If you are keeping an eye on mortgage rates in London, Ontario, knowing that mortgage lenders view the current market as a balanced one is good news. According to the CEO of Canada Guaranty, one of two private mortgage default insurers in Canada, Canada’s housing market is currently balanced. The 6.9% increase from June 2013 to June 2014 in national house prices can be primarily attributed to what is happening in Toronto, Vancouver and Calgary. What this means is that mortgage lenders and insurers are not encouraging further action by the Department of Finance to tighten mortgage regulations.
In the past few years, mortgage brokers have seen the rules for qualifying for a mortgage change significantly and there is always the possibility that Canadians will have to jump through stricter hoops to get a great mortgage rate, but Andy Charles doesn’t see any need for further government mortgage regulations, at least any time soon. In fact, in the US, mortgage standards are starting to ease up for the first time since 2008 which is great news if you’re looking for a great mortgage rate these days.
As we blogged about last month, first time home buyers are entering the market with a frenzy, with over 55% of mortgages being taken out by those purchasing real estate for the first time, and this is consistent with what we are seeing right here in London, Ontario. Mortgage rates across Canada are extremely competitive and with the knowledge that we are currently experiencing a balanced market, it’s a great time to get into the market.
When you are looking for a great mortgage broker in London, Ontario, you want to be sure that you are working with someone who has their finger on the pulse of what is happening with the current housing market and how that affects your ability to get pre-approved for a mortgage at a great rate. In all honesty, though, we always work our hardest regardless of whether it’s a balanced market or if government regulations have tightened up so much that it’s hard to get approved for a mortgage. That’s because we work closely with every client, regardless of your credit rating, work history or down payment, to provide you with the best options available in the business.
Unlike other mortgage brokers in London, Ontario, we are here to educate you not only on how to qualify for a mortgage, but also how a mortgage fits into your entire financial plan. Even if you can get approved for a large mortgage amount, it’s always a good idea to get solid financial advice on whether or not you can handle a hefty monthly mortgage payment. Especially if you are a first time home buyer, it can be difficult to know how to anticipate all those extra costs of home ownership, and that’s why having a top mortgage broker to help you every step of the way is a great alternative to traditional mortgage brokerages, who simply crunch the numbers and leave it at that.
By contrast, we love watching our clients succeed at every aspect of their life. Because getting a great mortgage is such an important financial decision, we are here to help you build a solid foundation for many years to come. To get pre-approved for a mortgage or get advice on how to get the best mortgage rates in London, Ontario, get in touch with us. We can’t wait to help you get the home of your dreams!
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