16 Apr

2024 Spring Market Predictions

General

Posted by: Jenni MacDonald

The arrival of spring often brings fresh opportunities in the real estate market. Whether you’re considering buying, selling, or refinancing, understanding the upcoming trends can significantly influence your decisions and financial planning. Here’s what you need to know about the spring housing market of 2024.

Interest Rate Forecasts

Current Trends: The Bank of Canada has maintained the overnight rate at 5% across the last five meetings.
Future Expectations: There’s a buzz among experts that we might see the first rate cut around June or July of 2024, with further reductions expected, potentially bringing the rate down to 3.75% by year-end. Lower interest rates could mean lower monthly payments for new mortgages and refinancing opportunities.

Housing Prices Outlook

As interest rates are anticipated to dip mid-year, affordability could improve, drawing more buyers into the market. This increased demand could drive home prices up during the year. Knowing when to enter the market could be key to finding value in your investment.

Market Inventory Updates

Data from the Canadian Real Estate Association indicates a slight 1.5% increase in new listings as of January 2024, with expectations of further increases as interest rates decrease. More inventory means more options for buyers, but also more competition, so having your financing in order will be crucial.

Tips for Prospective Buyers

  • Financial Preparation: Pay down debts to improve your debt-to-income ratio.
  • Mortgage Pre-approval: Secure this before house hunting to understand your budget and strengthen your bargaining position.
  • Define Your Needs: Know what you’re looking for in a home to make efficient and effective decisions.

First-Time Home Buyers

Leverage government first-time buyer programs to possibly reduce your initial home purchasing costs. More details can be found on the Government of Canada’s official site.

Advice for Sellers

  • Find a Great Agent: A reliable real estate agent is crucial in pricing and marketing your home effectively.
  • Open Houses: Schedule viewings during evenings and weekends to maximize traffic.
  • Home Presentation: Declutter and depersonalize to make your home appealing to potential buyers.

Renewing or Refinancing Your Mortgage

With the anticipated drop in interest rates, reviewing your mortgage could save you money by securing a lower rate.

  • Debt Consolidation: Consider consolidating higher-interest debts into your mortgage for better rates.
  • Home Improvements: Use your home equity to fund renovations or even a vacation property.
  • Switching Mortgage Products: If your variable rate mortgage is unpredictable, it might be time to switch to a fixed rate or adjust your mortgage terms to better suit your financial goals.

Spring 2024 offers diverse opportunities in the real estate market, whether you’re buying, selling, or simply optimizing your mortgage. For tailored advice and a strategy that fits your personal and financial circumstances, don’t hesitate to contact me.

Ready to make the most of the spring market? Reach out today for personalized mortgage and real estate guidance tailored to your needs!

19 Mar

Mortgage Fraud: Protect Yourself

General

Posted by: Jenni MacDonald

March is Fraud Awareness Month, and as a mortgage broker, I’m committed to helping you protect your hard-earned money and your mortgage. Mortgage fraud is a serious crime – understanding the scams and knowing how to protect yourself is absolutely essential.

What is Mortgage Fraud?

The most common type of mortgage fraud involves criminals manipulating property values to secure a larger mortgage than the property is worth. Fraudsters coordinate a series of inflated sales to artificially drive up the price before taking out the mortgage and disappearing with the funds.

Warning Signs of Mortgage Fraud

Be on the lookout for these red flags that could potentially signal a fraudulent scheme:

  • Tempting Offers: Someone offers you money to use your name and credit on a mortgage.
  • False Information: Pressure to lie on your mortgage application.
  • Incomplete Applications: Requests to leave important sections of your mortgage application blank.
  • Mystery Property: The seller or advisor discourages you from physically viewing the property.
  • Undisclosed Rebates: The seller or developer offers a closing rebate without informing your lender.

Beware of Title Fraud

Title fraud is a devastating kind of identity theft where a fraudster forges documents to steal ownership of your property. They then take out a mortgage against your home and disappear with the money, leaving you in a nightmare of foreclosure proceedings.

How to Protect Yourself from Title Fraud

Vigilance is your best defense. Follow these steps carefully:

  • See it to Believe it: Always inspect the property you’re purchasing in person.
  • Check Market Rates: Compare the asking price to similar listings in the area.
  • Verify Your Professionals: Ensure your agents are licensed and don’t have undisclosed financial interests.
  • Get the Full Picture: Request a copy of the land title or conduct a historical title search.
  • Appraise and Inspect: Stipulate a professional appraisal and thorough home inspection in your offer.
  • Demand Proof: Ask for receipts on any recent renovations.
  • Protect Your Deposit: Make sure your deposit is held “in trust” for safety.
  • Title Insurance: Strongly consider purchasing title insurance, ideally before any fraudulent activity can occur.

