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How is the Coronavirus related to my mortgage?

Believe it or not, the coronavirus can have an impact on your mortgage and your interest rate in particular. Listen below to find out exactly how and why.

2017 Vancouver Real Estate Market
 

For quite some time now there has been a very limited supply of properties on the market and most Realtors that I speak with on a regular basis are starting to have buyers lineup. With very few properties to show these buyers, we are beginning to see similar trends that we saw a year ago.

Two main Reasons Rates Will Not Hit 5%
 

High borrowing rates are a relic. Canadian regulators may soon force borrowers to qualify at interest rates two percentage points above the contract rate. With many posted mortgage rates now approaching and even surpassing 3.00% (depending on the term), this means borrowers will soon need to show they can afford payments based on rates…

 

Value of Mortgage Brokers Greater Than Ever
 

Mortgage Rule Changes have made Mortgage Brokers even more invaluable. In October of 2016, the entire Country was surprised by reports of considerable changes to mortgage rules announced by the Canadian Government. The Department of Finance Canada announced new mortgage rules that have since had a tempering effect on the market.

Canadian Mortgage Rates- How they are influenced by the U.S.
 

In the midst of the financial crisis, America’s equivalent of our central bank – the Federal Reserve- opted to lower its short-term overnight interest rates down to zero.Things did not stop there. The goal all along was to lower longer term interest rates, which are market driven and not directly influenced by the central bank…

 

BC Home Partnership Program
 

By now I’m sure that you have heard about the announcement by the provincial government yesterday surrounding down payment. This is some good news, although with some challenges that need to be addressed, and once the dust settles, will likely have a very small impact- but still good news nonetheless…

Did Buyers In August Overpay Just To Get a Low Rate?
 

I came across this article published in the Globe and Mail which I thought did a great job of explaining the phenomenon of people rushing out to buy a house to take advantage of lower rates. It just so happens that many people did this in August. Rates – when compared to historical levels…

 

Thank You for Paying it Forward
 

This year, I tried something a little different over the holidays. To each and every one of my clients, I sent out a $5 bill asking them to use this money towards doing something nice for someone….anyone, that they cross paths with – and encouraging them to “Pay it Forward.”

Mortgage Rule Changes – How they Impact the Consumer
 

All these changes impacted mostly those that have less than 20% down payment and therefore require default insurance (CMHC, Genworth or Canada Guaranty). Unfortunately, there are more changes to come. In fact, many of the lenders are already implementing these changes as I write this blog although these changes are mean to come into effect…

 

Bank of Canada Rate Announcement
 

Bank of Canada Announcement and Banks Announcing Mortgage Rate Drops is merely coincidence. Mortgage Rate Drops, independent of the bank of canada announcement, are expected in the near future due to spring market price wars. You have most certainly by now heard that about the Bank of Canada’s Announcement a couple of Wednesdays ago regarding their overnight lending rate drop.

Less Money Down Means Lower Rate?
 

Loan Mortgage Down Payment, Canada – I’d like to address something that has come up in my conversations with other experts in the industry, that being the topic of interest rates and their relationship with down payment. Although, it doesn’t make a whole lot of sense, what is happening is a lower down payment on a home…

 

If you would like more information or a free consultation contact Aleem below, and as a Certified Mortgage Specialist let me help you get the home of your dreams. Great Mortgages, Made Simple
Aleem Peermohamed - Mortgage Broker BC


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