Open House- The Real Estate & Mortgage Show: June 16, 2018

Frank Napolitano of Mortgage Brokers Ottawa join host Steve Gregory and Tammy Dopson of Paul Rushforth Real Estate on this week’s edition of Open House- The Real Estate and Mortgage Show.

The group discusses pricing your home accordingly, especially depending on what area of the city your home is in. Trusting a Real Estate Agent to help make those decisions and how to handle the offers when they start coming in is a strategic move to help get the most money out of your sale.

The government is still standing by the mortgage stress test they implemented earlier this year. It has made it more difficult for people to qualify at 2% above their mortgage rates. It has also made it more difficult to shop your mortgage for a better rate or a better product if there has been a change in income in the household. This may impact the ability to qualify under the new rules.

In terms of the real estate market in the Ottawa area, an additional 875 listings have come onto the market in the last week with an increase to the house prices across the board. With the price increases and limited inventory in the popular neighbourhoods there has been a push on some buyers to move towards rural areas. When it comes to approving a property, the description on the MLS may be a flag to the lender or the insurer such as “great opportunity”, “TLC”, or “handy-man special”.

One of the Green Ontario initiatives is a $500 per window rebate. This is great program to use in conjunction with a Purchase Plus Improvement mortgage program. For more information on Green Ontario click here. For information on Purchase Plus Improvements click here.

With the current low variable rate environment, it may be worth investigating if you can save money by breaking your mortgage now and re-securing a new rate. For the best and most accurate information, contact your Mortgage Broker to discuss your personal situation.

For the full podcast, click here.