Ariana Leroux Mortgage Blog

    1. Historically the longer you wait...                     the higher the price .     As evidence by the CMHC cost index     for the past 25 years  2. There are 2 components in purchasing a home:                        (A) Cost of the Property               (B) Cost of the Money         Both of these are commodities.       You of course wish to purchase both       at the best price possible.      If interest rates go back to 5% this is historically still very low in regards to rate.   Please see the difference between 5% vs 3.29% = 1.71% difference.     On a $400,000 mortgage if you wait to...

More and more mortgage lenders are optioning to put in the changes being asked for in regards mortgage qualification rules. Now this is not new news, just that more and more of the lenders are picking up these new ways to qualify your mortgage approval or pre approval. Lots of people are confused over some of these changes, so I am going to try to put it into black and white type. It does however make it more paramount to have a mortgage agent on your side, and not an order taker to make sure you have the best mortgage product and rate that works for your individual or family needs. Someone that knows what is going on in the industry on a regular basis, and knows who does or does not do what. Remember in one of my other posts, when I mentioned, "Jack of all Trades - Master of Nothing" The things that have changed (and are being put into practice with more and more lenders) are as follows: 1) Unsecured debt is being qualified with a 3% payment based on the balance...

Ok, so yes it is Monday, unfailingly it is the first day of the work week, every week. As a co worker of mine stated, it gets a bad rap being that it is the first day back to work for most of us. Being a mortgage agent however, I work the dreaded 24/7 - so Monday is just another day, except when school is in, I get to look forward to some quiet work time... so Mondays for me are not that bad really. I have learned to "shake it off".. Monday could be the first day closer to Friday, which no matter if you work 24/7 or not, is still the best day... we have been programed to think this. How about this thought; do you think your dog cares what day it is? ... Nope. Live each day to its fullest .. that is what they do. It is a page from my four legged friends book, that I will take advice from today. Hope you do to. Now onto some interesting news that I know is out there already in regards to rate hikes. Yes they happened, yes they went up,  a lot more than we have seen in the ...

Hey Everyone, yep me again, your Friendly Neighbourhood Mortgage Broker ... and no, I do not wear a red suite and shoot string from the cuffs of my shirts, let along stick to buildings. Although as a side note that would be pretty cool. But before I go off on a tangent, I do want to write a bit about mortgage rates. As you all know rates are on leap frogging upwards daily with the lenders it seems. Every other day I am getting a rate increase email.... I did say it would happen. We are soon I think, going to see all lenders over that 3% marker, heading towards mid threes shortly... which will slow down our summer market. Which for all cases has been insane these last three weeks! Everyone tends to freak out when this happens, but it happens every year. For myself, with two small kids, I tend to think it follows the school year (although I know it is way more complicated than that, IE Bond Market Cause and Effect etc etc) ... however in Simple terms, I see May till the end of June bei...

Why is your Credit Score Important.   Incurring debt is part of life for most people. Understanding how best to handle credit will help you maintain control of your overall fi nancial situation as your credit a ff ects your ability to borrow money.  Your credit report is simply a listing of all your mortgage and consumer debt. In Canada mortgage brokers use two credit bureaus, Trans Union and Equifax and they have a credit fi le on anyone who has ever borrowed money. Every time you borrow money or make a payment on a loan or credit, the lender reports the information about that transaction to these two agencies. In addition to credit information, you will also fi nd liens and judgements on your credit report as well as your address and possibly your work history. The accumulation of all of this information is called your credit report.  A credit score is a rating used by a lender to help determine whether you q...

So it is Wednesday evening with grey skies and a down pouring of turrential rain. I am watching my dogs and kids sit by the glass storm doors as they are watching sheets of rain blanket my lawn and flowers. My content relaxation soon morphs to a mad dash, to take the flower hanging baskets down and place them into the Mother Nature provide water.  Coming inside dripping water onto the floor, with now giggling kids, there were somethings that I wanted to again mention. Rates and mortgage products. On the heels of getting another wonderful approval for a great client & am of course continually working on all the others that I have pending/looking/thinking/building/waiting... etc etc...  it has been something I wanted to write about all day but had no "time". Ha, water does good on clearing minds that is for sure... so here goes.... You all have heard me say, "rates are going up", and you can see this when you watch the bond market. When the bond rises - our ra...

