The Holiday Hangover
January 11 2018 Posted by Lisa Pellerin
We are almost a couple of weeks into the new year and some of you may be feeling ' The Holiday Hangover.'
I'm sure many of you are feeling pumped about your new goals and perhaps you're starting each day meditating or with a green smoothie! However, for those that are in the midst of looking for a home to buy or are considering a mortgage refinance, with all of the new mortgage rules now in placeas of January 1st, (which came in like a bad snow storm), they may be feeling a bit queezy.
There is a remedy for this!
As with all major changes that are annouced by the government, a massive wave of media attention unfolds, understandibly. There is news everywhere about this and different opinions being expressed, for many this can be confusing and overwhelming - What to do? What is the outlook? Is the market going to crash? Will I ever be able to buy a home?
To be honest, there has never been a better time to partner with a trusted and reputable mortgage agent/broker.
Today more than ever, you need to have options.
With the new rules affecting conventional mortgages, borrowers must 'qualify' at a higher interest rate for approval. Lenders also have LTV ( loan-to-value) restrictions which essentially means, if you have saved 20% for a down payment, and the lender will only approve you for a mortgage at 70% of the house value, you either need to come up with another 10% down payment or look elsewhere. This new LTV restriction will depend on several factors such as property and market conditions, location, etc. and we are still waiting for more information on this new policy.
Your best strategy is to partner with an 'experienced' mortgage agent, experience is key.
Once your application and income have been reviewed and we understand your goals, we can then research options and solutions for you - we have access to many, many lenders! This includes banks, trust companies, credit unions and mono-line lenders who all have their own policies and guidelines, we will place your application where it fits best, to meet your goals.
Don't surf the net for answers as you will almost always find conflcting points of view - one article might suggest that it is time to go live in your parent's basement and another will claim article that it the perfect time to buy!
Let's review your application details and understand your goals, if you are looking to buy a home, an investment property or would like to refinance your mortgage, we will give you the facts about what your options look like 'today” and determine the best route to take, we will put your mind at ease.
'You don't know what you don't know,' let us figure it out for you so you can put your new gym membership to good use!
Lisa has been in the mortgage industry for over 20 years and started with a major bank, she has the knowledge and experience to deliver results and is partner of the award-winning mortgage team, www.lamortgageteam.com. She has continually been awarded best mortgage broker in her community and has been featured on the Real Estate Talk Show, AM640. Lisa donates a portion of income from each mortgage closed to Sick Kids Hospital, the Burlington Humane Society and several other animal-welfare charities.