2017 – A Year in Review from Your Trusted Mortgage Knowledge Professional
I can’t believe that 2018 is almost 2 months in. It seems like 2017 went by so quickly. I have enjoyed another fabulous year and I have YOU my clients to thank.
I had another extraordinary year in my personal and professional life! We traveled to Hawaii, Mexico, Phoenix, Dubai, and a 2-month summer vacation in Montenegro, Europe where our son got married. My husband and I welcomed our first grandchild, a girl, in January named Mila, and then a grandson in May named Branson. Oh how time flies……and every moment is precious.
My life as a mortgage broker got so busy in 2017. We continued to experience some all time lows with fixed mortgage rates. Some as low as 2.49% on a 5-year fixed rate. Many of you have been fortunate enough to have taken advantage of those historical low rates.
With summer behind us, the change and shift in increased interest rates didn’t stop the market. The market has continued the momentum from 2016….and new rules haven’t stopped the market. Condo and townhouses continue to see a major growth in sales year after year. Our economy is looking good. We have a steadily increasing population, all time low unemployment, and we still have low interest rates. Well, maybe not as low as what we have been accustomed to, but they still are low.
The year ended with Bank of Canada increasing its prime lending rate twice in a short period of time, followed by the Banks increasing their Prime. Of course, the common question to your mortgage broker is, “is the variable still a good product for me, or should we look at locking in?” I am in a variable rate mortgage , and I still haven’t locked in. If you have questions about your variable, please reach out and we can discuss.
New rules once again started in January 2018. Qualifying for a mortgage just got a little tougher, but it hasn’t slowed down the market. Basically everyone must qualify either at the Bank of Canada qualifying rate (currently 5.14%) or at a rate of 2% greater then the contract rate you are getting (ie: if your getting a 5 year fixed at 3.49% then you must qualify at 5.49%)
Thank you all for being a part of my professional journey and success! And remember I am always here to answer any questions. Now, pass my name along as YOUR referrals are the foundation of my growth and success!