at Burke, we're a team. Reach out to any one of us today for more information.

02/07/2023

Lock-in or go for the ride?

01/31/2023

https://www.ctvnews.ca/business/selling-a-home-how-to-know-if-you-qualify-for-a-capital-gains-exemption-1.6249394?cid=sm%3Atrueanthem%3Actvwindsor%3Apost&utm_campaign=trueAnthem%3A%20Trending%20Content&utm_medium=trueAnthem&utm_source=facebook&fbclid=IwAR3sdsyH-ENAM6JkBtAIPn5C2fCaVjW_o6GH8Sp-73e5Wn_ijUEIaYAk-Z8

When selling a home, Canadians may be exempted from paying capital gains tax on a residential property -- if it's their principal residence. On CTVNews.ca, personal finance contributor Christopher Liew explains what's determined as a principal residence, and what properties are eligible for the exem...

01/28/2023

Next up in Reasons to Use a Mortgage Broker!

3⃣ We negotiate on your behalf. Many people are uncertain or uncomfortable negotiating mortgages directly with their bank.

4⃣ More choice means more competitive rates. We have access to a network of major lenders in Canada, so your options are extensive. In addition to traditional lenders, we also know what’s being offered by credit unions, trust companies, and other sources. We can also help you take care of other requirements before your closing date.

5⃣ Ensure that you’re getting the best rates and terms. Even if you’ve already been pre-approved (a term we don’t love. Ask us why!) for a mortgage by your bank or another financial institution, you’re not obliged to stop shopping! Let us investigate to see if there is an alternative to better suit your needs.

Sounds pretty great doesn’t it? Someone to negotiate with the lenders for you, get you the best rate AND the best terms? Sign us up! Check back tomorrow for even more positives to having a mortgage broker act on your behalf.

01/26/2023

Buying A New Home. You’ve heard us say over and over again how important it is to be prepared. But if you’re new to this process or haven’t done it in a while, what exactly does that mean?? Here are the first 5 steps to home ownership. Breaking them down into easy to follow guidelines helps makes the whole process much less overwhelming!

📌 Determine how much you can afford.
Based on your down payment, income, existing debt, regular expenditures, and other key financial information, we can help you determine how much you can afford to pay every month and the price range that works within your budget.

📌 Team Up with a Real Estate Agent. Finding a real estate agent to help you search for your dream home is important to the home buying process. The best real estate agent will be a combination of a personal advisor, consultant, and negotiator. This expert will show you homes that match your criteria, guide you through the home buying process, and negotiate the best possible price for your home.

📌Make an offer. When you’ve found a place that you’d like to call your own, your real estate agent will help you draw up an Offer to Purchase to present to the seller. This legal document specifies the price, the closing date, and any conditions.

📌Retain a lawyer. It’s important to hire a lawyer who specializes in real estate. You could find yourself in a bidding war for the home you want, and you may want a lawyer to look over any offer to purchase before you submit.

📌Get the Mortgage Approved. With a copy of the signed Offer to Purchase and the necessary financial information, we’ll submit your application to the mortgage lender that we have selected. The lender will qualify the application and complete a valuation on the property you have purchased. Mortgage insurance gives you the ability to buy a home with a down payment of less than 20% of the purchase price.

01/26/2023

Our next several posts will be focused on why you should consider using a mortgage broker. Is it the easiest option available? Let us give you peace of mind - consider all your options and know you've done your due diligence.

1⃣ Get independent advice on your financial options. We are not tied to any one lender or range of products. Our goal is to help you successfully finance your home or property. We’ll start by getting to know you and your home ownership goals. We’ll make a recommendation, drawing from available mortgage products that match your needs, and we will decide together on what’s right for you.

2⃣ Save time with one-stop shopping. It can take weeks to organize appointments with competing mortgage lenders, and we know you’d probably rather spend your time house- hunting! We work directly with dozens of lenders, and can quickly narrow down a list of those that suit you best. It makes comparison-shopping fast, easy, and convenient.

Stay tuned for more great reasons to use your friendly neighbourhood mortgage professionals!

01/24/2023

How an RESP works

01/24/2023

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/registered-education-savings-plans-resps/resp-works.html

I cannot say enough about the importance of a RESP. As I watch our oldest enter his college years we are so happy that we started the savings from the day he was born. Through good times (and the not so good times), we always found the ability to tuck a little bit away and now mom and dad can rest easy knowing that our boy's education is covered. For all of my clients with their little blessings on the way, please reach out to your financial planner to set up an RESP. 😊

How an RESP works