Have you spoken with your mortgage lender lately?

Were you planning on waiting until 2018 to purchase a new home? Do you know that by waiting you may not be able to afford as much as you thought come January 1st? Hi everyone, I'm Garrett Verbakel with Century 21 Heritage House I got a new car this week, so I thought I might as well film from here

I had a great experience at Brantford Honda, and with Erica Agnes in particular And I'll provide her details down below if anyone's in the market for a car After an inadvertent two-week holiday, there are a number of important topics to cover, so let's get right to them Firstly, the November market report came out, how was the market last month? Well KWAR says it was 'normal', for a November While many of the metrics were down from last year, it's important to remember that last year saw many record-breaking months so they are a bit of an outlier

But based on the 5-year average, November 2017 was typical And I'll link below to the market report so you can have your own look Second, the Bank of Canada decided not to implement another rate hike affecting mortgage rates across the country This means that the banks and your lenders wont be seeing an increase in the mortgage rates offered to you This is a great bit of news, especially as it leads into my final topic of the day: that the new mortgage rules will be coming into effect at the end of the month

I've mentioned it in another video, but it really is that important that you go speak to your lender if you haven't for a while Whether you have a 5% down payment or 50%, you will have to pass the stress test This means you'll likely be qualifying for less of a mortgage than you may have in previous years and it's important to check with your lender to see what that number is, especially if you haven't spoken to them since October So, while you likely cannot do anything about it right now to avoid it, unless you can find a home, agree a deal, and close, all before December 31, this is a fair-warning so you're not surprised That's right, even if you agree a deal in 2017, if it doesn't close until 2018 (when the mortgage actually starts), you're going to be affected

So it's best to check in with your lender to see where you stand Now that's all for this week As I mentioned, I'll include a link below to the full market report for you to have your own look And if you have any questions about how the new mortgage rules may affect you, I'm happy to field your questions or refer you to one of my lenders that can give you a detailed explanation Until next week, I'm Garrett Verbakel with Century 21 Heritage House