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