Today everyone can relate to the ever-changing real estate market. In the last two years – whether you’ve been a first-time home buyer, someone who has sold their home or someone who has refinanced to take equity out – you’ve been caught in this wave.
With a pandemic in our rear-view mirror, a war in Ukraine, and creeping inflation, the wave is sweeping us into unchartered waters. As a result, financial literacy and understanding your mortgage has never been so important.
“What’s also important is to understand that when you make a decision you make the best one you can, at the time, with the information that you have available,” said Danny Alessandrini, broker/owner at The Mortgage Centre/Real Estate Stop. “And of course, timing is everything!”
With that said, The Real Estate Stop comes in with advantages to the consumer via the Broker Channel.
“We have taken the changes in the market and adapted to them,” said Alessandrini. “We’ve leveraged technology to the point we can do a mortgage front to back without our client having to leave their home. Honestly, even in this brisk, non-stop market we have same day appointments, phone calls and experienced staff to help you navigate the ever-changing mortgage process.”
Alessandrini said that discussions on bruised credit, consumer proposals, bankruptcies, fixed rates versus variables, penalties versus benefits, low credit scores, business income and just how they impact your mortgage application are all things that The Real Estate Stop has answers for.
With their 40 plus years in the industry they have molded their lending strategies to fit everyone.
Cathy Gregorchuk, Donna Gioia, Mandy Thorkilson, Chantal Laliberte, and Danny Alessandrini all have years of lending experience, banking and credit union experience and IT know-how to help you navigate your mortgage options.
“Our access to A and B lenders provides solutions for many, but what we have been finding with the impact of COVID-19 on borrower’s income is that a private mortgage can be the interim solution until they qualify traditionally with an A lender.”
According to Statistics Canada, debt to income ratios for 2022 are at $1.83 spent for every $1.00 dollar earned.
More and more families are carrying high credit card balances, not to mention lines of credit that are tied to the prime lending rate. What is important to realize is that even in this market there are opportunities to use your equity and reduce your overall monthly cost of interest and payments.
To learn more about how you can qualify for a mortgage, connect with The Mortgage Centre / Real Estate Stop Inc/ Algoma Mortgage online.
