MORTGAGE FINANCING FOR THE YEAR AHEAD

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MORTGAGE FINANCING FOR THE YEAR AHEAD
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• When we look back over this past year, well
  certainly be able to say that 2020 was a
  memorable one, although for the many millions who
  suffered immeasurable losses, both personally and
  financially, it will be one they wish they could
  forget. That said, amongst all the negativity,
  pain and stress, the housing market in Canada has
  continued to grow will it continue to do so as
  we move towards the end of the year and move into
  2021?
• Housing market predictions for 2021
• There are two main predictions set for the coming
  year as far as the housing market is concerned,
  and theyre low interest rates, and tighter
  restrictions on mortgage applications. Lets look
  at them both in a little more detail

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• Low interest rates
• The cost of borrowing money for a mortgage is at
  an all-time low, both on fixed and variable
  mortgage rates, and according to the Bank of
  Canada, theyre going to remain that way for the
  foreseeable future. As Canadian businesses have
  undoubtedly suffered alongside those in other
  countries, this is welcome news for those seeking
  to finance property. That said, mortgages wont
  be as easy to access now, as they have been in
  previous years.

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• Intensified scrutiny on mortgage applications
• All mortgage applications are now being looked at
  far more closely than ever before, and while the
  guidelines for insurers or lenders may not alter
  significantly much, securing a mortgage will
  certainly become trickier. In many cases,
  individuals applying for a mortgage are being
  required to substantiate their applications with
  extra information and documentation, and even
  lenders are exercising a lot more caution over
  exactly who they lend their money to.
• Securing a mortgage is going to be especially
  tough for those who are self-employed or who rely
  on overtime and bonuses to bolster their incomes,
  in fact, any kind of income that can be
  classified as non-guaranteed, will cause
  applications to be looked at in great detail.

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• In general, there will be a need to furnish
  mortgage applications with a lot of extra
  documentation, and if youre looking to buy a
  home in the not too distant future, youll
  definitely want to seek help from a broker. A
  mortgage broker can not only help you find the
  best deal on a mortgage no matter what your
  circumstances but theyll help you untangle the
  jargon and identify exactly what documents will
  be required in support of your application.
• Final takeaway
• Planning ahead makes a lot sense right now, and
  while the housing market in Canada is buoyant,
  and rates are at an all-time low, you will need
  to be prepared for what lies ahead to avoid a lot
  of stress and potential heartache.

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• If you have a mortgage in need of renewal or are
  seeking to refinance, talk to a broker now and
  give yourself plenty of time to get the necessary
  documents in order.

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• Red Key Mortgage is located in Calgary, Alberta.
  We are a boutique brokerage with high volume
  serving hundreds of clients locally and
  nationwide every year. We have a number of
  associates dealing in mortgages as licensed by
  the Real Estate Council of Alberta. Being the
  best Calgary mortgage broker, Red Key Mortgage,
  will provide all of your available options from
  the entire mortgage market and allow you to make
  an educated decision where you'd like your
  mortgage to go. Red Key Mortgage works with big
  banks in Canada, as well as over a dozen other
  AAA lenders. Best of all, our services are paid
  for by the lenders at no additional cost to our
  clients. If you are looking for 2nd mortgage in
  calgary, contact us today! We can't wait to get
  started.