EP 22 - Mortgage Mondays with Kim Nguyen: January 2021 Mortgage Update - CWHO - Commonwealth Home Ownership
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EP 22 – Mortgage Mondays with Kim Nguyen: January 2021 Mortgage Update

Hey everyone and welcome to another episode of the Commonwealth Home Ownership Real Estate Podcast.  This is the first episode of our ongoing monthly mortgage education series with Kim Nguyen.  Kim is a mortgage associate with the Vine Group with over 9 years of experience in the banking industry and has been recognized as a top-performing mortgage specialist and top-performing sales associate with TD Canada Trust.  In this series, we will be covering monthly mortgage news and updates as well as everything an investor or home buyer needs to know about the banking and mortgage industry.


Show Notes:

  • Lenders usually don’t give promotions in the slow season but one lender is currently offering a promotional rate of 1.44% for both insured and uninsured mortgages
  • Rates expected to stay low or even lower in the next several months
  • Lenders are starting to look at the T1 general in addition to the lease agreement and mortgage statements; claimable expenses will be reflected.
  • Explanation of DCR (Debt Coverage Ratio) and how it affects how lenders consider you for future financing
  • Banks don’t care much about liquid assets when you’ve hit the residential financing wall (7-10 properties)
  • History of receiving CERB payments where you don’t qualify will automatically disqualify you from financing
  • Lenders are treating Alberta with more scrutiny due to higher perceived risk
  • Interest rates are expected to stay low for a while
  • $400K – $500K home price range have been most popular the past few months
  • Vacation property and acreage demand has increased
  • TIP: get financing pre-approved before you start shopping for real estate
  • You can reach Kim at mtg@kimngyn.com
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