Let’s Stay Vigilant!

Remember, fraudsters are always evolving their schemes. Stay informed, stay alert, and never hesitate to ask questions. If something seems too good to be true, it probably is. If you think you might be a victim of mortgage fraud, don’t delay – report it to the authorities immediately.

Let me know if you have any questions or would like help refining your mortgage process to minimize fraud risk.

13 Feb

The Pulse of the Market: Mortgage Rates in 2024

General

Posted by: Jenni MacDonald

Imagine, if you will, the real estate market as a vast ocean. Mortgage rates? They’re the winds that can turn calm seas into rolling waves. As we set sail into 2024, there’s talk on the breeze about these winds — ahem, rates — taking a gentler turn. According to financial forecasts, we’re potentially looking at a softening of mortgage rates. Now, for any Tom, Dick, or Harriet looking to snag their slice of the Canadian Dream, this sounds like music to the ears. But, as with any sweet tune, there’s more to it than just a catchy melody.

The Domino Effect: Lower Rates, Higher Stakes

Lower mortgage rates are akin to a double-edged sword. On one side, you’ve got affordability. More folks can potentially get in on the home-buying action when rates dip. This means that your dream home might suddenly seem within reach, a notion that’s as exhilarating as finding an extra fry at the bottom of the bag.

But, here’s the kicker: as more people find buying a home more achievable, the competition heats up. It’s basic supply and demand, folks. More buyers in the market could lead to a scarcity of available homes, which, in turn, might just nudge those prices upward. Financial analysis suggests that while the initial reaction to lower rates is to celebrate, the ensuing competition could make the bidding wars of yesteryears look like polite disagreements.

The Silver Lining: Strategy Is Key

Now, before you start thinking it’s all doom and gloom, let’s talk strategy. For buyers, this softening of rates offers a golden window of opportunity. It’s all about timing and knowing when to strike. Engage with a mortgage broker early on to get a sense of how far your dollar can stretch. And remember, a pre-approval can be your best friend in a competitive market.

Navigating the Waves: Practical Tips

  1. Stay Informed: Keep a close eye on mortgage rate trends. Sites like NerdWallet offer a treasure trove of up-to-date information and analysis.
  2. Budget Wisely: Just because you can afford more, doesn’t mean you should stretch yourself thin. Consider future rate adjustments and the overall cost of homeownership.
  3. Be Prepared to Act: In a market that could get competitive, having your financial ducks in a row is crucial. Pre-approval, solid credit, and a down payment strategy can make you a more attractive buyer.
  4. Consult the Pros: A knowledgeable real estate agent and mortgage broker can be invaluable allies in navigating the complexities of a changing market.

Wrapping It Up: The Horizon Awaits

As we gaze toward the horizon of 2024, the potential softening of mortgage rates presents both challenges and opportunities. For the savvy buyer or seller, understanding these dynamics and preparing accordingly can turn the tide in their favor. With insights from NerdWallet and a strategic approach, navigating the real estate market can be a rewarding journey.

The moral of the story? Stay informed, be prepared, and remember that in the ever-changing seas of real estate, the right strategy can make all the difference. Whether you’re a first-time homebuyer or a seasoned seller, the year ahead promises to be an interesting voyage. Let’s set sail into the future, equipped with knowledge and ready to seize the opportunities that lie ahead.

And remember, in a world where mortgage rates can dictate the pace of the market, staying ahead of the curve is not just wise—it’s essential. So, here’s to a successful 2024, may your home buying or selling journey be as smooth as a well-navigated sea.

 

Let me help you get started.

18 Jan

Why Use a Mortgage Broker?

General

Posted by: Jenni MacDonald

Going to your Bank is a hard habit to break.  We are used to going to our bank for all things mortgage.  Is this the best option when you are searching for a mortgage during the interest rate changes that are currently taking place?

Here are some reasons that my clients would recommend using the services of a Mortgage Broker:

1. Reduces Your Stress – A Mortgage Broker can complete the full application process online with you in person,  over the phone, or even via text message.   So there is no need to leave your home or stand in lineups at your branch.  We can collect your paperwork via email, fax, and text.  We keep in good communication with you (often even late nights and weekends!) so that there are no surprises on closing day.

