Cusumano Mortgage Rates

🚨 🏠 DEC 15,2024 ✍🏼 Changes coming!!!
✅ Insured mortgages now available for up to $1.5M vs current

Bank of Canada cut its key overnight rate from 4.5 per cent to 4.25 per cent. This decision follows rate cuts in July and June of 25 basis points each, with the central bank signalling further rate reductions this year and into 2025.

RENEWING YOUR MORTGAGE LET’S TALK
What’s this mean for you and your mortgage. Let’s talk to find YOUR SAVINGS

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Bank of Canada Cuts Policy Rate by 25 Basis Points to 4.5%
VANCOUVER (July 24, 2024) - The Canadian Mortgage Brokers Association - British Columbia (CMBA-BC) welcomes today’s announcement by the Governor of the Bank of Canada Tiff Macklem that the Bank of Canada will cut its key overnight rate from 4.75 per cent to 4.50 per cent. This decision follows last month’s cut from 5.0 per cent to 4.75 per cent, which was the first interest rate cut since March 2022.

CMBA-BC is strongly encouraged by the back-to-back cuts, viewing it as a positive step towards alleviating the financial pressure on mortgage holders, borrowers, and first-time homebuyers across British Columbia. Despite no significant changes to fixed mortgage rates in the short term, the Variable Rate Mortgages and Home Equity lines of Credit will benefit from this rate drop as the prime lending rate decreases, which is positive news for borrowers.

Cited by CMBA
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.25% Rate cut. 🏦BOC drops Prime to 6.95%. 🇨🇦Who does it benefit? Today’s change in the prime rate can affect those with Variable Rate Mortgages and Home Lines Of Credit. ✂️
Some credit cards, student loans, and savings accounts.
This cut will not have an immediate effect on Fixed rates which have already been lower than prime by 1% or more in many cases.

🏠So new mortgage borrowers still have the question 🙋‍♀️ to go fixed or variable. 📞Have this discussion with a mortgage professional so you can be best educated about how it affects you directly and differently than someone else.

🏠Plan.Prepare.Purchase
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Credit. It’s not a 🛑 bad word. Nor is it hard to fix when you’re working with a credit professional. 💥Call me to discuss your personal situation and see how we can go from none,poor/fair to excellent in a fast, efficient manner. ✍🏼Preparing you for future purchases or refinance. Having a great score 🤸‍♀️really does help get better rates on loans and mortgages.


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🥳🥳🥳Another change is RRSP levels will increase🙌 from $35k per person to $60K; this allows FTHB to borrow from RRSP for their down payment. Also increased⬆️ the pay back start date to be 5 yrs rather than 2 yrs and take up to 15 yrs to repay it.

These changes are meant to work in tandem with the First Home Savings Account.
Which is a program that allows prospective homebuyers to start saving for up to 15 years once they open an account, with an annual $8,000 deposit cap and a lifetime contribution limit of $40,000.

🎯750,000 Canadians have opened an FHSA since it launched April 1 of last year.

☎️ let’s see what your purchase power is.
🎯Plan 🎯Prepare🎯Purchase

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🥳🥳🥳BREAKING NEWS 🗞️ 🗞️🗞️🗞️
Finally some POSITIVE changes to help AFFORDABILITY for new home buyers.
☎️ call me to discuss in more detail.
🎯 Coming Aug 1st Amortization will increase from 25 yrs to 30 yrs. Helping mortgage payments be more affordable.
Guidelines must be:
✨First time home buyer
✨Newly Constructed Build
✨Price under $1M
✨Less than 20% down payment

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Home prices could hit peak levels by next year, set new highs in 2026: CMHC report - Mortgage Rates & Mortgage Broker News in Canada The Canada Mortgage and Housing Corp. is forecasting home prices could match peak levels seen in early 2022 by next year and reach new highs by 2026.

