Date Posted: February 3, 2018
Host Steve Gregory is joined by Barb Kramer of Mortgage Brokers Ottawa and Lisa Boutillier of Paul Rushforth Real Estate discussing pre-approval rates, the low level of real estate inventory, and the strong and steady Ottawa market.
Lisa talks about the low levels of home inventory in the Ottawa market. Many people are waiting for the spring market but this is a great time to list your home. If you are not looking to move until the spring, that can be adjusted in your closing date. Woking with an experienced real estate agent and mortgage broker can really help you judge how high you may want to offer when you are in a multiple offer scenario. They can also help you price your home accordingly. Lisa explains that although Ottawa can be considered a smaller major city, there are many pockets of demand within the city limits.
Barb discusses the new rate environment and how it takes more than a few questions to properly and accurately quote a mortgage rate. If a mortgage is insured through CMHC, or another default insurer, your mortgage rates will be lower. Barb also discusses how pre-approval rates are locked in higher than actual mortgage rates. This is a way for lenders and banks to safeguard against potential rate increases.
Working with a Mortgage Broker will help to navigate the new rate environment and new mortgage changes.