Mortgage Intelligence

Oshawa's Mortgage News Desk!

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Halloween, Season of Ghosts and Hauntings.

We all love a good Halloween story but would you buy a home in which a murder or other tragedy occurred. That’s the question? For some it’s not an issue but a professional Realtor must disclose this information if they are aware of it.

 

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The Massey House is one such property and as a high profile Canadian family much was publicized about the murder of the Master of the house by the Maid. Even though it occurred in 1915 the value may still be affected today. Long time real estate expert Barry Lebow speaks on the subject of homes that are considered stigmatized and how he would like to see them handled when they come up for sale.

 

 

It’s a perfect Halloween read. Just a bit Spoooooky!   

 


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Are You Inviting Burglers Into Your Home?

You May Not Realize It!

Everyday we go to our social media pages and tell our friends and family about the details of our lives. One such detail is that we are going on vacation and for low long we’ll be away. Sometimes we are just slipping out of town for the weekend, but those innocent posts are telling others who see our pots that our homes are unprotected.

·      Protect yourself by sharing the fun once you get home. Go ahead and post those pictures and tell your stories.

·      If possible leave at least one car in the driveway of your home.

·      Consider using a timer to turn on a few lights while you’re away     Stop burglaries

·      Have a neighbor collect mail or papers while you are away.

·      Your home insurance policy may require someone (a friend or family member) to inspect your home every few days while you are away.

·      For your own protection not just while you are away, make sure you have good locks on your doors and lock your windows as well.

Protect your home and have a happy carefree vacation.


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You’re Fired!

Laurentian Bank Makes Major Shift.

Recently Laurentian Bank announced that they will no longer be providing mortgages through their in-house sales force in Quebec, (is this a sign of things to come for the rest of the provinces)?

You're Fired

That’s great news for Mortgage Brokers and it’s even better news for their clients.

Mortgage Brokers are registered through FSCO ( the Financial Services Commission of Ontario) and have to pass stricter testing to obtain a Mortgage Agent license than do Bank Sales Reps.

Mortgage agents offer the products of many lenders while the Bank Reps only have one option and that’s the offerings of the bank they are employed with.

If you think that’s it’s better to have more options when looking for financing and having a mortgage agent with stronger licensing requirements working for you please leave a comment below. If you believe there’s not benefit, we’d like to hear your take on the question too please.


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US Government Shutdown Creates Lower Interest Rates In Canada

Canadians Benefit From The Stalemate South Of The Border.

Nervous investors are looking at Bonds as a safer place for their investments and when they buy more of them that drives down the price. The net effect for us is that if Bond yields are down generally fixed interest rates follow.

We’ve seen historically low rates for almost 3 years now and the US Government shutdown is likely going to create an environment of continued concern, therefore continued lower borrowing rates for Canadians.

As in the past few years the prospect of lower rates means higher housing prices so lets not jump for joy just yet!  When the Finance Minister  Jim Flaherty thought housing was too expensive in the past several years, he made it harder to qualify for a mortgage in Canada. Every silver lining seems to have its cloud.

Lower Interest rates

See the full article on the Huffington Post site.

How do you feel the tightening of mortgage guidelines has affected your ability to buy a home?


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Banks Restrict Borrowing Options.

One Less Way To Finance Investment Property.

In the past Investors who had good assets through registered investments had the option of lending themselves money through Self Directed RRSPs.  That meant that as long as they had enough money they could lend without explanation. It gave them the opportunity to buy investment properties that the Banks may not have considered but that they knew were profitable and added value to their portfolio.

But now that option, that personal choice, is no longer available through a Bank. At this time only three companies in Canada will allow it. They are Home Trust, Community Trust and Great Western.

The idea that a Bank will not allow mortgages through Self Directed RRSPs may cause investors to think there is greater risk than there may actually be.

No more Self Directed RRSPs

From a mortgage broker standpoint it also means we have one less option to offer our Investor clients. Keep in mind that in the past those who used this method were generally season investors in the first place, not the beginner.

We must ask the question, “Are Banks trying to eliminate the competition that the use of private funds creates or is there great risk in borrowing your own money?”

What do you think about this? Your comments are welcomed.