Michele ELLIS Mortgages - Your Local Mortgage Broker

07/06/2024

07/06/2024

Considering a change? Alberta is *still* calling.

Alberta beckons with affordable living and a booming job market! The “Alberta is Calling” campaign offers perks like a $5,000 refundable tax credit for skilled tradespeople moving to bolster the province’s infrastructure. (Not a bad deal).

Why the allure? Edmonton, Canada’s most affordable city, offers great value for homeowners. In 2023, Alberta welcomed 200,000+ new residents, drawn by affordable homes and plentiful jobs. Rapid growth brings housing challenges, but Alberta remains a beacon for those seeking a fresh start without urban centre costs.

Are you ready for a new chapter? Alberta’s calling with opportunities and a warm welcome. Will you answer?

06/26/2024

Thinking about getting a mortgage but feeling unsure about the process? Let's demystify what a lender’s mortgage commitment really means.

When you apply for a mortgage through a broker, we send your application to the lender. If everything checks out, you’ll receive a mortgage commitment. This is the lender's way of saying, “We want to work with you!”—like a proposal, but without the getting down on one knee.

But signing this commitment isn't the final step; it's just the start. The document usually comes with conditions you'll need to meet, such as verifying your income and providing proof of your down payment.

Once you meet all the conditions and agree on the rates and terms, your lender and lawyer will finalize everything. Your mortgage will be registered, and you'll officially be a homeowner!

With your new mortgage in place, we'll keep in touch to ensure it continues to meet your needs. Achieving homeownership can be straightforward with the right preparation and support.

06/16/2024

Thinking about your down payment for that dream home?

You might know the basics ➡️ 5% on the first $500K, 10% on the portion up to $999,999 and 20% for homes over that $1M mark or for investment properties.

But here's the kicker—lenders get a bit picky when prices hit $1M. While many accept the standard 20% down payment up to a certain value, once you cross that threshold, the down payment requirements can change.

Enter the sliding scale.

Each lender has its own way of doing things. One might ask for 20% down on the first $1.5M and 50% on the rest, while another might need a 35% down payment for anything over $1.5M. You never know.

That’s why it’s crucial to chat with a mortgage agent when considering larger purchases. We can help you navigate these scales and find the lender that fits your needs best.

Let's find the perfect fit for your homebuying journey!

06/05/2024

The Bank of Canada just lowered the overnight rate to 4.75%, kicking off what many expect to be the first of several cuts this year. This change hints at a more accommodating monetary policy ahead as inflation stabilizes.

For current homeowners, this means potentially lower monthly payments on variable-rate mortgages and lines of credit. If you’re thinking about buying, this could make the market more attractive, especially with more rate cuts possibly on the horizon. Stay vigilant!

While one cut might not revolutionize the market, it gives us a little bit of hope going forward. Real estate is sensitive to these shifts, so it might be a good time to rethink your plans if you’re buying or selling.

Remember, though, it's crucial to consider your own financial situation and potential future rate changes before making decisions. Let's chat and see how this news could impact your homeownership journey!

06/01/2024

Today's housing market is quite competitive. You need some strategic power moves to stand out from the crowd.

Getting a mortgage pre-approval shows sellers you're a serious buyer, giving you an edge over others.

A pre-approval shows you're a motivated buyer and financially ready—music to a seller's ears. So, if you're in the market this season, jump in our DMs and let's get your pre-approval ready to go!

05/14/2024

Don't let down payment myths hold you back! It's time to set the record straight.

👉 Contrary to popular belief, you don't need to be a first-time homebuyer to qualify for a lower down payment. That 20% figure? Not set in stone.

Whether you're a seasoned homeowner or new to the game, here's the real deal: You can secure your next property with as little as a 5% down payment on the first $500k, 10% on the portion between $500k and $1M and 20% for anything over a million.

Keep your options wide open, and let's explore the possibilities together!

05/06/2024

Debt concerns on the rise? You're not alone. Canadian consumer debt has surged to $2.4 trillion, sparking a rise in consumer proposals as a debt relief option.

A consumer proposal is a formal process offering an alternative to bankruptcy.

Here's how it works ➡️ a Licensed Insolvency Trustee (LIT) collaborates with the debtor to craft a repayment proposal to creditors, typically over five years.

Benefits? Retaining your assets, avoiding bankruptcy's credit impact and repaying creditors in a timely manner to get that pesky debt dealt with.

If you're grappling with debt, consult with a LIT to explore if a consumer proposal aligns with your financial situation. Let's connect you with the right support!