Fixed or variable on your mortgage ?

General Michael Distefano 5 Nov

It’s the first and only thing anyone usually asks when you talk about your mortgage: What’s your rate? While everyone can recall their rate off the top of their head, it’s the only detail of the mortgage they remember or care to know. Though the rate is obviously important, your mortgage is so much more than a rate, and if you’re not paying close attention, it can cost you money.

Before we dive deeper, let’s talk fixed rate vs. a variable rate and which one is better. Well, that all depends. First-time homebuyers and older homebuyers typically love the stability of a fixed rate. Keep in mind, seven-in-ten fixed mortgages are broken before the term ends. A fixed rate for five years is fine as long as you stick with a lender that’s going to calculate the penalty if you break your mortgage on the contract rate versus the Benchmark rate. That’s because the Benchmark rate, or as it’s sometimes called the Bank of Canada rate, is higher than your contract rate. Typically a credit union or monoline is the right choice for this mortgage.

Variable rates are great with any lender as it just comes down to who offers the best discounted variable rate. There’s a pretty simple way to decide whether a variable or fixed makes sense, based on rate alone. It’s called the 50-basis point rule.

Basically, take the best fixed rate out there and the best variable rate out there and subtract the two. If the number is less than 50 basis points, there is strong argument to go for a fixed rate. However, if the difference is more than 50 basis points, there’s a solid case to go with a variable.

Pretty simple right? What’s not as simple is the personality of your mortgage. It may not seem like it, but yes, your mortgage has a personality. Think of it like a shiny sports car. It may look amazing when it rolls off the lot, but as the years go on, does it meet your daily needs? Besides your mortgage rate, you need to consider portability, and whether it can be blended and extended and how penalties for breaking the mortgage are calculated. When people start looking for a mortgage, they’re usually getting advice from friends or their parents, and the only question they’re asking is, what’s the rate? But if they don’t know the details of the mortgage like the ones listed above, you can tell them to stick their head in the sand, because they’re giving you bad advice. And if a mortgage broker is only fixated on the rate, you’re working with the wrong one.

Life happens and our circumstances change. You really want to make sure the mortgage will work for you in the future before you sign on the dotted line.

Call Michael Distefano for all your mortgage related question today 905 357 5366 or email him at miked@beatthebankmortgage.ca 

Mortgage Agent and Manager of operations
DLC BTB Mortgage Solutions FSCO 12039
Niagara’s largest Mortgage Broker
106- 5017 Victoria Ave Niagara Falls L2E4C9
T 905 357 5366 F 905 357 6654

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BCREA: Mortgage Stress Tests Limiting Impact of Falling Rates

General Michael Distefano 25 Sep

 By Steve Randall 25 Sep 2019 Broker News

Mortgage rates are expected to remain at roughly their current level through to the end of 2020 according to a new forecast.

The British Columbia Real Estate Association’s Economics team says that, notwithstanding any major changes to the economic landscape, the 5-year qualifying rate is set to remain at 5.19% in the fourth quarter of 2019 with the 5-year average discounted rate at 2.77% (down from 2.86%).

Falling bond yields in the third quarter have helped reduce the 5-year contract rate with some fixed-rates of as low as 2.25%. However, those borrowers that are subject to the B-20 mortgage stress test will see the qualifying rate hold steady despite the lower rates offered by lenders. The lack of variation in the qualifying rate is “a puzzle” the report says.

BoC on hold
BCREA Economics does not see the Bank of Canada making any changes to interest rates in the near term but notes that major changes in the economy may prompt a cut. For now though, employment and inflation data support a hold-steady for monetary policy.

The report calls for the Canadian economy will post trend growth of about 1.8% in 2020, though “significant downside risks remain due to elevated trade tensions and their consequent impact on exports and investment.”

 

Michael Distefano
Mortgage Agent and Manager of operations
DLC BTB Mortgage Solutions FSCO 12039
Niagara’s largest Mortgage Broker
106- 5017 Victoria Ave Niagara Falls L2E4C9
T 905 357 5366 F 905 357 6654 C 905 246 5363

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Should You Use Your Home Equity To Consolidate Debt?

General Michael Distefano 16 Sep

Understanding home equity; what is it and how do I access it?

If you’re a homeowner you’ll probably have equity. Equity is the difference between the value of your home and what you owe against it; essentially equity is the portion of the home that you “own”.

There are different channels to access your home equity and a few types of products that you may qualify for depending on your unique situation.

Most homeowners start by approaching their bank for a conventional mortgage or home equity line of credit, though with increasingly stringent regulation the banks are declining more borrowers than ever.

