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Uncategorized • 4 December 2024

No More Stress Test on Mortgage Renewals for Some

by Barbara Scarlett

 

Can you switch to another lender if your mortgage is up for renewal? Until November 19th, 2024, that depended on the type of mortgage you have. If you have an insured mortgage, yes you can shop around and move to another lender without having to undergo the mortgage stress test. Read on.

About the Stress Test

Under the mortgage stress test, to qualify for a mortgage, a borrower is required to qualify at the interest rate of 5.25% or the contract rate plus 2 points, whichever is greater. So with a mortgage of 4.50%, the borrower’s affordability is based on the higher rate of 6.50%. That is 4.50% plus 2%.

An Uninsured Mortgage Has Required a Stress Test

However, if you have an uninsured mortgage and want to switch lenders you are subject to the stress test. That is, you are treated the same as an individual applying for a mortgage on a home purchase, not a renewal. The only way to avoid the stress test is to stay with your existing lender, a disadvantage compared to people whose mortgages are insured. You worked hard to avoid the added insurance cost on your mortgage when you purchased your home by having a downpayment of at least 20% if not more of the purchase price. Yet on renewal, you do not have the privilege of shopping around without being subjected to the stress test–no more.

Now There Is Flexibility to Switch Between Federally Regulated Lenders

As of November 20th, 2024, uninsured mortgage renewals are no longer subject to the stress test if you switch from one federally regulated lender to another. Though it removes some of the imbalance, it does not apply to provincially regulated credit unions and mortgage finance companies. According to canadianmortgagetrends.com, “The move by OSFI is seen as a win for mortgage borrowers, offering more flexibility to switch lenders in search of better rates or more favourable terms. It also comes at a critical time for Canadian homeowners, with roughly 70% of all outstanding mortgages expected to come up for renewal by the end of 2026.”

It is Though a Straight Switch

The elimination of this rule applies if you are not increasing your loan amount or the amortization. This should create competition among lenders and better rates and terms. The next great step is to eliminate the stress test entirely.

Source: Canadian Mortgage Trends, written by Steve Huebl.
Uncategorized • 28 November 2024

Snowy Mocha | Thirsty Thursday Holiday Cocktail

by Barbara Scarlett

Get ready to cozy up this holiday season with our Snowy Mocha! This delightful drink combines rich coffee, creamy hot chocolate, and a touch of holiday magic. Topped with whipped cream, marshmallows, and a sprinkle of Gretzky’s Salted Caramel Cream, it’s the perfect winter warmer.

Ingredients:

  • Strong brewed coffee
  • Hot chocolate
  • Whipped cream
  • Marshmallows
  • Gretzky’s Salted Caramel Cream
  • Almond milk (optional)

Instructions:

  1. Brew a strong pot of coffee.
  2. Prepare a cup of hot chocolate.
  3. Combine the coffee and hot chocolate in a mug.
  4. Top with whipped cream, marshmallows, and a drizzle of Gretzky’s Salted Caramel Cream.
  5. Enjoy!

Sip on winter wonderland with our Snowy Mocha! ❄️☕️ This cozy cocktail is the perfect way to warm up on a chilly night. 🎄 #ThirstyThursday #HolidayCocktails #SnowyMocha #WinterWarmer #HotChocolate #Coffee

Uncategorized • 22 November 2024

You won’t believe your eyes! 

by Barbara Scarlett

 

You won’t believe your eyes! 🤯

I was minding my own business when I caught this wild moment on camera. A coyote, right in my front yard, burying a rabbit! 😱

Watch the full video now and share your wildest animal encounter!

#coyote #wildlife #nature #wildlifephotography #animalencounter #unexpected #crazy #viral #trending #share #like #comment #follow #outdoors #naturelover

Uncategorized • 22 November 2024

 If you’re Christmas shopping for me, I’m a size 5 bedrooms kind of gal. 

by Barbara Scarlett

 

 If you’re Christmas shopping for me, I’m a size 5 bedrooms kind of gal. 😉

Indulge in the epitome of luxury living at 14 Brookfield Court! This stunning 5+1 bedroom executive home offers the perfect blend of elegance and functionality.

Imagine waking up to serene mornings in your main floor master suite, complete with heated floors, a soaker tub, and a spacious walk-in closet. The gourmet kitchen, perfect for culinary enthusiasts, features top-of-the-line appliances and ample counter space.

