2016/2017 CHMC housing market outlook for the GTA

Aside

2016/2017 CHMC housing market outlook for the GTA

CHMC GTA Housing Outlook Fall 20A short and easy to read summary of the CHMC study on the 2016/2017 CHMC housing market outlook can be found on this page and a link to the entire downloadable report can be found at the bottom of this post.

At any time, if you wish, you can request a one on one meeting or conversation to learn details of this educational study by phone or text dialing 416-262-7139

Mortgage rates may stay steady for the next 1 or 2 years
  • Home buying affordability may decrease
  • Toronto is the most expensive city
  • Supply will keep the resale market balanced
  • 30,000 condos in GTA
  • 2017 prices will go up 2%
  • Price growth to slow
  • Pace of construction to ease
  • Condos to dominate construction increase
  • Low inventory has led to higher prices
  • Low-rise sales trending higher
  • Unemployment and earnings growth is low
  • Bank of Canada lowers target rate
  • Price growth outpacing income growth
  • Price growth reflects sales of expensive homes
  • More transactions are in the expensive house market
  • Condo inventory above historical level
  • Growing long-term investor activity
  • Most condo inventories are bought to rent
  • Condo investors are there for a long run
  • Slower price appreciation for new condos

CHMC High Rise Starts OutLook Fall 2015

This study may be very useful for all those who are engaged in one way or another in the

May I help you with your mortgage?

housing market in the Greater Toronto Area; Whether you are seeking to purchase a home or condo in the coming 2 years or you already own a real estate property, this insight may help you to take a wise decision.

Contact your mortgage agent

Mortgage for single parents

Aside

Mortgage for single parents

Child Support incomeIn Ontario, as of 2011 according to Stats Canada, there were more than 604,000 lone-parent families, and in a staggering 80% of them, the female parent was living with their children!.

Now, this days is very difficult enough for a married or common-law couple to qualify for a mortgage in order to become a home owner, that difficulty is significantly greater for the single parent.

The distress of the single parents enhances their vulnerability against debt and for many their incapacity to understand that they too should be able to afford home ownership, even if they are separated from their spouse or partner

Mortgage for single parents, however, is possible when the qualifications are available, to help with the income, when applying for a mortgage, a single parent should include the following sources of income on top of the regular salary or earnings as a self-employed

Some of our mortgage lenders offer very helpful mortgage products where other proven income rather than the traditional are accepted, ask for details

May I help you with your mortgage?

Mortgage insurers support single parents in their endeavor of home ownership by allowing that their proven child support or alimony is accepted as part of their qualifying income when they meet the following criterias that need to be collected by the mortgage agent in order to present to the mortgage lender:

  • Court ordered or an executed separation agreement (lender must obtain)
  • No more than 50% should be used for qualification purposes
  • 100% may be used provided income represents <30% of gross income and borrower has demonstrated receipt – through T1 General – for a minimum of 1 year.

It is common that many single parents do not know how much is the child support that they should receive for each child, to help with an estimate, here below you can find a table with some income amounts that could help them get an idea of what they should receive as child support in Ontario

Under the Federal Child Support Guidelines, the table amount is determined by:

  • The number of children;
  • The province or territory where the paying parent lives; and
  • The paying parent’s before-tax annual income.

Annual gross income# of Children Monthly child support
$80,0002$1,172.00
$50,0001$450
$55,0001$498.00
$60,0001$546.00
$65,0001$594.00
$70,0001$639.00
$75,0001$682.00
$80,0001$724.00
Annual gross income# of Children Monthly child support
$50,0002$743.00
$55,0002$817.00
$60,0002$892.00
$65,0002$966.00
$70,0002$1,037.00
$75,0002$1,105.00

Table Look-up Disclaimer

The Child Support Table Lookup has general information only. It is not a legal document. The tables were last updated December 31, 2011. To determine how much child support is owed from May 1, 2006, to December 31, 2011, use the 2006 tables. Note that provincial or territorial guidelines may apply in some cases.

Contact me if you need more information for your mortgage.

