Hey everyone! It’s been a busy month for me so far, and while I’m always happy to be able to say that, I haven’t had time to put out a blog post in a while. So I thought I’d take a few minutes to do that now, and to that end I’m gonna run through the current state of the Northern BC mortgage market. Consider this a quick refresher on everything I’ve been talking about over the past couple months, but first let me skip straight to the point: if you’re thinking about getting a mortgage in Northern BC, now is the time to do it.
Firstly, the spring housing market is here! Nobody wants to go house hunting or, worse yet, move in the winter – and in Canada that’ll be back before you know it (and long before you’re ready for it). But more pressing than aesthetic or convenience concerns is the simple fact that right now, this spring, is one of the most financially prudent times to buy: as I quoted last time from the Globe and Mail, “…the most notable mortgage trend for 2015 has been lower borrowing costs for home buyers.” And if you’re not living in BC yet but are thinking of coming up, there’s even more incentive: the 2015 BC budget came in with a surplus of almost a billion dollars. Pair that with the insane demand for workers in Northern BC right now, and you have every reason to be shopping around for a mortgage.
Secondly, and perhaps more importantly, is the fact that CMHC (The Canada Mortgage and Housing Corporation) just announced an increase in homeowner mortgage loan insurance premiums for buyers with less than a 10% down payment. That means that effective June 1st, you’ll be paying about 15% higher premiums if you fit into that bracket than you would be with a mortgage right now. If you’re on the fence or are simply shopping the market, that’s something you should keep in mind – if you want to get a mortgage, you’d better do it before June.
Lastly, as I’ve touched on in posts such as this one on home buying help or this one on how brokers get paid, I can personally make your mortgage-buying experience as easy and painless as possible. Not only do I keep my phone on 24/7 (250-782-9665, and yes, that means evenings and weekends!), give you access to over 40 lenders who all compete for YOUR business, and offer you rates much lower rates than anything you’ll get from the banks, but I provide all these services absolutely FREE of charge. Barring any special requirements on your end (which happens rarely), I get paid exclusively by the lenders – there’s no cost to you whatsoever. There is 100% zero downside to using a mortgage broker, and with all the upsides… well, like I said, now is the perfect time to get a mortgage.
What are you waiting for?
Lori Lalonde, Your Northern BC Mortgage Broker