Bryan Jackson - Mortgage Agent

Bryan Jackson - Mortgage Agent I have a passion for the mortgage industry and helping clients achieve their financial goals.

OSFI to eliminate stress test for uninsured mortgage switches starting November 21OSFI has confirmed that it will remove...
10/01/2024

OSFI to eliminate stress test for uninsured mortgage switches starting November 21

OSFI has confirmed that it will remove the requirement for lenders to apply the Minimum Qualifying Rate (MQR) to straight switches of uninsured mortgages.

Superintendent Peter Routledge confirmed that OSFI will formally announce this change on November 21, 2024, as part of the regulator’s quarterly release pilot, with the change coming into effect that same day.

This change will make it easier for borrowers to switch lenders at renewal without having to prove they can afford their mortgage at a higher rate.

The stress test, introduced in January 2018 under OSFI’s B-20 Guideline, required borrowers with uninsured mortgages—those with a down payment of 20% or more—to qualify at the higher of the Bank of Canada’s five-year benchmark rate or their mortgage rate plus 2%. This policy aimed to ensure borrowers could handle potential future rate increases.

The upcoming change applies specifically to straight switches of uninsured mortgages, where borrowers move to a new lender but maintain the same loan amount and amortization schedule.

Bryan Jackson
Mortgage Agent - Level 2
Mortgage Simplicity
License # 13524

A 120-19027 Leslie Street, Sharon, ON, L0G 1V6
M 289-716-4812
E [email protected]
W https://mortgagesimplicity.ca/bryanjackson
Lic. M12002257

Do you have a mortgage renewal coming up? If I can get you a better rate, I’ll cover any fees to switch your current len...
09/16/2024

Do you have a mortgage renewal coming up? If I can get you a better rate, I’ll cover any fees to switch your current lender.
I’d be happy to help! Please give me a call to discuss your options.

Bryan Jackson
Mortgage Agent - Level 2
Mortgage Simplicity
License # 13524
A 18872 Leslie Street, Sharon, ON
M 289-716-4812
E [email protected]
W https://mortgagesimplicity.ca/bryanjackson
Lic. M12002257

BANK OF CANADA delivers third straight interest rate cut, bringing policy rate down to 4.25 per cent!The Bank of Canada ...
09/04/2024

BANK OF CANADA delivers third straight interest rate cut, bringing policy rate down to 4.25 per cent!

The Bank of Canada delivered its third consecutive interest rate cut on Wednesday as inflation continues to cool and concerns shift to economic growth.

The quarter-percentage-point cut was widely expected by economists and brings the central bank’s benchmark interest rate to 4.25 per cent.

The policy rate, which widely sets the cost of borrowing across Canada and informs the rates many Canadians get on mortgages and other loans, has fallen 75 basis points since the easing cycle began in June.

Bryan Jackson
Mortgage Agent - Level 2
Mortgage Simplicity
License # 13524
A 18872 Leslie Street, Sharon, ON, L0G 1V6
M 289-716-4812
E [email protected]
W https://mortgagesimplicity.ca/bryanjackson
Lic. M12002257

WHY YOU NEED A MORTGAGE STRATEGY, NOT SIMPLY A MORTGAGE RENEWAL When you receive a mortgage renewal letter, many homeown...
09/03/2024

WHY YOU NEED A MORTGAGE STRATEGY, NOT SIMPLY A MORTGAGE RENEWAL

When you receive a mortgage renewal letter, many homeowners simply accept the terms of their new mortgage contract or ignore the letter altogether, which effectively amounts to the same thing (with most lenders, if you do nothing after receiving your mortgage renewal letter, the terms laid out in it will become your new contract).

While it’s never a good idea to choose an automatic mortgage renewal, now more than ever it can pay huge dividends to look for better mortgage terms elsewhere. I can explore the significant potential cost savings while avoiding automatic mortgage renewals and why a mortgage strategy is a much better option during what some are calling the Canada mortgage renewal shock. 

If your mortgage renewal is coming up, before you sign on the dotted line (or ignore it) contact me today and I’ll look over every aspect of your mortgage renewal in great detail and consider the impacts it could have on your financial plan, your disposable income and your lifestyle.

Bryan Jackson
Mortgage Agent - Level 2
Mortgage Simplicity
License # 13524

A 18872 Leslie Street, Sharon, ON, L0G 1V0
M 289-716-4812
E [email protected]
Whttps://mortgagesimplicity.ca/bryanjackson
Lic. M12002257

No change on interest rate as Bank of Canada sticks to 5%The Bank of Canada has announced its key overnight interest rat...
01/24/2024

No change on interest rate as Bank of Canada sticks to 5%

The Bank of Canada has announced its key overnight interest rate will remain at five per cent, keeping its benchmark the same for the fourth time in a row.

Bank of Canada to Announce Interest Rate Decision Today!The Bank of Canada is set to make its first interest rate announ...
01/24/2024

Bank of Canada to Announce Interest Rate Decision Today!

The Bank of Canada is set to make its first interest rate announcement of the year this morning.

Economists widely expect the central bank will continue holding its key interest rate steady at five per cent.

But all eyes will be on governor Tiff Macklem for any hints on when the central bank plans to pivot to rate cuts.

The Bank of Canada has held its key interest rate steady at its last three announcements as economic data suggests monetary policy is slowing inflation.