Contact your mortgage agent

Appraisal rebate

Aside

Appraisal rebateAppraisal rebate is an excellent opportunity and limited time offer that can help you save after we consider the reality that there are a number of additional costs when buying a home.

This special appraisal rebate offer is valid through your mortgage agent

May I help you with your Mortgage?

For a limited time (valid only until July 31st, 2015) Equity Financial Trust is passing on to borrowers with bruised credit unique savings, this $300.00 appraisal rebate are valid on new deals on purchases and refinances in the following:

Lending Areas:

Urban & suburban marketable properties in Greater Toronto, Golden Horseshoe, Greater Ottawa, Kingston, Belleville, London, Kitchener, Cambridge, Waterloo and Guelph areas

Apply On Line

Say goodbye to your mortgage faster

Aside

Say Good Bye To Your MortgageGetting your mortgage approved so that you can purchase or refinance your real estate property. That is one of the services that I offer.

But this service does not come alone and getting your mortgage approved is among the first steps towards the goal of building your wealth, my continue support and care to service your mortgage as your mortgage agent, will continue and my professional and sound advice will always be there for you.

May I help you with your mortgage?

 

In order to support you in the best way possible I also have the support from banks and lenders. Advice, strategies and support that I pass on to you when applicable, to help you save on interest rates.

The following are some strategies prepared by TD Bank that can help you save even more.

How to save in a mortgage

 

Home in Peel affordable ownership 

Aside

The Home in Peel Affordable Ownership Program is designed to provide low to moderate income residents who are currently renting in the Region of Peel with loan

The program fundamentally seeks to help with the 5% downpayment of a property to be purchased by those already leaving in Peel region but are currently renting.

Click here to learn all about the program

Source: Home in Peel affordable ownership | Mortgage Agent

Canadians’ household debt

Aside

 

High Canadian debtSimply put in regards to Canadians household debt; In average we currently owe 162.6 per cent of every disposable dollar, that means from every dollar after available after taxes and mandatory charges. This has been attribute in part to record low interest rates that may have been seeing as an invitation to get into debt by many Canadians, all with the hopes that our so far stable and inclined to growth stable economy will allow us to re-pay our not so expensive debt in the near future.

But how are the record low mortgage rates being appreciated by those who are still renting? Are more families becoming home owners as a result of this attractive rates?

Have questions?

A perhaps right or perhaps wrong (you can comment bellow) answer to the first question could be that most of renters have not yet have enough time to seize the opportunity as the debts have make their mark in their credit score limiting their ability to qualify as that of saving enough for the down payment for a home that keeps a steady rise in price.

Having said the above, the answer to the second questions is: More yes, but very few and not enough to move the economy at a faster pace. But getting more renters to become home buyers does not change on mortgage rates factor alone, a factor that is very important to consider is the proper knowledge that the renter has of the many options at his/her reach to capitalize the opportunity and finally become a home owner.

ContactMany are still hesitant to make the decision to place a call ad have his mortgage assessment done even when this is at no cost, so that they could know where they really financially stand and what are the range of opportunities for them to seize and finally turn into a home owner before the rates start climbing as a result of a recuperating economy south of the border that might attract our current investors in Canada’s lending industry leaving us with a more expensive cost of borrowing some time this year or next.

A simple yet resolute advice to renters is have your mortgage assessment done now free of charge and make a move into buying a house or not, after knowing that result and hearing the given advise

 

 

Mortgage Videos

Zero Down payment mortgageNew To Canada Mortgage


Store & Apartment financing

Store & Apartment financing.

Store frontSo you have a retail store that is doing fine, has been keeping you busy for the past couple of years, sales are going up and your break even ratio is getting lower, but you are still paying rent.

You could choose what seems to be the most comfortable, secured and logical option and continue renting, after all business seems to be going well.

However, are you sure that with this decision that the profits that your business is generating are being wisely invested or could it be that they are becoming the profit of your landlord?

My barbar told me: “Please help me out, I’m paying to much per year for rent”

Now, calculations have to be made (I can help you with those), but did you know that with the current low mortgage rates, the amount that your business is paying for rent is about the same amount that your monthly payment would be to pay back your commercial mortgage?

