The Real Estate and Mortgage Show - June 1
Steve, Frank and Paul discuss the Ottawa real estate and mortgage market. On this week's show, they talk about the future of mortgage rates, investment properties and the importance of obtaining a pre-approval.
This week, on the Real Estate and Mortgage Show, Steve Gregory is once again joined by Paul Rushforth and Ottawa Mortgage Broker Frank Napolitano for an information-packed hour, discussing the issues on Canadian home buyers' minds.
After an era of historically low mortgage rates, news of an impending increase has been circulating. Those who are hoping to get into the housing market and want to secure a low rate should look into getting a pre-approval now. Pre-aprovals are often spoken about in reference to first-time buyers, but as we learn on this week's show, buyers should be pre-approved regardless of whether they are first-timers or experienced real estate investors. Knowing what you will be approved for and what will fit into your budget are key factors at any purchasing stage.
Frank takes some time this week to talk about tighter mortgage regulations. Lender guidelines are constantly changing, and it is a good idea to be as prepared as possible when applying for a mortgage. Many lenders are asking for more documentation for proof of employment, and many are taking to calling employers to verify. He also warns potential borrowers about unsecured credit, as some lenders are taking payments into account when calculating debt ratios, even if there is no outstanding balance on the product. Now, more than ever, keeping your credit history as clean as possible will help in the long run.