Pocket Mortgage

08/09/2022

It’s never been safe to transmit documents through email, but with the rise of cybercrime it is even more dangerous today. We were early to adopt Secure Document Portal technology at Pocket Mortgage. However, our systems have only gotten better and more efficient over the past couple of years. With the latest Pocket Mortgage technology, you will be able to upload all of your documents directly into your file with us while doing it all through a fully encrypted document upload channel. Future is here.

07/19/2022

To keep you budget flexible in the times of rising interest rates, try to focus on the following:
· Pay down your debt as much as possible to reduce your cost of borrowing long-term
· Practice strict budgeting (analyze your wants versus needs)
· Pay down your debt with the highest interest rate sooner so that you pay less interest in the long-term
· Just because you qualify for a large mortgage, does not mean you need to use the full mortgage limit you qualify for (do you need 4 bathrooms? or could you do with just 3?)
· Find ways to increase your income (part-time/small business) to help pay down debt quicker
· Make sure you always have an emergency fund set aside for a rainy day. You never know.

07/13/2022

The Bank of Canada raised the overnight rate by a whooping 100bps this morning. That’s the largest rate hike in 20+ years and a very aggressive move by the BOC in an effort to battle inflation.

07/12/2022

Mark those dates on your calendar ☝🏻

The Bank of Canada schedules 8 interest rate adjustments per year. In 2022, dates include:

● Wednesday, January 26
● Wednesday, March 2
● Wednesday, April 13
● Wednesday, June 1
● Wednesday, July 13
● Wednesday, September 7
● Wednesday, October 26
● Wednesday, December 7

DM me for more information regarding how interest rate adjustments will affect your mortgage.

07/11/2022

The Canadian mortgage stress test was introduced a few years ago in an effort to pre-qualify all new mortgage borrowers for the odd possibility that interest rates might rise up-to what seemed like an unusual level > 5%. In theory, if you were able to qualify for your mortgage at 5.25% (even though you were signing a 5-year contract as low as 1.49% in some instances), you would be okay if at the time of renewal even if your mortgage rate actually reached the 5.25% interest rate at renewal. Everyone felt this may have been too strict of a rule, but looking at the current state of things in Canada in June 2022 the BOC clearly had a point.

Stressed about the upcoming renewal? DM me today and let’s chat.

06/30/2022

If you ever wondered how to correct your credit bureau records with Equifax and TransUnion, take a look at my most recent LinkedIn article. Go to the link in my Bio.
# crediterrors

06/29/2022

Make sure to explore some alternative options before signing your mortgage renewal back to the current lender. Speak to a mortgage agent a few months in advance and take advantage of their vast lending network. You’d be surprised by the variety of options available to you if you are willing to take the time and do this early

06/07/2022

Interest rates are on the rise, but there’s never a bad time to discuss debt consolidation. Are you looking to put all debts into a single payment? Refinancing your balances could not only provide some savings but greatly improve your cash flow.
Let’s review your current scenario today.

06/04/2022

Is your Mortgage coming due for a renewal? To keep the renewal process stress-free and to keep more money in your pocket, start negotiating 120 days before your term’s maturity date.
DM me today! I can help you to maximize your mortgage savings and reach your financial goals.

06/01/2022

Although this BOC rate hike doesn’t come as a surprise to anyone, some of the wording used by the BOC on the topic of inflation is alarming (re: “prepared to act more forcefully”). The real impact of any rate hike becomes clear many moons after the decision is made. With inflation in Canada as rampant as it is right now, the BOC’s desire to battle inflation with quantitative tightening (QT) makes sense. However, doing too much QT too quickly could just as easily do more harm than good. Let’s see what happens in the next 30 days 😅