Open House- The Real Estate & Mortgage Show February 24, 2018
How many showings should you be having before it's a red flag? When even real estate agents are astounded with mortgage paperwork, you know you need to work with the best Mortgage Broker!
How many showings should you be having before it's a red flag? When even real estate agents are astounded with mortgage paperwork, you know you need to work with the best Mortgage Broker!
The group discusses the inflation rates increasing slightly due to the rise in minimum wage. The current rate environment can foresee some increases due to the NAFTA discussions, the Ontario elections, and the weak job numbers. With the increase to the bond-markets, the mortgage interest rates have also increased.
For those who are coming up for renewal, Frank notes that rate are in a different environment but they will have minimal sticker shock when they go to obtain their new rates. The group reminds listeners that conventional mortgages are qualifies using 2% above the contract rates so as rates increase, so do the qualifying criteria. Frank talks about the impact consumers are seeing with the new rules and recommends writing to your local MP to show how this has impacted them.
Paul discusses properly listing and pricing your home. Ensuring your home is at the proper price point can help avoid having to have showing after showing. A real estate agent can help with this decision and will ensure they get buyers who will see the value. A buyer will always pay market value for a home, not necessarily what a seller wants or needs to sell for.
Frank discusses the bank of Canada rate announcements and how the industry is not expecting another increase to the overnight rate, which will affect the prime rates, with the March announcement.
With any major decision or question, it’s always best to consult professionals, including a Real Estate Agent and your Mortgage Broker.