So there are some industry changes that do effect you. Whether you want to purchase, refinance or transfer, these changes directly affect your qualification for home ownership. As I mentioned May 1st, 2013 in the blog post " Interesting Updates for Mortgage & Eye Openers to Qualification " there have indeed been changes to how revolving debt is looked at on a mortgage application. I just received an email from First National confirming two changes that are affective immediately with them for certain. 1) Unsecured Revolving Credit-  Affective immediately, the monthly payment for all revolving unsecured credit will be 3% of the outstanding balance. Interest payments will no longer be used to qualify.   IE. Credit Card Balance of $11,000, will have a $330/month payment used when qualifying. *Now most lenders have taken this on already, so it is not that much of a surprise. However the next one will take some getting use to, with First National - and if they are ...

So you have bought your first house, or maybe it is your second or third. Either way today is the day and it is exciting. You are starting a new adventure, and putting down new roots, in your newly chosen abode. You have been planning where you are going to want to put your furniture and pictures in your head, and maybe the new paint colors you are wanting to try. It is really an adventure with indeterminate possibilities. However all the excitement can be stressful as well. There is a lot to do and you are wanting everything to run smoothly. Whether you are doing it yourself, with a moving company or friends and family are helping - what are some things you can do to help insure a smooth transition. I found some great things on the TLC web page - they have 5 Tips for Moving . 5) Draw a Floor Plan - You know what will save you time and eliminate confusion on moving day? Try drawing a floor plan of your new home before you move. Sketch in and number your furnishings the way ...

"...what I wrote on Facebook today is written below.  With a message that should be shared anyway possible,  even smoke signals if required,  to get to the furthest reaches of Canada. " Seeing the flowers & the red stained stones, is enough to make anyone cry. Finding out that is was a 2 year old boy who senselessly had his light snuffed out, this past Sunday, has me bawling. As a mother of 2 young kids & living 5 minutes away from this tragedy - it has hit me close to home on several fronts. This little boy, with so much unseen potential, is gone. My heart breaks for the entire family & I offer my heart felt condolences.  Drinking & Driving is NOT ok, & what our Justice System has to realize; is a vehicle is a fast moving, heavy duty weapon, of approximately 4259+ pounds & should be treated as such! Driving a vehicle is not a right, it is a privilege. Zero tolerance should be given when someone is drinking & gett...

We have all had those days , especially after a long weekend. Finally get into some relaxation and BOOM back to the grind. While like most people I find these days tiring, I also find them great ways to accomplish quite a lot. These type of days tend to focus me when I am getting it from all angles, haha, like an extreme game of dodge ball. One moment of not paying attention and BAM; your out. Besides really I am on 24/7/365 but my lenders are not; so holiday time they are off for the government appointed day, and the next business day is usually insane with everyone playing catch up & me spending a lot time following up making sure I do not lose a day for my clients in the follow up. So like TD Canada Trust Green Chair, I have chosen animals as my "theme", as I find, most times, that they can be quite soothing, energizing, fun, and yeah at times annoying too, which when telling stories makes you smile. But really I find they sooth my soul, keep my glass half full vs hal...

I have some interesting news to share. From the blog post I wrote on May 1st, 2013 it seems OSFI has made it official legislation, I guess it was May 1st, 2013 (good call on my blog post ). Here goes the new info that is currently being followed by all lenders and will affect qualification for mortgages. 1) Payment Caculations: Have to use 3% of the balance, on all Unsecured Credit (so interest only payments on UnSecured Lines of Credit are inconsequential - as the 3% of the balance must be used)   2) Market Rents can no longer be used; a lease agreement has to be in place even it is the primary property 3) Alimony/Child Support payments being paid are calculated as liabilities (not as prior subtracted from income) 4) Deficit on rentals on T1s are now also calculated as a liability ( not subtracted from income)  Also what I am hearing is the Finance Minister is going to try to change the amortization allotments for Conventional Mortgages, which currently can be u...

