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Posted by: John Panagakos
A Recession Like No Other The Canadian economy has been put in a medically induced coma. Never before in modern history have we seen a forced shutdown in the global economy so, not surprisingly, the incoming data for April is terrible. There is a good chance, however, that April will mark the bottom in economic […]
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Stay Safe. Stay Home. Save lives. This is currently the motto for Canadians who are working hard across the country COVID-19 by staying home – including your mortgage brokers! While social distancing of this magnitude has never occurred previously, it is important to understand that we are all in the same boat. To help you […]
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As we continue to be in unprecedented times, I understand that the COVID-19 outbreak is taking a toll on families across the country with many parents being out of work or quarantined. I want you to know that I understand your concerns and, most importantly, I am here to support you. As Canadians, we are […]
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Following yesterday’s surprise emergency 50 basis point (bp) rate cut by the Fed, the Bank of Canada followed suit today and signalled it is poised to do more if necessary. The BoC lowered its target for the overnight rate by 50 bps to 1.25%, suggesting that “the COVID-19 virus is a material negative shock to the Canadian […]
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Are you in the market for your first home? Dreaming of a space you can call your own? If you are an eligible first time home-buyer, then contributing to your RRSP(s) befor the March 1 deadline can help you increase the funds available for your home purchase. The Home Buyers’ Plan (HBP) is a program […]
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Minister Morneau announces new benchmark rate for qualifying for insured mortgages. The new qualifying rate will be the mortgage contract rate or a newly created benchmark very close to it plus 200 basis points, in either case. The News Release from the Department of Finance Canada states, “the Government of Canada has introduced measures to […]
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How to verify your down payment when buying a home? Saving for a down payment is one of the biggest challenges facing people wanting to buy their first home and now you need to verify your down payment? Yes. To fulfill the conditions of your mortgage approval, it’s all about what you can […]
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It was a great honor for me when on September 25th, Dominion Lending Centers, Chad Gregory, Vice President of National Sales stopped by my office and presented me with the Hall of Fame Champion lifetime achievement award. This award is given to the top 25 highest sales achievers in Canada. A big thank you goes […]
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People mistakenly believe once they’ve been pre-approved or approved by a lender it’s all done, but in reality you need to protect your pre-approval status. But what they don’t realize is that a lender may pull their credit 30 days prior to close. They also don’t realize lenders can request updated documents at that time. […]
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Five-year fixed mortgage rates continued their upward march last week as the five-year Government of Canada (GoC) bond yield they are priced on hit its highest level in seven years. Meanwhile, five-year variable-rate discounts deepened, further widening the gap between five-year fixed and variable rates. Years ago variable rate mortgages saved you more money than […]
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