In this times of low mortgage rates, your business’ cash flow is not affected in a great deal, however by adding the equity gained to the results on your business’ balance sheet, the growth will prove to be stronger, and isn’t that what your business if working hard for?

Considering risks? Oh, yes, they are important, and they are greater risks when renting than when owning, remember, when you own, you have control on the property, when you rent, you don’t.

You may want to add that there are properties that besides offering you the retails space that your business needs, they also come with a apartment that you can rent out giving you the extra income your business needs to cover the cost of borrowing.

So, whether you are a barber, a lawyer, a doctor, own a retail store or something else and are renting a office, retail store with apartment, consider the advantages of owning rather than renting

If you are interested in a store front with apartment, a single retail space, a office, a building, a industrial storage or other kind of commercial property to purchase, do not hesitate and ask me any questions you may have

 

Contact

[wp-text-message-register]

Low cost home ownership

Featured

Low cost ownershipLow-cost home ownership are financial assistance programs offered by the government to assist lower income families with the purchase of a residential property to live in it.

There are currently a number of programs with different alternatives and yet we experience an all time high home prices in Toronto. Programs like Home in Peel region affordable ownership and the Region of Waterloo affordable home ownership, and the idea of creation of other programs should be supported with more funding by all levels of government.

If you think that we are living on a time that demands more programs to assist home ownership, estate your opinion in the poll below.

As mortgage agent serving the greater Toronto area and beyond, I receive information of many mortgage rates updates from the numerous lenders, whether they are banks, financial institutions, credit unions and private lenders with the purpose promoting them among my clients, some products offer temporary advantages to the borrower or specific timing on a deal, the mortgage products from lenders are not the same.

By the way, offering a variety of mortgage products is a starting advantage that help my clients decide in dealing with me rather than their bank, they prefer options that deliver more savings, it makes them feel comfortable

The Bank of Canada recently lowered the key overnight rate, that lead to a reduction on mortgage rates from many of our lenders, besides the rates we also see unique government incentives for first-time home buyers, and even the opportunities of tax sheltering and tax returns with the rrsp’s home buyers plan that helps buyers save for their down payment, all this helps a great deal to practice a good mortgage assessment that will certainly lead to the approval of a mortgage loan and a low-cost ownership, what do you think?

[socialpoll id=”2251216″]

If you are interested in finding out if you qualify for a mortgage this year so that you can purchase your home, do not hesitate in contacting me now

Contact

 

Stop renting this year

Rent or home ownership

It may be the difficulty of moving out of a comfort zone the reason why many people are still renting, and by comfort zone I don’t mean a geographic zone, but a mind set zone.

There is without question a great deal of people that are committed to paying the same amount of money as a rent for their home or apartment that has been sheltering them for a long while, exposed to rent increases out of their control, leaving in smaller unit, owning zero of that property and yet not making an attempt to own their own home.

The amount of rent coming out of their paycheck is about the same as what a mortgage payment would be since we still have this all time low interest rates that by the way may increase during this year

There are a great deal of benefits when purchasing a home such as wealth building, through home equity, cheaper borrowing, government incentives for first time home buyers, living in comfort and financial discipline

The obligation is however, to help those with the interest in learning the way to home ownership, so that the time of renting becomes a chapter in a book of history and not a concern for the future.

As we live in a complex society, obstacles to home ownership are develop by us, when we choose our lives style and the way we conduct ourselves, the way we manage our wealth by the way we prioritize our needs.

However, there will always be factors that can discourage or strengthen our will to own or not to own our home. but obstacles can be removed from the way clearing the path to home ownership that in most cases is a good life changing event. Factors like low credit score, no down payment savings or others can be removed from the way.

These obstacles can be clear with a set of good advices from your mortgage agent, the help of mortgage lenders and the resolute will of the home buyer starting by calling to arrange a simple and short mortgage assessment. If the will to home ownership is in your mind, delaying to call now may result in giving way to another year of renting whether you are an employed or self employed.

Call today and request your free mortgage assessment

Mortgage renewal 5 years vs 10

Mortgage renewal 5 years vs 10

Here is one great advantage of renewing your mortgage loan with us, rather than banks.

