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Author Archives: Sandra Lastovic

Things to know when buying or selling a home in Guelph, Kitchener, Waterloo and Cambridge

Middle-aged male on phone with title "By asking now about my mortgage pre-approval, I'm way ahead. What are you doing?"

Things you’ll need to know when successfully buying or selling a home in Guelph, Kitchener, Waterloo and Cambridge.

Get pre-approval before you list your home – requalify your mortgage.

Other considerations are:

  • Job changes
  • Credit history changes
  • Calculate the equity you’ll have
  • Budget to help you keep on track

Do a Buy/Sell Calculation

Contact us and we’ll send you a free resource that will help you calculate the costs including:

  • Reduction of current debts
  • Realtor commissions and HST
  • Lawyer’s fees
  • Provincial land transfer tax
  • Any mortgage penalty
  • Creating a savings cushion for the unexpected

It’s important to share your information with your realtor so they are better able to serve you.

Ramifications Of Bridge Financing

What to do when closing dates don’t match? It’s normally straight forward if you have a firm purchase AND sale agreement.

Downsizing

Ensure you reduce your household content before you sell. Not only do you need to declutter your home, you also need to prepare the financing even before you list your home. This is a critical step even if you don’t expect to end-up with a mortgage in your new smaller home or condo.

Mortgage Questions?

If you have questions about mortgages and pre-qualifying, contact us! At The Mortgage Centre we love helping people through transitions. We are trustworthy and reliable brokers serving customers in Guelph, Kitchener/Waterloo, Cambridge and beyond!

When should you consider consolidating your debt with your mortgage and why?

  If you are unable to pay off your debts each month and your total debt exceeds $5000. Interest rates and how they are calculated vary widely. Interest on a mortgage is calculated twice a year A Line of Credit loan is calculated monthly and usually carries a higher interest rate Credit cards are calculated… Read More

Financing Existing Student Rentals: Challenges That Can Be Overcome

  Financing existing student rentals: Challenges that can be overcome An area of mortgage expertise I focus on is financing and refinancing rental properties. As a rental property owner myself, most clients appreciate the first-hand knowledge on the pros and cons of owning real estate as an investment.  I have made some great decisions with… Read More

Banking Regulator sees potential risks; Current home values are stabilizing in most regions

    Banking regulator sees potential risks in high home prices, debt loads. The Office of the Superintendent of Financial Institutions (OSFI) is set to finalize changes to residential lending guidelines (B-20) by the end of this month. They are proposing changes that will see a ‘stress test’ applied to those borrowers buying a home… Read More

Economic Growth; The OECD has raised expectations for Canada. Should we expect interest rates to continue to rise?

The Organization for Economic Co-operation and Development has raised its expectations for economic growth in Canada this year compared with a June forecast. The Paris-based economic think tank says it now expects the Canadian economy to grow by 3.2 per cent this year, best in the G7. That is up from its forecast in June… Read More

CMP Women of Influence 2017

For decades, the mortgage industry, like many other business sectors, has long been dominated by men. In 2017, that’s no longer the case. The 50 women on this list prove that mortgage brokering is no longer just a man’s game. Following an overwhelming response from lenders and brokers across all provinces, CMP culled this year’s… Read More

Changes to Canada’s Housing Rules

Over the last few days, I’ve fielded calls from concerned clients who are buying a house and want to know the impact of the recent regulatory changes to Canada’s Housing Rules that come in to effect in late October. I’m sharing a statement provided to me yesterday from our industry lobby group Mortgage Professionals Canada. Also,… Read More

What can we expect in the housing market for the rest of 2016?

Is Guelph and surrounding area in a housing bubble? The general definition we use to describe a housing bubble is two to three consecutive years of unsustainable price appreciation. Unsustainable price growth would include a 10% or more price increase year-over-year. According to The Guelph and District Realtor’s Association (GDAR) as of September 9, 2016… Read More

Getting separated is never easy: learn how to move ahead with your living arrangements

Aside from the emotions involved with a separation, there are several things to consider and act upon relative to your current mortgage. The first important step is to finalize the separation and get an agreement together. This important document outlines how your assets will be divided and how other important financial decisions will made. There… Read More