Wednesday, March 13, 2024 / by Matthew Daniel Tamburello
Courtesy of:
Matthew Daniel Tamburello
Team Leader & Broker
Trinity Real Estate Consultants
647-697-6743
matthewdanieltamburello@gmail.com
Despite more than two million people in Canada with second mortgages, not many fully understand how second mortgages work. This article aims to answer the reasons people get them, and how to obtain them. We’ll also help you learn the advantages and disadvantages of second mortgages, and hopefully, provide information to help you make an informed financial decision.
What is a second mortgage?
The first loan taken by homeowners to purchase a house is called a primary mortgage. A second loan acquired for the same property is called a second mortgage.
A second mortgage is granted even when the primary mortgage has yet to be fully paid. The loanable amount from the second mortgage is based on the equity of the house bought through the primary mortgage. Equity is the value of your home minus any mortgage debt and liens. Equity is . ...
Read More
real estate, tamburello, the tamburello team, matthew tamburello, best real estate agent, best real estate deals, buying a foreclosed home, team, trinity real estate consultants, home buying programs, interest rates, best school districts, good time to buy, for sale by owner, how to sell a house by owner, mortgage preapproval, mortgage stress test, prequalified buyer, best neighbourhoods, mortgae rates, minimum down payment?, top school districts, debt-to-income ratio, how to get a second mortgage, qualify for a second mortgage
Thursday, January 25, 2024 / by Matthew Daniel Tamburello
Courtesy of:
Matthew Daniel Tamburello
Team Leader & Broker
Trinity Real Estate Consultants
647-697-6743
matthewdanieltamburello@gmail.com
The Bank of Canada leaves benchmark rate at 5%
As expected, the Bank of Canada has left its key lending rate unchanged at 5%.
This follows 10 previous rate increases over 12 rate announcements, which raised the overnight target rate by 475 basis points (bps) since March 2022.
In its statement, the Bank said it is “still concerned about risks to the outlook for inflation, particularly the persistence in underlying inflation.”
However, the Bank added that with expected GDP growth of just 0.8% in 2024, it expects inflation to continue to ease from around 3% in the first half of 2024 to its 2% target in 2025.
What happens now?
As a result of today’s decision, prime rate will remain unchanged at 7.2% and there will be no changes to existing variable-rate mortgages. This announcement also has no impact on fixed-rate mortg! ...
Read More
real estate, tamburello, the tamburello team, matthew tamburello, best real estate agent, best real estate deals, buying a foreclosed home, team, how much do realtors charge to sell a house, sell or buy first, trinity real estate consultants, home buying checklist, home buying process, home buying programs, cost of selling a house calculator, mortgage preapproval, mortgage stress test, bank of canada, can you sell a house with a mortgage, getting a mortgage after a divorce, requesting a mortgage
Monday, July 24, 2023 / by Matthew Daniel Tamburello
Courtesy of:
Matthew Daniel Tamburello
Team Leader & Broker
Trinity Real Estate Consultants
647-697-6743
matthewdanieltamburello@gmail.com
Central bank has raised policy rate 7 times this year in battle against inflation
The Bank of Canada raised its benchmark interest rate by 50 basis points on Wednesday, to 4.25 per cent.
This hike was expected, as Canada’s central bank has raised its rate seven times this year in its fight to quell inflation. These increases have had a huge impact on the rates that Canadian consumers and businesses get from their banks on things like mortgages.
Many are hoping this is the last of the increases, with the Bank not definitively indicating one way or another is the rate will have to go higher in order to bring supply and demand back into balance and return inflation to target.
“Looking ahead, Governing Council will be considering whether the policy interest rate needs to rise further to bring supply and demand back into balance. ...
Read More
real estate, tamburello, the tamburello team, matthew tamburello, best real estate agent, is it a good time to sell a house, cost of buying a house calculator, how to sell your house without a realtor, market correction, canadian real estate market, market changes, mortgae rates, mortgage preapproval, mortgage stress test, real estate & inflation, down payment, trinity real estate consultants, affordability challenges, getting a mortgage after a divorce, housing market, past real estate market corrections, bank of canada
Monday, March 20, 2023 / by Matthew Daniel Tamburello
Courtesy of:
Matthew Daniel Tamburello
Team Leader & Broker
647-697-6743
matthew.thetamburelloteam@gmail.com
Considering a new job? Might want to start applying, because the balance might shift back to employers soon. Statistics Canada quarterly data shows a substantial decline in both vacant job listings and the job vacancy rate in Q4 2022. Despite the quick move, diving into the monthly numbers shows a higher-level may downplay just how rapidly Canada’s vacant jobs are vaporizing.
Canadian Job Vacancies Reveal A Sharp Quarterly Decline
Canada’s job vacancies are coming down fast from the peak reached less than a year before. Vacant roles fell 8.2% (-78,600 jobs) to 885,900 roles in the fourth quarter of 2022. This brings the vacancy rate down 0.5 points to 4.9%—a sharp decline for just a few months. Both the number of vacant roles and the rate are the lowest since Q2 2021.
It’s A Different Market From Peak, But Vacancies Are Elevated
Canada’m ...
Read More
real estate, tamburello, the tamburello team, team, is it a good time to sell a house, selling a house, best time to sell a house, how much do realtors charge to sell a house, home buying programs, interest rates, real estate investing, buying a second home, how long does it take to sell a house, how to buy a home, how much does it cost to sell a house, how soon can you sell a house after buying it, prequalified buyer, mortgage preapproval, investing, canada’s job market, job vacancies, property vacancy, real estate vacancies
Monday, March 13, 2023 / by Matthew Daniel Tamburello
Courtesy of:
Matthew Daniel Tamburello
Team Leader & Broker
647-697-6743
matthew.thetamburelloteam@gmail.com
As a client, you'll want a trusted resource for your real estate needs and goals. You want to have the insights and experience required to navigate changes in the market and better understand the ups and downs that naturally arise in the real estate sector.
Real estate agents - quality ones anyway - understand that a market cannot perform well perpetually. A natural rise and fall in prices always occurs. When you start to see signs of a market correction, you want to know how to prepare so you can make the best real estate decisions for your individual goals.
What is a “real estate market correction”?
A real estate market correction can generally be referenced when the value of homes falls 10–15% below the market average. When the value of homes starts shifting like this, it can cause changes in how buyers and sellers look at the market and how they. ...
Read More
real estate, tamburello, the tamburello team, matthew tamburello, team, best real estate agent, how to sell a house fast, moving, how much do realtors charge to sell a house, closing costs when selling a house, interest rates, how long does it take to sell a house, cost of buying a house calculator, best time to buy a house, buying your first home, market correction, good time to buy, market changes, mortgae rates, mortgage preapproval, current housing market, luxury real estate, past real estate market corrections