However, Canada’s annual inflation rate ticked back up in December to 3.4 per cent, complicating the central bank’s path.

Forecasters still expect economic weakness will allow the Bank of Canada to begin cutting interest rates as early as this spring.

Bryan Jackson
Mortgage Agent - Level 2
Mortgage Simplicity
Lic #13524

M 289.716.4812
E [email protected]
W http://mortgagesimplicity.ca/bryanjackson
Lic

REFINANCING???Refinancing your mortgage means borrowing based on the net worth of your home. The difference between its ...
01/15/2024

REFINANCING???

Refinancing your mortgage means borrowing based on the net worth of your home. The difference between its current market value and the remaining balance on your mortgage. By refinancing your home, you can borrow up to 80% of its estimated value.

With rising costs in just about every sector, using your available equity in your home is a great way to consolidate your debts to create some monthly savings. It’s also an opportunity to access that equity to have as a “slush fund” for those unplanned expenses and projects.

If you have any questions or inquiries with an upcoming renewal or want to discuss your refinancing options please fee free to contact me at your earliest convenience.

Bryan Jackson
Mortgage Agent - Level 2
Mortgage Simplicity
Lic #13524

M 289.716.4812
E [email protected]
W http://mortgagesimplicity.ca/bryanjackson
Lic

Explore Your Mortgage Renewal Options:When your mortgage is coming due, one option is to renew your existing mortgage wi...
01/11/2024

Explore Your Mortgage Renewal Options:

When your mortgage is coming due, one option is to renew your existing mortgage with your current lender. They will typically offer you a renewal package with terms and interest rates. However, this is also an opportunity to negotiate for better terms or explore other options with different lenders. Seek the services of a mortgage broker, this will guarantee more exposure to other lenders. More lenders equates to more offers which ultimately equates to lower rates!

Call me today for all of your mortgage inquiries. It never hurts to explore your mortgage options.

Bryan Jackson
Mortgage Agent - Level 2
Mortgage Simplicity
Lic #13524

M 289.716.4812
E [email protected]
W http://mortgagesimplicity.ca/bryanjackson
Lic

Avoid fees by opting for flexibilityIf you haven’t purchased your “forever home,” you have additional questions to ask y...
09/26/2023

Avoid fees by opting for flexibility

If you haven’t purchased your “forever home,” you have additional questions to ask yourself when renewing your mortgage.
If you’re planning to sell your home in the next few years, having a mortgage that you can transfer (port) with you to a new home is very important.

If you sell your home before your mortgage term ends, you may have to deal with prepayment penalties. These fees can amount to thousands of dollars, so you want to know what you’re facing if you’re thinking of selling your home. The fees are usually either three months interest on what you owe, or the difference between your interest rate, the current rate and the amount of time left on your mortgage.
Check the fine print of your existing mortgage to see if it is transferable, and when shopping for the best mortgage renewal rate, make it one of your top questions to ask.

Keep in mind, as you purchase your new property, you will need to requalify for your new mortgage.. This means you’ll need to provide key documentation to your lender.

Bryan Jackson
Mortgage Agent

M 289.716.4812
E [email protected]
W https://mortgagesimplicity.ca/bryanjackson

Lic. M120025

When will Canadians find relief with mortgage rates?Only a small portion of Canadians with mortgages have felt the full ...
09/18/2023

When will Canadians find relief with mortgage rates?
Only a small portion of Canadians with mortgages have felt the full impact of higher interest rates. For many homeowners, the pain of higher mortgage payments will come at the time of renewal. The BoC says that almost all borrowers will have to renew their mortgages before 2026, and they could see a jump of 20% to 40% in their monthly payments.

Before you just renew your mortgage, it's always a good idea to see what other opinions are available to you. Many homeowners are limited to the products their "Big Banks" can offer. By removing those "horse blinders" we as mortgage broker/agents have the ability to show you options that would not be available to you by keeping those "blinders" on.

If you have a mortgage that is coming up for maturity, or looking for any mortgage advice please let me know I'd be happy to help

Bryan Jackson
Mortgage Agent - Level 2
Mortgage Simplicity
License # 13524

M 289-716-4812
E [email protected]
W https://mortgagesimplicity.ca/bryanjackson
Lic. M12002257

When will Canadians find relief with mortgage rates? Only a small portion of Canadians with mortgages have felt the full...
09/18/2023

When will Canadians find relief with mortgage rates?

Only a small portion of Canadians with mortgages have felt the full impact of higher interest rates. For many homeowners, the pain of higher mortgage payments will come at the time of renewal. The BoC says that almost all borrowers will have to renew their mortgages before 2026, and they could see a jump of 20% to 40% in their monthly payments.

Before you just renew your mortgage, it's always a good idea to see what other options are available to you. Many homeowners are limited to the products their "Big Banks" can offer. By removing those "horse blinders" we as mortgage broker/agents have the ability to show you options that would not be available to you by keeping those "blinders" on.

If you have a mortgage that is coming up for maturity, or looking for any mortgage advice please let me know I'd be happy to help

Bryan Jackson
Mortgage Agent - Level 2

Mortgage Simplicity
License # 13524

M 289-716-4812

E [email protected]

W https://mortgagesimplicity.ca/bryanjackson

Lic. M12002257

Address

19027 Leslie Street
Sharon, ON
L0G1V0

Telephone

+12897164812

Website

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