Wednesday, August 4, 2021 / by Evelyn Lopes
Mortgage Backlog will likely quell rate deals
Article from: Canadian Real Estate Wealth
By Neil Sharma on July 21 2021
Mortgage underwriters are so busy that it is unlikely rates will drop again before their anticipated increase in 2022, says a Toronto-based broker.
“Consumers need to remember that what lenders discount off of the prime rate is up to the lender. Lenders tend to use lower rates to drive borrowing and the last few months have seen a record number of mortgages being processed,” said Leah Zlatkin, principal broker at Brite Mortgage and an expert with LowestRates.ca . “Lenders are short staffed and often can’t submit applications fast enough to keep up with demand. Given this environment, why would lenders incentivize homebuyers to increase lending?”
CanWise Financial recently rolled out a 98 basis variable rate mortgage that’s being made available to homebuyers who have less than 20% for their down payments. It als; ...
Thursday, July 22, 2021 / by Evelyn Lopes
How to Bridge the Appraisal Gap in Today’s Real Estate Market
If you’re searching for drama, don’t limit yourself to Netflix. Instead, tune in to the real estate market, where the competition among buyers has never been fiercer. And with homes selling for record highs,1 the appraisal process—historically a standard part of a home purchase—is receiving more attention than ever.
That’s because some sellers are finding out the hard way that a strong offer can fizzle quickly when an appraisal comes in below the sales price. Thus, many sellers favour buyers who can guarantee their full offer price—even if the property appraises for less. For the buyer, that could mean a large down payment or extra cash on hand to cover the gap.
Whether you’re a buyer or a seller, it’s never been more important to understand the appraisal process and how it can be impacted by a quickly appreciating and highly competit. ...
Tuesday, June 22, 2021 / by Evelyn Lopes
Could Rising Home Prices Impact Your Net Worth?
Learn how to determine your current net worth and how an investment in real estate can help improve your bottom line.
Among its many impacts, COVID-19 has had a pronounced effect on the housing market. Low home inventory and high buyer demand have driven home prices to an all-time high.1 This has given an unexpected financial boost to many homeowners during a challenging time. However, for some renters, rising home prices are making dreams of homeownership feel further out of reach.
If you’re a homeowner, it’s important for you to understand how your home’s value contributes to your overall net worth. If you’re a renter, now is the time for you to figure out how homeownership fits into your short-term goals and your long-term financial future. An investment in real estate can help you grow your net worth, build wealth over time, and gain a foothold in the housing market to keep pace with rising; ...
Friday, April 2, 2021 / by Evelyn Lopes
It’s been a difficult time for many over the past months with the pandemic, the isolation, shuddering and business shut downs.
Small business’s have especially been hard hit. We want to promote the small business’s here in our community.
If you are a small business or know of someone with a small business (even a home based venture) we want to support and promote you!
Simply call me direct at 905-965-5902 or send me an email about your business. We will be promoting these small business’s in a variety of ways moving forward. Looking forward to hearing from you. Together we are strong!
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Monday, March 1, 2021 / by Evelyn Lopes
While many areas of the economy have contracted, the housing market has stayed remarkably strong. But can the good news last?
When COVID-related shutdowns began in March, real estate brokers and clients scrambled to respond to the shift. Record-low interest rates caused some lenders to call a halt to new underwriting, and homeowners debated whether or not to put their houses on the market. However, those first days of uncertainty ushered in a period of unprecedented growth in the Canadian residential real estate market, which currently accounts for a record-setting 9% of the country’s overall economic output.1
Now, as the spring market approaches, you may be wondering whether the good times can continue to roll on. If you’re a homeowner, should you take advantage of this opportunity by putting your home on the market? If you’re a buyer, should you jump in and risk paying too much? Below we answer some of your most pressing questions.