2013 will be full of great opportunities!
Following are our Top 4 Predictions for this year:
1) Borrowers becoming more savvy and focusing on a mortgage strategy
With all the flash and dash of online mortgage comparison tools, smart borrowers know they need a customized long-term mortgage plan put in place by an independent mortgage professional. This is a fundamental cornerstone of your financial freedom – it’s not like comparing an electronic device or buying clothes where you can exchange an item within 14 days.
2) Return of the variable-rate discount
We saw this flirted with for “qualified” borrowers towards the final quarter of 2012. It’s not likely we’ll see the prime minus 90 days any time soon, but perhaps we’ll see a better parallel where, with the proper strategy in place, variable will again be a viable option for more borrowers.
3) Investors will earn higher rents
As mortgage rules have changed, first-time buyers may be waiting longer than needed to get into the market. The self-employed borrowers may be uncertain with their businesses and be holding onto cash longer than needed. And, finally, investors who aren’t sitting on lots of cash may be playing a game of chicken with lenders to see if their policies can relax a little. For more options, they also may access their equity to improve current rental purchase in the US.
4) More lenders in the marketplace
We have seen more lenders enter our marketplace recently in both the qualified and subprime marketplaces – helpful for the self-employed, those with bruised credit or even investors who need more options. These lenders are available through our office, and we ensure that the selection you are making is the one that will result in positioning you best for 2013!
Angela Calla, AMP
Dominion Lending Centres-Angela Calla Mortgage Team
Phone: 604-802-3983 Fax: 604-939-8795
Host of The Mortgage Show on AM980 CKNW Saturdays 7pm