Mortgage Renewal 5 vs 10Scenario renewing your mortgage with a bank for 5 years:
Mortgage amount = 300,000
mortgage rate @ 5 yrs 3.00%
Balance at maturity = 248,685
Repeat the mortgage renewal with the same factors 5 years after
New Mortgage amount = 248,685
mortgage rate @ 5 yrs 3.00%
Balance at maturity = 206,147

Scenario renewing your mortgage with a us for 10 years:
Mortgage amount = 300,000
mortgage rate @ 10 yrs 3.79%
Balance at maturity = 193,176

Savings over 10 years = 12,971

Note: Other factors should be considered before deciding the term of the mortgage

A carefully made assessment and professional advise can save you lots of money

Mortgage Renewal

 

Mortgage renewal is when your lender and you agree to extend the life of the current mortgage loan, revised terms is most likely to happen.

Before your next mortgage renewal, it would be smart to take the time to review your current situation as of your current and future stability, your lifestyle, changes that are occurring in your household and that may effect your financial situation in the near future, get a professional advise from me.
Contact me now for more information

Mortgage News

Featured

Mortgage News

Mortgage NewsMortgage News is intended to inform you and help you and add a space for comments and opinions on the news.

Being a Toronto Mortgage Agent, most of the mortgage news to be posted will be those that immediately affect the mortgage market in Toronto.

Bank of Canada conventional mortgage rate for 5 years stays at 5.24%

Housing starts Stats in Ontario registered a 10%+ increase in the total of new housing start during the month of September 2012 compared to the same month in 2011 according CHMC

Quarterly house price survey in Toronto on the third quarter of 2012 in a two-storey shows a 5.4% increase compared to the same period in 2011 to an average price of 660,115 and a 5.9% Increase on detached bungalows to a new price of 558,900

 

 

 

Mortgage

MortgageMortgage is a registered agreement in a land titles office where security interest in a specific real property is held by a lender as a security for debt repayment by the borrower, a debt pledge

Each mortgage is a claim against the property; should the property be sold or foreclosed each claim is satisfied in order

What kind of mortgage can I help you with?

MortgageSecond MortgageRefinance
Reverse mortgageHome Equity Line of CreditCommercial Mortgage

First mortgage: is the first loan registered in the title against the property

Second Mortgage: Is the loan that is registered second in time in the title against the property, is normally used to trade high credit card debts that carry high-interest rates for a low mortgage rate that eventually will reduce the cost of borrowing making it easier to eliminate that debt

A Mortgage can be conventional or high ratio
Conventional mortgage: Usually when a borrower contributes a 20+% of the value of the property
High ratio mortgage: Usually when a borrower contributes less than a 20% of the value of the property

A Mortgage can be open or closed:
Open: Allows the borrower to repay all or part of the principal at any time without penalties
Closed: Does not allow any prepayments or early repayments of the mortgage

There are different types of mortgage loans because they try to satisfy different needs according to the borrower’s lifestyles and affordability.

Call or text 416-262-7139
Contact meApply On Line

Mortgage Insurance

Mortgage Protection Plan

August 31, 2012

If you only have a CHMC Mortgage loan insurance; that protects the lender against default you should consider a Mortgage protection plan to protect your self and your family against default. If banks insured their mortgages to protect themselves, why wouldn’t you protect yourself?

Here are some situations during the term of the mortgage when the mortgage insurance is even more recommendable:

  • Borrower with a tight budget with a steady source if income.

  • Income source does not feel very steady

  • Economic situation in the market unsteady at a point that it could affect the income source

  • Unstable health among the borrowers

  • A death among the borrower that may leave little on their life insurance and then the beneficiary has to use it for funeral expenses and then to repay the mortgage, leaving the beneficiary with struggle, rather than peace

Now, Why do people consider the mortgage insurance NOT necessary?

  • Some real estate agents consider a mortgage insurance not necessary and suggest to their clients not to purchase a mortgage insurance, just to find a few years down the road that their clients are losing their homes because a default in their payments, this type of Real Estate agent does it just with the intention of profiling themselves as money savings agents for their client.