2. Saves You Time and Gives You More Options – Mortgage Brokers have relationships with many lenders. We work with lenders you have heard of and some you probably haven’t.  Mortgage Brokers already know most of the products that are out there to choose from, so you don’t have to spend time researching them yourself and wondering if there is something better somewhere else.  Also, mortgage payments can come from any of your existing accounts so there is no need to change your regular banking habits, no matter which lender you decide to work with.

3. Find a Lender That Will Consider Your Current Income – A Mortgage Broker has access to lenders that will accept many different types of income and can guide you on how to present the best picture of your situation.

4. Saves You Money – Mortgage Brokers often have access to rate discounts because of a high volume.  In many cases, a Mortgage Broker can get you a better rate at your branch than you can.

5. Services Are Free and Your Opinion Matters – Mortgage Brokers are paid by the lender and not by you.  If you, as a client are happy, you will tell your friends about the service. Mortgage Brokers rely on referrals to succeed in their business so your opinion of their service will always matter.

6. Studies Mortgages and are Regulated – When you visit your local bank branch, you meet with someone who is well versed in all of the products available to you from that branch.  Their training includes a broad spectrum of products so that they can offer you the best product for your needs.  When you work with a Mortgage Broker, you are working with someone who has studied only mortgages and has completed annual mandated courses that are required to maintain a license to sell mortgages.

7. Have Access To Private Lender Options – There are specific situations where a short-term private mortgage may be needed.  Mortgage Brokers have access to Private Lenders that will accept less stringent documentation than a Bank will to approve a mortgage.

8. Considers All Situations – As Mortgage Brokers, we see every scenario out there. Damaged credit, low household income, and low net worth might be a deterrent for the bank, but a Mortgage Broker knows lenders that consider all types of unique situations.  A plan and strategy are usually suggested to make sure there is a mortgage option available in the future.

Rather than traveling to your Bank, why not try a Mortgage Broker now?

Let me help you get started.

18 Dec

Introducing the First Home Savings Account (FHSA) for First-Time Home Buyers

General

Posted by: Jenni MacDonald

On April 1, 2023, the Canadian government launched a game-changing savings plan – the First Home Savings Account (FHSA) – designed to support first-time home buyers in their journey to homeownership.

A Tax-Deferred Path to Your First Home

The FHSA allows contributions to grow tax-deferred, akin to an RRSP. What sets it apart is the ability to withdraw funds tax-free when purchasing your first home – with no obligation to repay. This contrasts with the RRSP’s Home Buyers’ Plan, where funds used must be repaid within 15 years or be added to your taxable income annually.

Maximize Your Savings Potential

As a prospective homeowner, you can contribute up to $8,000 annually, with a lifetime limit of $40,000. You’ll receive a T4A for your contributions each year, reflecting your tax-deferred growth until you’re ready to buy.

Strategic Contributions for Tax Benefits

Contributions for the year 2023 can be made up until December 31, giving you the advantage of claiming a tax deduction for the year. Continue the momentum with another $8,000 contribution in 2024 to claim on your taxes, all while moving closer to your homeownership goals.

The Advantage of No Repayment

Upon the purchase of your first home, the FHSA serves its purpose, allowing you to close the account without the hassle of repayments or future tax claims – a straightforward path to your first home purchase.

Seamless Transition from RRSPs

Already have funds in an RRSP? Transition them to an FHSA without immediate tax implications, provided it’s a direct transfer within your contribution limits. Remember, these transferred amounts won’t grant you a second tax deduction since they’ve already been claimed.

No Investment Time Restrictions

The FHSA doesn’t bind you with a minimum investment period. However, a 15-year time frame is set from the account opening to utilize the funds for a first-time home purchase, after which the funds can be rolled into an RRSP – all without affecting your RRSP contribution room.

Are You Eligible?

You’re considered a “first-time home buyer” if you haven’t owned a principal residence in the past four calendar years. This opens the door to the FHSA for many aspiring homeowners.

Get Started Today

Interested in the FHSA and how it can accelerate your path to homeownership? Contact me now, and I’ll connect you with a reputable financial institution to begin your journey.

12 Dec

New Year Resolutions for Every Homeowner

General

Posted by: Jenni MacDonald

As 2024 approaches, it’s time to set meaningful New Year resolutions, not just for ourselves but also for our homes. Discover practical ways to enhance your living space and financial well-being in the coming year.

Creating a Balanced Home Budget for 2024

Review or start a home budget to get a grip on your expenses and cash flow. An annual review is crucial to accommodate changes in wages, loan payments, and other expenses. This is also the perfect opportunity to plan for future renovations, vacations, or other significant expenses.

