Mortgagenie
Mortgage Agent
18/06/2024
Will Canada Have It's Own 2008 USA Mortgage Meltdown: NO But A Bumpy Ride Ahead
Most people don't understand the 2008 Mortgage Crisis in the USA
Here's the truth: it was a Mortgage Underwriting / Bond Rating Disaster
Imagine Banks providing mortgages to unemployed people
That was just one part: unemployed people with poor FICO scores and give a mortgage to 100% of the house value
Yeah, that's what they were doing
Oh & Bond Rating companies gave that junk debt an investment grade rating
How? It would take too long to explain
Not Canada
Banks in Canada thoroughly underwrite & review mortgage applications & particularly since 2016 have very high standards
Stress Testing is the topper
Is Canadian Mortgage world perfect?
No its not
There's still Mortgage Document Fraud although that will end eventually
And property values in Canada are Insanely Crazy almost everywhere
The Condo Speculation Bubble is likely to be a big issue in 2025 but in some ways that will be a Commercial problem & although it will be a wrenching value contraction it's likely not an unmanageable issue
This looming Condo problem is regional & focused on New Projects completing in the next 2 years
The value deterioration will impact some existing Condos & could increase Mortgage Default rates but not to crisis levels
18 months of bad news for specific RE types & regions
But no matter what panic posts you see in Social Media or Real Estate difficulties you will see in the next 2 years
Canada is not the USA in 2008
Pain in some parts of RE & Mortgage World is coming but not an unmanageable disaster
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Call Gautam Approved TODAY for more information and insight into this ever-changing market! We are here to help!
647-638-6421
13/06/2024
Contact Gautam Bhullar, Mortgage Professional
647-638-6421
08/06/2024
Homeowners with variable-rate mortgages are expected to see the most immediate relief from the Bank of Canada’s rate cut
Can a single rate cut make waves in Canada’s housing market? What to know - National | Globalnews.ca The Bank of Canada's 25-basis-point rate cut might have a 'marginal' impact on affordability, but it's the 'psychological' impact on the housing market that experts are watching.
22/05/2024
Canada’s big bank earnings to take a hit as ‘mortgage renewal shock’ continues Economists predict banks could see earnings drop by as much as 4% as they enter earnings season.
McLister advises homebuyers to contact a mortgage specialist or mortgage broker to find interest rate deals that aren’t advertised on bank websites. “Banks are super aggressive behind the scenes,” he says.
13/05/2024
Bank of Canada warns of steep jump in mortgage payments Median monthly payment to increase by more than 60% for those with a variable rate mortgage, central bank report says
30/08/2023
As a mortgage expert and specialist, I will assist you in making the biggest purchase of your life, and beyond that! Many of my clients are now looking to refinance and take equity out of their home as markets are changing and the economy has been shifting drastically. If you are carrying high balances on your credit cards, line of credits, or other loans, I can assist you in consolidating all your debt. My goal is to find the right financial solution for you!
Call me today to start assembling your financial portfolio! 📱
22/01/2022
Approved & Funded! 💰
Congratulations to my client on securing his Second Property in less than 2 Years! I am truly grateful to of not only Financed your First Property, but also your Second! 🙌
This is truly amazing! It all started with a conversation after closing on the first one back in March 2020, on how to scale to the next. This is why being prepared months in advance is so important because there are many moving pieces and factors that go into making it a smooth transaction!
We were able to secure a LOW rate for both homes, Under 2%❗️With a rate this low, he will now be able to Cash Flow even more on this investment, & leverage it for the next one 😉
01/12/2021
Buy and Hold before prices increase even more! Reach out to me to see what you're qualified for ------ Gautam Approved ---- 647-638-6421
Canadian Real Estate Prices Expected to Rise 9.2% in 2022: RE/MAX Confidence continues in Canadian real estate market, with the inter-provincial relocation trend likely to remain strong in 2022 Migration between provinces expected to continue in 2022, potentially impacting local Canadian real estate conditions, according to 53 per cent of RE/MAX brokers (20 out of...
03/03/2021
Canada's mortgage rates edging higher in first rise since before COVID-19 crisis Canadian mortgage rates are beginning to inch higher for the first time since before the COVID-19 crisis, but with home loans still languishing around historically low levels the modest hike is unlikely to slow the red-hot housing market.
