Six Things You Never Knew About Tracy Irwin, Mortgage Broker

Tracy Irwin offers mortgage solutions that open doors!Happy New Year! May your 2016 be filled with abundance, joy and the fulfillment of all your hard work!

“Write it on your heart that every day is the best day in the year.” ~ Ralph Waldo Emerson

Six Things You Never Knew About Tracy Irwin, Mortgage Broker

  1. Tracy shares important news on the mortgage financing market – like the new down payment legislation effective February 15, 2016. What you need to know.
  2. Tracy doesn’t charge clients a fee for her services. Mortgage brokers are paid by the lender not the borrower.
  3. Tracy has access to hundreds of financing products and works hard to find the right one for her clients.
  4. Tracy has been in the mortgage business since 2005 and is as confident helping new comers to Canada, the self-employed, and separated and divorced individuals as she is with complicated mortgage renewals and mortgage refinancing.
  5. Tracy thanks and appreciates people who refer her to others through a customized Referral Rewards Program.
  6. Tracy isn’t happy until her clients are happy.

Talk to Tracy Irwin about mortgage solutions that open doors today!

Tracy in Training…

Tracy Irwin Mortgage Financing SpecialistRight now, Tracy is in training for Hamilton’s Around the Bay Road Race, a 30K  jaunt and the Cherry Blossom 10 Mile Run in Washington D.C. in April.

Tracy is also trying to convince her son, Nathan to run the Chocolate Race again in honour of Mother’s Day. Since Nathan isn’t really a runner, we figure this might be an uphill battle. Pictured here is Tracy celebrating after last year’s Chocolate Race. Sweet!

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Will Justin Liberally Apply “Real Change” to the Housing Market?

Mortgage Broker, Tracy Irwin helps Canadians find affordable mortgage financing!The new Liberal government says, “We will make it easier for Canadians to find an affordable place to call home.” Today, one in four Canadian households is paying more than it can afford for housing, and one in eight cannot find affordable housing that is safe, suitable, and well maintained. When affordable housing is in short supply, Canadians feel less secure and our whole economy suffers. Read more about affordable housing here:  https://www.liberal.ca/realchange/affordable-housing/.

Canadian Mortgage Trends published an article last month entitled, The Liberal Effect. It details what the mortgage market can expect from Mr. Trudeau’s new government related to mortgage policy, interest rates and affordable housing initiatives. Read on.

1. “Higher bond yields: Balancing the budget is not a priority for the Liberals until 2019. Trudeau is expected to go on a spending spree and bond traders aren’t keen about it. It suggests a greater supply of government debt and potentially higher long-term yields to come. That, of course, could mean at least slightly higher fixed mortgage rates than we’d otherwise see.

2. A More Hawkish Poloz: The odds just dropped for a cut in prime rate. More spending by Ottawa puts less pressure on governor Stephen Poloz to stimulate the economy with rate cuts. The implied probability of a rate hike by next October has almost doubled, from 8% yesterday to 15% as we speak.

3. Wider RRSP Access: The Liberals say they’ll open access to the RRSP Home Buyer’s Plan, particularly for homebuyers coping with significant life changes (divorce, death of a spouse, a sick or elderly family member, etc.). More access to down payment funds will prop up housing sales and home ownership slightly, and support home prices.

4. More “Affordability”: The Liberal platform includes a review of housing policy in high-priced markets. The new government will “consider all policy tools that could keep home ownership within reach.” What that means, we’ll have to wait and see. It could definitely be positive for renters and income property investors, given the Liberals have promised to “direct CMHC…to provide financing to support the construction” of new rental housing.

5. First-timer Support: Trudeau’s government will add more flexible programs for first-time homebuyers. This could mean any number of things, potentially even higher amortization limits for new buyers.

6. New Blood at the DoF: The Liberals will be installing a new Minister of Finance, who has enormous power over housing regulation. Will he or she be as hands-off on mortgage policy as the outgoing Joe Oliver? We’re guessing not. We’ll likely have an answer by the time the Liberals release their first budget next spring.”