Embracing Minimalism in Your Home

January is the perfect time to declutter and embrace minimalism. Clear out old furniture, clothes, and items that no longer bring you joy. This approach not only frees up space but also helps in bringing clarity and focus to your life.

Reducing Your Home’s Carbon Footprint

Make your home more energy-efficient as a New Year’s resolution. Simple actions like switching off lights, using LED bulbs, and installing energy-saving appliances can significantly reduce your carbon footprint and save you money in the long run.

Cultivating a Home Garden

Whether you have a green thumb or are looking for a new hobby, starting a garden can be both therapeutic and rewarding. You can grow herbs in your kitchen, use pots on the patio, or set up large planters in your backyard.

Enhancing Your Work-From-Home Experience

If you’re still working remotely, make 2024 the year you create a dedicated home office space. This will help in separating your work from your personal life, improving focus, and enhancing productivity.

Optimizing Your Mortgage Renewal in 2024

With many mortgage renewals coming up, start planning ahead. Consider options like debt consolidation, utilizing home equity, or securing a better rate at renewal time.

Maximizing RRSP Contributions Before the Deadline

Remember, February 29, 2024, is the deadline for RRSP contributions for the 2023 tax year. Consider your options between investing in an RRSP or paying down your mortgage and understand how the Home Buyers’ Plan can assist in your first home purchase.

In conclusion, these resolutions are not just about improving your home, but also about enhancing your overall quality of life. Start 2024 on the right foot by implementing these strategies and enjoy a more organized, efficient, and joyful living space.

If you have questions about how a Purchase Plus Improvements Mortgage could work for you or are considering taking this route for your next home, please do not hesitate to reach out to a Dominion Lending Centres mortgage professional for expert advice!

21 Nov

Port your Mortgage?

General

Posted by: Jenni MacDonald

So you want to sell your house and buy a new one!

Are you worried about losing the amazing rate that you got when rates were low? 

Are you concerned about the penalty for breaking your current mortgage?

There may be some good news for you….

Your current mortgage may have an option to “Port”.  This means that your lender would allow you to keep your current mortgage as it is – with the current amount owing, the current rate, the current time left on the term, and the current amortization – and “move it” onto your new property.  You can only port your mortgage if you sell your current property at the same time as you purchase a new one and you are staying with the same lender.

Typically, portability options are offered on fixed-rate mortgages with most major lenders.  When it comes to variable-rate mortgages, you may not have the same option.

If the new house requires a larger mortgage amount than what you currently owe, you may require a “Port and Increase” for your mortgage.  The lenders often use a “blended” system where your current mortgage rate stays the same on the mortgage amount ported over to the new property and the new balance is calculated using the current interest rate.

If the new house requires a lower mortgage amount, you may require a “Port and Decrease”.  In this case, you may pay a penalty on the amount you are decreasing your mortgage.  If you have a “prepayment privilege” with your mortgage, it may reduce the penalty as well. 

The benefits of this option are:

  1. You keep your amazing current rate on the current amount of your mortgage
  2. You don’t pay a penalty

While porting seems to be the perfect solution to selling and buying a house in the middle of your mortgage term, there are some realistic situations that may prevent approval.

  1. Your current mortgage may not have a portability option
  2. The house you are purchasing may not be approved by the lender for various reasons
  3. Your credit score and/or income details may have changed so that you no longer qualify for the mortgage with your lender.  A full mortgage application process if followed with a port option.
  4. You may want to add/remove one of the borrowers from the mortgage.  Some lenders will allow this to be done on a port but some will not.

If you want to be sure about your situation and the possibility to port your mortgage, please contact me and I would be happy to advise you!

 

If you have questions about how a Purchase Plus Improvements Mortgage could work for you or are considering taking this route for your next home, please do not hesitate to reach out to a Dominion Lending Centres mortgage professional for expert advice!

 

23 Oct

21 Reasons Why We Love South Glengarry: The People [21 of 21]

General

Posted by: Jenni MacDonald

Embark on a weekly exploration with us, Bill and Jenni MacDonald, as we delve into 21 heartwarming reasons that make South Glengarry our beloved home. Our journey is a reflection of personal experiences, with no specific ranking, showcasing the hidden gems of South Glengarry. Stretching from the picturesque St. Lawrence River to the enchanting Valleyview Road and extending from Boundary Road to the Quebec boundary, this place is a haven of diverse attractions and events.

