Ariana Leroux Mortgage Blog

I thought this was a great post, so I am repeating it here again. I have people I can happily refer you to as well that will do an amazing job for you!!!  Happy Thursday everyone! Many first time home buyers stay away from buyer’s agents because they think it will cost them money. Well, the opposite is really true; a buyer’s agent will likely save you money. How, you ask? Well, most often the buyer doesn’t pay the agent, and the buyer gets the benefits of an agent’s knowledge, expertise, and negotiating skills. See our post about the benefits of a buyers agent for more info on how they can help. So, how does the buyer’s agent get paid? With the typical sale, a seller pays an agent to list the property for sale. Within the listing contract this listing broker says they will offer a specified percentage of their commission to a buyer’s agent, if there is one. So, the seller is paying a commission to the listing broker, and the listing broker is paying a commission to ...

Thursday, February 21, 2013 Mixed messages from media – it’s the norm Once again, we are getting mixed messages from the media. Headlines warn that house prices are easing, yet on further reading, we find that only a few major centres are feeling the pinch. In local markets, prices have stabilized and even increased slightly. For example, in Vancouver, prices fell 0.81 per cent in January from December, and were down 2.54 per cent from a year earlier. Prices in Calgary slipped 0.1 per cent on the month, but rose 4.29 per cent on the year. And Toronto saw prices dip 0.37 per cent between December and January, but register a gain of 5.31 per cent from a year earlier. While prices may be stabilizing, sales are lower than a year earlier. Information from The Canadian Real Estate Association (CREA) showed the number of sales had not changed much month-to-month since September, 2012. That just changed with CREA’s latest ...

When the Term of Your Mortgage is About to Mature.   When the term of your mortgage is about to mature, most lenders will mail out their renewal agreements a few months before the maturity date. 85% of Canadians auto renew with their lender just because it’s simple. This can mean that 85% of Canadians are paying too much for their mortgages because in a lot of cases that rate is above what you might have received by allowing a mortgage broker to review your situation. By obtaining a pre-approved mortgage, i can guarentee your rates up to 120 days before your mortgage comes due. This protection helps you in case there is a rate increase in those last couple of months prior to the mortgage maturity. This could save you thousands of dollars down the road. When your mortgages is due for renewal, it is a great opportunity to make sure you have the right mortgage for your current needs. As the ...

Canadian economy to spring back into life Once again, Canada looks to the US for signs of life and after more than three years, the U.S. is poised for economic recovery.  As dependent as the country is on the economic health of the United States, and indeed, the rest of the world, the government’s fiscal policy and the Bank of Canada’s astute predictions, have put us in a solid position for future growth, despite the slowdown in the real estate sector and manufacturing sectors. On a positive note, U.S. housing starts surged 12.1 per cent in December, the fastest since June 2008.  Economic recoveries are usually led by a surge in home building. Banks offer low interest rates, and consumers take advantage to buy big items like houses. Then they buy furniture and other items to put into their homes. Construction companies start to hire, which bumps up consumer demand for goods and services, then economic growth bops along at a nice pace. The U.S. Fed chairma...

Thursday, January 31, 2013 Collateral mortgages a hot topic There has been a lot of interest in collateral mortgages since CBC’s Marketplace took a stab at TD Canada Trust’s product on January 27, 2013. Up until a few years ago, most mortgages were registered as a standard charge mortgage. The major decisions were to opt for a fixed or a variable-rate mortgage and what term to select. In 2010 some banks switched to collateral charge mortgages. Traditionally, Home Equity Lines of Credit (HELOC) and revolving credit lines are considered collateral because they allow borrowers to readvance their loan, to access extra funds, without re-negotiating. Collateral mortgage charges register loans at a certain percentage of your property, up to 125%, regardless of the initial amount borrowed. If your home is valued at $250,000 and you borrowed $200,000, a mortgage could still be registered against your home for $312,500. Wit...