lowest home mortgage rates
We are The Wilson Team of Mortgage Professionals serving the needs of homeowners in Ottawa and surrounding areas. As part of Invis one of Canada s largest mortgage brokerage firms, we can assist with purchases for resale and hew home builders, self employed, renewals, refinances and home equity, investment properties, debt consolidation, rent-to-own, variable rate vs fixed rate, cash back, New to Canada and the list of products continues.
So why should you choose to use a mortgage broker? It s simple. Mortgage brokers have the training and expertise to help you make an informed decision about your mortgage. And why The Wilson Team of Mortgage Professionals? Because we will work tirelessly on your behalf to get you the best mortgage product at the most competitive rate. We have access to a range of mortgage products from more than 30 respected lenders, and working together with you, we will carefully select the product that best meets your needs. And while we always work hard to negotiate the best possible rate for each situation, we also provide valuable advice that goes beyond rate and can potentially save you thousands of dollars over the life of your mortgage.
The Wilson Team of Mortgage Professionals has achieved outstanding success by putting their clients first. We ve earned the confidence and trust of each of our clients and, our business has grown steadily from referrals and repeat business. Let us earn your confidence by providing you with a mortgage strategy that will help you achieve your financial and home ownership goals.
Purchase or refinance now before rules change in January
If you’re looking to buy and will have more than 20 percent down, or if you are considering refinancing, then you might want to do so before January 1, 2018. Why? On October 17, the Office of the Superintendent of Financial Institutions (OSFI) released new guidelines for residential mortgage underwriting at all federally regulated financial institutions. Beginning January 1, 2018, a new stress test will be applied to all new conventional mortgages – and not just those mortgages that require mortgage insurance (downpayment or equity of less than 20%).
The so-called “stress test” is designed to protect homeowners should interest rates rise. Lenders will be obligated to qualify all new conventional mortgages at the greater of the Bank of Canada’s five-year benchmark rate (currently 4.89%) or the contracted rate plus 2%. So if your contract rate is 3.29%, you will be qualified at 5.29%.
Here’s what that might mean for you:
You want to buy a home with more than 20% down. Your payments will always be based on your contract rate so this new rule isn’t costing you more. However, the new rule might change how much mortgage you qualify for. If that’s the case, you may need to look at a less expensive home, save up for a larger downpayment, or reduce any other debt. Or we can take a look at a variable rate mortgage that lowers your qualifying rate (if the rate plus 2% is less than the benchmark 4.89%) and has the option to convert to a fixed mortgage.
You want to refinance to pay off debt or buy an investment property. Here too, your actual mortgage payment will not be affected. But the new rule could slow you down by making it more difficult to qualify for your refinance. You may need to wait and accumulate more equity, or look at a lower-rate variable mortgage. If that refinance is important to securing your own financial health, get in touch ASAP.
Your mortgage comes up for renewal next year. This more stringent qualifying requirement will not apply to mortgage renewals. If you go shopping for a better deal with a new lender, however, that will require that you re-qualify… and the new rule will kick in for you too. It still is very important that we review your options together.
What can you afford?