Mortgagemenow

I just received this message from my underwriter today about a client...
"I called her today, and she was very happy. Her ex told her she would never be able to buy a home, and we proved him wrong."

🏠 Conventional vs. Collateral Mortgage: Know the difference! 💼 Ready to secure your dream home? Let's talk! 📲 🏡

🏠 Ready to take your mortgage on the go? 🚀 Let's make it happen! 💼 Contact us now for a portable mortgage solution! 📲 💪

💰 Looking to save on your mortgage? 🏡 As your trusted mortgage broker, I've got you covered! 💼 Let's chat about money-saving tips today! 💡 🌟

🏡 Curious about reverse mortgages? 🔄 Let's talk! Contact us now to learn more! 💬 🚀

Why not co-buy a home?

MCAN Announces Strong Results, Raises Dividend, and Provides Business Update
Toronto, Canada - MCAN Financial Group (TSX: MKP) reported impressive financial results, prompting a dividend increase and strategic updates.

Highlights:

Dividend Boost: MCAN's board approved a 5.4% increase in the regular cash dividend, bringing it to $0.39 per share for the first quarter.

Strong Growth: CEO Don Coulter highlighted a 16% increase in diversified assets, nearing $5 billion, and a 21% growth in corporate assets, reaching $2.76 billion by year-end 2023.

Thriving Sectors: Construction and commercial mortgages showed positive growth of 20%.

Market Headwinds: Uninsured residential mortgage originations dipped due to economic and interest rate challenges.

Renewal Rise: The company observed a rise in mortgage renewals, indicating customer loyalty.

Credit Quality: An increase in impaired mortgages was noted, reflecting current market conditions. MCAN remains confident in its portfolio quality and default management strategies.

Capital Management: MCAN successfully renewed its Base Shelf prospectus and at-the-market equity program, facilitating the issuance of new shares and supporting the Dividend Reinvestment Plan.
Looking Forward:

MCAN celebrates its achievements while emphasizing its commitment to long-term sustainable growth and maximizing shareholder value. The company is navigating the current market environment with a diversified portfolio, strategic capital management, and a focus on customer retention.

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Remember, success is not final and failure is not fatal. It's all about having the courage to keep moving forward. Let MortgageMeNow be your guide as you navigate the world of mortgages and find the best deals for your future. Start your search today!

It's Fri-YAY Canada! But still stressed about mortgages?

Don't worry, MortgageMeNow can help! We're your one-stop shop to find the BEST mortgage deals for your needs.

This ain't your average Friday feeling:

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Rejection in the mortgage world? No sweat! 🇨🇦

You heard it here first: a "no" from one lender doesn't mean your dream home is out of reach. It just means you haven't found the RIGHT fit yet.

That's where MortgageMeNow comes in, Canadian mortgage brokers! We're your one-stop shop to find the perfect lender for your client's needs, with rates and terms that make their homeownership dreams a reality.

Stop wasting time with dead ends and frustrated clients. MortgageMeNow empowers you to say "YES" with confidence!



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YOU GET A MORTGAGE! Everyone gets a MORTGAGE!

But first, you gotta use MortgageMeNow to find the best dang deal this side of free puppies! They got rates so low, it'll make you wanna shout "YES QUEEN!"

(but actually use )

Navigating a Changing Landscape: Mortgages and Flood Zones in Quebec

Thinking of buying a home in Quebec? Recent changes from Desjardins Group have made navigating the mortgage landscape a bit trickier, especially in flood-prone areas.

Here's the breakdown:

Desjardins stopped offering new mortgages for properties at high risk of flooding (think 5% chance every year). This is due to rising flood risks due to climate change.
Some exceptions exist: existing Desjardins mortgage holders with flood prevention measures can get financing up to 65% of the home's value.
This shift is likely the "beginning" according to flood risk experts, with updated flood maps coming later this year.

What does this mean for you?

Buying a home in a flood zone might be more challenging.
If you're already a homeowner in a flood zone, refinancing might be trickier.
Looking for a mortgage?

