A year in review, from your Trusted Mortgage Knowledge Professional
Seems like 2015 just flew by, and here we are already two months in to 2016!
The beginning of the year has seen a steady real estate market and the forecast is that the Real Estate Market will continue to be a good one for the Lower Mainland this year. The issue seems to be that there is not enough inventory for our buyers out there. If something does come up, it seems to be selling at record speed and record prices.
The federal government recently announced changes to minimum down payments on properties priced below one million dollars. The change is not as simple, nor as painful, as a jump to 10% down on homes over 500K — this is not the correct math at all. It is a sliding-scale increase, meaning that the extra dollars required rise gradually (i.e., a $600,000.00 home now requires a down payment of $35,000 or ~5.8% down — NOT 10%). As such, the impact on markets is expected to also be gradual and marginal. So on that $ 600,000 home, $ 25,000 or 5% on the first $ 500,000 and then 10% on the remainder balance of $ 100,000 = $10,000. Total down payment $35,000 vs the previous minimum amount of 30,000. New rules are already in effect since Feb 14th 2016.
So what is new with me? I rang in the New 2016 Year with my husband in Hawaii and had a great time relaxing and rejuvenating. 2015 proved to be a very exciting and rewarding year for myself both professionally and personally. In 2015 I became the sole brokerage owner of The Mortgage Centre TMK TEAM and built a brand new team of Trusted Mortgage Knowledge professionals. Daniela Serena, a long time mortgage broker with INVIS joined the brokerage in May and then Meghan Graham also a mortgage broker previously with INVIS, joined in August. They have been a wonderful addition to this brokerage firm , with their ongoing commitment to exceptional client service as well as the ethics and values we hold dearly in what it means to be a successful mortgage broker. 2015 was the year of records….record low rates, record mortgage files closed, record volumes as an individual and as a brokerage firm. As well, I once again made MCC Executive Club honors and also received the TD Community Service Award recognizing contributions of individuals in their community. Very honored to receive this award. I believe in the value of doing good 1 person at a time to better the world. We only have one shot at this so lets make it good.
Personally, our daughter got engaged in Rome, and we are now all happily planning a June 2016 wedding. We also made a few more travel stops through 2015 ……Mexico in June for our anniversary and then a trip to Europe middle of November where we visited London and Paris as well as a few other stops in the UK, spending time with our son who now plays for the Edinburgh Capitals in the UK Elite Hockey League.
I wanted to take this time to once again express my gratitude to my clients for your continued trust in me. In appreciation I have decided to contribute to sponsoring the building of a drinking water well in Haiti. I look forward to keeping you informed of this exciting development. Do you want to help others in need and make a huge impact ? Check out the website https://www.kiva.org
Don’t forget I am here to advise and assist with any questions. Have you have your annual mortgage review? If we haven’t talked for some time, please feel free to call me and check in on your mortgage 604-340-7673
Cheers , Milka