Cory McLean - Mortgage Professional

11/22/2024

Rates in the wrong direction... still. If your mortgage is due for renewal in the next 4 months ---- 403.381.3790 ext #1.

11/06/2024

👇 US election spin off and how it impacts Canadian mortgage rates. Have a quick peak.

10/07/2024

The radio is on at work, like it is every day. Today though...... radio guy goes on quite the discussion about mortgage rates and how much they are going to drop in the immediate future.

This weekend I speak to a realtor whom wonders how many people are on the sidelines waiting for rates to drop. Probably lots if they listen to the same radio station.

Last week I have a conversation with a client that is 100% convinced rates will be in the 2-2.5% range soon so he is going to ride out his higher rate until that occurs. FYI, that's about ½ of where they currently are at.

Here's what has happened in the past few days: Rates have increased! Why?

US jobs data was extremely good, 254,000 jobs created in September. This is inflationary by way of headline, as it introduces a bunch more money into the economy. The result: US 10 year treasury and Canadian 5 year bond yields are both up... so fixed rates go up. To be clear, Canada's job market is poor at best and lots of data from the US is either confusing or manipulated. Of the new September jobs 121,000 of them are already employed people taking 2nd jobs......yikes, that's a lot of people in financial duress. Small businesses have decreased work force for the past 5 straight months...yikes, that's a lot of small businesses potentially facing financial duress. And consumer confidence is way down, all across North America. Oh, and through the first half of this year the US jobs data per month has been adjusted (revised) after another month, when real jobs data is available. So far.... 800,000 jobs revision; downward, so jobs data at first release has been significantly inaccurate.

Cory, what does it all mean? 1) Get your information from someone whom analyzes the input factors. 2) Use a lender that has rate protection during the 120 days leading to your new mortgage advance. Rate increases are a real possibility as the USA chases inflation and Canada will then need to protect the value of currency by not decreasing rates as fast as many think they will.

Of note: The adjustable/variable rate in Canada is still a full 1% higher than it needs to be before it would return to favourable (or level) vs. current fixed rates.

And if you have read this far, a piece of valuable information, because many people simply don't know. If your mortgage is due for renewal next week it is far too late to shop around. 30-45 days minimum.......and see above....... 120 days prior is ideal so you have rate protection.

403.381.3790 ext #1

Send a message to learn more

10/04/2024

Mortgage Insurance Changes.

Effective December 15th, 2024, the following changes will be made for default insured mortgages:

Increasing the $1 million price cap for insured mortgages to $1.5 million

This measure will apply to all applicants requiring high-ratio mortgage insurance (required when purchasing with a down payment less than 20 per cent and loan-to-value greater than 80%), and must satisfy the following requirements:
The value of the eligible residential property against which the loan is secured must be less than $1.5 million; and, the downpayment requirements for the loan are as follows:
5 per cent on the portion of a purchase price up to $500,000.
10 per cent on the portion of a purchase price between $500,000 and under $1.5 million.

Expanded eligibility for 30-year mortgage amortizations for all first-time homebuyers and all buyers of new build properties

This measure will apply to applicants requiring high-ratio mortgage insurance (required when purchasing with a down payment less than 20 per cent and loan-to-value greater than 80%), that are either:
All first-time homebuyers or,
All other buyers purchasing a newly constructed home.

A First Time Homebuyer is defined by meeting one of the following criteria:
The borrower has never purchased a home before; OR
In the last 4 years, the borrower has not occupied a home as a principal place of residence that either they themselves or their current spouse or common-law partner owned; OR
The borrower recently experienced the breakdown of a marriage or common-law partnership.

403.381.3790 ext #1

Send a message to learn more

09/17/2024

Some announcements over the past few days:

Overnight rate is down .25% again, which is good news for variable and adjustable rate holders.

Canadian Inflation down to 2.0% so barring any huge news out of the USA we can expect continued decreases in both variable and fixed rates.

USA retail data was better than expected, however trends of increased unemployment and inflation are pointing to a Fed rate drop tomorrow. .25% or possibly .50%. This is good news for us here in Canada.

30 year amortizations are extended to first time home buyers, and to all purchasers of new construction homes.

Fixed rates (5 year) are in the 4.25-4.50% right now. Don't sign on to the lower rates without understanding that product in full!!

Some strategy for now? 1 year fixed rate mortgage, or going adjustable rate and riding the wave down. It's always worth a chat so we have you in the correct product.

403.381.3790 extension #1

Send a message to learn more

03/31/2023

Check out these rates 👍 403.381.3790 ext #1

01/13/2023

Cool story. A 22 year business relationship comes to an end because of retirement. Tell me, what are some of your longest and best business relationships?

11/10/2022

If you're in the market now (next 120 days) to buy a home, or if your mortgage is due for renewal in the next 120 days, then 👇 this is welcome news. Have a quick view, and then.......403.381.3790 ext #1.

10/26/2022

Another half percent increase announced today, but don't think waiting is the correct strategy. Home prices, not likely to drop in our region. Interest rates not likely to drop anytime soon, nationally.

09/28/2022

Something you may not know about me is that I am a huge Tragically Hip fan, and Gord Downie resonates with me, through his words, his kindness, his humbleness and how Canadian he was. Since his passing his legacy has lived on through a number of supportive initiatives.

For one day, tomorrow Sept 29th, one of my lenders is offering a 5 BPS donation to the Downie/Wenjack Fund, in support of indigenous reconciliation efforts across our nation. For every application they receive tomorrow they will donate $50 per $100,000 of mortgage they fund.

P.S. this is also a lender offering the front line worker special I posted about a few days back.

-You receive 10 BPS discount on your fixed rate mortgage!
-You receive $500-$2000 cash back (based on mortgage size)
-Downie & Wenjack fund receives $50 per $100 000 of mortgage

Eligible on:

-Purchases
-Renewals/transfers
-Funding within the next 120 Days
-For one day only, tomorrow, September 29th

In order to get the file submitted tomorrow, we need to chat today. 403.381.3790 ext #1.

09/22/2022

Are you a frontline worker?

Nurse, Doctor, Paramedic, Fire, Teacher, Teacher Aid, Professor or Principal, work as a correction officer or at border services, Police.

I have you covered. Now available on home purchase mortgages and on your renewal. A 10 basis point discount on 5 year fixed rate mortgages and depending on the size of the mortgage anywhere between $500 and $2000 free cash back.

Showing thanks for all you do, come and enjoy your savings.

With all good things, this offer will come to a close soon, so if you are in the market to purchase a home, or your current mortgage renews within the next 4 months I'm worth the call.

403.381.3790 ext #1.