👀 Looking to Remodel your home?🏡
✨Whether it’s worth ReMortgaging now depends on your individual circumstances and goals. 🎯
If your current loan is coming to an end within 6 months, if you’re on a high-interest rate, have built up equity, and can secure a better deal, it’s likely worth considering.
Simply exploring the option is not going to hurt.
Reach out for your personal consultation.
☎️ 604-790-1709
📧 [email protected]

🏡 Current Taxable regions:

Not everyone who owns a home in B.C. needs to worry about the speculation and vacancy tax. According to the provincial government, the tax “is a key measure in tackling the housing crisis in major urban centres in British Columbia.”

The taxable regions include:

Municipalities within the Capital Regional District, 🚫except Salt Spring Island, Juan de Fuca Electoral Area, and the Southern Gulf Islands.

✅Nanaimo
✅Metro Vancouver municipalities, 🚫except Bowen Island and the Village of Lions Bay.
✅Abbotsford
✅Mission
✅Chilliwack
✅Kelowna
​✅West Kelowna
✅District of Lantzville

​Within these areas, any *reserve lands, treaty lands, or self-government First Nations are
🚫exempt.

The speculation and vacancy tax will be applied to the following municipal boundaries to help ensure more empty homes are made available for the people who work and live there:

Vernon, Coldstream;
Penticton, Summerland;
Lake Country, Peachland;
Courtenay, Comox, Cumberland;
Parksville, Qualicum Beach;
Salmon Arm; and
Kamloops.

Residential property owners in these communities will need to declare for the 1️⃣first time in January 2️⃣🅾️2️⃣5️⃣ based on how they used their property in 2024.

This gives owners in the new areas ⏰ time to decide how to meet exemption requirements before the tax takes effect.

🚀Exemptions include primary residences, properties with a long-term tenant and life events, such as separation or divorce.

More than 99% of people living in B.C. are exempt from paying the tax. 💥

To speak with an agent about the speculation and vacancy tax, phone:

1-833-554-2323 toll-free

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Reach out if you have any questions

Enjoy your weekend!! ☀️🌹

Who owns the Appraisal? Borrower or Bank?

Clients often ask for a copy of the appraisal and more often than not it’s a conversation that needs some explaining.

📄short response is the bank owns them. Even tho the borrower pays for it.

& that’s where confusion 🧐 sets in; but “If I am the borrower & I paid for the appraisal, I should receive a copy.”

It’s not that simple and here’s why:

The expectation needs to be set with the client that the appraisal required by the lender is a non-refundable fee,” said Renee Dadswell, Manager, Professional Development at Mortgage Professionals Canada. “If the mortgage does not fund, the fee must still be paid, which is why it is often charged upfront to the client. Some brokers will negotiate with a client to refund this fee once the mortgage closes. In other cases, the lender may reimburse for the appraisal–once the mortgage funds.”

If a mortgage broker is directly asked by the client for a copy of the appraisal report, Mortgage Professionals Canada recommends seeking the lender’s approval prior to releasing the information to the borrower.

“But in order for that appraisal to be used for any other financing purpose, there needs to be more than just permission from the lender,” notes Jennie Hodgson, Vice President, Education. “The appraiser must agree and prepare a letter of transmittal, an appraisal update or, in some cases, a whole new appraisal.”

She adds that she is not aware of any lenders taking legal steps with a broker or brokerage for an appraisal being released without the lender’s consent. However, brokers should advise borrowers that the appraisal, if provided, is for information purposes only and cannot be used for financing purposes with another lender.

Providing appraisals to other parties without transmittal letters can even open brokers up to legal liability. If a broker gives a private lender an appraisal commissioned by another lender, for example, and the property goes into default and is liquidated for less than the appraisal’s value, Hodgson says it’s not unthinkable that the lender might “launch legal action against multiple parties, including the broker.”

To ALL the WOMEN in my life; 🥰 too many beautiful souls to list and tag; know you’re seen and loved.
Have a WONDERFUL Women’s Day; EVERY Day.
❤️🌹❤️🌹❤️🥂 🌹❤️🌹❤️🌹❤️🌹❤️🌹❤️🌹

BOC remains steady at 5% overnight spending rate. This means Prime rate remains at 7.20% for the 5th consecutive time. 💸This is only directed to those who have variable rate mortgages, lines of credit or HELOCS (home equity line of credit) your payments will not change at this time. The next BOC 🏦 announcement will be April 10th.

