It’s been a while since I’ve been on here, though I plan to be more consistent with my blog in the future!
I joined Smartymortgage Inc. (a Dominion Lending Centres franchise) a few months back and enjoy working out of our downtown Vancouver office location. I have also launched another a website, www.yaletownmortgage.com – check it out!
There has been a lot of changes in the mortgage industry this past year. Many sub prime lenders have stopped doing business in Canada. In October, new rules the government has put forth will affect the type of mortgages available. 40 year/100 percent mortgages (zero down) will be no longer in Canada. The maximum amortization will be 35 years and 95% loan to value (5% down).
The Vancouver market has slowed somewhat and unit sales have decreased. Prices have only moderately been affected at this point. People keep asking me whether now is the time to buy.. the million dollar question. Interest rates are probably on the rise so even if house prices come down marginally the total cost of your mortgage will likely remain the same IMO. The other popular question is whether to go fixed or variable. I am a fan of variable as it’s a great way to save money now and you can lock into a fixed rate at a later date. As of today, I can secure a variable rate of 4.15%, vs. fixed at 5.34.
Please contact me anytime if you’d like to discuss setting up a mortgage – thanks.
