Posted in: mortgage , mortgage broker , real estate , real estate agents , Realtor , REALTOR® , Regina Realtors , Regina Saskatchewan , Regina Saskatchewan , YQR , YQR Real Estate
Canada’s mortgage rates are creeping up -- even though the country’s central bank has slashed borrowing costs to combat the COVID-19 pandemic.
“That’s due to the enormous pressure Canadian banks face amid disruptions caused by the outbreak, said Sherry Cooper, chief economist at Dominion Lending Centres.
The costs of funds for banks is skyrocketing and bank earnings are plunging, Cooper told Bloomberg Monday.“
“Every single business they have ever loaned to is subject to a massive decline in revenues, and therefore their own revenues are going down because nobody is taking out new business with banks except to extend debt.”
If you want to understand more about mortgage rates, how they work & the current volatility of those rates check out this video from Dustan Woodhouse - AMP Accredited Mortgage Professional:
Now for the GOOD NEWS & We’ll take any bit of positive news we can get right now!
There is some optimism as far as future job security is concerned as although there has been an increase in jobless claims, Canadian consumers are largely confident in their job security.
Just 13% of respondents to the Canadian Confidence Index said they were worried about losing their job, slightly up on the previous week, but below record highs.
❓So what does this mean to you? If you are thinking about buying a home in the near future you should be taking the time now to get your mortgage pre-approval and get your rate locked in now for 120 days!
Then when the time is right you are ready to go!
If you have questions or need a a referral to a lender or mortgage broker, feel free to contact us!
~ Karin & Jen
"Your Proven Regina Real Estate Team"
Posted in: advice , buying a home , divorce & real estate , how to , legal advice , mortgage broker , real estate , realtors , REALTOR® , regina , regina, Saskatchewan , selling a home , yqr
Did you know that divorce ranks as life’s second most stressful event?
Decisions over what to do with the family home and who is going where, create some of the most challenging conversations between couples who are parting ways.
Beyond the emotional ties to a family home, shared real estate comes with its own legal issues that need to be sorted out before the dust can settle, and you can both move on. It’s certainly more complicated than simply dividing up the furniture, TV’s and wall art.
However, with 38% of all Canadian marriages ending in divorce, you’re not alone in this and there are industry experts, who have been there too and understand the emotions & the difficult decisions to be made.
We are here to help you navigate the process and answer all of the questions you may have, and while it will likely never be easy, we believe that working with a team who has experience will make it less challenging for you. Or ideally, that’s our goal for you!
We have years of experience working with clients going through this super stressful time in their lives and our job as REALTORS® is to be a neutral 3rd party with the clear & simple goal in mind, of helping you move on with your lives.
Through our video series, W2 Talks: Divorce & Real Estate, we’re tackling some of the questions you may have, with help from professionals in the field, including a mortgage broker & family law attorney.
The Legal Aspect:
No matter who you contact first in the process, ultimately the financial details of your separation will dictate how you move forward, so a formal separation agreement will be paramount. To discuss the legal aspect of Separation/Divorce and how that impacts your decisions regarding your family home & what options you have, we were joined by
Foster Weisgerber, McDougall Gauley LLP, who shares his thoughts on where you should start.
When it comes to deciding what your next move is, there will be lots of questions….can I purchase another property right away, what can I afford….where do I even start with financing a new home? It’s usually the case that one or both spouses want to keep the house, but the real question is if either one of them can afford to do so on their own.
Of course, there are lots of good reasons to keep the family home if possible:
The financial feasibility of that decision will come down to your specific situation and that’s where your lawyer & mortgage broker will help to guide you.
Mortgage & Financing:
When the time comes, the sale of your home or the purchase of a new home requires teamwork between your REALTOR® and your mortgage expert/lender. To help answer those questions and more, we were joined by Candice Carr from TMG: The Mortgage Group.
Our Closing Thoughts
Whether we, as REALTORS®, are your first point of contact or somewhere later in your process, we will be here with you through every step to help find you a new space to call home …and we will help to ensure you have access to all of the information & guidance you need as you move onto a new chapter in your life!
If you have any questions, general or specific to your situation, and would like to reach out for more information regarding your options, you can confidentially contact any of us with the details below, and your information will remain private.
If you would like to reach out to Foster for more information:
To reach Candice, you can call or email her at:
Phone: (306) 531-6880
We hope this information is helpful to you & please share with anyone you think could benefit from these resources!
Karin & Jen