Continue reading

Here’s what you need to know about the First-time Home Buyer Incentive

General Michael Distefano 4 Sep

BY: Sarah Turnbull , CTVNews.ca Staff Published Monday, September 2, 2019

The government’s First-Time Home Buyer Incentive (FTHBI) comes into effect today. The program is aimed at making it easier for young people to buy their first home by lowering new buyers’ monthly mortgage payments. Introduced by the Liberals in their 2019 budget, the federal government will absorb five percent of monthly mortgage payments on existing homes and 10 per cent on new builds. But there are a few notable conditions to watch out for, which have come under fire since the plan’s March announcement. Ottawa-based mortgage broker Frank Napolitano spoke with CTVNews.ca to help lay it all out.

First off, to be considered eligible, applicants must not have owned a house in the last four years – exceptions will be made for those in a “breakdown of marriage or common-law partnership.” Secondly, a homebuyers’ combined annual household income must be lower than $120,000 before taxes and deductions. As Napolitano says, that qualifier strikes out most residents from Vancouver and the Greater Toronto Area.

“The max income is $120,000 that can be used for this program, therefore to qualify for a mortgage – if you have no debt – it’s typically four, maybe four and a quarter times your annual gross income so there’s not a lot of properties in the $500,000 range or less. Maximum property value under this program would be $560,000.”

To that end, the FTHBI is more likely to benefit residents in less crowded markets, like smaller urban centres in Ontario, Quebec, the Prairies, or out east where you can still find a home below the price cap.

Additionally, as Napolitano points out, first-time buyers will still have to cough up default insurance under the plan.

“We’ve had customers call us and say ‘we’ll put the 10 per cent down and then we’ll buy a new build and the government will give us 10 per cent so we don’t have to pay default insurance.’ False. Regardless of the down payment, this program only works if you have default insurance.”

Default insurance protects financial institutions from default – the premium gets tacked on to your mortgage payments.

There are obvious paybacks for the government. While they provide an interest-free loan, they also secure shared equity in your home as it goes through gains and losses. This means the amount paid back to the government will fluctuate based on how much your home increases or decreases in value.

The loan must also be paid back under three circumstances: if you sell your home; or at the end of 25 years.
Minister of Families and Social Development Jean-Yves Duclos – who also oversees the Canada Mortgage and Housing Corporation – is responsible for the rollout of the program. In an announcement last Wednesday to informally launch the FTHBI, the minister touted the program for empowering the middle class.

“Thanks to mortgage payments that are more affordable, many families will have hundreds of dollars more each month in their pockets – money to spend on things like healthy food, sports activities for their kids, or even save for the future,” said Duclos in the statement. The program is expected to serve about 100,000 Canadian homebuyers.

Give our team a call anytime to answer your mortgage related questions about this offer or any other offers you may be entitled to 905 357 5366

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5 mortgage tips to help you afford a home

General Michael Distefano 2 Jul

Buying a home is more difficult now than ever—and this is not news to anyone! No matter where you live, the recent stress testing measures, increase in housing prices in major cities, and continued increase of the cost of living all combine to make home ownership a daunting task. But we do want to offer some help and solutions for young families looking to get into the market as we truly to believe it’s not impossible and have helped many families do just that!

Take a step outside of the downtown core. Typically, property right in the heart of the city r is more expensive due to the location and the continued demand. Stepping out to one of the outlying suburban areas can offer more affordable options and can also lend you with an increased inventory of properties within your price point. Consider finding a rent to own property. A Rent to Own (RTO) property can allow you to rent a property while subsequently saving up for a down payment.

Talk to a mortgage broker. Speaking with a broker and going through a pre-qualification process can help you by allowing you to see the areas in which you will need to improve to help make you more attractive to lenders. This can include things such as:Increasing your credit score Decreasing your overall debt or consolidating your current debt. Looking at increasing your overall income options and the ways in which you can do that.

Consider using a co-signor(s) for your mortgage to start with. One solution we have found that works well for certain clients is having a co-signor(s) on the mortgage with a planned exit strategy to remove them once the client’s personal income increases or they are able to qualify for the mortgage on your own (ex. By paying down debts and/or improving their credit score). This solution is situation specific, so speak to your broker for more details.

