Monthly Mortgage Newsletter - February 2023By Scott WestlakeFebruary 8, 20230 comments#monthlymortgagenewsletter #mortgagenews #mortgagenewsletter ...Read more...
Change of Address Checklist.By Scott WestlakeFebruary 8, 20230 comments#changeofaddress #addresschange So, you’re moving! Before you hunker down in your new home, there are a few things you will want to take care of regarding your new address. Personal Contacts First and foremost, if you haven’t yet, make sure to tell all your personal contacts about your address change, ...Read more...
Industry Jargon ExplainedBy Scott WestlakeFebruary 2, 20230 comments#mortgagejargon #mortgageterms Baffled by some of the phrases thrown at you when considering buyer a home? Here are some commonly used—but not always understood—words to describe mortgages: Amortization Period This is the number of years it will take to repay the entire mortgage in full and is determined ...Read more...
4 Key Things to Know about a Second Mortgage.By Scott WestlakeFebruary 1, 20230 comments#secondmortgage #privatelending #homeequity #refinance A second mortgage is a mortgage that is taken out against a property that already has a home loan (mortgage) on it. Generally people take out second mortgages to satisfy short-term cash or liquidity requirements, have an investment opportunity or to pay off higher-interest debts (such ...Read more...
100 Testimonials!By Scott WestlakeFebruary 1, 20230 comments#reviews #testimonials There are always ups and downs when running any business and at times its all about the small victories. Today we have a small victory I am extremely proud of and thats 100 Testimonials! For anyone thats asked for a Review or Testimonial, they know how hard it can be ...Read more...
New Desktop Mortgage Calculator!By Scott WestlakeJanuary 30, 20230 comments#desktopcalculator #mortgagecalculator Introducing My Mortgage Toolbox Desktop Calculator - now available on https://thewestlaketeam.com/mortgage-calculators/#section-calculators. Say goodbye to complicated mortgage calculations and hello to simplicity! With this easy-to-use tool, you can quickly estimate your monthly ...Read more...
No Surprises Here: The Bank of Canada Hiked Rates By Only 25 bps, Signalling A PauseBy Scott WestlakeJanuary 25, 20230 comments#boc #variablerates #bankofcanada #mortgagerates #monitarypolicy As expected, the Bank of Canada--satisfied with the sharp ...Read more...
Recession Proofing Your Finances.By Scott WestlakeJanuary 25, 20230 comments#protectingyourfinances #financialstrategies #mortgagehelp The latest news has been focused on rising interest rates, surging inflation, and economic uncertainty with suggestions that the Canadian economy could be tripped into recession. With all this information circulating, now is a good time to discuss ways to adapt your finances and protect ...Read more...
Recently Funded - $2M Readvanceable Equity Loan + $1M Acquisition CapitalBy Scott WestlakeJanuary 24, 20230 comments#investment #realesateinvestor #privatelending #privatecapital Recently, we were able to provide funding for two mortgages for one of our real estate investor clients. As a full-time investor, our client was facing challenges with debt servicing and liquidity, which was hindering their ability to take advantage of opportunities in the current ...Read more...
Good News on the Inflation Front in DecemberBy Scott WestlakeJanuary 18, 20230 comments#monetarytightening #boc #mortgagerates #inflation #CPI #sherrycooper The Consumer Price ...Read more...
OSFI Is At It AgainBy Scott WestlakeJanuary 17, 20230 comments#OFSI #mortgagerules #newmortgagerules Late last week, the Office of the Superintendent for Financial Institutions (OSFI) announced it was concerned about the risks associated with the large and rising number of highly ...Read more...
December Housing Data Ended 2022 On A Weak NoteBy Scott WestlakeJanuary 16, 20230 comments#CPI #economicupdate #rates #drsherrycopper #economy #employment Statistics released ...Read more...
Construction Financing For End Users...By Scott WestlakeJanuary 15, 20230 comments#constructionfinancing #tarion #buildermortgge #building #construction Construction Financing: Your Guide to Building Your Dream Home Are you ready to build your dream home? One of the most important steps in the process is securing construction financing. This type of financing is different from a traditional mortgage and can seem daunting for first-time ...Read more...
As of January 1, 2023, there are three significant laws related to real estate that everyone should be aware of and understand.By Scott WestlakeJanuary 13, 20230 comments#newrealestatelaws #realestatelaw The below is a summary from information shared from Kormans (https://www.kormans.ca/three-new-laws-in-2023/) on 3 significant laws related to real estate, everyone should know. Link to original source at bottom of review. Canada's new rules to prevent flipping of residential ...Read more...
Why Now Might Be A Good Time To Consider A Reverse MortgageBy Scott WestlakeJanuary 10, 20230 comments#reversemortgage #CHIPmortgage #EQBmortgage #nomortgagepayment #seniormortgage A reverse mortgage can provide a number of benefits for senior homeowners. These loans allow homeowners who are 55 or older to tap into the equity they have built up in their home, without having to sell their property or make monthly mortgage payments. Instead, the loan is repaid ...Read more...
Post-Holiday Debt? Consolidate Today!.By Scott WestlakeJanuary 10, 20230 comments#debtconsolidation #debt #refinance If you're currently struggling with post-holiday debt, you're not alone. Many households find themselves in a similar situation after the season of giving. But, don't worry! There is a solution to help you simplify your payments and reduce them. Consolidating other forms of debt into ...Read more...