Oshawa Mortgage Broker – 5 Things Your Broker Wishes You Knew

As an Oshawa mortgage broker, I continue to dedicate my time to educating my clients as I help them find the perfect mortgage for their home financing needs.

Throughout my years in the mortgage industry, I have learned that while a lot of people research different home financing options before they meet with a mortgage broker, there are often a few things that are missed during this research that their mortgage broker wishes they knew.

If you are looking to purchase a home in the near future, take a look at the list below to find out what your mortgage broker will wish you knew before you got started with the mortgage process!

_ Always call your mortgage broker first! An excellent mortgage broker will want to be there to guide you through the entire process and will want to be kept in the loop on all matters that concern your finances and thoughts about the home-buying process.

_ Educate yourself on down payment requirements. Whether this means asking your mortgage broker right out of the gate or doing your own research beforehand, don’t wait until the last minute to find out your down payment funds can’t be used because they don’t follow financial regulations.

_ Find and hold onto ALL documentation. If you know you will be purchasing a home, do not discard any important documentation. Your mortgage broker will be able to provide you with a list of what they will need in advance, but it is better to be safe than sorry. Holding on to important paperwork will make things much easier as you progress through the process.

_ Don’t make any drastic or sudden changes. Don’t quit your job. Don’t buy a car. In some cases, even purchasing larger items you plan to use in your new home can mean the difference between getting approved or denied for your mortgage.

_ Mortgage brokers can’t do everything. While mortgage brokers are home financing superheroes most of the time, there are a few things we are not able to do. Mortgage brokers cannot approve your mortgage or determine the loan amount you will receive. It is, however, our job to work with top-rated mortgage lenders to ensure that you are getting the best options for these things.

If you are looking to purchase a home in the near future, it is also important for you to know that as an Oshawa mortgage broker, you will always be my top priority. Give me a call today to find out more about the mortgage process or to get your loan application started today!

Ottawa Mortgage – Tips for Renewing Your Mortgage


Don’t renew your mortgage without speaking to an Ottawa mortgage professional, like our team at the Mortgage Emporium!

Review Your Options

If it will be time to renew your mortgage in the near future, we advise that you take the time now to review the different options that are available to you. There are many different aspects of a mortgage, and when you renew your mortgage you may have the opportunity to change one or more of these to make your loan more affordable.

Change Your Rate

More often than not, interest rates will have changed since you obtained your original mortgage. If rates have gone down and you are in a fixed-rate mortgage, renewing your mortgage at a lower rate could save you a good deal of money.

That is why, as we said in the beginning of this post, you should not renew your mortgage without speaking to a professional. If you just blindly sign your renewal, you may be agreeing to continue paying a higher rate than what is currently available to you.

Change Your Monthly Payment

You may have the option to adjust your monthly payment when you renew your mortgage. If you want to pay off your mortgage faster and have the room in your budget, increase your monthly payments. If you are less concerned with how quickly you can pay off your mortgage and would like more wiggle room in your monthly budget, ask about decreasing your monthly payments.

Re-Evaluate Your Mortgage Insurance

If you have been paying an insurance premium with your monthly mortgage payment because either your credit or down payment was too low when you obtained your mortgage, you may be able to adjust these premiums or even get rid of your mortgage insurance premiums altogether.

If you do decide to discuss changes to your mortgage agreement, make sure to review the amended mortgage contract before you sign the official documents.

At the Mortgage Emporium, we are always happy to help our clients save on their home financing, whether they are first-time home buyers or looking for help as they renew their existing mortgage.

Give us a call today to set up your mortgage consultation and start saving now!


Source: http://globalnews.ca/news/1130403/5-things-to-know-about-renewing-y

Ottawa Mortgage Broker – The Benefits of Getting Pre-Approved


If you are looking to purchase a home in the Ottawa area, the first step in your home buying process should be to contact an Ottawa mortgage broker. As experts in the industry at the Mortgage Emporium, we will help you get pre-approved for the mortgage you need, in a timely manner, so you can move on to finding the house of your dreams.

Getting pre-approved for your loan is a huge step in the mortgage process, and should be done before anything else because it will act as a sort of road map for the rest of the mortgage process.

Without a pre-approval you won’t be aware of any credit issues you may have, you won’t be aware of what price range you should be looking in and you won’t have any idea as to whether or not you can expect to be approved for your mortgage.

When you go through the pre-approval process, you will be filling out a complete application and providing documentation, just as you will when you officially apply for your mortgage. At this point, if you are pre-approved, that’s fantastic and you can move on to house hunting. If you are not pre-approved, your mortgage broker will be able to explain why your loan was denied, giving you the chance to resolve any issues before you actually apply for your loan.

