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Stefan Cherwoniak - Mortgage Broker - Brokers for Life Dominion Lending Centres
14 followers -
Your friendly #YEG mortgage broker - 780.238.4786
Your friendly #YEG mortgage broker - 780.238.4786

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*Bank of Canada Rate Announcement Tomorrow*

"While we do not expect the Bank to hike rates tomorrow, additional fiscal stimulus runs the risk of ever tighter monetary policy--meaning higher interest rates than otherwise would be the case down the road. Higher interest rates slow interest-sensitive spending and nothing is as sensitive to rates as home purchases. With all the government's concern about the record level of household debt, tighter monetary policy might well be welcome" @DrSherryCooper - Chief Economist, Dominion Lending Centres

Take Away:
- No expected Bank of Canada rate increase tomorrow (variable & HELOC rates remain the same)
- Gov't increase in spending may create tighter monetary policy, meaning may increase rates later

#yegre #yeg
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*ATTENTION 20%+ Down Buyers (Conventional Buyers)*
!! Changes effective January 1, 2018 !!

!! A new minimum qualifying rate (stress test) for uninsured mortgages will be set

- The minimum qualifying rate for uninsured mortgages will be the greater of the five-year benchmark rate published by the BoC or the contractual mortgage rate +2%. (Decreasing purchasing power by 20% or MORE)

Ex) Your purchase price today is $500,000 - as of Jan 1, 2018 it DECREASES to $400,000, due to the required stress test

If you have clients looking to buy and need or have:
- 20% down payment or more,
- wanting to avoid CMHC Fees,
- wanting to buy more house for your income, or
- lower income, or
- Self-employed, or
- an Investor, or
- wanting a 30yr Amortization

Please contact us to assist as soon as possible to help get your clients approved PRIOR to January 1, 2018

As always we will continue to advocate on your behalf and keep you updated on the latest developments as they are announced.

#yegre #yeg #mortgagechanges
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The day keeps on giving! Forgot I was featured in the +Mortgage Professionals Canada (formerly CAAMP) magazine again - this time on how amazing community involvement is in our #YEG #Community

#yegvolunteers #yegre

+Ronald McDonald House Charities (RMHC) +JCI Edmonton +Kids Kottage Foundation +Kids Kottage
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*UPDATE: As of July 25, 2017 the 'Stress Test' qualifying rate is now $4.84%*

More news on the 'Rate' front - we may end up seeing an increase to the 'qualifying rate' from 4.64% upwards to 4.84% (TD has already moved). This change will decrease purchasing power by about 1.75%... Overall 'qualifying rate' is usually set by the avg of the 'Big 5' banks - we will see if the rest follow suit.
Best to get your approvals in to avoid potential qualifying issues down the road...

#yegre #yeg

http://www.bankofcanada.ca/rates/daily-digest/
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*UPDATE: As of July 25, 2017 the 'Stress Test' qualifying rate is now $4.84%*

More news on the 'Rate' front - we may end up seeing an increase to the 'qualifying rate' from 4.64% upwards to 4.84% (TD has already moved). This change will decrease purchasing power by about 1.75%... Overall 'qualifying rate' is usually set by the avg of the 'Big 5' banks - we will see if the rest follow suit.
Best to get your approvals in to avoid potential qualifying issues down the road...

#yegre #yeg

http://www.bankofcanada.ca/rates/daily-digest/
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Our first #MortgageMinute  - will we be seeing more mortgage insurance premiums coming in the new year?! #yeg   #yegre  

Have suggestions for future videos? Comment below!
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‪#‎YEG‬ in 2020! All of this makes me so excited to be living in the heart of ‪#‎Edmonton‬! ‪#‎yegre‬ ‪#‎yegdt‬ https://shar.es/1q45Yp
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Today I feel like a #mortgage #HERO! After @RBC declines - We get a self-employed family #approved! #yegre #yeg Get approved too---> http://goo.gl/a3YZCl
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I may not be a magician but I do sometimes work ‪#‎mortgage magic for my clients - ‪#‎yegre‬ ‪#‎yeg‬ 
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