Jeremy Dipietro Mortgages

11/02/2022

Hello everyone!

The Bank of Canada raised rates again last week by .50%. If you are in a variable mortgage this is how it affects you.
With the most recent hike your payment has gone up $30 per 100k that you owe on your mortgage.
If you owe $400,000 expect a $120 increase to your monthly payments.
If you want to talk more don't hesitate to reach out!

10/31/2022

Hello Everyone!
There are a lot of questions about what is cost to hire a mortgage broker.
If you are working with a broker and they are charging you a fee when you are a prime borrower, they should NOT be.
Brokers do NOT charge fees on prime deals.

10/25/2022

Hello Everyone!

With the expected rate hike from the Bank of Canada tomorrow, it looks like it will continue to cool off the housing market.

If you are thinking about taking advantage of a more buyer friendly market just remember the down payment isn't the only thing you need to have saved!

Closing cost on the property generally cost 2-4% of the property's value. If you are purchasing a $400000 be prepared to have $8000 saved for closing!

10/24/2022

Happy Monday Everyone!

With interest rates on the rise, people have been asking me this question more and more.

The contract rate is offered by the lender for your home. While the qualifying rate is something that the government has put in place to make sure you are financially capable if the rates rise within your time of home ownership.

The qualifying rate is always 2% higher than the contract rate or at a minimum of 5.25%, which is also know as the benchmark rate. If the contract rate plus 2% is higher then the benchmark you always have to qualify with the higher rate.

If you have anymore questions don't hesitate to ask, I'm here to help you!

10/20/2022

When you are in the process of buying a house you should NEVER make a big purchase until you take full ownership of the house.

Things like taking on a car loan, credit card debt or even co-signing for someone can effect your affordability after you have already been approved for a loan.
The institution issuing the mortgage can pull back the loan at any point before the date of closing if they feel you are no longer financially capable. Almost all lenders will do and additional credit check to make sure nothing has changed in your financial standing before finally issuing the loan amount.

10/19/2022

The CPI (Consumer Price Index/Inflation) report came out today for Canadians. Shockingly amongst the 5 consecutive rate hikes from the BOC, (Bank of Canada) the core inflation still sits at 6.9% for September. This is still far away from the BOC goal of 1-3%

Most economist were expecting another .50% rate hike on October 26th, but with high September report they are now thinking .75%. The seemingly endless rate hikes still don't have a clear stopping point in sight with them likely continuing deep into 2023.

If you are in a variable rate mortgage, your rates moves with the BOC rate hikes. If you find things are starting to get a little too tight with your monthly mortgages payments you can choose to lock into a fixed rate before things get unmanageable.

Please don't hesitate to reach out if you are feeling pressured by your current mortgage payments, I am here to help you in anyway I can.

This article posted below has some great information about how inflation has been effecting Canadians. If you have the time give it a read!

Statistics Canada says that while cheaper gas brought down the overall inflation rate in September, grocery store food prices soared at a pace not seen in 41 years.

10/18/2022

Did you know that when your mortgage comes up for renewal you don't have to renew with your current mortgage holder.
You can do something called a switch/transfer mortgage, this allows you to move to a different lender while keeping the length of your amortization period the same!
This is beneficial if you have a reliable mortgage agent on your side that can find you the best terms/rates whenever your mortgage comes up for renewal!

10/12/2022

Have you ever wondered what the banks look at most when you are buying or refinance a home?
These 3 are the most essential things that the banks will look at when considering you for a potential mortgage!

Let me know if you have any questions about building credit or how income and debts affects your affordability!

10/06/2022

Did you know that it doesn't cost you any money to hire me as your Mortgage Agent? There are over 150 lenders (the bank that gives you the loan) that I work with and they all want your business. So they pay me to help you!
Every lender has different rules, regulations and promotions that could fit your situation perfectly and it's my job the find that out for you!
Stop looking at just the major banks because they can only utilize options that THEY offer. While if you are working with a Mortgage Agent like me we will find you the best promotion and terms for your needs!

09/29/2022

Hello Everyone! My Dominion Lending Centres website is finally up and running. The site is full of great information about anything mortgages!

If you have some time take a look and you might find out something that could be beneficial to you!

There are generally two ways to get a mortgage in Canada: From a bank or from a licensed mortgage professional. While a bank only offers the products from their particular institution, licensed mortgage professionals send millions of dollars in mortgage business each year to Canada's largest banks,....

09/28/2022

Hello Everyone! Thank you for following my new page about Mortgages. I hope that the information I provide here can help you learn more about home ownership.

Did you know that the biggest thing preventing home buyers from being able to qualify is a car loan!
If you are looking to purchase a home, not having a car payment is a HUGE help when qualifying for the maximum amount possible.

If you have any questions about new or existing mortgages feel free to email, call or text me anytime.