Open House - The Real Estate & Mortgage Show
Real Estate and Mortgage Answers
Every Saturday morning at 11 AM, Paul Rushforth and mortgage broker Frank Napolitano join CFRA's Steve Gregory on Open House.
They provide expert answers to real estate and mortgage questions from people just like you. You'll find plenty of information on how the market is doing and why, and they also have plenty of fun along the way!
Whether you're new to real estate or have plenty of experience already, you'll find the latest updates you need to prepare for your next home purchase or sale.
You can play the episodes by following the link below, or click here to get a list of transcripts.
Here are some highlights from past episodes. If you'd like to listen to the episode, visit the podcasts page.
January 13, 2018: Smaller Homes, Rental Properties and Securing a Mortgage Rate
The gang was back together this morning to talk about the popular trend of smaller homes and securing a mortgage rate.
Smaller Homes are Becoming a New Norm
The average age of a first-time homebuyer is between 25-27, and Paul says that these buyers (Millennials) really know what they want. They’re looking for smaller, compact homes with little to no upkeep.
They aren’t the only ones. Paul explains that many people, spanning generations, are looking to move from the 4,000+ square foot homes to smaller, more manageable spaces.
Now is a Great Time to Invest in a Rental Property
Paul says that right now there are more renters than rental properties. If you’re interested in opening up a rental space, or investing in a property you can turn into a rental, now is the time to start the process.
Secure a Mortgage Rate Right Away
Frank says that while some lenders haven’t raised their rates quite yet, they will be next week. He recommends that you find a rate and submit an application as soon as possible. This is because a rate can’t be secured until an application is received.
What Else Do I Need to Know?
- How the 2017 Ottawa market did>
- What are the mortgage rate rule changes going to do to my home sale>
January 6, 2018: Strong December Numbers and Mortgage Options
For the first show of 2018, Frank and Steve were joined by Lisa to discuss the December 2017 numbers, and options now that the mortgage rules are officially in effect.
Cold Temperatures Aren’t Detering Buyers
Frank was shocked how many people were out in the cold looking at houses, but Lisa says this is on par with what they experienced at the end of December. Despite the freezing cold temperatures in Ottawa and the holiday season, the market didn’t slow down much.
Now that we’re into 2018, Lisa says that she’s expecting this year’s market to be just as strong as 2017.
You Have Mortgage Options - Talk to a Broker
It was made official this week that provincially managed credit unions would NOT be participating in the stress test changes that federally managed banks now have.
Frank explains that there are options for prospective home buyers and their mortgages, but you’ll only find out all these options if you talk to an expert. If you have questions about your specific situation, contact a mortgage broker to get all the answers before you sign anything.
December 30, 2017: Real Estate and Mortgage Resolutions for 2018
In the last show of 2017, Frank, Paul and Steve discuss what your real estate and mortgage resolutions should be for 2018.
1. Do Your Research
Frank advises that you should do your research into rates before accepting anything your banks or lenders offer you. If you automatically accept what they say to be the best offer, you could miss out on savings. Don’t be afraid to shop around and ask questions.
2. Don’t Just Jump into Big Renovations Before Selling
Paul says that a lot of people end up doing unnecessary renovations because they think it will increase their home value. Instead, homeowners looking to sell in 2018 should concentrate more on making their home presentable with small, affordable changes.
He recommends a fresh coat of paint, new light fixtures, and other minor repairs that make your home look fresh and well-cared for. If you aren't sure what renovations are worth it, talk to your real estate agent.
Happy New Year!
On behalf of the Open House Real Estate and Mortgage Show, have a Happy New Year! We’ll see you in 2018!
December 23, 2017: Proper Financing and Insured Mortgages
Frank, Paul, and Steve got together to talk what kills a home sale, and insured mortgages.
Lack of Proper Financing Hurts Everyone
Paul explains that when proper financing isn’t in place, it not only kills the momentum for the seller, but it crushes the buyer.
The buyer loses out on the home they wanted, and the seller loses the momentum they were building. Now when they put it back on the market, people are more likely to pass on it because they think the problem was with the building, not the financing.
Before you start shopping around, make sure you’re pre-approved under the new mortgage rules.
An Insured Mortgage is Insured Unless You Refinance
When you get an insured mortgage, it stays insured, even if you switch lenders. The only time an insured mortgage loses that insurance is if you refinance it.
Merry Christmas Ottawa!
On behalf of the Open House Real Estate and Mortgage Show team, we wish you a Merry Christmas!
December 16, 2017: A Strong 2017 and More About the Stress Test
Frank and Steve were joined by Lisa this week for more in-depth discussions about the market and the upcoming mortgage stress tests.
2017 was a Strong Year, and It’s Still Going
While there are less than 4,000 homes on the market right now, Lisa says that there have been 20,000 homes sales since January, up over 19,000 in 2016. And the year isn’t over yet!
Lisa says that even this close to Christmas, people are still looking at houses. Because of the active shoppers, Lisa advises sellers with a vacant property to keep the heat on and put some lights on timers.
The Stress Test Will Be 2 Points Above Your Secured Rate
Frank explains that the upcoming stress test for mortgage qualifying rates is 2 points above the rate you secure, not the posted rate.
Lisa says that even with the upcoming stress test, Ottawa is a city that is positioned to do well in 2018; buyers just have to be prepared by getting the proper pre-approval.
If you have questions about the stress test, and are planning to buy in 2018, talk to a mortgage broker.
Open House Transcripts
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