Save, Save, and Save some more. We know this is common sense but speaking with a financial advisor can help show you ways in which you can save and make your money work for you. We can happily recommend a few as can your mortgage broker.
We know that the state of real estate can seem overwhelming and depressing at times. Keep in mind though that not all hope is lost, and you do have options available to you! Remember the “dream” of the white picket fence detached home is not for everyone…now more than ever mutli-family properties such as townhouses and condos are offering more and more amenities and beautiful properties for less. The bottom line is considering all your options and work with a dedicated broker who can help you reach your goals—whatever they might be!

 

 

Michael Distefano
DLC BTB Mortgage Solutions FSCO 12039
Niagara’s largest Mortgage Broker
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T 905 357 5366 F 905 357 6654 C 905 246 5363

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WHAT IS A MORTGAGE BROKER?

General Michael Distefano 23 May

WHAT IS A MORTGAGE BROKER?

You may have noticed that there are many different terms for those of us who work in the mortgage industry besides “broker”.
Mortgage: specialist, expert, advisor, associate, officer, etc. I just want to clear up some potential confusion with all these monikers.
There are 2 main categories that these fall in to. Those that work for a bank to sell mortgage products available from that bank.
The other is for those like myself that work within a mortgage brokerage that has no direct affiliation with any one bank.
Each mortgage brokerage has agreements in place with multiple banks and mortgage lenders to be able to submit mortgage applications for consideration.
There are of course obvious differences between these but some may not be quite so apparent.

Mortgage Brokerage
All those working in the mortgage brokerage industry must be licensed by a provincial government agency, in Saskatchewan it’s called the Financial & Consumer Affairs Authority (FCAA).
While every province has their own set of guidelines, there are 3 different types of licenses offered by FCAA: mortgage associate, mortgage broker & principal broker.
The mortgage associate and broker are very similar as both advertise themselves to obtain clientele, work directly with the clients, mortgage lenders, mortgage insurers, realtors and lawyers in the service of their clients. The key difference is that an associate must work under a supervising mortgage broker to ensure they remain in compliance with FCAA regulations.
Each mortgage brokerage will have a principal broker (aka: broker of record) that oversees the operations of the brokerage as well as all the associates and brokers within the brokerage.
Most all those working in the mortgage broker industry are commission based. Our income is derived from the mortgage lenders that we submit mortgage applications to.

In order to apply for a license as a mortgage associate, applicants must complete an approved mortgage associate education course and provide a current criminal record check along with the required application documents.

Application for a license as a mortgage broker are the same as for an associate with the addition of a previous experience requirement.
The applicant must have been licensed as a mortgage associate for at least 24 of the previous 36 months.

In addition to annual applications for renewal, licensees must also:

Purchase and remain in good standing with professional errors and omissions insurance
Complete FCAA approved annual continuing education courses
Provide FCAA auditors access to mortgage files for review whenever requested
Advise FCAA of any changes to brokerage or contact information
Immediately advise FCAA of any offences under the criminal code (other that traffic offenses)
Bank Branch Mortgage
Those that work in mortgage lending for a bank are normally paid by the hour or are salaried and may have a performance bonus structure.
Entry level positions do not require any education beyond high school. Training is provided on the job by the employer with supervision by the branch manager and more experienced staff.
There are no licensing requirements by any provincial or federal governing body and errors and omissions insurance is not required.
Many banks have mobile mortgage staff that may or may not conduct business within the branch and are often paid on a commission basis rather than hourly or salary.

If you have any questions, contact your Dominion Lending Centres Mortgage Broker

P.S.
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Michael Distefano
Mortgage Agent and Manager of operations
DLC BTB Mortgage Solutions FSCO 12039
Niagara’s largest Mortgage Broker
106- 5017 Victoria Ave Niagara Falls L2E4C9
T 905 357 5366 F 905 357 6654 C 905 246 5363

 

 

 

 

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Self-employed increasingly turning to private lenders for mortgages

