Real estate investments can boost your monthly income and offer great returns, tax advantages, and long-term security. However, there are risks associated with this practice. These include unpredictability, a lack of liquidity, problems with tenants, etc.

Mortgages By Erin wishes you and your family a happy and safe holiday season and all the best for the New Year 2023! If you need any assistance from us during this time, feel free to get in touch with us by clicking here.

The Governing Council of the Bank of Canada raised its target for the overnight policy rate by 75 basis points today to 3.25% and signaled that the policy rate would rise further. The Bank is also continuing its policy of quantitative tightening (QT), reducing its holdings of Government of Canada bonds, which puts additional upward pressure on longer-term interest rates.

Creating a budget is the first step toward organizing your finances and keeping track of where you spend your money. With a budget, you can quickly achieve your savings goals over time, prepare for emergencies, and encourage smart spending.

Is everyone around you giving you financial advice, and you are fed up with reading endless books that suggest unique strategies from the author’s personal life? If yes, you need to start trusting professionals who share their experiences to help others grow. 

Applying for a mortgage can be both exciting and intimidating if you don’t know where to start. This is because borrowing money involves more than walking into a bank and signing essential documents. There is considerable work to be done behind the scenes before your mortgage is closed and money is in your bank.

Every industry has its own language and terms. These words and phrases can be confusing to anyone who is not part of the daily operations of a specific sector, and the mortgage business is no exception.

Housing is a significant theme in the 2022 Federal Budget Announcement that the government of Canada recently released. The budget announcement included a $10 billion package of proposals intended to reduce housing costs in Canada. However, there is insufficient supply to meet the demands of a rapidly growing population base. Therefore, the measures announced to increase housing construction are good, but a little underwhelming. 

On March 2nd and April 13th, the Bank of Canada raised its key interest rate by 0.25% and 0.50% respectively. With the next increase expected to occur on June 1st, the biggest question that is coming up is whether or not borrowers with variable-rate mortgages should convert to fixed. Even though fixed rates are still relatively low and are a fantastic solution for many, the answer for most people is still variable. For those who want to see the compelling reasons why the variable rate makes more sense than fixed, keep on reading.

Moving to a larger house is not the only time that things can change with your mortgage and home. Sometimes there comes the point when owning a home becomes a bit too much to handle, or maybe you’re an empty-nester and no longer need all that space to yourself. 

Finding a home shouldn’t be too hard as there are hundreds of thousands of homes for sale nationwide annually. From single-family dwellings to duplexes to townhomes, the choices seem endless. However, these options make finding the right property that fits your needs and budget challenging.

Growing up, most people dream about living a fairytale with a wonderful partner and a life of bliss. Unfortunately, real life is not always a fairytale, and not every relationship lasts forever. In fact, the latest statistics show that thirty-eight percent of all marriages in Canada end in divorce.

Do you plan on buying your first home or contemplate adding to your property portfolio? Availing of a mortgage has the advantages of being cost-effective as the interest rates on a mortgage are generally lower in this case than for other types of borrowing. 

Buying a house for the first time is a new and emotional experience, so it’s normal to have a few hiccups along the way. Since a home is the single most expensive purchase for some people, the entire process can also be tricky to navigate if you’ve never done it before. It’s necessary to find a mortgage agent you trust to assist lead you down the twists and turns on the exciting journey to homeownership. It is also beneficial to know some of the common mistakes first-time homebuyers make, so you can avoid them on your road to buying your first home and have a smooth experience with minimum stress.

Getting a mortgage can be challenging when dealing and coordinating through the Coronavirus pandemic, with constant changes across the board. With a large number of people losing their jobs and another massive group of them working remotely, mortgage companies were not open to supporting their clients as easily as they were in the past. We learned that many of our clients were not planning on making large investments which was another challenge that we had to get through. Unfortunately, the people who needed the mortgages the most were the ones who were ideally going through a tough time during the pandemic.

In times of uncertainty, we can always count on our first responders. From coast to coast, they put Canadians first and ensure the health and safety of this great country. At Mortgages By Erin, my team and I have successfully helped hundreds of people realize their dream of homeownership. Now, we want to help our first responders on the front lines, who have been providing support to the community during the pandemic crisis. I am grateful for their services and express my gratitude for their ongoing work and sacrifice. As part of Dominion Lending Centres, I am proud to announce the First Responder Mortgage Program™.

How much do you really know about reverse mortgages? Maybe you know that reverse mortgages can help Canadians over fifty-five years with access to the equity in their home, tax-free. Or perhaps you know that tens of thousands of Canadians use a reverse mortgage as part of their financial plan. But did you know that there are seven common misconceptions when it comes to understanding reverse mortgages in Canada? As Canada’s leading provider of reverse mortgages, HomeEquity Bank can help set the record straight. So, without much further ado, Mortgages By Erin has listed some of the most widely believed myths about reverse mortgages. Keep reading to learn more about it

Original Article Source Credits:    Canada Mortgage and Housing Corporation  , https://www.cmhc-schl.gc.ca/

Article Written By:  NA

Original Article Posted on:  July 5, 2021

Link to Original Article:  https://www.cmhc-schl.gc.ca/en/media-newsroom/notices/2021/cmhc-reviews-underwriting-criteria

Original Article Source Credits:    CANADIAN MORTGAGE TRENDS , https://www.canadianmortgagetrends.com/

Article Written By:  Steve Huebl

Original Article Posted on:  June 15, 2021

Link to Original Article:  https://www.canadianmortgagetrends.com/2021/06/housing-market-moderates-in-may-but-prices-forecast-to-rise-19-3-this-year/

Original Article Source Credits:   CANADIAN MORTGAGE TRENDS , https://www.canadianmortgagetrends.com/

Article Written By:  Steve Huebl

Original Article Posted on:  June 22, 2021

Link to Original Article:  https://www.canadianmortgagetrends.com/2021/06/low-rates-helping-borrowers-pay-off-mortgages-at-record-pace/