If you are rate shopping, you’ll notice that the lowest available rate will be for a variable mortgage. Which is why I am often asked: “What does variable mean, and how is it different from a fixed-rate mortgage?”

DIY or do-it-yourself activities are a great test of creativity and an excellent opportunity to overcome economic constraints. They can also be a therapeutic or fun leisure activity. However, as the DIY craze catches on and with more information about different tasks and jobs readily available on the internet, many believe almost any project can be completed swiftly as a DIY, even applying for and successfully getting a mortgage.

Today more than ever, we worry about rising interest rates. The Bank of Canada has increased the overnight rate several times starting in March 2022. They started at 2.45% and have increased them FAST to 5.45% in a relatively short period of time. During this time, they continue to say that they must keep doing this as inflation (including houses) is still red hot.

Seniors on a pension or fixed income have a very hard time qualifying for a traditional mortgage or line of credit. A Reverse Mortgage is an equity-based lending program that allows seniors over the age of fifty-five to access their equity without the burden of monthly payments that would normally be required on a traditional mortgage or line of credit. This financing solution lets retirees tap their homes for whatever cash they need in their later years.

Mortgage brokers assist clients with home purchases, mortgage approvals, renewals and refinancing. With their expertise, they help you deal with complex transactions.

Home purchases are one of the largest purchases to get through, for most people. While some are meticulous, others can be a complete nightmare. Through the pandemic, there were a lot of people moving because they were finding it easier and less expensive to pay rent when they were not in the city. Additionally, it made a lot more sense to move to the suburbs because they were working remotely for the most part anyway.

It’s official! Interest rates are steadily rising, which could eventually cool down home prices as people’s purchasing power erodes. However, for now, it’s created uncertainty and affected the Stress Test significantly.

You may be surprised if you’re wondering whether you can use your home equity to pay taxes. The answer is yes, you can. If you have good credit and some equity in your home, then you can use that to pay back your taxes. However, doing so is no easy task, and if you are not aware of the procedure, you will probably encounter multiple problems.

I’m Rowan Smith, the proud owner of Rowan Smith Mortgage Broker - City Wide Mortgage Services. I look forward to sharing my story. I hope that you will enjoy getting to know me better.

I’m Rowan Smith, a Mortgage Broker, attached to City Wide Mortgage Services. I have over twenty-one years of banking and brokering experience, which helps me offer effective lending solutions to my clients.

Whether you’re considering buying or building a home, starting a new business, or putting together money to consolidate a previous debt, a mortgage is one of the most cost-effective ways to raise the necessary amount. However, while mortgages are advantageous, availing of them can be challenging depending on your credit history, employment status, and other factors. This can often lead to unnecessary stress and roadblocks.

A mortgage is one of the most significant investments that most people will make in their lifetime. Therefore, to ensure home seekers can afford to take on the massive debt, a stress test was introduced in 2018, which shook up the industry.

I’m Rowan Smith, a mortgage broker at City Wide Mortgage Services, and I understand that closing the deal on a house can be quite a challenge. However, closing is the final and likely most crucial stage of your home buying journey, so being prepared can help you keep the process moving forward so you can get into your dream home quickly and easily.

Completing a pre-approval, finding a mortgage lender, and navigating through the terms and conditions can be made easier with the help of an experienced mortgage broker. However, when it comes to securing a mortgage, clients have a ton of questions regarding the process but often find answers difficult to come by.

Original Article Source Credits:   Yahoo News , https://ca.news.yahoo.com/

Article Written By:  NA

Original Article Posted on:  June 2, 2021

Link to Original Article:  https://ca.news.yahoo.com/tougher-stress-test-makes-harder-025943912.html

Original Article Source Credits:   Global News , https://globalnews.ca/

Article Written By:   Nicole Gibillini 

Original Article Posted on:   June 1, 2021

Link to Original Article:  https://globalnews.ca/news/7908024/new-mortgage-stress-test-rules-june-1-explainer/

Original Article Source Credits:   CTV News , https://bc.ctvnews.ca/

Article Written By:  Alyse Kotyk

Original Article Posted on:  April 20, 2021

Link to Original Article:  https://bc.ctvnews.ca/no-rental-subsidy-but-rent-freeze-continues-in-b-c-budget-2021-1.5395229

Original Article Source Credits:   Better Dwelling , https://betterdwelling.com/

Article Written By:  Daniel Wong

Original Article Posted on:  APRIL 27, 2021

Link to Original Article:  https://betterdwelling.com/canadian-real-estate-sales-are-forecast-to-slow-and-its-going-to-drag-the-economy/

First-time home buyers often get their information second-hand from those who have already been in their shoes. Unfortunately, recycled information might not always work for you as everyone’s situation is different. When it comes to getting a mortgage, there is no room for error. Before you start doing paperwork, take some time to separate fact from fiction so that you get the terms you expect from your mortgage. To help you steer clear of misconceptions that could prove to be costly, Rowan Smith Mortgage Broker - City Wide Mortgage Services has debunked some of the most widely believed myths about mortgages.  

Original Article Source Credits:   The Motley Fool , https://www.fool.ca/

Article Written By:  Andrew Button 

Original Article Posted on:  April 5, 2021 

Link to Original Article:  https://www.fool.ca/2021/04/05/bank-of-canada-canadians-are-piling-on-debt-to-chase-soaring-house-prices/