Navigate the complex world of homeownership, mortgage financing for first, second or fifth time with a professional mortgage broker who cares. Contact Tracy Irwin today.

Tracy’s Latest Running Adventure

Tracy Irwin running Road 2 Hope 2015The Hamilton Marathon – Road 2 Hope – Sunday, November 1st
It’s the fastest qualifying race in North America for Boston. Tracy ran the 21k distance and was sure glad to be finished her windy adventure!  The scenery running down the Red Hill Creek expressway and along the beach front at Confederation Park was stunning!  The race raised over $30,000 for local charity, City Kidz, and international charity, Joy and Hope in Haiti.

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Suite Income: New CMHC Rule Allows 100% of Rental Income for Mortgage Qualification

sweet endings begin with Tracy Irwin MortgagesSeptember 28, 2015 is the date that Canada Mortgage and Housing Corporation (CMHC) will start allowing 100% of rental incomes from legal secondary suites to be used when qualifying for a mortgage.  Currently CMHC allows 50%.

The move is meant to “facilitate affordable housing choices for Canadians” according to CMHC, the nation’s largest default insurer. “Secondary rental suites are recognized as a source of affordable housing offered at a cost that is often lower than those for apartments in purpose built rental buildings,” it adds. Secondary/basement suites also give lower-income Canadians the chance to live in single-family residential neighbourhoods.

This is great news for everyone who is looking to buy a home and subsidize the cost with a renter. The opportunity to utilize 100% of rental income to qualify for mortgage financing will make the difference for many and may move a larger number of home buyers from condo purchases to a single-family home with the assistance of 100% of suite income.

Here is what will be required to use 100% of suite income with CMHC:

  • suite income with the help of Tracy IrwinThe property must be owner-occupied.
  • The property being insured can have only two units (i.e., a duplex or a single home with a legal secondary suite).
  • Rental income cannot be used if the suite is “illegal/non-conforming” but “legal non-conforming” is okay. (Non-conforming means that the suite was grandfathered in before zoning/regulations restricted such units. You can check with the city to confirm if a suite is legal.)
  • The suite must be self-contained with its own entrance.
  • Property taxes and heat can be excluded when calculating borrower’s debt ratios.
  • For existing units, there must be two-year history of rental income from the suite. The maximum rental income allowed for qualification is a two-year average of the unit’s rent.
  • For new units, a market rent appraisal can be accepted if an appropriate vacancy rate has been applied to the estimated rental income.
  • Mortgage applicants must “demonstrate a strong history of managing credit” with a minimum credit score of 680.

Be prepared! Individual lender guidelines may be tighter than those mentioned above. Are you ready to make your move? Want to learn more about suite income? Talk to Tracy Irwin.

Summer Vacation Highlights
The Icelandic Festival of Manitoba

Gimli-ManitobaTracy and husband, Sid visited Gimli, Manitoba for this year’s Icelandic Festival and ran in the 47th Annual Islendingadagurinn (just try to pronounce that one!), a 10-mile Road Race from Winnipeg Beach Park to Gimli Park. Tracy said, “the wind was in our face the whole run but it was a beautiful day!”

Why Manitoba and the Icelandic Festival? Sid’s Mom was born in Iceland and he has many relatives in Gimli (which is called Little Iceland).

The Icelandic Festival is the second oldest continuous ethnic festival in North America.  Skál!

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First Time Home Buyer? You’re Not Alone!

That’s what the Canadian Association of Accredited Mortgage Professionals (CAAMP) semi-annual mortgage survey shows. This is THE survey that gauges the pulse of the housing market in Canada.

Woman and little girls tasting salad ingredients This year’s highlights include new data points that shed light on previously unexplored topics, revealing brand-new numbers on topics ranging from the risks of increasing the minimum down payment to pre-approval utilization to mortgage rate shopping habits. Here’s a little taste of who’s buying homes today:

drum roll please620,000 households move into dwellings they have purchased each year.

drum roll please45% (280,000) are first-time buyers. Most of these are between the ages of 25 and 34.

drum roll pleaseJust over 20% (130,000 per year) are making their second purchase.

drum roll pleaseOne-third (210,000 per year) are making their third or subsequent purchase.