  • Some borrowers consider the Insurance a extra expense that will not be used

  • Some may be just missed informed as what it really is.

The fact is that the mortgage insurance offers a protection like any other insurance, just that is cheaper than term life insurance and gives the protection to the borrower as is needed. The payments of the mortgage insurance is normally amortized as the term of the mortgage, so on a 10 years mortgage, the payments are really close to nothing

Do you consider the mortgage insurance necessary or not? let us know your opinion,

Personal and confidential informational meetings are available, request yours now!

Your comments are appreciated!

 

First mortgage

First MortgageFirst mortgage is the first loan registered on the real estate title.

Looking to buy your first home?

Save thousands on your first mortgage, know your options & get approved

Other mortgage loans can also be registered on the same property title, they would be called second or third mortgages

Whether you enjoy good credit or have bad credit, we can absolutely help you with mortgage approval application process

Reading the following will help you get approved when applying for your first mortgage

You are excited about buying your home and wouldn’t like disappointments if this is the case read the following:

  • Is smart to have your mortgage assessment practiced before you start viewing homes, that way you’ll know what you can or can’t afford.
  • Learn about the unique advantages you are entitled to if you are a first time home buyer
  • Learn about your credit and mortgage loans and credit score
Call or text 416-262-7139
Contact meApply On Line

 

Mortgage brokers

Mortgage EdgeMortgage Edge: a successful group of mortgage brokers in Toronto and servicing the entire province of Ontario with over 25 years of experience helping clients obtain and manage their mortgage with a unique philosophy to serve and protect the consumer

Mortgage agents and Mortgage brokers at Mortgage Edge, are committed to helping you make an informed decision when it comes to your mortgage, considering your personal financial plan and major life goals to grow your wealth, your mortgage will be one of your most important financial tools 

One of our commitments as mortgage agents and mortgage brokers is to advise you considering your personal financial plans, and life goals to grow your wealth, we work hard and smart to protect your interests

What do you need a Mortgage Broker for?

  • Do you need a mortgage advice?
  • Do you need a report on your property to see if you have equity that you can use?
  • Do you need a mortgage refinance?
  • Do you need a first or second mortgage?
  • Do you need a secured line of credit?
  • Do you need to take some equity out of your property?

MortgageSecond MortgageRefinance
Reverse mortgageHome Equity Line of CreditCommercial Mortgage

About myself as your mortgage agent, with certifications from CAAMP (Canadian Association of Accredited Mortgage Professionals), and years of experience at Mortgage Edge, committed to the consumer and lenders licensed Mortgage brokers & regulated by the Financial services commission of Ontario I am also a member of IMBA (Independent Mortgage Brokers Association), we  observe our code of ethics and a deep customer protection philosophy .

Let’s get your mortgage approved now!

Call or text 416-262-7139
Contact meApply On Line

Toronto Mortgage Agent

Featured

Toronto Mortgage Agent

Toronto Mortgage Agent

Toronto Mortgage Agent

Toronto Mortgage Agent of Mortgage Edge broker both certified and regulated by the Financial Services Commission of Ontario.

As your mortgage agent I am here to professionally assist you in your mortgage process

You should expect from my services and the lenders that we work with:

  • Low mortgage rates

  • Professional assistance all along the mortgage process

  • Effective results

Low Mortgage rates

Low Interest rates, Get Approved Stop renting

The following are some of the mortgage services we offer

  • Buying a property

  • Refinances

  • Mortgage Insurance

Conveniences of working with a mortgage agent:

  • Mortgage pre-approvals

  • Get a professional advise and courteous assistance

  • Save time, hassle and confusion when searching for a Mortgage bank by bank and lender by lender, perhaps damaging your credit score since each time you sign a consent to request a loan, it gets imprinted in your credit score (having various requests with out obtaining the loan decreases your score and that could lead to higher rates or worst to declined loan applications)

  • Best quotes from multiple banks and mortgage lenders

Bottom line; more savings and better service for you when a Mortgage Agent is at your service

Are you looking for a professional mortgage agent to take care of your mortgage process? Contact me now for your free mortgage assessment

 

 

Was the above information useful?