Mortgage SAVVY

10/07/2023

As I celebrate yet another birthday, I can’t help but reflect on the year past. ☺️

And if I were to be quite honest… this past year has not been the easiest. But it has helped put so much into perspective.

It’s given me a chance to really savour, cherish and appreciate the things that truly matter most. ❤️

As many people know, this year I lost the two people closest to me. This past year really forced me to slow down, live in the moment and truly value the gift of time.

Time is one of the greatest gifts we are ever given. We all know that our time on this earth is limited – but too often, we live our life as if it is unlimited.

This year really helped me to get more intentional with my time, energy and focus and take stock of my own needs. It presented me with opportunities to be a bit more selfish and devote more time to the things that give my life meaning.

One of my greatest gifts of life being my daughter, Sia. She is my gift from God. She is my whole world and the reason I wake up with a grateful heart every single day. She is the beating of my heart and the reason for smile.😊

Thank you to everyone for going out of your way to make this birthday feel extra special. I am so blessed to be surrounded and showered with so much love and support every single day. You sure know how to make a girl feel loved. ☺️

09/18/2023

NEWCOMERS TO CANADA. 🇨🇦

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Immigrating to Canada is a big step and starting a new life in Canada can be challenging.

For many newcomers, one of the biggest hurdles is often having a very limited credit history.💳

But there is a mortgage solution available for those who may have trouble finding traditional financing to buy a home 🏠 in Canada.

In order to be eligible you must meet the following:

☑️ Credit score of 550+.
☑️ Six consecutive months of 2 verifiable monthly payments
☑️ Minimum six months of Canadian bank statements
☑️A minimum down payment of 10% is required

If you met these basic qualifications, you can qualify for a mortgage.😊

Tag someone in the comments who may benefit from this program. ⬇

08/04/2023

Rakhee and entire Mortgage Savvy Team are excited to announce and welcome the newest member of the Mortgage Savvy team Alisha Manning.❤️

After an incredible journey at BRX Mortgage, Alisha is excited to embark on a new chapter with Mortgage Savvy as our new Director of Underwriting.

“I want to express my heartfelt gratitude to everyone at BRX Mortgage for the support, camaraderie, and unforgettable memories we've shared during my time here. It has been an honour to work alongside such talented individuals, and I am proud of the accomplishments we achieved as a team. 🤝

As I transition to Mortgage Savvy, I am delighted to be working alongside Rakhee Dhingra, an industry expert whose passion for excellence and dedication to customer satisfaction is truly inspiring. I am confident that together, we will achieve great things and continue to make a positive impact in the mortgage industry.

I couldn't have reached this point in my career without the encouragement and guidance of my wonderful network of friends and colleagues. Your support has been invaluable to me, and I sincerely appreciate each and every one of you.🙏

As I move forward, I am excited about the opportunities that await me at Mortgage Savvy. I am confident that this new role will enable me to contribute my best, further develop my skills, and provide even better service to all of you.”

Alisha’s official start date with Mortgage Savvy will be August 7th, 2023. 😊

With our White Glove Service and her strong knowledge, we will continue to find you the right mortgage solution by providing the necessary tools and advice to help you reach your financial goals. 💰

Please join us in giving a warm welcome to Alisha. 🥰

07/31/2023

MORTGAGE ARREARS ARE STILL NEAR RECORD LOWS. 📉

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Despite rising interest rates and the increased cost of living, the share of mortgages in arrears remains near all-time lows at just 0.15.😯

Stricter lender guidelines and responsible financial management are demonstrating their resilience even in the face of turbulent times.

The introduction of the stress test back in 2016 has also helped to significantly mitigate risk as it’s a way of making sure borrowers will still be able to make their mortgage payments even if interest rates climb higher.

What are your thoughts on the recent mortgage statistics? ⬇️

07/24/2023

Opportunities are everywhere in any market.

Especially if you are optimistic and don’t follow the crowd. 🤭

Most people wait by the sidelines in hopes that things get “better” instead of looking for ways you can take advantage of opportunities right now.

Contrary to what most people think, another key opportunity is when the Bank of Canada 🏦 raises interest rates.

Some of the key advantages when interest rates go up include:

🔥 Potential decrease in competition. Higher interest rates deter some homebuyers from entering the market, leading to reduce competition for properties. This give you a competitive advantage in negotiating better deals or finding properties at lower prices.

🔥 Lower property prices. As demand decreases due to higher borrowing costs, it can put a downward pressure on property prices. This means you can find opportunities to acquire a property at more affordable prices.

🔥Favourable terms for seller financing. In some cases, sellers may be willing to offer seller financing options when interest rates rise. This means you borrow directly from the seller, versus a traditional mortgage from a financial institution. This means more flexible terms, lower closing costs and the ability to bypass stricter lending requirements.

🔥Increased bargaining power. When the market slows down due to higher rates, sellers may become more willing to negotiate and accommodate. This means more favourable purchase terms, including lower prices and more flexible closing timelines.

Are you in favour of the current market? Share your thoughts below.⬇️

06/08/2023

👏👏👏

Broker calls on fellow pros to take a more proactive approach

05/16/2023

TIPS TO GET THE MOST OUT OF YOUR MORTGAGE RENEWAL. 💲

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Did you know that 27% of Canadians allow their mortgage to renew automatically without giving it a second thought? ❗️

When your mortgage renewal comes around, it can be tempting to sign the dotted line 🖊 and be done with it.

However, don’t be so hasty to renew your mortgage without doing a bit of homework first.