General Michael Distefano 25 Apr

by Canadian Press 25 Apr 2019

Self-employed increasingly turning to private lenders for mortgages

The self-employed are among the growing number of Canadians turning to private lenders in order to obtain a mortgage.
While many prospective homeowners are driven to alternate lenders because of government-mandated stress tests and poor credit scores, the self-employed often have additional burdens to overcome in proving their income.
“There’s more and more people seeking private loans than ever before and that’s a direct result of government making it more and more difficult to qualify,” says Dan Caird, a mortgage agent with Dominion Lending Centres.
According to the Bank of Canada, private lenders have doubled their share of the mortgage market since 2015, accounting for eight per cent of Canadian mortgages in 2018, and an even greater share in the hot real estate market of Toronto.
These lenders are less concerned about income and more focused on the property’s value in case they have to foreclose. The tradeoff is higher interest rates and fees.
Still, the option can be helpful for the self-employed who expense as much as they can in order to reduce their taxable income and who have a strategy to beef up their credit score with a goal of returning to a traditional lender.
Caird said it’s usually more financially advantageous to “expense the heck out your business” and show less income.
“Sure you’re going to pay a half a per cent, a per cent, sometimes two to three per cent 1/8more 3/8 on your mortgage but …they usually end up coming out ahead by claiming less income and just paying a bit more on the mortgage,” he said in an interview.
However, the writeoffs make it harder for lenders to obtain the 35 to 44 per cent debt-to-income ratio sought by traditional lenders.
Proving a sufficient track record of income to qualify for a mortgage can be the biggest challenge for people who work for themselves.
“Assuming a self-employed borrower had great credit and ample equity, we used to be able to simply state their income to the bank and show a notice of assessment to prove no taxes owing,” said Robert McLister, found of mortgage news website RateSpy.com
“Those days are long gone.”
The government now wants verifiable proof of true earnings while the stress test makes the hurdle even higher by requiring almost 20 per cent more provable income to qualify for the same mortgage available in 2017, he said.
That has pushed more people to alternate lenders.
“Self-employed mortgages without traditional proof of income are a different animal from your cookie cutter AAA bank mortgage,” McLister added.
The Canada Mortgage and Housing Corp. is trying to ease the paperwork required to obtain mortgage loan insurance, said Carla Staresina, vice-president risk management, strategy and products.
It introduced changes last October that suggest additional factors lenders could consider if the borrower has been operating their business for less than two years, including having sufficient cash reserves, predictable earnings, acquisition of an established business and previous training and education. It is also encouraging acceptance of a broader ranger of documents.
“Our aspiration really is to make sure everyone in Canada has a home they can afford and that meets their needs,” Staresina said from Ottawa.
“We know self-employed Canadians make up about 15 per cent of Canada’s labour force and so we want to make sure that any difficulty that they have in qualifying for a mortgage is mitigated and that we’ve got some options for them.”
McLister said the program will help “at the margins,” particularly those who recently started a business or bought an established operation.
Caird said there’s been some other steps in the right direction. He pointed to a new product from the Bank of Nova Scotia that allows incorporated companies to use retained earnings in the business to help applicants qualify.
Genworth Canada and Canada Guaranty also have programs to help self-employed borrowers, but require the business be open for at least two years.
The mortgage broker’s task is to convince lenders that the borrower is a good credit risk by adding back specific deducted expenses to net income to improve the debt-to-income calculation, said Caird.
While having a sound credit history is very helpful, mortgages can still be obtained for those with less-than-stellar records, for a cost.
Three essentials for borrowers are to have up-to-date taxes, be organized and consult a mortgage broker long before the mortgage is required.
“If your taxes aren’t up to date it’s going to be next to impossible to get a lender to give you a mortgage at any sort of reasonable rate or term.”

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Bank of Canada holds interest rate, drops growth forecast for 2019

General Michael Distefano 24 Apr


The Canadian Press

The Bank of Canada is keeping its key interest rate unchanged as it releases a downgraded 2019 growth forecast that includes a prediction the economy nearly came to a halt at the start of the year.

The central bank also appears to be in no hurry to move the interest rate any time soon because, unlike recent statements, the announcement today removed all mentions of a need for future increases.

The decision leaves the trend-setting rate at 1.75% for a fourth-straight announcement — a pause that followed governor Stephen Poloz’s stretch of five hikes between mid-2017 and last fall.

The bank says the economy was operating close to full tilt for most of 2017 and 2018 before a sudden deceleration in the final months of last year, which was largely caused by a drop in oil prices and unexpectedly weak numbers for investment and exports.

In new projections today, the bank is predicting growth of real gross domestic product of 1.2% for 2019, down from its January forecast of 1.7%.

The Bank of Canada is projecting growth of just 0.3% in the first quarter of 2019, though it’s predicting the economy to pick up its pace in the second quarter on expectations of stronger housing activity, consumption and business investment.

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Mortgage stress test scenarios at Renewal/Refinance

General Michael Distefano 17 Apr

Instead of long paragraphs, we made it easy with just numbers for your understanding.

SCENARIO 1: Your current mortgage is a five-year fixed-rate term. Your rate is probably at or below 3%. Let’s use 2.89%, as many of my clients were averaging this rate back then. Five years ago, you were qualified using your actual rate. So, in this case, 2.89%. Let’s say you took a 25-year amortization with an original balance of $400,000, equaling $1,871 in monthly payments. Today, your balance is $340,000. How much income did you need to qualify back then? $73,000 per year.