25/02/2021
Low mortgage rates have made it easier for prospective homeowners to bid up the price of houses
Tiff Macklem warns buyers not to expect current house price increases to continue | CBC News There are new signs of “extrapolative expectations” as buyers assume house prices in Canada have nowhere to go but up, even though the job market continues to need the stimulus of low interest rates.
09/02/2021
In all three cities, incomes have been increasing at a faster pace than home prices in the last decade
Windsor and London, Ont. make top three most affordable housing markets for 2020 While the price of housing has been on the rise, Windsor and London are still considered the most affordable markets in Ontario.
21/01/2021
Canada’s economy had strong momentum through to late 2020, but the resurgence of cases and the reintroduction of lockdown measures are a serious setback
Bank of Canada will hold current level of policy rate until inflation objective is achieved, continues quantitative easing The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent and the deposit rate at ¼ percent.
Pre-approval 101
13/10/2020
Breaking your mortgage could cost you up to tens of thousands of dollars these days. Penalties are meant to compensate lenders because when you get out of your mortgage early, you’re breaking your contract
Thinking of selling your home? This could save you thousands If you're pondering selling your home or refinancing your mortgage, watch out for prepayment penalties.
12/10/2020
A Swiss bank has concluded that Toronto's housing market is in bubble territory, as homes in the city are more overpriced based on local rents and incomes than in places like New York, San Francisco, London and Hong Kong
Swiss bank UBS says Toronto has 3rd biggest housing bubble in the world | CBC News A Swiss bank has concluded that Toronto's housing market is in bubble territory, as homes in Canada's largest city are more overpriced than in major centres like New York, San Francisco, London and Hong Kong.
Interest Rates 101
Contact me today
📲 (647)638-6421
21/08/2020
https://www.ctvnews.ca/video?clipId=2002757
Tiny Toronto house hits market for $1 million A tiny house located in Toronto’s Little Italy neighbourhood just hit the market for $1 million.
19/08/2020
Low levels of immigration (another byproduct of the crisis), and an elevated unemployment rate will likely curb the rebound in the housing market with sales likely to fall by almost 20% and prices, which have held up well so far, likely to come under stronger downward pressure over the second half of the year
Low Immigration and High Unemployment to Curb Canadian Housing Rebound: RBC According to RBC, low levels of immigrations combined with an elevated unemployment rate will likely curb any rebound in the Canadian housing market.
14/08/2020
Great news for buyers as this will make it less difficult to qualify for a loan and you will be able to borrow more money!
Canada's mortgage 'stress test' level falls for 3rd time since pandemic began | CBC News The bar at which the finances of mortgage borrowers gets tested has just been lowered, making it easier for would-be home buyers to reach.
24/07/2020
The Province is requiring landlords to consider repayment options before resorting to evictions
Province introduces new Bill to protect tenants The Province has announced it is taking steps to assist tenants by increasing fines for unlawful evictions.Additionally, the Province is requiring landlords to consider repayment options before resorting to evictions.
23/07/2020
Despite a global pandemic having left millions without work, closed international borders, and halted much of the global economy, the Greater Toronto Area (GTA) housing market continues to show resiliency, with 95% of the real estate districts showing solid gains in average price
23/07/2020
Go a-hunting for a better deal. Don’t just go to your local bank and accept whatever interest rate they offer you. Shop around and get quotes from many different lenders, because even a fraction of a percentage point can save you buckets of money month after month
How much mortgage can I actually afford? Buying your own home is thrilling — the freedom, the space, the white picket fence — but it’s also the biggest financial undertaking of your life. [Record-low mortgage rates](https://moneywise.ca/a/interest-rates-will-stay-at-record-lows-until-2023-bank-of-canada-predicts) are inspiring buyers...
22/07/2020
The pandemic has put the financial plans of Canadians to the test and also reminded us why we make such plans to begin with
Five key personal finance lessons we should be learning from this crisis
08/07/2020
9 Ways to Keep Your Credit Score as High as Possible
9 Ways to Keep Your Credit Score as High as Possible (Part II) - Mortgage Rates & Mortgage Broker News in Canada How are you supposed to optimize your credit score when you don’t even know what it is? The answer is by focusing more on your overall "credit hygiene" rather than on any one particular score.
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