A pre-approval will also give you a much better idea as to what sort of financing you can expect to receive which will help you narrow down your search by providing you with a solid price range to work within. You will also have the added bonus of greater bargaining power when you do find a home as a pre-approval is the next best thing to being approved and closing on your mortgage.

If you are interested in purchasing a home and aren’t sure where to begin, start with getting a pre-approval. Get in touch with an Ottawa mortgage broker at The Mortgage Emporium by calling phone number 1-888-421-9330 to get your mortgage process started with a pre-approval today!

Source: http://www.nytimes.com/2012/06/10/realestate/mortgages-the-advantages-of-preapproval.html
Source: http://www.mortgage101.com/article/advantages-mortgage-preapproval

Ottawa Home Loan – Ottawa Market Update

Are you looking to purchase a home in the Ottawa area? If so, look no further than The Mortgage Emporium for your Ottawa home loan needs!

Our team of experienced mortgage professionals is here to help you through the entire process, from getting pre-approved to finding the right home that fits within your budget, to closing on your mortgage contract.

Once you have been pre-approved for your loan, you can begin searching for your dream home!

We understand that the process of finding the perfect home at the right price point can be difficult so we strive to make that process as easy as possible for our clients. In addition to working with real estate partners that can make the search feel less like work, we also like to provide our clients with relevant information, such as regular market updates.

In April of this year, there were a total of 379 completions across all property types – freehold, condominium, and rental. Of these completed properties, 258 were in the freehold market, 12 were in the condominium market and 109 were in the rental market. Overall, there were 27 more completions this April than there were in the same month last year.

The volume of sales this April is down year over year from 349 in 2016 to 275 in 2017. The majority of these sales were made on homes in the $350,000 – $449,999 price range, with the $450,000 – $499,999 price range coming in close behind. This is the opposite from last year when the $450,000 – $499,999 price range had the most sales.

At The Mortgage Emporium, we like to think of these market updates as tools that can be used, in combination with the services we provide, to help our clients move through the process and into their dream home as quickly and with as little stress as possible!

Whether you are looking to buy a home in the local area, or have questions about the other mortgage products we offer, give us a call to set up your mortgage consultation today! We can’t wait to help you save on your home financing!

Source: https://www.cmhc-schl.gc.ca/odpub/esub/64187/64187_2017_M05.pdf?lang=en

Canadian Mortgage News – April 2017


As an Ottawa mortgage broker, I am dedicated to helping my clients exceed their financial goals, no matter what they are. In order to be the best that I can be at helping my clients succeed financially, I strive to be as knowledgeable and prepared as possible.

That is why I stay up to date on industry news, especially as it affects my clients in Ottawa, Oshawa and the surrounding areas.

You may be aware of the new mortgage regulations that were put into place a few months ago. These new rules have caused a lot of uproar throughout the mortgage industry as they have a profound impact on most potential Canadian homeowners.

These changes were not necessarily welcomed by most mortgage professionals because they make it harder for our clients to get the loans they need, which is our ultimate goal as brokers – we want our clients to be able to purchase the homes of their dreams.

In an effort to inform the government of the possible consequences of these most recent changes to Canadian mortgage regulations, some prominent members of the mortgage industry came to Ottawa to participate in a new event, Parliament Hill Advocacy Days.

The main topic of discussion was the potential economic effects of the new mortgage rules that were put into effect in October of 2016, as well as those that were made in January of this year.

These discussions were not brought about because we are expecting immediate change, but because we want the Government to understand the burden that has been placed on many Canadians wishing to purchase a home, but no longer can.

It was the hope of the group who made arguments against certain aspects of these new rules that their insight will be taken into careful consideration and potentially reflected in any future changes.

As always, I am here to help my clients navigate through these uncertain times. I pride myself on my continued service to my clients and to find them the perfect mortgage options to match their financial needs. I work with my clients to make sure they are getting the mortgage options they deserve.

If you have any questions about what these mortgage regulations could mean for you, give me a call today at 1 (888) 421-9330. I am happy to help!



Source: https://www.canadianmortgagetrends.com/canadian_mortgage_trends/2017/03/mortgage-industry-voices-concerns-to-ottawa.html

Ottawa Market Update – March 2017

Now is the time to consult with an Ottawa mortgage broker if you are in the market to purchase a home.

According to the Ottawa Real Estate Board, the resale market is off to a great start this year and is expected to lead to a great positive trend for the Ottawa market.

