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1501, 2020

Home Sales Stats for 2019

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

1612, 2019

How do banks determine your interest rate

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.

1110, 2019

Latest Economic News

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

2309, 2019

How do lenders calculate your debt ratio

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)

1508, 2019

First Time Home Buyer Incentive Program

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

1707, 2019

Alternative lenders offering mortgages the banks won’t

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

2506, 2019

Home Insurance, Credit Cards & Personal Loans

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

1705, 2019

Stress Test continues to hurt consumers

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

1404, 2019

Interest Rate Update

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

1403, 2019

Banks lower rates as competition heats up

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

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Exciting Promotion at YMS!

YMS Dinner on Us Program

YMS Dinner on Us Program

Refer us to your family, friends or business associated and if we close a mortgage with them we will send you out for dinner on us.

Call us for more details.

As your Mortgage Advisor we are here to serve you throughout the term and life of your mortgage and not just in obtaining your initial mortgage.

If you currently have a mortgage or are looking for a new one we can help you with the following:

  • Change your payment date or frequency
  • Increase an existing mortgage
  • Make additional payments to your mortgage
  • Renew your mortgage
  • Add on another mortgage or line of credit to a property
  • Borrow unsecured loans or lines of credit
  • Purchase another property
  • Obtain life or disability insurance
  • Obtain term insurance
  • Any type of mortgage including purchases, refinances, construction, lines of credit, private mortgages, etc
  • Anything else you may need in regards to financing!

In almost ALL cases we are able to obtain the same or BETTER RATES than if you go directly to your lender yourself. This is the power of dealing with us as your mortgage advisor.

Regardless of what you need we are here to help you. Please CONTACT US RATHER THAN CONTACTING YOUR LENDER. We will help you or direct you to the right person who can take care of your needs.