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 ...