Mortgage Edge Broker License #10680. Mortgage Edge Agent - Fatima Santos License #M08006082

Mortgages

Today’s Real Estate Market is booming, and consumers are benefiting tremendously from it. Lenders are locked into a fierce battle for market share and are willing to give out deals in order to win your business. Banks want your mortgage because they benefit from multiple product sales. Such as R.R.S.P.s, R.E.S.P.s, credit cards, lines of credit, and chequing accounts. The innovations to the mortgage business are impressive, from one-minute approvals to 100% financing, and from mortgages that pay off your closing costs for you to ones that are automatically reduced every time you get a pay cheque. These days mortgages are flexible, portable, transferable, instantaneous, and most importantly, inexpensive.

The downward trend was accelerated due to the disaster of Sept 11th so that we wouldn’t tail spin into a recession. Now we are presented with rates that are at a forty-year low and some analysts expect it could stay at this level for the next 5 to 10 yrs. However, this cannot be guaranteed. For mortgage borrowers, it’s a dream come true …the lowest interest rates available in 40 years, new products being introduced by the major banks and a mortgage war between them to gain market share. However, with all these new products the average person purchasing a home becomes confused. Therefore more and more people buying a home have chosen to find a Mortgage Specialist* who shops around for them, and eliminates that home buying confusion.

When this real estate boom hit everyone began wanting a home. Where are all these people coming from? Some, believe it or not are coming up for air after being stuck in their parent’s renovated basements, others began taking advantage of the First Time Home Buyers incentives set up by our Canada Custom and Revenue Agency. These incentives included by allowing consumers to utilize their RRSP savings for the down payment of their new home. These withdrawals are tax-exempt under the Home Ownership Savings Plan Withdrawal program.

In working with a Mortgage Specialist, the home buyer is up to par with all the new mortgage products, incentives, and can comparison-shop with all Major Banks and have the Banks bid for their best rate mortgage.