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Latest News & Blogs

How New Mortgage Rules Reduced Vancouver Home Sales by 24 Per Cent

Posted by Sherwood Mortgage Group on 28 September 2018
How New Mortgage Rules Reduced Vancouver Home Sales by 24 Per Cent
Last year, the Government of Canada introduced new mortgage rules in order to cool over-heated housing markets in Toronto and Vancouver. Now, nine months later, Sotheby's International Realty Canada told the Vancouver Sun that while prices rebounded in Toronto and Montreal, sales in Vancouver went down by 24 per cent year-over-year in the summer. But what separated the Vancouver market from other parts of the country? In addition to the new Federal regulations, British Colombia's...
Posted in:News  

Forbes' Tips on Mortgage Refinancing

Posted by Sherwood Mortgage Group on 27 September 2018
Forbes' Tips on Mortgage Refinancing
Are you thinking of refinancing your mortgage? While mortgage refinancing can be a smart way of reducing monthly payments and getting better mortgage terms overall, Forbes contributor Tara Mastroeni says you need to look at four key factors before contacting registered mortgage agents. From making sure your credit score is suitable for mortgage financing, to calculating how it will affect your overall debt burden, to your break-even point, to how well your savings can handle mortgage c...
Posted in:News  

Insights from the 2018 Digital Mortgage Conference

Posted by Sherwood Mortgage Group on 26 September 2018
Insights from the 2018 Digital Mortgage Conference
Would you sign-up for a mortgage online? Believe it or not, digital mortgages are a growing trend in the industry, with the third annual Digital Mortgage Conference drawing hundreds of mortgage professionals to Las Vegas to discuss how new technology is changing the game. According to Canadian Mortgage Trends' Robert McLister, the conference offered a large amount of insight into the trends disrupting the industry, such as... 97% of mortgage borrowers are frustrated with tr...
Posted in:News  

The Concerning Rise of Senior Mortgages

Posted by Sherwood Mortgage Group on 25 September 2018
The Concerning Rise of Senior Mortgages
While consumer debt growth has slowed overall, Globe and Mail finance columnist Rob Carrick says that the really concerning growth trend is the rise of mortgage debt among seniors. According to a TransUnion report, new mortgages borrowed by seniors between the ages of 73 and 93 have risen by a whopping 63 per cent year-over-year. According to Carrick's sources, this astonishing rise is due largely to seniors capitalizing on home equity through reverse mortgages. Though he says ...
Posted in:News  

Variable Rate Mortgage vs. Fixed Rate Mortgage

Posted by Sherwood Mortgage Group on 10 September 2018
Variable Rate Mortgage vs. Fixed Rate Mortgage
One of the most important things to consider when applying for a mortgage loan with a certified mortgage agent is whether a fixed rate mortgage or a variable rate mortgage better fits your financial future. While fixed rate mortgages are generally more expensive than variable rate mortgages, they're more secure in the long run, as you don't have to worry about interest rate increases raising your monthly payments to unsustainable levels. However, if interest rates decrease ...
Posted in:Residential Mortgages  

How Does Credit History Affect My Mortgage Application?

Posted by Sherwood Mortgage Group on 31 July 2018
How Does Credit History Affect My Mortgage Application?
When you apply for a mortgage, the keys to better mortgage rates in Canada are a strong credit profile and an equally steady debt ratio. Showing lenders you're able to manage your debts and make payments on time suggests a low risk borrower, and that the mortgage loan will be repaid in full. While a good credit score puts you in a favourable position to qualify for a mortgage, lenders don't stop there, examining the entirety of your credit history to determine your mortgage...
Posted in:Residential Mortgages  

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