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Shawna managed to ease a lot of our stress over buying our first home in a new city

posted by The Mortgage Associates    |   November 6, 2014 08:06

Shawna MacDonald"Shawna was truly helpful and managed to ease a lot of our stress over buying our first home in a new city.  She took the time to explain the process and go through all of the details in a very concise, helpful manner.  She knew her stuff and got us an excellent mortgage rate.  We really enjoyed working with her and will recommend her as a broker to any of our friends or family who are looking for a professional, knowledgeable mortgage broker."

Jenn Farries, November, 2014





Should you pay off your mortgage when retiring?

posted by The Mortgage Associates    |   November 5, 2014 10:30

Should you pay off your mortgage when retiring?

Article by Rodney Brooks, November 4, 2014

"It was different back in the day. You worked 30 years, got a watch and a pension. Your health care was probably provided by your company's retiree insurance plan, or even your union.

And a highlight of retirement was the ceremonial burning of the mortgage as mom and dad began retirement debt-free.

That's how our parents did it. But there's no chance we'll see anything like that. As they say, it's not your father's retirement anymore.

Today, your pension has likely been replaced by a company-sponsored 401(k) plan that, mostly, you fund yourself. Few companies offer health insurance for retirees anymore, and those who still do are eliminating or scaling back."

To read the full article, please click here.

Bank of Canada expected to remain cautious on interest rates

posted by The Mortgage Associates    |   November 4, 2014 08:28

Bank of Canada expected to remain cautious on interest rates

Article by David Parkinson, The Globe & Mail, October 19, 2014

"The Bank of Canada is already seriously disinclined toward raising interest rates over the next year. Now it has all the reasons in the world not to.

As the central bank prepares to deliver its next rate decision and quarterly Monetary Policy Report on Wednesday, its staff writers have no doubt been working overtime just to keep the documents up to date with the break-neck flow of economic and market worries this month.

But while it might have made writing the policy documents harder, the turmoil has probably made the bank’s communications job easier. Expect the bank to hold its policy rate steady at 1 per cent (an absolute slam dunk), and to lay out a whole new wave of risks justifying its low-rates-for-longer policy outlook.

The central bank has spent much of this year quashing any public musings about a rate hike in the next year, but that has proven a tough sell amid rising growth, surging inflation and record exports.

The bank has recast its message along the way, identifying new risks and mitigating factors to play down the economic data that have outpaced its forecasts."

To read the full article, please click here.

Shawna went above and beyond what I was expecting. I will go to her again in the future.

posted by The Mortgage Associates    |   November 3, 2014 09:45

Shawna MacDonald"Being a first time home buyer I was quite nervous about the mortgage process Shawna was very patient, answering any questions I had. I was out of town often so being able to do everything over the phone and email was convenient. There was a miscommunication on the interest rate for my mortgage, but Shawna talked with the bank and agreed to cover the costs associated with the extra interest. She went above and beyond what I was expecting. I will go to her again in the future."

Mitch Thomson, November 3, 2014





Saskatoon Mortgage Broker, Shawna MacDonald receives CAAMP Broker of the Year

posted by The Mortgage Associates    |   November 3, 2014 08:54

Shawna

New infill guidelines on the way for Saskatoon

posted by The Mortgage Associates    |   October 31, 2014 09:52

New infill guidelines on the way

Scott Larson, The StarPhoenix, October 30, 2014

"After about a year of discussion, new guidelines that would regulate infill housing will soon come before council.

"We have some good consensus," said Alan Wallace, the city's director of planning and development. The city is proposing changes to the zoning bylaw to ensure infill development in established residential areas is more compatible with existing neighbourhood development.

The changes have been recommended as part of the city's Neighbourhood Level Infill Strategy, which was approved by council in December 2013.

The new guidelines would regulate the way new homes can be built in old neighbourhoods along with garden and garage suites. The planning and development department originally went to council in May asking for changes to the zoning bylaw, but there was criticism from a number of groups."

To read the full article, please click here.

Paying off your mortgage faster can pay huge dividends

posted by The Mortgage Associates    |   October 30, 2014 08:48

Paying off your mortgage faster can pay huge dividends

Article by CBC News, July 28, 2014

"Paying down your mortgage faster. It's one of those boilerplate suggestions that financial advisers love to make to their clients.  After all, throwing extra money at the biggest debt most Canadians have can result in big interest savings and being mortgage-free years sooner.

So why isn't everyone doing that?

According to a spring analysis by the chief economist at the Canadian Association of Accredited Mortgage Professionals, only 35 per cent of Canadians with mortgages took some kind of action in the past year to speed up the date of their "burn the mortgage" party.  That suggests that almost two-thirds of those mortgage holders paid off their mortgages as the contract dictated, at least over the previous year. "

To read the full article, please click here.

Six Strategies to Assist Home Buyers Assess Their Mortgage

posted by The Mortgage Associates    |   October 29, 2014 08:28

Top Six Mortgage Features

Article by The Mortgage Group, August 13, 2014

"Real estate is a still a hot commodity in most parts of the country, and it's also a competitive market. Prices are rising and listings are in short supply. And everyone wants your business -- from realtors to mortgage lenders. Interest rates are low and competition among lenders to offer favourable rates is high.  However, it's always a good idea to read the fine print of these" low rates" to see if they are the best rate for your situation.

Steve Nipius, TMG's Deal Centre Manager has complied his Top Six Strategies to assist home buyers assess their mortgage offers to make sure they're getting what they need. It's important for consumers to understand what features are important to them before deciding on a lender based on interest rate alone."

To read the full article, please click here.

Saskatoon Mortgage Broker, Steel Van Veen shares what a pre-approval is.

posted by The Mortgage Associates    |   October 28, 2014 08:38

What Exactly is a Pre-Approval?

Steel Van Veen, April 17, 2014

"When the topic of a "pre-approval" comes up in my client meetings, I try to educate my clients as much as possible - and this usually means being VERY BLUNT about how this step works. Let me be  clear on one thing about a pre-approval, pre-application, pre-qualification, whatever you wish to call it. THERE IS NEVER A 100% GUARANTEE !!!

Clients will often be referred to me with the excuse, "The bank pre-approved me, but when we wrote and sent the deal in, CMHC turned us down". So it's CMHC's fault you were declined, or the bank's? 99% of those people blame CMHC, but its almost ALWAYS the banks fault. Usually this is due to lack of experience at the bank level, not being able to recognize an application that fits with our insurer's guidelines. Or perhaps, not structuring the deal properly to fit those guidelines.

Now it's not always the bank's fault, sometimes a deal doesn't fit plain and simple. But sending clients out there to shop for a home, when they clearly shouldn't be, just ins't right. You're getting their hopes up to be homeowners, when really they should be educated on why they don't qualify. Alternatively offering them another solution, such as the option of a co-signer.

I have had Realtors ask me (or rather tell me) that if a client is pre-approved, that means they are guaranteed the approval once the offer has been accepted. Then are just mind blown when the file comes back declined for some reason. This is especially true when a file is being sent in with less than 20% down, and needs Mortgage insurance from CMHC, Genworth or Canada Guaranty. The lender AND the insurer reserve the right to decline an application for any reason they see fit. They also take into consideration the home itself, not just the buyer. If the home doesn't meet the guidelines of the lender or insurer, an application can be declined on that alone, even if the buyer is fine."

Click here to read the full article.

The mortgage that marries you to a lender

posted by The Mortgage Associates    |   October 27, 2014 09:53

Click here to view video:  Carrick Talks Money:  The mortgage that marries you to your lender.