Sean Lowe Mortgage Broker TMG - The Mortgage Group

01/10/2024

Check this out !!

01/09/2024

Happy New Year everyone !! 2024 is well underway. For all your mortgage needs give me a shout !! Let’s look at your options and customize a mortgage financial strategy that meets your needs and puts more money in your pocket.

Whether you are buying, or your current mortgage is up for renewal. I AM THE APP FOR THAT !! 😊

12/27/2023

Check out this beautiful home for sale in Fort Saskatchewan !!

https://www.facebook.com/share/hp1PMyAiY8ve6aqF/?mibextid=WC7FNe

MOVE IN READY HOME IN WESTPARK! Enjoy this 3 Bedroom, 2.5 Bathroom half-Duplex with sunny west facing backyard! Better than new with Full Landscaping & window coverings already complete. Double Attached Garage and A SEPARATE ENTRANCE TO THE BASEMENT allows potential for a secondary suite addition. U...

12/13/2023

Here is the Bank of Canada’s 2024 meeting schedule. Fingers crossed for some big rate drops !!

12/06/2023

10/27/2023

Interesting

Bank of Canada executives received an average bonus of $43,700.

All but 2 Bank of Canada executives received some sort of ‘performance pay’ in 2022 totalling 3.5 million

80 Bank of Canada executives received ‘risk pay’ and 25 received the ‘above and beyond’ bonus

WTF !!! I guess they are feeling the pain of high interest costs. Nice to see they are taking care of themselves. I’m curious about the 2 that didn’t make the bonus cut.

Pulled from NP.

10/25/2023

Some good news to start the day!! Now let’s start scaling back.

Bank of Canada’s next and final meeting of 2023 will be December 06.

10/19/2023

If you have rental properties do not forget to file an Underused Housing Tax (UHT 2900) return by October 31, 2023.
You need to report all rental properties which you owned as of Dec 31 2022. CRA has given an extension to file the UHT return by October 31, 2023. Even if you don’t owe UHT, failing to file the return, for each applicable property, can result in potential penalties of a minimum $5,000 for individuals or $10,000 for corporations.

10/18/2023

I just checked the University of Alberta website and they charge up to $1913 per month for student residence (a bedroom / bathroom). You can add a meal plan for an additional $690 per month. 😳. This is crazy !!

This does not include books and tuition.

I’ve ran the numbers and you could potentially buy a property in Edmonton and it would make more financial sense even with todays higher interest rates. With property appreciation and mortgage pay down you could completely fund this education.

I’ve helped a few clients set this up. If you have any mortgage related questions or you want to discuss this option in further detail please reach out.

10/13/2023

If you are looking for the best mortgage products and rates you need to be meticulous about managing your credit. The algorithm that is used for your report does not care who you are, what you do for a living or how much money you have, it just cares how responsible you are with your bills

1) Regularly Monitor Your Credit Report: Make it a habit to check your credit score via your banking app on a monthly basis. If you notice any irregularities or an unexpected drop in your score pull your full Equifax and Transunion credit reports immediately to investigate the cause. It is wise to pull both reports at least once a year, giving you the opportunity to address any issues that may need attention.

2) Pay Your Bills Promptly: One of the most effective ways to maintain a healthy credit report is to always pay your bills on time. Set up automatic payments for all your bills. Life can get hectic, and missing a credit card minimum payment due date can negatively impact your credit. Even if you usually pay your full balance each month, an automatic minimum payment ensures you never miss a due date.

3) Mind Your Credit Card Balances: Strive to keep your credit card balances well below your credit limit. Ideally, your credit card balances should not exceed 50% of your credit limit. Equifax recommends ensuring your balance does not exceed 30-35%. Maintaining a balance higher than what is recommended can adversely affect your credit score.

4) Be Cautious About Closing Credit Card Accounts: Avoid closing credit card accounts with a lengthy history, If you must cancel a credit card, consider closing the newest ones. If you're planning to apply for credit in the near future, such as a mortgage, it's advisable to postpone canceling any credit cards until after your loan is funded. Canceling credit cards can have a negative impact on your credit score, and older cards tend to carry a more significant weight in the assessment.

5) Limit Hard Inquiries: Be mindful of the number of hard inquiries you make. Excessive inquiries can lead to a drop in your credit score. When applying for new credit, be strategic and avoid unnecessary inquiries. Lenders do not like credit shoppers

6) Diversify Your Credit Portfolio: It's not just about having credit; it's also about using it responsibly. Maintain at least three active trade lines on your credit report, This can include a mortgage, personal loan, line of credit, and/or credit cards. Using these credit accounts responsibly showcases your financial reliability. In the eyes of credit reporting agencies, having no credit history can be nearly as detrimental as having poor credit, so be sure to strike a balance between utilization and responsibility.