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Dreaming of homeownership as a self-employed individual? Here's what you need to know about securing a mortgage:

📞Plan 📝Prepare 🏡 Purchase

1️⃣ Documentation: Prepare thorough income documentation, including tax returns and bank statements.
Income taxes need to be paid and confirm.

2️⃣ Stability: Demonstrate consistent income and a stable business history.
Keep detailed financials and business bank accounts.

3️⃣ Creditworthiness: Maintain a strong credit score and responsible financial habits.
*ask me for tips, I can help repair and build credit quickly ✅

4️⃣ Specialized programs: Explore mortgage options tailored for self-employed individuals.

5️⃣ Down payment: Plan for a potentially larger down payment.
*what are acceptable down payments, how should it look? 📞

6️⃣ Work with a professional: Partner with an experienced mortgage broker who understands the unique challenges of self-employment.
*Independent since 2007 ✅

With the right preparation and guidance, owning your dream home is within reach! 



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Inflation fell below 3%~ in January* therefore we may see more central banks lowering interest rates to stimulate the economy…. We’ll see how much and when, however it depends on the economy…. And this isn’t to say BOC will decrease Prime rate anytime soon, that could still be into the summer before we see those come down; I don’t have the Crystal ball🔮we all seek; but having a good conversation with your trusted mortgage broker can help you make decisions that are based on current conditions; fixed and variable rates do not move the same.
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Great News On The Inflation Front Cause Big Bond Rally. Canadian CPI inflation fell to 2.9% y/y in January, as BoC's core inflation measures decelerated.https://mailchi.mp/sherrycooper/great-news-on-the-inflation-front-cause-big-bond-rally

Happy Family Day 🥰
🌹🪻🌸🌺🌷🌻🌼💐🪷🌹🪻🌺🌷🌻🌼

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Happy Friday Fun 🤩 Day!! What do you think I do all day?

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Let’s Plan ✍🏼 Prepare 📋Purchase 🏡

✍🏼Plan 📋Prepare 🏡Purchase

Got the pleasure of doing a 1-1 with Lee-Ann and hubby Dawie.
💥🥂 New Canadian Citizens 🇨🇦💥
Planning a future Home Purchase. Love the preliminary steps to teaching, guiding and preparing for a mortgage. Start early so you can better align your finances, business income and desired area to live.

Cusumano Mortgages



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Does this help our realestate market? That’s a debatable answer.

The rule, which was first announced in 2022 & set to expire Jan 2025; will now be extended until the beginning of 2027.

It bans foreign nationals and commercial enterprises from buying residential property in Canada, with exceptions for some international students, refugee claimants and temporary workers.

“By extending the foreign buyer ban, we will ensure houses are used as homes for Canadian families to live in and do not become a speculative financial asset class,” Finance Minister Chrysta Freeland said in the statement Sunday.

Source: CBC News

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Wait for it…. 😆😎🔥

See you tomorrow 🥰

😃Good News 🗞️ for Canadian Investors 🍁
🆕 TFSA dollar limit went up 🆙 for 2024
The Annual amount is now 💲7,000.
💼Maximum contribution limit is now 💲95,000 👏

👩‍💻What is the best investment in a TFSA?
The best investment for a TFSA depends on your unique circumstances and hinges on how soon you’ll need the money and your risk tolerance.
💸 🔜 Choose stable investments like cash or GICs for the money you’ll need soon.
📈🏦 If you are investing for the long term, stocks or ETFs could help you grow your account.