Don't fret! MortgageMeNow can help you find the best deals from a wide range of lenders, even in a changing market. Get started today and navigate this new landscape with confidence!

Canadian Homeowners Feeling the Squeeze: Rising Rents and Mortgage Worries
Canadian home prices may have shown a slight year-over-year increase in January 2024, but there's a growing concern among homeowners – can they afford their mortgages?

Here's the key takeaway:

Recent surveys indicate a significant portion of Canadians with mortgages (figures range between 35% and 67%) are worried about making their payments, especially when their mortgage renews.
Why the worry?

Rising interest rates are a major factor. This can significantly increase monthly mortgage payments, especially for those renewing their mortgages.
Rents are also on the rise, up 10% year-over-year according to the report. This puts a strain on household budgets, making it harder to save for a down payment or manage other expenses alongside mortgage payments.
What does this mean for the market?

It's too early to say definitively, but affordability concerns could dampen future homeownership aspirations, impacting demand.
Looking for the best mortgage deal?

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With MortgageMeNow, you can find the best deal and feel confident about your mortgage decision.
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Bank of Canada Holds Rate at 5%, Continues Quantitative Tightening

Key Points:

Bank of Canada maintains target overnight rate at 5%.
Global economic growth is slowing down.
Canadian economy grew modestly in Q4 2023, but below potential.
Inflation eased to 2.9% in January, but core inflation remains elevated.
Bank continues to expect inflation around 3% in the first half of 2024.
Bank committed to restoring price stability and will adjust policy as needed.
The Bank of Canada announced today their decision to hold the target overnight rate at 5%. They are also continuing their quantitative tightening policy to manage inflation.

Globally, economic growth is slowing, but the US and Eurozone are showing some resilience. Inflation is also starting to ease in these regions.

In Canada, the economy grew slightly in the last quarter, but it remains below potential. While inflation shows signs of cooling, underlying pressures persist.

The Bank of Canada is committed to bringing inflation back down to its 2% target and will continue to adjust its policy as needed.

Toronto Real Estate: Signs of Recovery in February 2024 Market

The Greater Toronto Area (GTA) housing market is showing signs of recovery, with both sales and new listings increasing in February 2024 compared to the same month last year and the previous month. While selling prices remain relatively stable year-over-year, there's been a slight upward trend on a monthly basis.

This uptick comes despite ongoing challenges with higher borrowing costs. Experts believe buyers are adapting by:

Saving larger down payments
Choosing more affordable housing options
Exploring different locations within the GTA
Looking ahead, the market is expected to see further increased demand later in 2024 due to:

Anticipated lower interest rates
Continued population growth
This could also lead to more first-time buyers entering the market, seeking ownership alternatives to high rental costs.

The report also emphasizes the social impact of unaffordable housing and the need for solutions. It acknowledges positive steps like increased construction activity and government initiatives to streamline housing development.

Source: https://trreb.ca/index.php/market-news/market-watch

They said millennials were killing the housing market... turns out we're just refinancing it can help you find the best rates, no matter how long you've been chilling in your home.

Hashtags:

**Sometimes we get stuck in the "trying" phase, but true progress comes from doing. **

MortgageMeNow understands this. That's why they're not just another search engine - they're action-oriented, helping you find the best mortgage deals and get you moving forward towards your dream home.

Stop trying, start doing with MortgageMeNow. Visit them today and make your homeownership dreams a reality!

Are you letting your dreams slip away? Don't sacrifice your future. Let MortgageMeNow help you find the perfect mortgage solution.

Canadian home buying got you curious?
Before you jump in, ask these key questions:

Down payment & hidden fees?
Stress test & qualifying rates?
Market trends & negotiation tips?
Want a smoother, smarter experience? ➡️ Check out The Mortgage Me Now! Their innovative online solutions simplify the process and empower you to make informed decisions.