Residential resales in the month of January rose nearly 17% over the same month a year before, which has also translated into more home sales overall

The sale of residential properties showed an increase of 11.5% year over year for the month of January, rising from 598 properties sold in 2016 to 667 in 2017. This figure is a significant amount over the five-year average of 614 for residential sales in the month January. Of the 667 homes that were sold in January of 2017, only 119 were listed in the condominium-class.

Those who are looking to purchase a home in the Ottawa area shouldn’t worry, though! While there has been a sharp increase in home sales over the last couple months, there has also been a large influx of new listings on the market. In fact, the number of homes listed for sale in January was double that of December.

The majority, 35.2 %, of homes sold in January were in the $300,000 – $399,999 price range. The average sale price of residential homes sold in January was recorded at $394,001, only a slight 1.9% higher than the same month a year before. This, again, is great news!

The consistency and stability of these statistics is a testament to the health and strength of the current Ottawa market and a great prediction of what is to come.

There is nothing better than to be able to confidently purchase property in a stable and growing local market and economy.

Ottawa is a great place to find the home of your dreams and as your trusted Ottawa mortgage broker, I am here to help you finance that dream!

Whether you are looking to take advantage of such a solid market and purchase a home, or have considered refinancing your existing mortgage, give us a call today to find out how I can be saving you money!

Source: http://creastats.crea.ca/otta/
Source: http://www1.ottawarealestate.org/home/NewsInformation/LatestNewsRelease.aspx

Canadian Real Estate Market Forecast 2017

The Mortgage Emporium – Mortgage Broker Ottawa 

As trusted Ottawa Mortgage Brokers, we work tirelessly to stay abreast of what’s happening in the market place. Allowing us to offer sound and quality advice to our clients. Many home owners, and prospective home owners are wondering what a Canadian Real Estate Market Forecast in 2017 would like.

2017 Canadian Real Estate Market Forecast

Per the Canadian Real Estate Association (CREA), national sales are forecast to drop in 2017 by 3.3%, compared to the previous year. Specifically, in Ontario, they are looking at home sales to decline in Ontario by 2.7%. To take a look at the full statistics and forecast by province click here to visit CREA’s website.

In its annual year-end report, CREA states: “Transactions in B.C. and Ontario are anticipated to remain strong but fall short of this year’s record levels due to deteriorating affordability, an ongoing shortage of affordably priced listings for single family homes and tightened mortgage regulations.”

Most Canadian markets are leaning towards a flattening out of property prices, with some areas of the country experiencing a decline in both sales activity and prices. As other areas continue to experience price gains, albeit at a much slower pace than we’ve seen in recent years.

Consider the slowing of the Calgary real estate market. We expected aggressive price drops when oil prices crashed, however the market didn’t suffer all that much. Sure, there were price decreases, most neighbourhoods saw price reductions that were less than 5%.

The biggest factor in the predicted 2017 slowdown are the tighter mortgage regulations that were introduced in 2016. “Tightened regulations are expected to reduce the number of first-time buyers who qualify for mortgage financing, particularly in pricier markets, where there is a severe shortage of lower-priced listings.” Click here to read our blog about the change to the Canadian mortgage rules.

If you’re thinking about purchasing a home or refinancing the mortgage your currently have, our Ottawa Mortgage brokers will take the time to discuss your personal and individual financial situation. This way we can offer you the best advice and guidance.

Contact Us Today! The Mortgage Emporium – Mortgage Broker Ottawa


Changes to the Canadian Mortgage Rules

Once again we have Changes to the Canadian Mortgage rules. You’re probably wondering how the new changes will affect your ability to get a mortgage. Mortgages have always been complex that’s why I always recommend working with a licensed Ottawa Mortgage broker like myself.

Stress Test

Home buyers who are seeking an insured mortgage, are now subject to a mortgage rate stress test beginning Oct. 17th 2016. Regardless of how much they have for a down payment. Previously if your down payment was less than 20%, you would have been required to pass a stress test and have mortgage insurance backed by the federal government through the Canada Mortgage and Housing Corporation. You can visit their website by clicking here.

The new stress test is designed to measure whether the buyer could still afford to make payments if mortgage rates rose to the Bank of Canada’s posted five-year fixed mortgage rate. That rate is usually significantly higher than what typical banks or other lenders can offer. For instance, TD has a five-year fixed rate mortgage at 2.59%, while the Bank of Canada’s rate is 4.64% per cent. The test also sets a ceiling of no more than 39% of household income being necessary to cover home-carrying costs such as mortgage payments, taxes and utilities.

