Great-Mortgage-Rates.ca Mortgage Agent, your mortgage expert

01/28/2023

Housing prices are doing what we expected with the steep rise in interest rates. https://www.cbc.ca/news/business/crea-housing-december-2022-1.6715177

Is it everywhere? No, some areas remain in higher demand and there are still a lot of people who are wealthy enough to buy at what many feel are incredibly high prices.

The rate hike this past week came as little surprise because inflation, while down to the 6% range in December is still well above the long standing target of 2% which policy makers feel give the right balance for steady and manageable growth. They are now estimating we will get there in 2024. Nice to know it is in the cards, that that is still up to 2 years of higher rates for many borrowers and anyone renewing a mortgage from 2-3% range to a rate in the 5% range is likely to feel the difference, especially if they borrowed near where they were most comfortable. The stress test helped make sure the shock was not as big as it might have been under older rules, but it may mean changes for many.

If you need help navigating your next mortgage, whether you are buying, refinancing or just looking for a better deal. Give me a shout through my website or email (not FB).

For those may need equity lending for any reason, and understand they will pay a higher rate because they do not quite fit the regular bank deals, or have lower credit scores, I can help there too.

Let me know how I can help with your mortgage needs.

The price of the average Canadian home that sold in December was $626,318, a decline of more than 12 per cent from where it was the same month a year ago.

07/31/2022

Well for younger people the current mortgage rates are a real shock, but they are still better than when I first went into the business and a great deal was 5.7% and the government was testing out 100% mortgages ,because they were doing it in the USA. Yes, it was the pre-2008 disaster.
Rules are tighter and really it is to make sure people do not lose their homes and more. When housing is so expensive it can be hard to imagine getting into the market, but it is not impossible and if you need help I can show you what is possible and help make it happen.
Enjoy the summer.

12/04/2021

Hi
I have changed my profile pictures because it would seem someone has used the old one to create a false account using my name. I am not sure how they found out who at least one of my friends is, but she kindly let me know about the scam so this image change is part of my attempt to let people know. A reminder that I do not often use messenger, usually only to reply to people or to reach out to people for whom I do not have a current email.
I have let FB know and update my passwords to random crazy long things, so hopefully that helps a bit.
Enjoy the day.

06/01/2021

Today "they" raise the bar on qualifying for a mortgage. I am not sure it will stop the crazy price increases. It is still a fixed amount of space being sought by en ever growing population, but it does mean more people will need to kick in to help, if you want to own, or you are in the lucky % who make a very good income.
That, or more people get higher cost B loans, or second mortgages.
It will be interesting to see what happens.

04/15/2021

A pretty good analysis of why Canada is unlikely to charge capital gains on primary residences.

Taxing the capital gains on the sale of owner-occupied homes would have little impact on prices, and a likely a negative impact on supply

04/15/2021

Lockdown, high lumber prices, free weights at CT double the price, there is a lot to be glum about. The plus side is that interest rates are staying low, so that people who need to borrow are not overwhelmed by the interest rates of when I first got into the business. A good deal was 5.7%.

All kinds of lenders are still offering great deals for all kinds of borrowers. Low interest first mortgages, second mortgages where needed, reverse mortgages for people of a certain age, private lenders.

I can still help you find the best possible deal for your needs and situation. Reach out and let me know how I can help.

01/17/2021

Ok, with 5 year fixed rated now getting close to 1.5%, for insured mortgages, we can safely say that anyone with renewals, refinances and particularly purchasers, are in for a treat.

If you bought way back when mortgage rates were 5.7% and are renewing what is left of your mortgage at around 2%, good for you.
My advice, to anyone who can, is to keep your payments where they were when you first bought your place and get rid of your mortgage faster.
If your income has gone up in the last 10 years, use the extra for TFSAs, RRSPs and if you have children, RESPs.
Retire without debt, if at all possible.

We cannot do a lot of the things we used to do now, but with luck we will do them again soon. If you are lucky enough to still be working, use this time to save, pay down debt, and put yourself in a position to enjoy life when the world opens up again.

01/31/2020

Regulators are demanding more and more so do not be surprised to learn that lenders might ask not only for T1, but also T2 and more stuff than ever before to get you that mortgage.
They are really afraid that when rates go up, whenever that is, that we will see a lot of foreclosures and bankruptcies.
Keep your spending in line but more importantly enjoy life.

09/03/2019

Rates keep dropping, and houses keep selling, the one question I keep getting from some people is how can so many people afford Toronto real estate? I know many can't, but the only thing I can say is that there are a lot of people making a good living here, and the ones that buy with 1 or more people can often get their foot in the door. One past client bought and rented out a room to help save. So, there are probably as many answers as there are buyers.
Good luck in your search.

08/22/2017

Some rates going down and some going up 5 year fixed hovers between 2.84 and 3.14%. Rates are still expected to go up in September.

08/22/2017

Welcome to Real Estate Marketing Sin #4.

Most Realtors believe -- either consciously or unconsciously --
that once you "close the deal" and the client walks out the door,
then the deed is done and you just move on to the next prospect.

What they don't realize is that their next prospect might have
just walked out the door!

Most REALTORS® tend to be "hunters" instead of "harvesters".
Top producers, on the hand, understand the importance
of both.

They understand that a new customer typically costs 5 to 10
times more than a repeat customer.

That's why they focus on getting 60% to 70% of their business
from their existing client database through referrals and
repeat business -- and you should too!

Here's how they do it...

In next week's tip, you'll learn the secret for mitigating the
risk of losing money when advertising and how to boost
the ROI on every ad dollar you invest.
Stay tuned...

Your partner in success,

Lorne Andrews
Mortgage Broker
(416) 276-6445
Dominion Lending Centres Expert Financial

PS. After you watch this video, please submit your comments.
I love feedback!

Check this out... https://www.youtube.com/embed/yovZGGNIdv0?

Welcome to Real Estate Marketing Sin #4. Most REALTOR® believe -- either consciously or unconsciously -- that once you "close the deal" and the client walks ...

04/19/2017

//www.viddler.com/v/4029dadd?secret=59104545

A little video to help explain credit reports.

Understanding Your Credit Report