So Mother's Day is this weekend and what do you have on the To-Do List? If you are like me, we have a large Mother's Day Dinner Planned with the whole of one side of the Family. :) However this year we are doing something different, and I like the idea, so I figured I would share. Usually for Family Dinners it is done at either my house or my Mother in Laws house. Either way, one of us is doing the bulk of the work with not a lot of intervention or help. It can get to be a lot of work & money, when you are thinking about arranging and cooking for 16 people on average, and if we add some of my family to the mix that number jumps up. Plus for myself, I tend to like to set a Martha Stewart Type table... everything looks "just-so"... ha ha ha ha; have a good laugh. My husband usually does when he sees me setting the table.... however my point is it gets to be a lot of work. Being that I am a full time Mortgage Agent , and full time mom and wife... adding more ...

So YIPPIE Alberta, we have had some wonderful weather... and knock on wood seems like we can expect some more. Some temperature specs for the next 7 days. WED 19° C  THURS 24° C   FRIDAY 11° C     SATURDAY 21° C   SUNDAY  29° C    MONDAY 24° C   There are some good things to keep in mind with weather like this in regards to your pet/children and your vehicle. Here is what temperatures look like in your vehicle in weather like this.... Please keep this in mind, for even just that "quick trip" you are taking into a store. If you are going to leave your dog in your vehicle, maybe it is best to leave the pet at home, or bring someone with you and have the dog outside while you are inside?? There are a lot of other solutions besides leaving them in the vehicle. How Dogs Regulate Their Body Temperature: Dogs are endothermic; regardless of changes in environmental temperatures, they need to main...

Happy Friday Everyone the sun is Shining & temperatures are supposed to be rising! Plus on a side note there are some super happy people going into the weekend, yeah mortgage approvals at amazing rates & perfect products!  Grab a ball and get out and play!  Have a great weekend! 

Ok so being that it is Wednesday and the sun if out and shining - knock on wood we will get to over 15 degrees today ... I figured now was a good time to share some interesting information, its a bit of a read but worth it I think to finish it to the end. First & foremost what I am finding from most of my lenders is a change with small numbers being used to qualify the mortgage that make large differences in qualification: here are some examples: 1) Heat Caculation : it is now done based on $0.75/per sq foot of property. That means if you have a 1500 sq/ft property x $0.75 = $1125/12 months = $94.75 to use in the heat caculation. This does change ratios sometimes; considering we could just use $50-85 prior, unless of course it was Servus Credit Union then we use $200 (which is actually more accurate anyhow) 2) New Builds Property Tax Caculation : the Insurers/Lenders are going to use 1% of the purchase price when Caculating property taxes... this being said I know of one or tw...

When you invest in a brand new home, you want to have a fresh and well-manicured lawn. The appearance of your yard can dramatically impact the curb appeal of your home. After winter, performing lawn care maintenance has never been more important. After a long rest throughout late fall and winter, your lawn will wake up hungry and ready to grow. If you take the time to learn how to feed your lawn, strengthen it, and get it off to the right start in the spring, your yard will be the envy of the block.                                Doing the Right Things At the Right Time    You don't have to hire a professional lawn care company to rejuvenate your lawn and then maintain it, but it’s definitely an option. If you're willing to take time to learn what steps you'll need to take and to put in the time, you can feed your lawn a...

Summer will come soon, I am willing it to be so... no more snow (knock on wood!) ... however when summer does start rolling in, those of you that want to sell your home, here are some front yard tips and suggestions. The flower pots are a great, cheap, simple idea that will brighten up your place - and I do this every year. Actually this year I will be adding more, to let the roses grow and let the flower get out of control in the buckets :)  Have fun...  A good first impression can make a world of difference when you're selling your home. By upgrading your curb appeal, you have a chance to influence how potential buyers feel about your home before they even step inside. While it's important to balance the money you spend on improvements with a realistic idea of what you can recoup, many improvements to your landscaping can cost little, compared to the benefits of increased home value and a faster sale. Front yard landscaping should be colorful and attractive...