Here are some tips to ensure you get the most out of your mortgage renewal:

1️⃣ Do your rate research – Know what other lenders are offering in comparison to your current rate so you know much wiggle room you’ll have to negotiate
2️⃣ If you get a lower rate, keep your payments the same – This will help reduce your overall amortization and pay off your mortgage sooner
3️⃣ Leverage equity to fund projects or goals – Renewal time is a great time to refinance in order to take out equity in order to consolidate debt or tackle some home renovations
4️⃣ Consider making the switch to a mortgage broker – If you’re looking for a better deal or rate, brokers have access to multiple lenders and more competitive quotes
5️⃣ Don’t be afraid to switch lenders – Most lenders will absorb the discharge fee into your new mortgage, which is a minimal cost to pay if you land a much better rate and mortgage terms in the process
6️⃣ Don’t leave your renewal until the last minute – Ideally you will want to start the process 120 days before your renewal date. This will give you ample time to do your homework.

Mortgage renewal time is the perfect opportunity for you to choose a mortgage that better suits your current financial situation and needs. Looking for expert advice? Send us a DM, we are happy to chat! 😊

05/11/2023

Long-term mortgage rates are falling. Is it time to lock in? 🔒

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While the fallout from Silicon Valley Bank and Signature Bank’s collapse has infected financial markets in the U.S and Canada, there is a silver lining for some homeowners – banks and lender 🏦 in Canada reacted fast by slashing mortgage rates in the wake of falling bond yields.

But is it the right choice to lock in to a fixed rate?

Locking in or not depends on many factors, including whether the penalties for breaking a current mortgage make sense or if you think rates are going up or down. 📉

Breaking a variable rate mortgage 🏠 comes with a penalty of three months interest, whereas breaking a fixed rate mortgage is a bit more complicated – you would have to either pay three months of interest or the value of the Interest Rate Differential (IRD), whichever is higher.

If there’s a chance you might sell your home before your mortgage term is complete, you should always be careful about a fixed rate mortgage or opt for a shorter term.

When it comes to mortgages, nothing is black ⚫️ or white⚪️.

While variable rates will benefit if rates fall, there may be a chance to lock in to a lower fixed rate over the next year compared to where rates are sitting today.

If you’re unsure of what option is best for you, we’re here to help! 🙋‍♀️

Whether it’s the fixed versus variable conversation or you’re simply looking for a second opinion and some peace of mind, we remain a phone call or DM away. 😊

05/04/2023

We are very excited to announce that Mortgage Savvy has been named a 5-Star Mortgage Employer. 🏆

This recognition came as a pleasant surprise and it’s truly an honour to be recognized amongst other established and long-standing mortgage brokerages.

This past year, mortgage professionals 👩🏻‍💼 have had to navigate a particularly challenging environment as rising interest rates have caused significant disruption. We, too, have had to weather the storm as consumers as increased cost of living remains top of mind.

We are extremely grateful to have ranked in the category of Gold ⭐️ for overall reputation as a brokerage.

Since day one, it has been our mission to transcend the mortgage broker industry, by providing a personalized survive you could never achieve at the big banks. 🏦

And when it comes to our client’s financial health, their mortgage is only one piece of the puzzle. 🧩Through our financial concierge service, we are able to help them get a better understanding of their financial situation and provide sound feedback and ongoing advice to help them improve their personal wealth.

This is the Mortgage Savvy difference. ✨

We want to take this opportunity to thank everyone and extend our gratitude and appreciation for your continuous support. We wouldn’t be where we are today without each and every single one of you. ❤️

05/01/2023

FOREIGN BUYER BAN CHANGES.

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Earlier this year, legislation was introduced that bans non-Canadians from being able to purchase property. 🏠

Many home buyers and mortgage professionals expressed concerns and issues regarding the wording of the regulations brought forward.

As a result, the federal Minister of Housing has introduced four amendments.

✔️Work Permit Holders - Work permit holders are now able to purchase residential property, as long as they have 183 days or more of validity remaining on their work permit
✔️Vacant Land Zoned for Residential or Mixed Use - Vacant land that has been zoned for residential or mixed use can now be purchased by non-Canadians
✔️Exemptions for development purchases - Non-Canadians are now able to purchase residential property for the purpose of development
✔️Increasing the corporation foreign control threshold from 3% to 10% - There was concern amongst developers that this threshold was too restrictive and would have damaging consequences to the development of new housing.

What do you think of these proposed changes?

Do you think the foreign buyer ban will help improve housing affordability?

Let us know in the comments. ⬇️
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04/27/2023

Ontario Budget Focused on 1.5 million homes 🏠 by 2031.

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The 2023 Ontario budget 💰 is focused on improving housing supply for advancing the province’s More Homes Built Faster measures.

What this means for Ontarians:

⚫️Ontario will advance its priority of building 1.5 million homes by 2031 by strengthening the province’s housing approval fund
⚫️Ontario will also implement an increase to the non-resident speculation tax to 25%
⚫️Calling on the federal government to work with the province on a potential Goods and Services Tax and Harmonized Sales Tax (GST/HST) relief for new housing and rental development

Ontario’s budget is also focused on addressing the labour shortage in construction, the skilled trades and health care. Canada has outpaced the United States in its economic recovery and 2021 and 2022 marked two of the strongest years in job growth on record in Ontario.

Current advocacy requests to the Ontario government include:

⚪️Doubling the land transfer tax rebate from $4,000 to $8,000 and index it to inflation
⚪️ Prohibit the extension of a municipal land transfer tax to municipalities, a penalizing “double tax” to home buyers
⚪️Update the provincial HST rebate to reflect current homes prices and begin indexing the thresholds to housing prices
⚪️Support mortgage fraud prevention efforts by encouraging the federal government to grant CRA enabled income verification

Do you agree with some of these proposed requests?