Feast on more mortgage financing facts, and when you’re ready to make your move, contact Mortgage Broker, Tracy Irwin. Get Tracy’s experience working for you!

Sweet Endings:  Tracy & Nathan Run the (Yummy) Chocolate Race
Chocholate race Mother's DayTracy convinced her son, Nathan to run the 10k Chocolate Race with her in honour of Mother’s Day. Nathan, while not a runner – agreed, proving just how much he loves his Mom. The mouth-watering event in St. Catharines featured everything chocolate… chocolate prizes, chocolate milk, chocolate croissant, chocolate fudge, chocolate covered strawberries and the best part, a chocolate martini at the end of the race! Way to go Tracy and Nathan. Next year, how about a triathlon in wine country!

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Is Canada’s housing market in a bubble?

Is Canada's Housing Market in a Bubble? Talk about varying opinions. The Globe and Mail’s real estate reporter Tamsin McMahon analyses seven ways the Canadian housing market is measured – and explains why some assessments are better than others.

“Is Canada’s housing market in a bubble? The question has lingered for years – ever since national home prices managed to defy a global real-estate correction. Observers, both domestic and foreign, continue to issue dire pronouncements about the health of the Canadian housing market. But those predictions vary wildly, with some saying the market is overvalued by as much as 60 per cent, while others say it could be undervalued by almost 10 per cent.

Of course, examining the housing market is a fuzzy science. Every analysis uses its own idea of how to measure the “fair value” of real estate. Some compare home prices to incomes, while others look at interest rates or population growth. One analysis even compares house prices to the value of Canadian exports.

Deutsche Bank
Analysis: Housing market is overvalued by 60 per cent
Most recent date measured: fourth quarter of 2014

Bank of Canada
Analysis: Housing market is overvalued by about 20 per cent
Most recent date measured: third quarter of 2014

Fitch Ratings
Analysis: Housing market is overvalued by about 24 per cent
When: Second quarter of 2014

International Monetary Fund
Analysis: Housing market is overvalued by about 11 per cent
When: last quarter of 2014

Toronto-Dominion Bank
Analysis: Housing market is overvalued by about 11 per cent
When: last quarter of 2014

Canada Mortgage and Housing Corporation
Analysis: Housing market is moderately overvalued, by about 3 per cent
When: second quarter of 2014

Canadian housing market economist Will Dunning
Analysis: Housing market is undervalued by about 9 per cent
When: report published last March”

Read the entire article and see the interactive graphs.

Be in the know! For helpful information on the housing market and mortgage financing insight, talk to Tracy Irwin today.

Did You Know?

What Tracy does: inspire, motivate, improve, be positive, focus, be creative - aTracy Irwin was recently nominated for a Women of Inspiration Award.  We likely all know of a woman who has made great strides in building her business and who also quietly goes about her way helping and supporting others.  She is a role model for us all.

Company of Women honours everyday women who have shown extraordinary compassion for others; those who’ve gone that extra mile in their business and in life.

 Guiding principles:

  •  Shown courage in her life and business to get to where she is today
  • Gone the extra mile in offering her program/services/product
  • Given back through her volunteer work and/or mentoring and supporting others

Congratulations Tracy! You are the epitome of a Woman of Inspiration!

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Conventional Mortgage versus Collateral Mortgage

Do you know the difference?

check the fine printMany people don’t know the difference between a conventional and a collateral mortgage. Why? Because most of the time the information is buried in the fine print of a detailed agreement. That despite the fact that last August federal Finance Minister Joe Oliver announced an agreement with eight major banks under which they would voluntarily disclose general information about collateral mortgages on their websites (by September 1, 2014) and in their branches (by November 30, 2014).

Has voluntary disclosure worked? Not according to The Star reporter, Ellen Roseman. “I found almost nothing when checking the banks’ websites”, she wrote in a February 17, 2015 article.

