9 Reasons People Break Their Mortgage.By Scott WestlakeJune 1, 20220 comments#breakingmortgage #whybreakmortgage Did you know, approximately 60 percent of people break their mortgage before their mortgage term matures? While this is not necessarily avoidable, most homeowners are blissfully unaware of the penalties that can be incurred when you break your mortgage contract – and sometimes, ...Read more...
Canadian Inflation Shows No Signs Of AbatingBy Scott WestlakeMay 19, 20220 comments#economicupdate #sherrycooper #SW #TWT #DLC Inflation at 6.8% is unmitigated bad news. The Bank of Canada looks flat-footed again, having forecast that Inflation would be at least a full percentage point lower by now. What's ...Read more...
Canadian Housing Market Feels The Pinch of Higher RatesBy Scott WestlakeMay 17, 20220 comments#rateupdate #BoC #bankofCanada #housingsupply #supplyvsdemand Statistics released today by the Canadian Real Estate Association (CREA) show that the slowdown that began in March in response to higher interest rates has broadened. In April, ...Read more...
The Rate DebateBy Scott WestlakeMay 16, 20220 comments#ratedebate #mortgagerate #fixedvsvariable The Rate Debate. One of the first questions that potential buyers want answered is: “What is your interest rate?” It is easy to think that this is the most important question, but there is a lot more to your mortgage contract than just the rate. And so, the rate debate ...Read more...
Recently Funded - $1.2M Home Renovation LoanBy Scott WestlakeMay 11, 20220 comments#homerenovation #construction #renovationloan #purchaseplusimprovement TWT Recently funded a credit facility to help renovate our clients kitchen, main floor and primary restroom, add a 3 season room and landscape. Our clients approached us to pre qualify them for a new home. After months of searching the market they could not find the right property ...Read more...
How To Protect Yourself From Real Estate Fraud & SchemesBy Scott WestlakeMay 10, 20220 comments#realestatescams #fraudprevention #protectyourself As online-based transactions become more prevalent, cybercriminals are finding new and creative ways to steal your money. So, what can you do to make sure you don’t fall prey to these malicious attacks? Here are the most common types of real estate fraud schemes and some ways ...Read more...
Your Home Buying A-Team.By Scott WestlakeMay 9, 20220 comments#ateam #Sw #TWT #DLC There are four major components to any successful home buying A-Team: your mortgage professional, realtor, home inspector and lawyer. Each of these individuals is important to various aspects of the home buying process. MORTGAGE PROFESSIONAL While many people think a real estate agent ...Read more...
Labour Market Bumps Up Against Capacity ConstraintsBy Scott WestlakeMay 6, 20220 comments#jobs #jobsmay2022 Job vacancies abound in many sectors, yet employers have trouble finding workers to fill those jobs and retaining workers with so many options available. As the jobless rate falls ...Read more...
Benefits of Home Ownership.By Scott WestlakeMay 2, 20220 comments#homeownership #benefitsofhomeownership #equity So, you have decided to utilize your buying power in the Canadian retail market and are looking to purchase a home – congratulations! This is a great step towards ensuring your future. As a potential homeowner, there are some amazing benefits that we think you should be aware ...Read more...
Great Start to 2022! Top 50 Monthly Revenue!By Scott WestlakeApril 24, 20220 comments#top50 #top50revenue Quick thanks to all my amazing clients and referral sources that helped start 2022 on the right track! Q1 is in the books and we started off hot! Top 50 in monthly revenue, month after month which is a reflection on the amount of amazing people that trust our services to get ...Read more...
Documents You Require To Qualify For A MortgageBy Scott WestlakeApril 24, 20220 comments#documentation #documentrequirements #mortgagesubmission #mortgagepaperwork Documents Required to Qualify for a Mortgage Mortgages can sometimes feel like endless stacks of paperwork, but being prepared in advance can save you time and stress! Getting your mortgage pre-approved is part of this prep-process, and will make things easy in the long run. In order ...Read more...
Recently Funded - $1.553M Mortgage - Residential Purchase - Pre Approved for NO COF - P - 1.25%By Scott WestlakeMy PortfolioApril 23, 20220 comments#portfolio #recentlyfunded #SW #TWT #DLC #purchase #variablerate TWT Recently Funded a $1.55M Mortgage for a client of ours purchasing a new home. Client referred by realtor during a very hot market with limited supply and needed feedback on viability of no financing condition. TWT fully underwrites pre approvals ...Read more...
Canadian Inflation Is At 6.7%By Scott WestlakeApril 21, 20220 comments#inflation #2022inflation StatsCanada today reported that consumer prices rose a whopping 6.7% year-over-year in March, a full percentage point above the 5.7% reading the month before. Market-driven interest ...Read more...
Canadian March Home Sales Posted Their Biggest Decline Since JuneBy Scott WestlakeApril 20, 20220 comments#homesales2022 #homesalesspring2022 Statistics released today by the Canadian Real Estate Association (CREA) show that rising interest rates were already dampening housing activity well before the Bank of Canada's ...Read more...
Bank of Canada Hikes Rates by 50 BPs, Signalling More To ComeBy Scott WestlakeApril 13, 20220 comments#mortgagerates #mortgagerate #boc #variablerate The Governing Council of the Bank of Canada raised the overnight policy rate by a full 50 basis points for the first time in 22 years. This was a widely telegraphed action that will ...Read more...
Mortgage Industry Jargon ExplainedBy Scott WestlakeApril 13, 20220 comments#industryjargon #mortgagejargon Baffled by some of the phrases realtors and bankers throw at you? 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 when ...Read more...