What is the First Time Homebuyer Incentive?.By Scott WestlakeMarch 30, 20230 comments#Firsttimebuyer #homebuying #whyuseamortgagebroker #mortgagebroker #buyinghome The first-time homebuyer incentive program is a shared-equity mortgage with the Canadian government that helps qualified first-time buyers reduce their monthly mortgage payments to better afford a home! The Incentive: This program allows you to obtain an incentive from the government ...Read more...
Federal Budget 2023...Press the Snooze ButtonBy Scott WestlakeMarch 29, 20230 comments#federalbudget Federal Budget 2023...Press ...Read more...
Recently Funded - Cross Collateral Mortgage To Assist In Closing The Purchase While Sale Awaits...By Scott WestlakeMy PortfolioMarch 27, 20230 comments#recentlyfunded #portfolio Recently, we had the opportunity to assist a buyer with a short-term bridge loan to purchase a new property while waiting for their existing home to sell. In this transaction, we cross-collateralized the purchase asset and sale to meet the closing and provide a smooth transition for ...Read more...
What is an Uninsurable Mortgage?.By Scott WestlakeMarch 23, 20230 comments#uninsurablemortgage #insuredmortgage #insurablemortgaeg When it comes to mortgages, insurance is necessary to protect the lender on these types of loans, which deal in large sums of money. There are three different tiers relating to insurance, which all have different minimum down payment amounts and varying premium insurance fees. ...Read more...
Further Decline in Inflation in February Will Keep the Bank of Canada On Hold in AprilBy Scott WestlakeMarch 21, 20230 comments#bankofcanada #interestrate #boc #variablemortgage #mortgagerates All eyes will be on the Federal Reserve tomorrow when ...Read more...
Housing Market Could Be Poised For A Spring ReboundBy Scott WestlakeMarch 16, 20230 comments#housing #interestrates #housingtrends #ecoomicupdate The Canadian Real Estate Association says home sales in February bounced 2.3% from the previous month. Homeowners and buyers were comforted by the guidance from the Bank of Canada ...Read more...
US Policymakers Take Emergency Action To Protect Depositors At Failed BanksBy Scott WestlakeMarch 15, 20230 comments#economicupdate #realestateprices #boC #USAmarket #SVB #interestrates Silicon Valley Bank (SVP) had a sterling reputation among the many tech start-ups it helped to finance. What brought SVB down was an old-fashioned bank run set off in 2021 by a series ...Read more...
Selling Your Home in the Spring.By Scott WestlakeMarch 14, 20230 comments#realestatetips #sellinghome #springlisting Spring is the perfect time to sell your home, but before you put up that "For Sale" sign, there are some essential things to consider to ensure you make the most out of the selling process. Here are some tips to help you get started. Hire an Experienced Realtor: The first step in ...Read more...
Canadian Labour Market Jeopardizes Rate PauseBy Scott WestlakeMarch 13, 20230 comments#economicupdate #realestateprices #boC #jobs Today's Labour Force Survey (LFS) for February was much stronger than expected, questioning how long the Bank of Canada's rate pause can last. Following the 150,000 ...Read more...
The Bank of Canada Holds Rates Steady Even As the Fed Promises to Push HigherBy Scott WestlakeMarch 8, 20230 comments#boc #bankofcanada #interestrates #mortgagerates #variablerates As expected, the central bank held the overnight rate ...Read more...
Monthly Mortgage Newsletter March 2023By Scott WestlakeMarch 7, 20230 comments#monthlymortgagenewsletter #mortgagenews #mortgagenewsletter ...Read more...
Bad News Is Good News for the Bank of CanadaBy Scott WestlakeMarch 2, 20230 comments#BoC #bankofcanada #interestrates #mortgagerates #variablerates Statistics Canada released the real gross domestic product ...Read more...
Title insurance for a new-build homes...By Scott WestlakeFebruary 28, 20230 comments#titleinsurance #FCT The housing supply shortage is one of the top issues in Canada’s real estate market. To address it, cities like Calgary are seeing a massive boom in new-build housing. New construction offers many advantages, like more energy-efficient heating and cooling systems. Their titles ...Read more...
Why Are We Having So Many Mortgage ConversationsBy Scott WestlakeFebruary 24, 20230 comments#economicupdate #realestateprices We are currently experiencing a large spike in conversations with clients and referral sources about mortgages, and there are several reasons why. Here are some of the main drivers of this trend: Home values in certain markets are down: Although rates may be higher, clients are buying ...Read more...
Mortgages For Self Employed Borrowers - Under Corporations, Holdco's & MoreBy Scott WestlakeFebruary 24, 20230 comments#corporatemortgage #businessforself #selfemployed If you are a self-employed client who owns your own business, you may have chosen to set that business up as a corporation. This means the business operates as essentially its own person. They have income through business revenue and expenses from marketing costs, materials, office ...Read more...
Further Decline in Inflation in January Affirms Bank of Canada Pause in MarchBy Scott WestlakeFebruary 21, 20230 comments#boc #bankofcanada #econony #mortgagerates Canadian inflation decelerated meaningfully in January ...Read more...