This is one more (big) reason to work with a mortgage broker who has access to hundreds of financing options and will take the time to explain the pros and cons of mortgage products before you sign on the dotted line.

For your reference, here is the difference between a conventional mortgage and collateral mortgage:

Conventional: Only the amount of the actual mortgage loan is registered against your home. If you borrow $400,000, the lender will register $400,000 as a liability against your property.

Collateral: An amount higher than the actual mortgage loan may be registered against your home. If you borrow $400,000 the lender can choose to register $500,000 or $600,000. This provides you with the opportunity to use the extra $100,000 – $200,000 at a later date, secured by the mortgage, without having to discharge the loan and go through costly refinancing. Nice. Except…

Let’s say your mortgage is coming up for renewal and the bank won’t match a competitive rate so you decide to go elsewhere. You would think that moving a mortgage at the end of a term is no big deal and transfer fees are covered by the new lender. Not so if your current financing is a collateral mortgage. Now you have to hire a lawyer and spend roughly $1,000 of your hard earned money to discharge the mortgage before you can move to a new lender. Is that really fair?

Earlier this month, CBC’s Marketplace revealed a new undercover report on collateral charge mortgages. The consumer affairs program found some bank reps who were not disclosing the pitfalls of collateral charges. That’s despite banks pledging to present collateral mortgages in language that’s “clear, simple and not misleading.”

Do yourself a favour and work with someone that offers (full disclosure) mortgage solutions that open doors, without tripping you up on the fine print.

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And the winner is…

drum roll pleaseDrum roll please!

The winner of the WIN a $200 Gift Card from Best Buy or Future Shop contest just for subscribing to Tracy Irwin’s blog is:

Julie M.

Congratulations!

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Win a $200 Gift Card – Confirm your email subscription today!

Confirm your subscription

DON’T MISS OUT ON RECEIVING OUR EMAILS!

On July 1, 2014 Canada implemented new laws that regulate how we can communicate electronically with our customers.

In order for us to comply with the legislation we need to know if you would like to continue receiving email communications from us. We ask that you reconfirm your email subscription by clicking on the button below.

Yes! Send me emails... I don't want to miss a thing! WIN a $200 Gift Card from Best Buy or Future Shop!

Subscribe BEFORE February 27, 2015 and your name will be entered into a draw for a $200 Gift Card from Best Buy or Future Shop.

Deadline to subscribe:  February 27, 2015
Draw date:  March 2, 2015

Yes! Send me emails... I don't want to miss a thing!

I really appreciate your business and value you as an email subscriber.

Sincerely

Tracy Irwin
The Mortgage Centre

By confirming your subscription you’re granting The Mortgage Centre permission to email you. You can revoke permission to mail your email address at any time using the Safe Unsubscribe link found at the bottom of every email.
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Where Do You Fit In?

Tracy Irwin opening doorsThe Annual State of the Residential Mortgage Market in Canada probes into how Canadians are managing their mortgage debt. Here are a few of the highlights of the fall 2014 survey:

  • The average mortgage interest rate is 3.24%, identical to the spring survey and down from the average 3.5% found in the fall 2013 survey.
  • On average, Canadian home equity amounts to 74% of the value of their homes; more than 85% have 25% or higher.
  • About 11% of homeowners took equity out of their homes, using the money for debt consolidation and repayment, renovations, investments, purchases, including education, and “other”.  Read more fascinating facts and stats:   http://goo.gl/ruhjjH

If your mortgage is coming up for renewal or you’re interested in refinancing or taking some of the equity out of your home, talk to a qualified mortgage broker who has your best interest at heart. Contact Tracy Irwin today.

Tracy Irwin's Referral Program ReminderTracy Irwin’s Referral Rewards Program.  For every referral you provide that turns into closed business, you will earn 1,000 points redeemable for a $100 reward gift card. Redeem your points immediately or accumulate them and redeem them later at top Canadian retailers. Learn more. Get started today.

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