Fast forward to today. It’s renewal time and you’re ready to shop for rates. Of course, your Mortgage Broker has contacted you or you’re going to call an experienced Mortgage Broker to ensure you’re getting the best rate and terms. Historically, we know that banks don’t offer their existing clients the absolute best rate at renewal time. This is just the way it has always been. But, it’s gonna get worse…

And now for some potentially bad news: Today, you heard about a better deal at a competing lender. Naturally, you’ll qualify given that you’ve paid your mortgage perfectly for five years, right? Well, not necessarily.

Today, you must requalify using your new rate (let’s use 3.59%, as this is a competitive rate today) plus 2.00% (infamous stress test) for a qualifying rate of 5.59%. Using this new higher qualifying rate, regardless of the now shorter amortization and lower mortgage balance, you’ll still need a higher qualifying income of $88,000.

Think your bank doesn’t know this? Guess again… they know and they love it. And, chances are, you won’t see the best rate offer come renewal time. (This is where I would strongly recommend speaking with an experienced Mortgage Broker. Having access to a variety of lenders in addition to banks.)

SCENARIO 2: It’s renewal time and you want to increase your mortgage to buy a car, install a new furnace/air conditioner, renovate, or even send your kids to school. Perhaps you took out a loan or used your line of credit for some expenses you accrued waiting for renewal time. (And, of course, you’re paying a higher interest rate as all non-mortgage debts have higher rates than your mortgage). Using the same example as above, your current mortgage balance is $340,000, but you want to go back up to a $400,000 mortgage to roll in those other higher-interest debts.

To qualify for this same $400,000 mortgage amount you originally started with five years ago, you’ll now need to earn $108,000 per year. That’s a $35,000 higher annual income – a 52% increase. Now, how does this make sense? It doesn’t, but it’s the new reality.

There are calls for the government to pull back on the stress test – and for good reason. The example above is playing out hundreds of times a day across the country.

Don’t despair. There is hope. And there are solutions. Your interest is my only interest.

P.S.
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Michael Distefano
Mortgage Agent and Manager of operations
DLC BTB Mortgage Solutions FSCO 12039
Niagara’s largest Mortgage Broker
106- 5017 Victoria Ave Niagara Falls L2E4C9
T 905 357 5366 F 905 357 6654 C 905 246 5363

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LEGALIZED MARIJUANA & HOUSING MARKET

General Michael Distefano 17 Oct

If you smoking pot in your home or want to grow a few plants, you could reduce the value of your home !

October 17th will be important day in Canada’s social history. It’s the day when we are going to have legalized marijuana across the country. We will be the second major country in the world to do this. How does this affect mortgage brokers like myself? When someone comes to me to obtain financing for a home purchase and the sellers have disclosed that they smoked pot in the house or grew a few plants , how will this affect their home purchase?

A few years ago, someone disclosed that their home had been a grow-op six years previously and their home insurance company cancelled their policy citing safety issues. We could see this happening with both lenders and mortgage default insurers like CMHC, Genworth and Canada Guaranty. A recent article by a member of the Canadian Real Estate Association suggested that both lenders and insurers might ask for a complete home inspection. It was suggested that sellers who have grown a few plants might want to get a head of a problem and have an inspection before they list the property. If there are any issues of mold or electrical systems that are not up to code, they can remedy this and have a quick sale.

We contacted both CMHC and Genworth Canada to find out if any policy changes are in the works. CMHC told me that there’s nothing planned beyond what is already on the books. If there’s been a grow operation it needs to be inspected and remediation done before they will insure. Genworth says that nothing has been announced as of yet. Any changes will result in an official announcement to all brokers.
Mortgage brokers may want to call their realtor referral partners and discuss this with them to see if local real estate authorities have any changes planned. If nothing else it will be good to touch base with your realtors to find out how the market is in your area.

If you are thinking about smoking pot in your home or want to grow a few plants or any other mortgage related questions , contact our local Dominion Lending Centres mortgage professional to find out if this could affect your  house value or sale in the future.

 

Michael Distefano
Mortgage Agent and Manager of operations
DLC BTB Mortgage Solutions FSCO 12039
Niagara’s largest Mortgage Broker
106- 5017 Victoria Ave Niagara Falls L2E4C9
T 905 357 5366 F 905 357 6654 C 905 246 5363

APPLY ONLINE ANYTIME http://betterthanbankmortgage.com/mortgages/how-to-apply/

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