Jessica Orth - Mortgage Specialist

07/13/2022

Bank of Canada raised prime a full percentage today to 4.70%. It was raised higher than what was anticipated.
Most banks will be in effect tomorrow and they will send you something in the mail with your new payment.
Lock in or stay variable? I would recommend staying variable and riding it out if you have a high discount rate.
If you lock in, your rate will be over 5% for a 5 year fixed rate.
Remember, rates are just going back to pre pandemic rates.

The Bank of Canada has raised its overnight target rate by a full percentage point, bringing it to 2.50%.

Read the full statement here: https://bit.ly/3OcizNK

04/17/2022

Go ahead and put all your eggs in one basket today! Hoppy Easter!

12/19/2021

Condo coming on the market soon for a good price in Langford! Great location, walking distance to everything.

2 Bed 2 Bath beautifully renovated condo in heart of Goldstream Beautifully renovated 2 Bed 2 Bath condo right in the heart of Goldstream! The elevato...

10/22/2021

With inflation coming, there is speculation about whether to go with a fixed rate or lock in if you are in the variable. There would need to be at least 8 rate increases on prime for it to catch up to the fixed rate. It all depends on your long term goals and what you feel most comfortable with.

A fixed rate means you are locked in for a term and know your monthly mortgage payment. Alternatively, variable rates are often lower than a fixed rate but they fluctuate with the Bank of Canada posted rates.

07/21/2021

Special rates available for our first responders! Very exciting news.

05/21/2021

The qualifying rate will be 5.25% for Insured and Conventional mortgages effective June 1st. This was a surprise to us yesterday as we were only anticipating it to apply to Conventional mortgages (putting more than 20% down). This will reduce your purchasing power by about 4% on all mortgages.

The qualifying rate for residential mortgages with a down payment of 20 per cent or more will rise to the contracted rate plus 200 basis or 5.25 per cent, whichever is higher.

04/28/2021

The stress test will be increased to 5.25% on June 1st for uninsured mortgages. This will reduce your mortgage amount by about 4% if you are putting more than 20% down on a purchase. If you would like to hear more, Please give me a call or email.

03/11/2021

10/15/2020

By using a mortgage broker, our services are free to you.
We are looking out for your best interest and the best product/services available to you.

With access to over 200 lending institutions, a mortgage broker can help YOU find the best mortgage product by shopping the market for the best rates and terms. The best part? Our services are FREE!

08/20/2020

The stress test has been reduced to 4.79% as of Monday August 17th which has increased your borrowing power.

06/09/2020

Canadian real estate kicked off 2020 with a bang, but there are conflicting opinions as to how we’ll finish out the year. Canada’s federal housing agency has warned that average house prices could fall by up to 18 per cent over the next 12 months – a dismal prediction that’s being challenged...

06/05/2020

Canada Housing and Mortgage Corporation (CMHC) has recently changed their underwriting policies for insured mortgage starting July 1st. Please check out the link below. This will reduce your purchasing power by about 10-11% if you are putting less than 20% down. We are waiting to see if the other insurers will follow suit.
Please let me know if you have any questions or concerns or if you would like some tips to increase your credit score.

https://www.cmhc-schl.gc.ca/en/media-newsroom/news-releases/2020/cmhc-reviews-underwriting-criteria