Posted in News
Private Mortgage Refinancing in Toronto Jumps 67% from 2016
Posted by Sherwood Mortgage Group
on 5 November 2018
 "Private Mortgage Refinancing in Toronto Jumps 67% from 2016")
20% of mortgage refinancing in the Toronto area in the second quarter of 2018 was provided by private mortgage lenders, according to Bloomberg News' Natalie Wong.
A 67% jump from the first quarter of 2016, this rise shows the impact of higher interest rates and lending standards on Canadians in their 30s-40s, who accounted for almost half of all private mortgage transactions.
To learn more, read the full article at business.financialpost.com.
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Putting Mortgage Rates into Perspective
Posted by Sherwood Mortgage Group
on 2 November 2018
 "Putting Mortgage Rates into Perspective")
While many are understandably concerned about Bank of Canada's recent interest rate increases, doomsayers and skittish home buyers should keep in mind that mortgage rates were once much, much worse.
In the '80s, Canadian home buyers had access to cheaper housing, however, they also had to face mortgage rates ranging from 15-18%.
If you're worried about mortgage rates of 3-5% on your home, watch this piece from the CBC archives to understand current rates within historic...
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Choosing the Right Contractor
Posted by Sherwood Mortgage Group
on 1 November 2018
 "Choosing the Right Contractor")
Everyone has a home reno horror story, usually starring a lazy, greedy, and/or just plain incompetent contractor.
That's why it's important to work with professional contractors, with industry accreditations like RenoMark. RenoMark verifies that a given contractor is a member of a home builders' association and even provides a two-year warranty on their work.
Learn more about why you should work with RenoMark contractors from Maria Perketa of Probuilt Design + Build at B...
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Bank of Canada Raises Interest Rate, More to Come
Posted by Sherwood Mortgage Group
on 31 October 2018
 "Bank of Canada Raises Interest Rate, More to Come")
The Bank of Canada has raised the benchmark interest rate once again, up to its highest level since 2008, at 1.75%.
Reflecting the growing strength of the economy, this hike will affect all borrowing rates from personal loans to mortgages.
However, according to CBC's Pete Evans, there will likely be more incremental rises to come as the BoC tries to push rates back to pre-recession levels.
To learn more, read the full article on cbc.ca.
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Home Staging in the Fall
Posted by Sherwood Mortgage Group
on 30 October 2018
 "Home Staging in the Fall")
November is your last chance to sell your house before winter, so you need to take every advantage to sell before the first snow lands and makes your task much harder.
Luckily, fall is a great opportunity to bring out your home's coziness with the smells of cocoa and baking, as well as a well-tended garden. Learn more at courant.com.
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Mortgage Association Decries Stress Test
Posted by Sherwood Mortgage Group
on 29 October 2018
 "Mortgage Association Decries Stress Test")
Have new mortgage measures made it harder on millennials and immigrants to afford homes? According to the Mortgage Professionals of Canada, the mortgage stress test has reduced home sales in hot markets, but has also made it harder for lower income Canadians to qualify for mortgage financing.
The test requires people taking out an uninsured mortgage to prove they could still make monthly payments if rates rose by two per cent, which is a big ask for young workers, single-parent households...
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Renovating Your Kitchen for Less
Posted by Sherwood Mortgage Group
on 26 October 2018
 "Renovating Your Kitchen for Less")
Your kitchen is one of the key selling points of your home, and renovations before going to market are key. However, doing a full reno is costly and might not fully return your investment when you sell.
From simple cabinet painting to upgrading sinks and faucets, visit thechronicleherald.ca to learn how to get the most value out of a simple kitchen reno.
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Is Your Real Estate Agent Trustworthy?
Posted by Sherwood Mortgage Group
on 25 October 2018
 "Is Your Real Estate Agent Trustworthy?")
When selling your home, you need to make sure you're working with a licensed, registered real estate agent or broker.
Learn how you can verify a real estate professional's credentials from Real Estate Council of Ontario registrar Joe Richer at thestar.com.
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How to Defend Against Increasing Interest Rates
Posted by Sherwood Mortgage Group
on 24 October 2018
 "How to Defend Against Increasing Interest Rates")
With rates rising to their highest levels since the Great Recession, many homeowners' first line of defence is paying down their mortgage before they have to renegotiate it.
However, The Globe and Mail's Rob Carrick says that this may not be the best option for your overall financial health.
Find out why paying down your other high-interest debt sources could ultimately be your best option at theglobeandmail.com.
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Sherwood Named One of the Top 10 Brokerages of 2018
Posted by Sherwood Mortgage Group
on 23 October 2018
 "Sherwood Named One of the Top 10 Brokerages of 2018")
We're proud to announce that we've been selected as one of 2018's Top 10 Brokerages by Volume by Canadian Mortgage Professional magazine!
CMP highlighted our straightforward, boutique approach, saying "its family culture has allowed its team to support each other when needed to give clients the best service possible."
This adds to the several accolades we've received over the years, including being named Mortgage Brokerage of the Year in 2014 by the Canadi...
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