Lucas Mathieu - Mortgage Tech

The actual (not-seasonally adjusted) national average home price was $663,500 in August, an increase of 13.3 percent from 2020 to 2021. When excluding Canada’s priciest influential cities, Vancouver and Toronto, the national average drops over $130,000 in August to around $533,500.

The Aggregate Composite MLS Home Price Index (MLS HPI) rose 0.9 percent on a monthly basis in August, marking it the first month-to-month acceleration in price growth since February.

Looking across the country, year-over-year price growth is averaging around 20 percent in British Columbia, over 20 percent in Ontario, and slightly over 10 percent in Manitoba. New Brunswick reported annual price growth little above 30 percent in August.

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John Maxwell in “Sometimes You Win, Sometimes You Learn” presents the case that our learning comes from our failures, and to be successful, we need to be able to learn from our mistakes.

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Downsizing Your Home!

Moving to a larger house is not the only time that things can change with your home and mortgage. Sometimes there comes the point when owning a home becomes a little too much to handle, or maybe you’re an empty-nester and no longer need three extra bedrooms. Whatever the reason, downsizing is a great option when you no longer need a full-size home.

For homeowners who are fortunate enough to now be mortgage-free and looking to scale down, you could be sitting on a gold mine!

If you do still owe on your current mortgage, it is important to remember that downsizing during your current mortgage cycle will be breaking the mortgage.

Regardless of your current situation, there are some costs that go with selling your existing home and moving to something smaller or more affordable.

Some of the costs associated with downsizing are:

• Realtor commission fees, which range from 2.5 to 5 percent of the home selling price

• Closing costs and legal fees, which are 1 to 4% of the purchase price on the new home

• Miscellaneous costs such as moving expenses, upgrading appliances, and/or buying new furniture

• If you are moving into a condominium or townhouse, there are strata fees to consider

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For a mortgage, the contractual payment is the required monthly payment amount for your home loan as described and determined by your loan contract. The contractual payment may include principal and interest due and may include a portion of funds due to cover homeowners insurance, mortgage insurance (if applicable), and property taxes associated with your home.

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Which one is the myth?

Tell us in the comment section!

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10 Mortgage Mistakes!

Whether it is your first house or you’re moving to a new neighborhood, getting approved for a mortgage is exciting! However, even if you have been approved and are simply waiting to close, there are still some things to keep in mind to ensure your efforts are successful.

Many homeowners believe that if you have been approved for a mortgage, you are good to go. However, your lender or mortgage insurance provider will often run a final credit report before completion to ensure that nothing has changed. Changes in your credit usage and score could affect what you qualify for – or whether or not you get your mortgage at all.

To avoid having your mortgage approval status reversed or jeopardizing your financing, be sure to stay away from these 10 mortgage mistakes:

1. Beefing up your application
2. Getting pre-approved
3. Shopping around
4. Not saving for a down payment
5. Changing employers or jobs
6. Applying or co-signing for other loans
7. Avoiding credit missteps
8. Having too much debt
9. Large deposits
10. Marrying into poor credit

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Most people confuse "𝗮𝗺𝗼𝗿𝘁𝗶𝘇𝗮𝘁𝗶𝗼𝗻" with the mortgage "𝘁𝗲𝗿𝗺". Actually, a survey in the U.S dicovered that over 40% of homeowners 𝗱𝗶𝗱𝗻'𝘁 𝗲𝘃𝗲𝗻 𝗸𝗻𝗼𝘄 𝘄𝗵𝗮𝘁 𝗮𝗺𝗼𝗿𝘁𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝗺𝗲𝗮𝗻𝘁.

𝗔𝗺𝗼𝗿𝘁𝗶𝘇𝗮𝘁𝗶𝗼𝗻: The length of time it takes you to pay off your entire mortgage. A typical amortization is 25 or 30 years. The 𝗹𝗼𝗻𝗴𝗲𝗿 your amortization, the 𝘀𝗺𝗮𝗹𝗹𝗲𝗿 the payments 𝗕𝗨𝗧 the 𝗺𝗼𝗿𝗲 𝗶𝗻𝘁𝗲𝗿𝗲𝘀𝘁 paid over time.

Mortgage 𝗧𝗲𝗿𝗺: The length of time you are committed to a mortgage rate, lender and conditions set out by your 𝗺𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗰𝗼𝗻𝘁𝗿𝗮𝗰𝘁. Ex: 5 year fixed term.

So usually your mortgage contract sounds something like this "𝟱 𝘆𝗲𝗮𝗿 𝗳𝗶𝘅𝗲𝗱 𝘁𝗲𝗿𝗺 𝘄𝗶𝘁𝗵 𝗮 𝟮𝟱 𝘆𝗲𝗮𝗿 𝗮𝗺𝗼𝗿𝘁𝗶𝘇𝗮𝘁𝗶𝗼𝗻". Which means you have locked in your rate for 5 years but have 25 years to pay off your mortgage.

𝗔𝗻𝘆 𝗾𝘂𝗲𝘀𝘁𝗶𝗼𝗻𝘀?

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Success may be just around the corner.

There are no shortcuts to any place worth going.

If you have an ideal goal, if you have a worthwhile goal - something that is difficult to do - then don’t look for the shortcuts; instead, focus on what you need to do in order to reach that goal.

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