Reason #21: The Heartwarming Community of South Glengarry
Nothing beats the warmth of South Glengarry’s community. Whether it’s the lively Happy Hour on Fridays, the friendly nods on walking trails, engaging conversations in local diners, or light-hearted banter on the golf courses, South Glengarry’s residents epitomize friendliness and camaraderie. We’re blessed with the most wonderful neighbours, many of whom dedicate countless hours to uplift the community spirit and make South Glengarry a place we’re proud to call home.

Delve Deeper into the Charm of South Glengarry
For more exciting discoveries and local happenings in South Glengarry, visit the following resources:

Share Your South Glengarry Love Story!
Have a special story or reason you cherish South Glengarry? We’d love to hear your perspective. Drop us a note and share why South Glengarry feels like “home” to you.

Considering a move to South Glengarry? Let’s discuss your property dreams and explore the best mortgage solutions tailored for you.

Jenni MacDonald
Mortgage Expert – Dominion Lending Centres – The Mortgage Source
Contact Jenni | Jenni’s Profile

Bill MacDonald
Esteemed Real Estate Broker – Century21 Shield Realty
Visit Bill’s Website | Email Bill

13 Oct

21 Reasons Why We Love South Glengarry: Campgrounds [20 of 21]

General

Posted by: Jenni MacDonald

Dive into a series where Bill and I passionately present 21 unique facets that make South Glengarry a remarkable place. With a diverse range of attractions stretching from the picturesque St. Lawrence River to the bustling Valleyview Road and the serene Quebec border, this corner of Eastern Ontario is a gem waiting to be explored.

Spotlight #20: Campgrounds Galore 🏕️

Seeking the perfect camping spot? South Glengarry is a haven for camping enthusiasts. Boasting campgrounds that cater to both seasoned RV travellers and weekend tent campers, the region promises an immersive nature experience.

  • Facilities Overview: A majority of campgrounds here have designated spaces for permanent RVs, yet always have room for transient adventurers. Many also provide day passes, granting access to pristine beaches and serene picnic areas.
  • Unforgettable Experiences: Speak to any local, and they will recount summer tales of breathtaking nature vistas right from their tents and RVs.

Featured Campgrounds:

Discover More: Passionate about South Glengarry? Explore the following resources:

We’re eager to hear your South Glengarry stories! Why is it home to you? Reach out and share your tales.

Thinking of Moving Here? Let us guide you. From real estate to mortgage solutions, we have you covered.

Jenni MacDonald
Mortgage Broker at Dominion Lending Centres

Bill MacDonald
Realtor at Century21 Shield Realty

6 Oct

21 Reasons Why We Love South Glengarry: Martintown Mill & other Historical Sites

General

Posted by: Jenni MacDonald

South Glengarry is more than just a location; it’s a treasure trove of experiences, history, and scenic beauty. Join us, Bill and Jenni MacDonald, on a weekly adventure as we delve into 21 compelling reasons that have etched this place in our hearts.

Discover the Charm of South Glengarry:
From the majestic waves of the St. Lawrence River to the quaint paths on Valleyview Road and the expansive stretch from Boundary Road all the way to the Quebec frontier, every corner of South Glengarry promises a unique charm and countless activities to indulge in.

Highlight of the Week: Martintown Grist Mill & The Echoes of History

Martintown Grist Mill: A testament to timeless architecture and history, the Martintown Grist Mill, erected in 1846, continues to captivate visitors. While its main section is open for limited hours, every Sunday from 10 am to 3 pm transforms into a vibrant hub featuring a local market and gallery. Revel in authentic local produce, melodious music, exquisite artwork, and connect with the vibrant local community.

Historical Marvels: As you saunter through South Glengarry, countless historical edifices narrate tales of the township’s rich heritage. Pause and read the informative plaques detailing their stories. Whether it’s iconic museums, sacred churches, vintage hotels, or age-old residences, South Glengarry’s legacy is preserved in these edifices.

Explore More at Martintown Grist Mill

Stay Updated:
For more glimpses into the vibrant life and events in South Glengarry, don’t miss out on:

Join Our Journey:
Share your moments and stories of why South Glengarry feels like home to you. We’re eager to hear from you! Looking to make this paradise your residence? Reach out for expert advice on real estate and mortgage solutions:

Jenni MacDonald:
Mortgage Specialist, Dominion Lending Centres
🔗 Jenni MacDonald Dominion Lending Centres
✉️ jmacdonald@dominionlending.ca

Bill MacDonald:
Real Estate Broker, Century21 Shield Realty
🔗 The Kilt Guy Real Estate
✉️ bill.macdonald@century21.ca