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AD Mortgage

Mortgage Financing made Easy. Proudly serving the GTA and Central Ontario.

02/09/2024

Always nice to be recognized!🏆

07/12/2023

Th bank of Canada has again increased their rate by another .25 basis points today. While people are optimistic with the news being reported out of the U.S that inflation in terms of CPI was at its lowest rate since 2021, other remain cautious. The bank of Canada has indicated that it will do what’s needed if inflation persists in Canada. If you are currently in a variable product and would like to discuss your mortgage options or potential strategy that could work for your personal finances, please feel free to get in touch.

06/07/2023

Bank of Canada has resumed raising its benchmark rate by 0.25%. If you need help with purchasing a property or pre-qualifying, renewing or refinancing your mortgage, please don’t hesitate to reach out!

04/12/2023

Bank of Canada stays put again! If you need help with getting pre-approved or require assistance with your purchase, renewal or refinance, please don’t hesitate to get in touch. Im here to help!

03/08/2023

The Bank of Canada has taken a break from raising rates for now, but it has indicated that it will raise if necessary. In other news this week, the US Federal reserve chair, Jerome Powell, has indicated that they will continue raising. If so, this will hurt the Canadian dollar and as such, create more inflationary pain for Canadians buying groceries and other household goods. We will just have to see how this will play out. In the meantime, it presents a window for people looking to get a mortgage pre-approval for their purchase, renewal or refinance. If you need assistance with your mortgage, do not hesitate to get in touch.

12/07/2022

The bank of Canada just announced their final raise for 2022 at 50 bps. They have indicated a slowing of the pace but none the less a continuation in the current direction in 2023 📈. If you want to discuss or need help with your mortgage needs, please don’t hesitate to reach out.

10/26/2022

The BOC just raised their benchmark interest rate yet again. Feel free to get in touch if you would like to discuss or if need help with your mortgage.

09/13/2022

Proud to once again receive the prestigious Diamond Award from Dominion Lending National for annual volumes. As difficult as the year continues to be in the real estate industry with ever increasing rates, I take great pride in being recognized as a top producer in my field. Thank you to my amazing clients, partners and peers for your continued support! ❤️🎉❤️🎉❤️

09/07/2022

The Bank of Canada has once again raised its benchmark interest rate. Feel feee to contact me if you need help or would like to discuss.

07/14/2022

If you are looking to discuss the current mortgage environment and/or require help with your financing, please don’t hesitate to reach out.

04/07/2022

When applying to do a mortgage, you may have grown accustomed to seeing a plethora of rates displayed all over the place. These rates apply to different mortgage products, but what they don't show you is the “qualifying rate” or the “stress test rate” which is the actual number that is used during your application process.
What is this rate? And how does it work?
As of the writing of this article, the stress test rate in Canada is 5.25% or the contract rate you are getting for your mortgage plus 2%, whichever is greater. This rate will be used to calculate your borrowing capacity for your mortgage and as long as your borrowing ratios are in line, you will get the mortgage at the rate that was advertised. However, if your ratios are too high, this will dictate that you must take a smaller mortgage.
So let’s say you want a fixed mortgage; today fixed mortgages range from a high 3% to low 4%. So for this example, if the fixed rate mortgage is 4% , the stress test will be 6% (your rate + 2%) and if you are qualified using 6% you will be able to get your requested mortgage at 4%.
So how does this affect borrowers? Simple. The higher the stress test goes, the less you are qualified to borrow.
How does this affect people who are in mortgages? It means that if you are coming up for renewal, you must be able to qualify at the new higher rate or you may have trouble.
How does this affect sellers? Well if more and more people are unable to afford their cost of borrowing, that will reduce the amount of buyers in the market, and if there are less buyers, that means that sellers will have to increase their efforts to sell their property which usually results in lower prices. This is the simple law of supply and demand.
What can we do?
Have no fear! You can’t change the environment, you just have to make the best of it. Be conscious of your affordability and your comfort levels on spending.
If you are looking to discuss your mortgage situation, please feel free to reach out at any time. I would be happy to look into your situation and help ensure you are on the right path.

03/08/2022

The Bank of Canada Finally Raised their Benchmark Rate. So what now?
After much anticipation, the BOC finally raised their overnight rate by .25% sending all credit products higher.
While this was expected to come at some point, the real question is whether or not it will cool the red hot real estate market and how this will impact buyers.
Presently, if the market prices of homes are any indication, rising rates have not slowed the market. With demand far outpacing supply, prices have been resilient and have continued to climb to the upside.
With rates expected to continue going higher, the question is how quickly will they be able to go? Many believe that with the new geo-political issue happening in the Ukraine, Central Banks may have to be more cautious as to not put their economies into recession. While this may be a tightrope act, they will still do their best to stay on course to raise rates.
Prospective buyers of real estate will want to get pre-approved as early as possible to give themselves the option of holding onto a rate so that they may benefit from a lower rate in the future. More importantly, in an environment of little inventory and many competitors, being pre-approved is essential so that you can make the strongest offer with little to no conditions if need be. Remember, if you are competing, it is incumbent upon you to make sure you have as many advantages as possible. Being able to close firm is certainly an advantage.
If you are looking to purchase, renew or refinance a property or require help getting pre-approved, please don’t hesitate to get in touch!

Address

1986 Avenue Road
Toronto, ON
M5M4A4

Website

http://www.admortgage.ca/

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