Quimby Financial Group Ltd.
5 - 805 Front Rd N9J 2A4 Windsor, ON, Canada

A mortgage is the cornerstone of a sound financial plan, and can help build long-term wealth. But with the mortgage marketplace getting more and more complex, you need the professional, expert and tailored advice of a Mortgage Broker!

DEBT 101: Good vs Bad It's important to know the difference! Taking on debt that will potentially pay you dividends in the future is considered good debt.... Bad debt is typically when you take money from your future self to buy goods and services today which provide you with no future income benefit. The right amount of good debt can help you build long-term wealth and afford the things you want, without taking on bad debt.

It's a good first step to find out how much you qualify for before you start house-hunting, but a mortgage pre-approval does not necessarily mean you'll get a mortgage. Get in touch - I'll take you through all the steps

The Bank of Canada announced today that it is maintaining the benchmark rate, noting that first-quarter growth was better than anticipated, although the rise of more transmissible variants of COVID-19 and new lockdowns are concerning. As vaccines roll out, consumption is expected to rebound sharply. The Bank will monitor the risks associated with our hot housing market, which is being driven by low rates, limited supply, and the desire for more living space. With rates still extremely low, it's a great time to get in touch for a review of your mortgage strategy. It's important to get advice and a professional assessment of your situation if you want to switch your mortgage for a lower rate, need a new mortgage, are renewing, or looking to refinance for debt consolidation, renovations, or other large expenditures.

If you are thinking purchase or refinance (i.e. to get a lower rate or for debt consolidation), get in touch as soon as possible to discuss your situation. Why? Uninsured mortgages (i.e. when have more than 20% equity) approved before June 1 are not subject to the new tougher stress test announced by OSFI last week, which means qualifying may be easier. This applies to purchases that close after June 1 with a signed purchase and sale agreement.

RRSP contribution limits and more...

An annual mortgage checkup is an important stepping stone for long-term success. It will help make sure you’ve: determined if you can take advantage of today’s ultra-low pandemic rates; looked at maximizing your mortgage principal reduction; ... consolidated debt for one manageable payment, improved cash flow, and interest savings (if you have enough equity); and, accessed the lowest-cost funds for large looming expenses. I'll help make sure your mortgage incorporates what may be ahead: it could pay big dividends and is the best way to get you where you’re going in your financial future. Book a consultation today!

Will prices go up or down? How about rates? Here are some predictions... but nobody can say for certain what the future holds. Stay focused on your goals and get in touch for expert mortgage advice tailored to your situation.

This is good info for anyone planning to buy their first home.

If you need help polishing your score so you can qualify for the best rates, get in touch.

The Bank of Canada has announced it is maintaining the benchmark rate, noting that Canada’s economic recovery will continue to require extraordinary monetary policy support. The Bank says it will hold the policy interest rate at the effective lower bound until economic slack is absorbed so that the two per cent inflation target is achieved, which the Bank doesn’t expect to happen until sometime in 2023. The next rate-setting day is January 20th, 2021. The beginning of the new year will be a great time to get in touch for a review of your mortgage strategy. It's important to get advice and a personal assessment of your situation if you want to switch your mortgage for a lower rate, need a new mortgage, are renewing or looking to refinance for debt consolidation, renovations or other large expenditures.

Don't become a victim of fraud

What's the first thing you should do when you get your mortgage renewal? Get a second opinion! Regardless of how loyal you are to your bank, they still may quote you a non-discounted rate. And even if they offer you a better rate when you question it, is that how you want to be treated? ... It just makes good common sense to get a second opinion so that you can make sure you are getting the best deal possible. At renewal, you can renegotiate everything pertaining to your mortgage with no penalties which means this is an important moment of opportunity. If your renewal is coming up in the next 9 months, get in touch!

The Financial Consumer Agency of Canada has a comprehensive website with tips and tools to help you better understand your finances with a focus on our challenging times. The site will help you think more about your financial well-being - https://bit.ly/3eRmGPe

With mortgage deferrals ending, there are options for those in need. I'm here to help!

As expected, the Bank of Canada announced today that it is keeping the overnight rate steady at 0.25%. It is expected the Bank will keep this target unchanged until well into 2023 to aid Canada's economic recovery. With this stable, low interest environment it’s never been a better time for qualifying homeowners to refinance to consolidate debt to improve cash flow, save interest costs and protect their credit scores. Get in touch any time for advice and a personal assessment of your situation if you need a new mortgage or want to change your current mortgage strategy.

Attention renters! Your rent payments can now build your credit score. It makes sense that those who pay their rent on time all the time have that counted towards their credit score. This will help those who are planning to buy a home at some point. It may better help them qualify for a mortgage and have access to the best possible rates. Read more here https://bit.ly/2GXW4yW

Are you preparing for homeownership? If so, be sure to get yourself mortgage ready well in advance to avoid stress and to be sure you can act when you find the perfect home. I'll give you important advice on your credit situation and downpayment strategies, and make a big difference in your homebuying journey. If you are ready to fall into homeownership, get in touch for the conversation you need to get where you want to go!