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Today, the Bank of Canada announced another rate cut - the fourth consecutive rate cut for the Bank this year. And, to top it off, today's rate cut is twice the size of previous cuts at 1/2 percent! Tune in to get Pete and Mindy's take on the rate cut, why it was a jumbo sized rate cut, and what might happen at the Bank of Canada's next announcement on December 11th. Have a listen!
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The beginning of a broker / client relationship is warm and encouraging as we discuss the client's goals and how we can achieve them...then we ask for supporting documentation...
Quite often a client may feel like we're asking for too much information, and it can be quite a bit of home work for the client finding all the pieces! In all cases each lender is very specific on what they want to see in order to verify income, down payment, property details etc. We do our best to streamline the process for our clients, but document collection is a reality when it comes to getting approved for a mortgage.
This episode lays out all the various documents that may be required under various scenarios. If you haven't applied for a mortgage before, this is a great listen!
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Effective December 15, 2024 there are some MAJOR changes to insured mortgages. One big change is that purchases of up to $1.5M can now be insured mortgages which means your down payment can be less than 20%. Another change is bringing back 30 year amortizations on insured mortgages. Buyers who are considered first-time home buyers or buyers of newly built homes can now get a mortgage with a 30 year amortization. Lastly, we discuss the latest inflation numbers with CPI coming in at 2.0% for August which means there could be some downward pressure on variable rates. Have a listen to see what we think!
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What DOES a mortgage broker do? Good question! And turns out Pete and Mindy could speak about it for days!
In a nutshell, mortgage brokers are independent, licensed, regulated and educated professionals who are absolutely determined to understand their clients financing needs!
Have a listen to Pete and Mindy' chat!
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The Bank of Canada dropped the overnight lending rate by 1/4 % today. Check out this episode for our analysis of the rate drop and what's coming for possible future cuts.
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For the second time in a row, the Bank of Canada has dropped their rate!
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Check out this episode where Pete and Mindy discuss some of the things you might want to think about as a first time home buyer.
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We chat with Brendon Ogmundson, the chief economist for the BC Real Estate Association, to find out what he thinks about the current state of interest rates. Brendon explains the recent Bank of Canada rate drop and the potential for future rate decreases. Does the Bank of Canada have any effect on fixed rates? And how do these rates affect the real estate market? Is it a good time to buy? Tune in to find out!
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Welcome to our podcast! We have created this library of episodes to help educate our clients on some of the most important and most asked about topics relating to the mortgage process. Stay tuned for more captivating topics in the future, and in the meantime, please enjoy the 62 episodes published to date.
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You might be surprised at some of the unique topics uncovered in this episode! Have a listen as Pete, Sue, and Mindy chat with Terence Tait, broker/owner at REMAX Action Realty in Whitehorse, YT.
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Murray Smith from KPMG in Vernon joins Pete, Sue, and Mindy for a riveting chat about working with an accountant, and how an accountant can add to your trusted team of advisors. From financial reporting, to tax advice, to business strategy, an accountant can add an in depth financial perspective to your portfolio.
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Reflections on some of our key episodes since the launch of The Mortgage Life in January 2021.
- episode 1: Curious about BC Assessment?
- episode 2: Don't burn your mortgage statement!
- episode 6: What is Alternative Lending?
- episodes 14-16, 19, 20: the GAM! Series - getting a mortgage
- episode 17: First Time Home Buyers
- episode 25: Thinking of purchasing in the USA?
- episode 26: Under the Mattress - Saving for a Down Payment?
- episode 41: Down Payment - upside down or right side up?
- episode 37: Choosing Your Lender
- episodes 29, 31, 32: the DAM! Series - design and mortgages
- episode 34-36: the RAM! Series - rentals and mortgages
- Bank of Canada Special Features
Have a listen!
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Another hold! The Bank of Canada has given us a bit more time with the current rate. Have a listen to our chat about it, and we have a little announcement!
**check out episode 40 - Insights of a CEO for the full conversation with Gary Mauris, as mentioned in this Special Feature.
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Do you have a great rate on your mortage, want to make a change, but don't want to incur a penalty? Have a listen to this episode on how to avoid the penalty box, and contact your broker to see if there are options for you.
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A person's capacity in a mortgage transation is the amount of mortgage they qualify for given their verified income. What does that mean for you? Have a listen to this episode where Pete, Mindy, and Sue tackle the extensive world of income qualification to break it down into understandable and bite sized pieces.
Also! Check out our RAM! series, episodes 34-36, where we dive deeper into investment income through rental/investment properties.
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The Bank of Canada leaves its rate unchanged! Are we at a precipice? Are we at a place where inflation might continue to decrease? Will we stay level, or decrease in the near future? We'll have to wait and see!
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Your down payment represents your 'skin in the game' - it is an equity injection at the time of your purchase. It also represents the biggest barrier to getting into the real estate market.
Listen in as Pete, Sue, and Mindy talk down payment.
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Pete, Sue, and Mindy have an in depth conversation with Gary Mauris, co-founder and President & CEO of Dominion Lending Centres; CEO of Mortgage Centre Canada; and Chairman of Mortgage Architects. They chat about everything from the Canadian economy to the concept of imposter syndrome, both in business and in life in general.
Together, the DLC Group of Companies (DLCG) account for almost 40% of all broker originated mortgages in Canada. Mr. Mauris is a serial entrepreneur, having sold two prior companies to the public market. He has been recognized as a finalist for the Ernst & Young Entrepreneur of the Year in 2011 and earned the 2016 Tri-Cities Chamber of Commerce Business Leader of the Year. His companies have also won multiple industry awards and have been recognized by Profit Magazine as among Canada’s fastest growing companies. As a business leader, Mr. Mauris is called upon to share his views with media throughout Canada; as part of the 2011 Pre-budget Consultation process with the Federal Minister of Finance at the time, Mr. Jim Flaherty; and selected to be part of CBC’s “Face the Nation” in 2016 and have an open and frank discussion with Prime Minister Justin Trudeau on a variety of economic topics. He has led multiple socially conscious initiatives as the co-founder and President of the I AM SOMEONE Ending Bullying Society and recently co-founded “Bikes for Kids”, a National program that collects new bicycles for underprivileged children across Canada.
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A chattel mortgage is a loan for a manufactured home or other movable piece of personal property, such as machinery or a vehicle. On this episode, Pete, Sue, and Mindy chat about what these loans look like in the mortgage industry.
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The Bank of Canada held it's interest rate this morning. After 10 increases over the past couple of years, Canadians are faced with higher mortgage payments than ever before. So what does this mean for us now? What is the Bank of Canada looking for between now and the next annoucement on October 25, 2023?
Have a listen to this morning's brief conversation, as we hash out some of these questions.
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