How to provide a tax-free gift to your children with a Reverse Mortgage.By Scott WestlakeFebruary 17, 20230 comments#reversemortgage #CHIPmortgage #EQBmortgage #nomortgagepayment #seniormortgage The current economic situation in Canada may pose challenges for young people, who are facing uncertainty with high interest rates and inflation, as they try to establish their careers, consider home ownership or starting a family. As a parent, you may be concerned about how to support ...Read more...
December Housing Data Ended 2022 on a Weak NoteBy Scott WestlakeFebruary 15, 20230 comments#housing #interestrates #housingtrends #ecoomicupdate The Canadian Real Estate Association says home sales in January were the lowest for the month since 2009 and fell 37.1% from a year ago. The Canadian housing market has been sliding ...Read more...
What Not To Do After Getting Approved For A Mortgage.By Scott WestlakeFebruary 15, 20230 comments#ehstnottodoaftermortgageapproval #mortgageapproval #donts #dodonts Your mortgage is approved— now what? Let’s discuss it! Don’t apply for new credit: Your debt level and available credit are both factors in mortgage approval, so increasing them may risk your pre-approval. Don’t make any large purchases: Changes ...Read more...
Residential Construction Financing: Understanding the FundamentalsBy Scott WestlakeFebruary 13, 20230 comments#constructionfinancing #construction #homereno #building #homerenovation #buildingloan #construction Building a home can be one of the most exciting and fulfilling experiences of a person’s life. However, financing the construction process can be challenging, particularly for first-time homebuilders. In this blog post, we will discuss the fundamentals of residential construction ...Read more...
Mortgage Stress Test - How To Quickly Know How Much You Qualify ForBy Scott WestlakeFebruary 10, 20230 comments#mortgaagestresstest #stresstest #mortgagestress #mortgagequalification What is the mortgage stress test (Download Free Stress Test App --> Mortgage Stress Test App The mortgage stress test in Ontario is a regulatory measure aimed at ensuring that homebuyers are able to withstand an increase in interest rates. The test requires homebuyers to qualify ...Read more...
Red Hot Labour Market Despite Rate HikesBy Scott WestlakeFebruary 10, 20230 comments#economicupdate #realestateprices #boC #jobs Today's Labour Force Survey (LFS) for January was much stronger than expected, once again calling into question how long the Bank of Canada's rate pause will last. This report ...Read more...
How can homeowners protect themselves against title fraud?.By Scott WestlakeFebruary 10, 20230 comments#titelfraud #titleinsurance #fraud With news stories surrounding title fraud breaking weekly, more homeowners are asking what they can do to protect their homes before they become the next headline. Daniela DeTommaso, President of FCT, addressed the issue in a recent interview on CBC’s Metro ...Read more...
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...