Low-Ratio Insurance

Starting Nov.30th 2016, new criteria for low-ratio insurance will take effect. To qualify, the mortgage’s amortization period must be 25 years or less, the purchase price be less than $1 million, the property be owner-occupied, and the buyer have a credit score of 600 or more. Previously, buyers with more than a 20% down, opting for mortgage insurance have escaped such scrutiny. Being able to obtain low-ratio insurance sold through two private insurers, but backed by the federal government, subject to a 10 per cent deductible.

Tax Implications

These new rules also have major tax implications. Beginning this tax year, all home sales must be reported to the Canada Revenue Agency. Click here for their website. The gains from sales of primary residences will remain tax-free. The government is aiming to block foreign buyers from purchasing and flipping homes while falsely claiming the primary residence exemption from capital gains tax.

Despite the changes, whether you’re a first-time home buyer, seasoned investor or refinance an existing property, you’re in good hands. Together we’ll review the best options based on your specific financial situation and discuss how the Changes to the Canadian Mortgage Rules effect you.. Contact us today.

Three Reasons You Should Consider a Mortgage Broker

Generally, there are two ways to get a mortgage in Ontario. You can use a traditional lender, like a bank or a Mortgage Broker. Mortgages are complex and you’re going to have questions. So here are Three Reasons You Should Consider a Mortgage Broker

A Mortgage Broker will save you money

There are many fees that are typically associated when obtaining a mortgage, ranging from application fees to appraisal fees. Often brokers can potentially help by reducing or sometimes even eliminating some of the fees mentioned above thanks in large part to our relationships with a variety of lenders. Brokers are generally able to offer their services for no cost because we only get paid once your mortgage loan is approved and becomes official. When this happens, it is the lenders duty to compensate brokers.

Keep control of your time

Your personal time is important. A licensed mortgage broker will do all the leg work for you. From shopping for the best rates or working to find the best mortgage product for you. Brokers will save you a considerable amount of your own personal time during the mortgage process. Once we sit down together and draw out a plan of your goals and wishes, my team will work to seek the best mortgage based on your unique situation.

From great to not so great credit

It’s true that a great or good credit score makes it easier to get approved, however it certainly isn’t required. Most people think to qualify for a mortgage loan they need to have a tremendous credit score. A mortgage broker like myself can help you get a loan even if your credit score isn’t great. It will all come down to your specific financial situation.

Your trusted Ottawa Mortgage Broker. For a free, no obligation consultation, contact us today!

The Mortgage Emporium - Why use an Ontario Mortgage Broker

Bank of Canada – Hints at Longer Wait for Rate Hike

The Mortgage Emporium – Mortgage Brokers Ottawa

In a move anticipated by most analysts, The Bank of Canada announced today that the overnight rate will remain at 1 per cent target, suggesting it – along with variable rates — won’t rise anytime soon.

The Bank cited “weaker business investment and exports” as a one reason the rate remained the same, along with a pullback in household spending, the European recession, slow but gradual recovery in the U.S and muted inflation.

“Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate at 1 per cent,” the bank said in a statement. “While some modest withdrawal of monetary policy stimulus will likely be required over time, consistent with achieving the two per cent inflation target, the more muted inflation outlook and the beginnings of a more constructive evolution of imbalances in the household sector suggests that the timing of any such withdrawal is less imminent than previously anticipated.”

Governor Mark Carney’s commentary hinted that no rate hike is in the cards in the near future, but according to Jimmy Jean, economic strategist at Desjardins, his painting of lower interest rates as desirable came as a shock.

“It’s a surprise,” he said, “It has more dovish content than what we were anticipating. The forecast adjustments were pretty much in line with what we were expecting. The language is really where the surprise comes from. We still don’t think we’re likely to see any move (on interest rates) in 2013.”

The announcement likely doesn’t come as a shock to brokers who have been monitoring the rate.

Short-term mortgage rates are unlikely to rise anytime soon, but overall rates are not expected to fall.

The economy slowed more than anticipated in the latter half of 2012, falling below the projections outlined by the Bank in the Monetary Policy Report (MPR) released in October, and is expected to continue at a “restrained” pace until the second half of 2014. The Bank revisited earlier projections for 2013, revising the 2.3 per cent growth estimate to 2 per cent.
carney is expected to address new numbers later today at a press conference alongside Bank of

Canada Senior Deputy Governor Tiff Macklem. The Bank will announce the overnight rate target again on March 6, and provide a fully updated outlook for the economy and inflation in the new MPR released April 17, 2013.

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By Jemima Codrington