30 Jun

Grateful & Proud to be Canadian

General

Posted by: Allison Schop

What a year to be thankful to be a Canadian!

I want to thank you for your on going support. It has been a tremendous 1st half of the year and I am so grateful to help so many people with their financing.

Mortgage rates are rock bottom right now and expected to stay low for some time.

A rate update with one of my premium lenders:

Variable from 1.99%

Fixed from 2.24%

A few updates in the industry…

*CMHCs changes created a lot of short lived panic in the mortgage industry as they announced a three week timeframe before tighten mortgage qualifying rules even more for applicant’s looking to buy a home with less than 20% down payment. Fortunately Canada’s two other default insurer’s; Canada Guarantee and Genworth are not change their underwriting rules, so pressure is off.

*We are grateful to see a rebounding housing market, with homes selling with multiple offers and over asking price (as 2020 was expected to produce before COVID struck). In fact just at the end of May, CMHC predicted home values would not return to pre-pandemic levels until 2022! Seller and home owners wanting to access equity & lower their mortgage rates are taking advantage of these stable home values.

*Dr. Sherry Cooper is DLC’s Chief Economist she highlighted the commendable job Canadian policymakers have done to reduce the negative economic impact from the shut down, compared to the U.S. who prematurely opened resulting in the surge of COVID cases.  Here is her short article is anyone is interested. https://dominionlending.ca/news/chief-economist/canadian-gdp-plunges-in-april-with-modest-uptick-in-may/

Grateful & Proud to be Canadian

18 Apr

Spring Clean Your Finances!

General

Posted by: Allison Schop

When it comes to Spring cleaning, we routinely rake up the lawn, spruce up the gardens, clean out the garage, wash all the windows and the list goes on and on.

This year, let’s focus on Spring Cleaning your finances!

Take control of your finances and understand where your money is going in these five steps:

1. Review your personal goals. Reaching goals, creates motivation to strive for the next goal. It’s addictive. You’ll see! What goals do you want to work towards? How aggressive do you want to tactical them? (examples might be plan dream vacation, renovate kitchen, grow retirement or education savings, become debt-free, buy new car etc.)

2. Review your budget. Review your monthly bank account and visa statements. Update your spending to see where your money is going. Which expenses have changed? Are you able to scale back on any areas? Have you earned a promotion since you last updated your budget, don’t forget to update your income!

3. Review your debts. How much do you owe, and at what interest rates? Do you have a plan to pay these off? Are you in control of your debt, or are the debts controlling you?

4. Review your protection. Dig out your Will and life insurance policy. Are your wishes still accurately addressed? Are your beneficiaries up-to-date?

5. Review your investments. Do all your registered accounts have beneficiaries? Do your beneficiaries need to be updated? How has your investments preformed? What fees are you paying to hold your investments? Review the suitability of your investments, compared to your current financial situation and life stage.

Need help? I understand, not everyone loves reviewing finances as much as I do. As a mortgage professional, my goal is to help clients reach unimaginable goals. I have a history of success and I would love to help you too! Contact me today, 705.795.4162 allison@ndlc.ca