Giving away one $50 Home Depot gift card. Time for some spring clean up🔨🌷 .
Your a VIP <<First Name>>
.... and you're in my VIP Club. Instead of traditional advertising, every month I am giving away something fun to my VIP's (past, present and future clients); you're one of them! There's no catch - I'm spending my advertising dollars on you. I'll be sending mortgage, insurance or investing news, keeping in touch, and offering you a cool giveaway.
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Enter the Giveaway
Giving away 1 - $50 Home Depot gift card. Vote in the survey below and you will be entered in the draw for the gift card. Draw will be on April 20th, and notified shortly after by email.
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At Castle Mortgage Group - we work with our sister company TMG-The Mortgage Group. One of our main directives is to sponsor and give back to charitable events. We have been associated with the Breakfast CLUB of Canada for many years. They help feed thousands of kids every day that would go without food otherwise.
This year, one of our mortgage brokers in the office is making a dream of his come true. He is spending a month riding his bike across Europe and hoping to raise funds for this excellent program. Please go to his page and sponsor him on his journey. He is hoping to raise $15,000 and is a third of the way there.
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Residential Market Commentary - Anatomy of mortgage changes
There is little doubt that housing sales have slowed down in the past year, due in large part to stricter mortgage regulations. Part of those regulations is a mortgage stress test that requires borrowers to qualify for an interest rate that’s at least 200 basis points higher than the contracted rate.
Those in favour of the stress test saw it as a way to improve housing affordability by thinking it would result in falling home prices, as well as protecting homeowners from potentially higher interest rates at renewal.
While there were some house price reductions, there was also a major slowdown in house sales, which, one could argue, has helped fuel a slowing economy.
History
The most recent round of mortgage rule changes came into effect in 2016, then in January 2018, more changes were introduced, including using the stress test to qualify for uninsured loans. This had the greatest impact. The next month, in February, sales declined in greater Toronto by 35% from those recorded in February 2017. This past month (February, 2019) housing sales in greater Toronto were even 2.4% lower than a year ago.
Housing sales in greater Vancouver were even weaker, with February 2019 sales 33% lower than the same month in 2018. In fact, February 2019 sales are 43% lower than the 10-year average for sales in February.
Evan Siddall, who heads Canada Mortgage and Housing Corporation (CMHC), believes the stress test is bitter medicine that is working fine. Siddall credits the stress test for lowering housing prices. His comments were based on the stress test being introduced to lower housing prices; however, Carolyn Rogers, the Assistant Superintendent at OSFI, said something different in her speech to the Economic Club of Canada.
She explained, the stress test "was designed to target mortgage underwriting standards.” In her words, the test was intended to provide a safety buffer so that borrowers do not "stretch their borrowing capacity to its maximum.”
Continued on my web site here.
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Rates are coming down.
5Yr. Fixed Uninsurable Conventional Special - 3.29%
5 Yr Fixed Insured - 3.19%
Insured 5 Yr. ARM - Prime - 1.0% ( 2.95%)
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Benefits include:
- You own the policy, not your lender
- You choose your beneficiaries and they decide how the money is used
- Your coverage is portable. No need to re-qualify if you change lenders
- Your coverage does not decrease with your mortgage balance.
- You can keep your coverage for as long as you need it providing the premiums are paid
1)Savings are based on the first 20 years. 2) Based on monthly premiums for first 20 years for a healthy 35-year-old female, non-smoker, purchasing $250,000 of Solution 20 as of February 15, 2018. At the end of each 20 year term. 3) The average cost of the top five banks’ mortgage insurance premium is the average of the monthly premium of mortgage life insurance offered by Scotiabank ($37.50), BMO ($32.50), TD and Canada Trust ($42.50), RBC ($32.50), and CIBC ($32.50) for the same individual obtaining a $250,000 mortgage as determined by Empire Life in a survey conducted on January 22, 2018. Premiums for mortgage life insurance stay the same, but the amount of coverage decreases as your mortgage balance decreases. Term life insurance and mortgage life insurance have different features and eligibility requirements. Please call me before making any decision..
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Your Personal Guide to Mortgages booklet has now been updated to reflect the changes for 2019. This guide is free to download if you are looking for a new mortgage, a second mortgage or to refinance your current mortgage. If you know any one that might be looking for a new house - please pass this along. Also if you know of any real estate Agents that would be interested, please pass this along. I have had many compliments on the booklet and how nicely it lays out the process from pre-approval to move in day. Just click on my face and it will take you to the downloadable and shareable pdf. I hope you enjoy the read.
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March Subway Winner
Congrats to Sam T and Jen B. Enjoy your Subway. Cheers!!☕🍩
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Lang Financial Referral Initiative
Because a lot of my very best clients have been referred to me by existing clients, I believe this is a great way grow my business. The finest complement I can receive is a referral. I am never too busy to see if I can be a resource for someone else you care about.
Each and every referral will get an automatic $25 gift card for the company of your choice.
When that referral does any business with me, mortgage - investing - insurance, I will give up to a $100 gift card to the person that referred. This is on top of my monthly VIP prize every month.
I always appreciate referrals and want to show how much I do.
For this next month, I am giving away 20 - $5 Tims cards to anyone who has a friend, family, co-worker, sign up to this newsletter. They can sign up at my website. The more people I can reach, the more people I can show my value proposition. The mortgage, investing and insurance world is becoming more and more confusing. It is a full time job for me to keep up the the changing rules and regulations. My goal is to educate my clients that we have the solutions that will solve their problems in an easy and stress free way. Please don't refer your cats or dogs 😂 and one email address per household.
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Questions on your Insurance, Mortgage or Investments? Do you need to review your insurance to ensure you are fully covered? Please email me or call me today.
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