☎️ Talk with a trusted Certified Financial Planner to see how you can build your savings TAX FREE!! 💲💲💲
🤝I can connect you with my CFP for your personalized plan.
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☎️Cusumano Mortgages 604-790-1709

Erica Cusumano on LinkedIn: Mortgage Broker? Looking to Advance Your Business to the Next Level? 🆙… Mortgage Broker? Looking to Advance Your Business to the Next Level? 🆙 💥 Connect with me to see how. 💫Revolutionize your business, with a flat fee model…

📈GROW YOUR BUSINESS! Deadline Jan 27/24 ✅to register. If you’re a business owner come as my VISITOR to the most prestigious networking EVENT to GROW 💪your business!

These are current top leaders in referrers to other business owners helping them grow their business. Want to grow YOUR business this year? We have MANY referrals to send your way! Come join me for lunch, and learn how you can build relationships in your own community.
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Location: Westwood Plateau Golf & Country Club ☀️ ⛳️
3195 Caulfield Rdg, Coquitlam, BC V3E 3P7, Canada
🗓️ Date: *Wed Feb 7/24*
⏰ Time: 11:30am -1:30pm
🍱 Lunch:12pm 😋
📇Bring your business cards
💳Pay & registration via email [email protected]

look forward to meeting you!!! 💥

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1st BoC announcement of 2024. Held Rates Steady at 5%; meaning Prime rate stays the same 7.20%.
Referring only to:
*variable rate mortgages, secured and unsecured lines of credit & car loans.

Bank of Canada Governor Tiff Macklem
did not rule out further hikes altogether but suggested they were unlikely if inflation and economic activity develop in line with the bank’s projections.
🗞️ source: Globe and Mail Jan.24/24

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Come meet my team!! 30+ professionals in industries like, finance, health and wellness, business, marketing, home services Ect. Come see how we can help your business grow to the next level. Register as my guest; I’d love to have you there!

❗️ Local businesses wanted! ❗️
👉 Are you ready to grow your business? 🚀
👉 Do you want more referrals?

👉 Join us at BNI Dynamo

7 February 2024
11.30 am - 1.30 pm
Westwood Plateau Golf and Country Club
Coquitlam

🌟 Collaborate with like-minded professionals
🌟 Exchange referrals
🌟 Experience the power of business networking

Register Now
https://bnibc.ca/bc-lower-mainland-(south-east)-bni-dynamo/en-CA/visitorregistration?chapterId=17563

Alex Kastelen Andrea Gortarez Casey Renkema Daniel Richardson Daniela Keesse Torres Pancine Erica Cusumano Janaina Batista Garrido Ment' Interior Design Co. Kelli Kanashiro Kokua Laureta RMT Lee-Anne Theron Louise Hendriks, Re/max All Points Realty Meliza Orellana Photography Maryanne Renzetti The Systems Queens Innovative Fitness Coquitlam KIAI Agency Gold Team Cleaning Services Optimal Health Collective Six Degrees Matthew Brema Insurity Financial Group Nareeta Stephenson and Sunshine Wellness Collective Noemi Victorino Renold Liu Riti Batra Alto Personalized Travel Service Stanislav Mokrousov BNL Signs and Film Solutions Trevor Rurak Straight Up Mechanical LTD Zain Rasul

🥇Proud to be part of this amazing company.👏👏 Xeva Mortgage has received a prestigious recognition for the Global 100 “2024 Best Financial Services Business of the Year”. 🥇

💫Consisting of only 100 of the 🌎 World’s leading firms and individuals, the purpose of the Global 100 is to provide its readership with a comprehensive understanding of firms that are truly leaders within their chosen area of specialization. ✅

We couldn’t be more thrilled and agree that Xeva Mortgage continually strive to be leaders in our industry. 🔝🔝🔝🔝🔝🔝🔝🔝🔝🔝🔝🔝🔝🔝
Congratulations to all Global 100 Winners!

-Brokerages


Cusumano Mortgages
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December Jobs Report In Canada Not As Weak As Headline Suggests. Employment was flat last month, but the jobless rate remained unchanged, total hours worked rose and wage gains were red hot.https://mailchi.mp/sherrycooper/december-jobs-report-in-canada-not-as-weak-as-headline-suggests