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Millennial demand to be 'Unleashed' on the Canadian Housing Market: Roya...

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First Time Home Buyers Program

Similar to other Mortgage Brokers in London Ontario I love meeting with First Time Home Buyers! I have a Guide for First Time Home Buyers, originally posted on London's Mortgage Agent's Blog , which I have copied below: I meet a lot of First Time Home Buyers who are just getting started in the home buying process. This can seem like a daunting endevour for buyers who have never undertaken this process before. As such I thought it prudent to go through the 5 steps to purchasing home 1) Meet with a Mortgage Broker or Mortgage Agent The first task when buying a home is to ensure that your financing is in place and get a pre-approval. When you meet with a Mortgage Broker or Mortgage Agent they are going to go through all of your finances with you to make sure that you will be approved for a mortgage. Your Mortgage Broker or Agent will discuss what you can afford, monthly mortgage payments, ask about your finances (down payment, yearly income, etc) in order to...
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**The Bank of Canada Raised Interest Rates. Will the London Housing Market Respond? **

On July 13th, 2018 Bank of Canada Governor Stephen Poloz once again raised Interest Rates, this time by .25 points, up to 1.25 percent. Prior to the jump experts were divided whether or not the rate hike would come, as trade tensions with the United States continues and uncertainty proliferates. Indeed, we have not yet seen the full effects of the tariffs and counter-tariffs being imposed by the U.S. and Canada, and likely will not for at least a few months. So Now What? Some are already reflexively predicting that the new mortgage rates will result in an easing of housing prices, as borrowers will no longer qualify for the mortgage amount that they could a week ago. Their argument is that since borrowing is now more expensive the housing market will have to respond by making it more attractive for people to buy homes. Yet a close look at the fundamentals reveals that this is not necessarily the case, as interest rates moved marginally at best, demographic fundamentals remain, and...
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