Test

04/23/2020

⚡️ANOTHER SOLD OVER ASKING⚡️

📢 CONGRATULATIONS to My Sellers! 👊

Thank You for Your Trust In A Very Challenging & Unprecedented Real Estate Market 😷

Wishing You All the Best With Your New Adventure! So Glad I Could Help You Pursue Your Dream.

Challenging Times Require Extra Caution, Professional & Experienced Care. Great Success Story With This Sale. Congrats AGAIN!

I Am Working Diligently To Help My Clients During This Very Difficult Time. Let Me Know If You Or Anyone Else Needs Real Estate Related Help. I Will Do My Best.

✔️ Practicing Social Responsibility & Social Distancing:

🎥- virtual open house and 3D Tours, Digital Floorplans
📞- wire transfers for deposits
😷- masks, gloves & sanitizers at homes
🖋- electronic signing of documents
☑️- strict showing procedures & limiting # of visitors

Please Be Safe & Keep Well. We Are All In This Together.

KALEV KOOP

Re/Max Hallmark First Group Realty Ltd.
*not intended to solicit those who are currently under contract with another brokerage

03/04/2020

03/03/2020

Coming soon! Feds ease up on the stress test

Anyone looking for a mortgage in the last few years has been introduced to the "stress test". In order to qualify for a mortgage, Canadians must prove they can withstand an increase in rates, which requires them to qualify for payments far above what they will actually pay. The good news is that the Canadian government has decided to ease up on the stress test.

Lower qualifying rate

Effective April 6, anyone applying for an insured mortgage (less than 20% equity) will see a fairer stress test used. It'll be based on the median five-year fixed insured-mortgage rate, plus two percentage points. This makes the stress test more dynamic and inline with actual rates people are borrowing at and will be set every week.

It is expected that the same new benchmark rate will be used for mortgages that don't require default mortgage insurance (more than 20% equity). Looks like the qualifying rate for uninsured mortgages will change to the greater of:

the actual contracted mortgage rate, plus 2%; or
the new benchmark rate described above.
This means the stress test for uninsured mortgages will still be a slightly tougher hurdle.

What's the bottom line?

Any drop in the qualifying rate – with the new stress test or declining rates in general – will make qualifying easier and increase your purchasing power. So, the upcoming change on April 6 is good news.

Is the mortgage world still confusing? Yes absolutely, probably more so! That's why great advice based on experience and access to multiple lending options is so important. While the stress test may be less stressful, my goal is to reduce stress from your entire mortgage experience and help you build wealth with the right mortgage now and excellent advice going forward. Get in touch at anytime, these are exciting times for buyers and homeowners!