Date Posted: January 9, 2018
December ended 2017 on a high note in terms of home sales and the holidays were just as busy with the new mortgage rules coming into effect.
Frank discusses the possibility of rates increasing over the next few weeks and the possibility that the Bank of Canada may be inclined to raise the overnight rate in their next announcement.
The team discusses to pros and cons of living outside of the city as well as the east versus west neighbourhoods in Ottawa.
Frank describes the renewal process and what consumers should do when nearing the end of their term. They also take some time to discuss some other mortgage features that people may not be familiar with such as porting.
Frank does note that there are provincially regulated credit unions that are not using the stress test parameters for qualifying conventional mortgage customers at this time.
As more consumers are finding the bank relationships aren’t as strong as they used to be, using a Mortgage Broker would be beneficial to help understand the process and products available. When looking at building a Realtor relationship, it is important to again use an expert with a knowledge base in real estate and transactions.