Hi there! My name is Michele Ellis, and I’m the senior mortgage broker at The Mortgage Studio in Squamish, BC. If you’re reading this, it’s likely I’ve either helped you with a mortgage in the past or you’re looking for help with a mortgage in the future – or possibly both. Either way, welcome to my blog! I’ve been brokering mortgages in Squamish for many years, and I thought it was time that I take my passion for helping people to the internet.
My job as a mortgage broker is this: I keep up with the latest industry news, process shifts in regulations, the economy, or both, and filter all that information through the unique situations of my clients to give them the best, unbiased, professional advice I can offer – otherwise known as their perfect mortgage. I’ve stuck to that driving goal of helping Canadians for my entire career, and in this blog I want to do the same thing by sharing my industry experience and suggestions for the future. Please think of these posts – I’ll start publishing them regularly in the new year – as a general guideline of consumer mortgage advice. For help specific to your personal situation, I urge you to give me a call anytime at 604.892.4647. It won’t cost you a dime to pick up the phone, and I can give you custom tailored advice for the same price.
For my first post, let’s look at a rundown of mortgage industry in 2016 and see where the markets are heading now:
At the start of the year, Canadian mortgage interest rates were phenomenally low, and that’s a trend we’ve seen continue pretty much all year. In April, BC’s Financial Institutions Commission began introducing new regulations to “improve disclosure measures for mortgage brokers in British Columbia” in order to make sure BC consumers understand how mortgage brokers get paid. (Those measures, it’s worth noting, don’t apply to mortgages offered through the Big Six Banks, who have shown time and time again that they don’t have consumers’ best interests at heart – another reason to phone a broker before walking into a bank branch). How mortgage brokers get paid is something so simple that I’ve already covered it in this very blog. That said, it’s worth repeating:
For the majority of people making use of brokers, they get their perfect mortgage at no personal cost.
I know it sounds too good to be true, but that’s how 99% of my deals turn out – my commission is paid directly by the lender. You have nothing to lose by using a professional, and everything to gain. The entire purpose of my job is to bring you value – not to take it away!
This summer, a buyer’s market and oil boom made it a great time to be buying a house in British Columbia, and the sheer quantity of mortgages I’ve brokered this year simply reaffirms that point. In October we heard of some more big regulation changes, in the form of abrupt new federal financing rules that decreased consumer purchasing power. Most recently, the surprise election of Donald Trump in the US is having an impact on international bond markets, and borrowing is becoming more expensive. The fact of the matter is that sooner rather than later, those record low interest rates we’ve been enjoying in Canada are about to start inching up.
But don’t worry – remember, I’m here to help! If you’re looking at getting a mortgage in 2017 or are worried about how your current mortgage might be affected by these changes, now is the perfect time to pick up the phone and call me (again, my number is 604.892.4647, and you can use it any time). I’ve had years of experience as a mortgage broker in Canada, and effectively managing market changes is a fundamental part of my job description. Trust me when I say that none of this is unprecedented, and my goal of getting Canadians their perfect mortgage remains rock steady. Remember, asking me for advice costs you absolutely nothing, and I have only your best interests at heart. I’ll always do my best to walk you through your options and find you the one that works best for you and your personal situation, and that’s my promise to you going forward in 2017. Your perfect mortgage is out there, and I want to help you get it.
I just wanted to introduce myself today, but I have great expectations for 2017 and couldn’t be more excited to get this blog rolling in the new year. I’m always looking for the best way to help Canadians with their mortgages, so I’ll add one last gentle reminder that you should give me a call if you have any questions, concerns, or suggestions. Until then, have a Merry Christmas and a Happy New Year!
I’ll see you in January!
Michele Ellis – Senior Mortgage Broker, The Mortgage Studio