Let's face it, in the mortgage world, experience often comes with a few more lines around the eyes (and maybe a touch of salt and pepper in the hair). But hey, here's the plot twist: looking young doesn't mean we're rookies!

So, what does this mean for you? It means you get the best of both worlds: youthful enthusiasm paired with the seasoned expertise of MortgageMenow's cutting-edge technology. We'll work tirelessly to find you the perfect mortgage that fits your unique needs and budget, all while making the process smooth and stress-free.

Ready to experience the mortgage magic? Don't let my baby face fool you – contact MortgageMenow today and let's get started! ✨

P.S. Follow MortgageMenow for more mortgage tips and fun industry memes!

It's important to consider the implications of co-signing before you ask someone to co-sign for you, or before you co-sign for someone else. Reach out to us today if you'd like to learn more about co-signing.

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Rate Update! Rates are dropping and we're hoping the trend continues!

Closing costs associated with buying a home can vary, and it's important for buyers to be aware of these additional expenses. Some common closing costs include:

Land Transfer Tax (LTT): Homebuyers are required to pay a provincial land transfer tax. The amount depends on the purchase price of the home, and first-time homebuyers may be eligible for a rebate.

Municipal Land Transfer Tax: In addition to the provincial LTT, some municipalities have their own municipal land transfer tax.

Legal Fees: Hiring a real estate lawyer is crucial for the closing process. Legal fees cover the lawyer's services, including reviewing documents, conducting title searches, and facilitating the transfer of ownership.

Title Insurance: Sometimes mandatory, many buyers opt for title insurance to protect against potential issues with the property's title, such as fraud or errors.

Home Inspection: Though technically done before closing, the cost of a home inspection is typically incurred by the buyer. It helps identify any potential issues with the property.

Appraisal Fee: If required by the lender, an appraisal fee may be necessary to assess the property's value.

Home Insurance: Mortgage lenders typically require buyers to have home insurance in place before closing to protect the property and the lender's interest.

Adjustments: The seller may have prepaid property taxes, utility bills, or other expenses. Adjustments ensure that the buyer reimburses the seller for any prepaid amounts.

Goods and Services Tax (GST) or Harmonized Sales Tax (HST): New homes may be subject to GST or HST, and these taxes are usually included in the purchase price.

Interest Adjustment: If the buyer's mortgage payment includes interest, an adjustment may be made to account for the interest that has accrued between the closing date and the first regular mortgage payment date.

It's essential for homebuyers to work closely with their real estate agent, lawyer, and mortgage broker to understand the specific closing costs associated with their purchase. These costs can significantly impact the total amount needed to complete the home buying process.

BREAKING: The Bank of Canada has announced a HOLD on the policy interest rate.

Here's what they had to say: "The Bank expects inflation to remain close to 3% during the first half of this year before gradually easing, returning to the 2% target in 2025. The Council is still concerned about risks to the outlook for inflation, particularly the persistence in underlying inflation. Governing Council wants to see further and sustained easing in core inflation and continues to focus on the balance between demand and supply in the economy, inflation expectations, wage growth, and corporate pricing behaviour."

Stay tuned for the next announcement on March 6th.

Here's your latest rate update! Rates have dropped significantly over the past 2 weeks, if you're thinking of getting a pre-approval in place, now is the time!

Dive into loan options! 💡 Swipe left to explore different mortgage programs and find the one that suits your needs.
Questions? Drop them below!

Here's your latest Market Report for December!

Inflation accelerated again in December, albeit slowly. Average house prices increased by about 5% year over year across Canada.

Stay tuned for the next Bank of Canada rate announcement on January 24th.

There are a few cases where very specific lenders do not have to use the Stress Test when qualifying a borrower.

Credit unions and other provincially regulated financial institutions may not be subject to the federal stress test but may have their own similar measures depending on provincial regulations.

This can help certain borrowers qualify for the loan they require, but it may come with a higher rate to do so.

If you're thinking about your mortgage, it's probably a good idea to call a broker. Whether you just have a few questions, or need to take action immediately, a broker can help!