The fully finished basement is an entertainer’s dream, boasting a recreation room, a games room with a media area, and a wet bar.

Don’t miss this opportunity to own a piece of Fonthill’s finest!

Book your private viewing today!

#FonthillLuxury #DreamHome #RealEstate #NiagaraRealEstate #LuxuryLiving #HomeGoals #ForSale #OpenHouse #RealEstateAgent #HomeSweetHome #LuxuryHomes #RealEstateAgent #HomeForSale #HouseHunting #RealEstateTips #HomeDecor #InteriorDesign

Uncategorized • 22 November 2024

It’s a new era in Fort Erie!

by Barbara Scarlett

 

It’s a new era in Fort Erie! 🍽️🎉 @Dario’s just had their grand opening, and we were lucky enough to check out their amazing food! 🤤 This place is a must-try.

Tag your foodie friends and let’s make Dario’s the next hot spot in town! 🔥

#Darios #FortErie #FoodieFriday #GrandOpening #NewRestaurant #FoodLovers #FoodPorn #MustTry #LocalEats #SupportLocal #FoodBlogger #FoodPhotography #Foodstagram”

Uncategorized • 21 November 2024

Just a regular gal trying to do it all! 

by Barbara Scarlett

 

Just a regular gal trying to do it all! 🤪 From mom duties to fur baby emergencies 🐶 and everything in between. Oh, and did I mention I’m also a realtor? 🏡

Follow along to see how I juggle it all!

#momlife #sisterlove #daughterduty #auntlife #furbaby #dogmom #realtorlife #hustle #balance #multitasking #realestate #homeowner #homebuyer #homegoals #homeinspiration #realestateagent

Uncategorized • 21 November 2024

These feathered friends know exactly when it’s time to make a move! 

by Barbara Scarlett

 

These feathered friends know exactly when it’s time to make a move! 🐦✈️

Just like these birds, it might be time for YOU to make a move too. Whether you’re looking for a new nest egg or a fresh start, I can help you find your perfect home. 🏡

Follow along for more tips, tricks, and real estate fun!

#birdmigration #naturelovers #realestate #homebuyer #homeowner #homegoals #homeinspiration #realestateagent #move #newbeginnings #winteriscoming

Uncategorized • 21 November 2024

Jack Frost: The Perfect Christmas Cocktail | Easy Holiday Drink Recipe

by Barbara Scarlett

 

 

🎄❄️ Introducing my first Christmas cocktail, the Jack Frost. It’s icy, it’s festive, and it’s absolutely delicious! 🍸

Want to try it yourself? Stay tuned for the recipe!

#ThirstyThursday #ChristmasCocktails #JackFrost #HolidayDrinks #CocktailRecipe #WinterCocktails #HolidayCheers #DIYCocktails #HomeBar #HolidaySeason

Uncategorized • 19 November 2024

Unleash Your Real Estate Potential with Our Latest Insights! 🚀

by Barbara Scarlett

 

Unleash Your Real Estate Potential with Our Latest Insights! 🚀

Curious about the latest market trends? Want to level up your investment strategy? Our latest YouTube video has got you covered!

From breaking down the RBC Economic Report to sharing expert tips, we’ve got everything you need to make informed decisions.

Click the link in our bio to watch now and unlock your real estate success!

#RealEstate #RBC #EconomicReport #MarketUpdate #HomeBuying #HomeSelling #RealEstateTips #InvestmentProperty #PropertyMarket #HousingMarket #MortgageRates #InterestRates #FinancialPlanning #FinancialAdvice #MoneyTips #PersonalFinance #YouTube #Video #ContentCreator #DigitalMarketing

Tag a friend who needs to know this!

Uncategorized • 19 November 2024

Feeling the weather this November?

by Barbara Scarlett

 

Feeling the weather this November? 🍂 Let’s reclaim your balance! Here are a few quick tips:

  • Mindful Minutes: Take short breaks throughout the day to meditate or practice deep breathing.
  • Digital Detox: Unplug from technology for a few hours each evening.
  • Self-Care Sunday: Dedicate time for relaxation, hobbies, or spending time with loved ones.
  • Set Boundaries: Establish clear work-life boundaries to avoid burnout.

Remember, a balanced life leads to increased productivity and overall well-being. 🧘‍♀️ #worklifebalance #tuesdaytip #selfcare #mentalhealth

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