alex.kotai

About Alex Kotai

Alex Kotai has worked in the mortgage lending business for over 10 years. His career started at HSBC Bank Canada where he spent most of his time in senior management roles which involved training and managing the sales staff at his branch. After leaving HSBC, Alex decided to open his own mortgage brokerage firm, Your Mortgage Source. Through his company, Alex has access to many lenders across the country with a very expansive list of products.
15 01, 2020

Home Sales Stats for 2019

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Home sales for 2019 got off to a slow start in the first half of the year but recovered as the year went on. Here are some of the most notable stats for the year from the Canadian Real Estate Association. National home sales declined by 0.9% on a month-over-month basis in December. Actual

16 12, 2019

How do banks determine your interest rate

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The world of interest rates used to be quite simple a few years ago. Banks had one set of rates and those rates were used for all types of purchases and refinances or renewals. Rates were often the same if you qualified with your income or if we were using a stated income program.

11 10, 2019

Latest Economic News

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Here is the latest economic news for this week that could impact interest rates, the value of your home and the cost of consumer goods. The Canadian labour market added another $53,000 jobs. Wage growth picked up as the unemployment rate fell to near-historic lows. The housing market continued to recover and this has contributed

23 09, 2019

How do lenders calculate your debt ratio

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One of the key factors in applying for a mortgage is your debt ratio. Mortgage lenders use this debt ratio to figure out what you qualify for in terms of a mortgage. When determining if you can afford a mortgage lenders will look at two different debt ratios. GDS Ratio (Gross Debt Service Ratio)

15 08, 2019

First Time Home Buyer Incentive Program

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The government’s new first time home buyer incentive program is coming out in September. It essentially allows anybody considered a first time home buyer to come up with a larger down payment from the government that is interest free. The government then takes a share of the profit or loss in the sale of

17 07, 2019

Alternative lenders offering mortgages the banks won’t

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Since the introduction of the mortgage stress test a year and a half ago, alternative lenders have been dramatically increasing their market share. The stress test has made it more difficult for borrowers to qualify and this has forced borrowers to turn to other options. Alternative lenders encompass a variety of lenders. They include

25 06, 2019

Home Insurance, Credit Cards & Personal Loans

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In the last couple of months our parent company, Verico Canada, has expanded our product offering to include home insurance, credit cards and personal loans. Your Mortgage Source, through our parent company Verico Canada, has teamed up with Simplinsur to offer low cost Home Insurance to our clients. You can email us today to get

17 05, 2019

Stress Test continues to hurt consumers

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The mortgage stress test has been in effect for over a year now and is having a profound effect on consumers applying for mortgages. For consumers with existing mortgages that come up for renewal it means having to qualify under much more stringent guidelines than when they got the mortgage. The unintended impact of

14 04, 2019

Interest Rate Update

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Here is our latest interest rate update. Fixed Mortgage Rates continue to slowly drop in the last couple of weeks. The best rates available are on insured mortgages where you pay the CMHC premium with higher rates on conventional mortgages (20% equity). We are still waiting for the Prime Rate to drop to make

14 03, 2019

Banks lower rates as competition heats up

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The rise in interest rates has stalled, at least temporarily, as banks lower rates to compete amidst slowing mortgage growth. Much of the country has seen real estate sales decrease in the last 6 months as mortgage rates increased and the effects of the new stress finally took hold. Many experts were predicting that