In 10 years, there have been at least 37 impactful policy changes, among many others that flew under the radar. Everything from amortization length to stress testing to down payment size to to high-ratio insurance costs. This means that your friends-friends-cousins-sister who got a mortgage with 0% down and no job 5 years ago could very well be a true story! But today – no Bueno.
Also, in just 1.5 years there have been 5 increases to the overnight rate – meaning each lender’s “prime lending rate” has gone up. But we’re still well below the 10-year average and very much still in a “great rate environment”. So your best-friends-aunts-dogs-teacher who has 1.5% fixed rate on a 10 year term – also possible (but not likely…), but not a number on my rate sheet today!
So where does that leave you? The new guy in town?
You need an ambassador in this market. You require an expert. You demand an advocate, you deserve expertise.
The only constant in borrowing money to buy homes is that you’re dealing with a moving target and constant changes. Maybe you’re just getting in now, like a game of double-dutch jump rope and suddenly you’re surrounded by headlines and all you read, or digest is about rates hiking and markets crashing – but I assure you, it’s always been this way.
While the media likes to play on whatever sensation gets clicks – and in this market – it’s property values and interest rates – if you have a plan built by a professional, you’re sure to succeed. Even through the inevitable changes.
So let’s talk – let’s take the guessing and the stressing out of it and build a plan around your life, your goals and your dreams.
Rebecca Casey
Mortgage Professional
DLC Origin Mortgages
604.833.8938
rebecca@customcoastmortgages.com
