Don Stoddart Mortgage Broker
Empowering you to make the right mortgage decision for you and your family.
Don Stoddart has been in the mortgage industry for almost 30 years; he was a co-owner of First Provincial, one of the founders of Mortgage Intelligence, and a top producing broker at both Mortgage Intelligence and Mortgage Architects. Currently Don is the Broker / Owner of Key Mortgage Partners - DLC. He has helped thousands realize their dreams of homeownership.
Fall weather has finally found us! Here are some tips for preparing your house and yard for the cooler weather.
homeownership.ca How to get your house — and yard — ready for cooler weather
Here's what you need to know about credit scores
dominionlending.ca The interest rate you pay on loans for every major purchase you make throughout your lifetime depends on various factors, and is dependent on your creditworthiness – everything from the mortgage on your home to your car loan or line of credit. And, given today’s ever-changing mortgage requirements a...
***Attention**** Mortgage Changes That May Affect You
We hope that summer treated you well and that your fall is into full swing. We are reaching out to you to make sure that you were aware of all the changes that have taken place over the last year. If you are in need of renovations or to pay off debts, it may be better do so sooner rather than later. With the government proposed policy changes it may not be possible in the near future. With the new policies Canadians will qualify for less mortgage than they currently do now. Therefore, being able to access your equity could become a major issue moving forward. So, if your planning any type of renovations to your home, consolation of high interest rates or family investment planning you may want to get going before it's too late.
We are also seeing major swings in interest rates trends. Since 1993 we have been following the downward trend which has enable Canadians to put more of their mortgage payment toward principal than ever before creating equity within their homes. Followed with the subprime Market Crash in 2007-2008 we've seen the lowest rates in history. Currently it appears the trend is reversing and rates are on the rise. The Canadian government has increased prime twice by 50 Basis points meaning Canadian's will be paying greater interest on all their unsecured debts, ie credit lines etc. This meaning less disposable income moving forward so we'd better tighten our belts. Customers in variable rates mortgages will also see their payments rise.
As the Global and Canadian economy improves we have also seen major increase in the bond markets that have sent the fix term mortgages higher as well. Adding to this the rules changes by our government in October 2016 when they pulled back from insuring conventional refinance and purchases over a million dollars. This had a far greater impact than most Canadian's realized as our lenders, now we have no liquidity on these products and they must hold the mortgages on their balance sheets. The result is that this comes at a much greater cost and this cost is passed onto the consumer meaning you. Also, mono line lenders that had help by creating healthy competition in the market place become handcuffed over night as they now have to look for new exit strategies on these products which also come at a higher cost.
Our government then introduced the stress test rule into the market place. This change alone impacted 33% of Canadians, potential purchasers meaning they would have to buy a cheaper home or not at all. It is my guess that the government believes that too many Canadians owned their own homes and want to reduce the number of home owners moving forward. What is funny is that I have been in the Mortgage brokerage industry for 30 years and with the exception of 1989 the government has charged millions upon millions in the insurance premiums with CMHC while produced incredible profits. Recently they increase the insurance cost once again which make little sense other than they are trying to maintain the profits of prior years well underwriting less loans. OFSI says all these rules changes are to reduce the risks for Canadian Tax payers.
By now I'm sure you think I am ranting however we truly do not have an issue with our Mortgage Market in my opinion. We have a major issue with unsecured lending such as credit cards and lines of credit which has seen consumer debt rise tremendously over the past years with no control or regulation by our government. Just think of how many cash advance places you seen now or how many commercials you here about credit counseling, consumer proposals and even bankruptcies
My intention is not to predict doom and gloom as we move forward rather I'm trying to empower you by allowing you to make informed decisions for you and family. There has been forecasts in the market place that state that prime could rise a full 1% though 2018. So, if you want to take advantage of home reno's, paying off the high interest rate debt, renewing your mortgage early to prevent higher interest rates or restructuring you family plan give us a call we will be happy to help you understand the changes and review your options.
Be great today as it's in you to give.
Don & Brooke Stoddart
Changes are coming are your ready??
dominionlending.ca We know – more changes?! How can that be! With this ever-changing landscape, mortgages continue to get more complicated. This next round of changes is predicted to take affect this coming October 2017 (date not yet available). These new rules contain three possible changes, the most prominent being…
Just a few on the most common Mortgage Myths!
Don't forget to enter for your chance to win!
We believe that everyone deserves financial awareness not just the professionals! Through the Enriched Academy we can assist you with your financial goals. As a certified Enriched Academy Trainer Don has a better understanding as he is able to help individuals understand their financial needs, inform you regarding money myths, how to save, careers, building your brand, understanding credit, building wealth and goal setting. If you are concerned about your financial situation we can offer the knowledge and trust that you need to help you take that next step in the right direction!
Home Sales expected to fall 10% in 2017???
barrie.ctvnews.ca The Canadian Real Estate Association has downgraded its sales forecast this year as national home sales slipped 9.9 per cent in August compared with a year ago.
Thank you Naresh for the kind words!
Looking to save for a down payment? There are plenty of different ways to do so. Follow along for a couple helpful tips! #BramptonMortgageBroker #Brampton #Elmvale
dominionlending.ca What prevents many potential homeowners from buying a home is the lack of a down payment. Many first-time home buyers are receiving down payment gifts from family. Unfortunately, many are not in this position and need to plan to save their own down payment. When you can visualize the benefits of own...
Providing Insurance and Financial Services since 2002.
I work closely with you to fully understand you specific situation and financial goals.
Financial Consultant with Investors Group Financial Services Inc. helping families and small business owners in creating and realizing their financial plans.
Your Mortgage Your Choice, Let me show you how.....
President Gold Award (Royal Lepage) 2006-2012 The Award of Excellence 2012
Wiesner Insurance is built on providing quality, personalized service to our valued clientele while protecting their commercial, personal and financial interests.
Real Estate , commercial, investment, Mortgage, power of sale, beautiful home, Brampton, Mississauga, Toronto