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The REAL scoop on lending with Angela - Lunch & Learn

I Love Clearview
Event organized by I Love Clearview

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Come and learn from Angela Jenkins Principal Broker and Owner of Select Mortgage Corporation
Over 10 years Mortgage Industry Experience
Areas of Service Simcoe, Dufferin and Peel region.
Has 9 Agents in her Brokerage
Her passion is Mortgages with a reputation for Honesty and Integrity.

Lunch and Learn topics.

How the Mortgage Industry has changed over the last 10 years
Refinancing Rules tightened
Secured Line of Credit rules tightened
Government Insurance costs increased
GDS TDS ratios lowered
Minimum Downpayment increases
Investment property financing tightened
First Stress Test October 2017
January 2018 Stress Test

How these changes affect Borrowers as a whole
Reduce the ability to use the equity in the home to pay off debt
Reduce the Maximum amount of Mortgage a person can qualify for
More Costly for Canadians to borrow insured funds
More costly for Canadians to increase their investment portfolio

​How these changes affect First Time Home Buyers
​Reduce their ability to qualify for a mortgage by approx 20%
Makes it virtually impossible for First time home buyers to get a foot in the market
More and more first time home buyers depending on the bank of mom and dad

​Importance of getting a proper pre-approval (Not a rate Hold from the bank)
Examine Credit bureau in a timely manner to address any issues
Examine current liabilities to see how they affect your ability to qualify for a mortgage
Examine income - especially if you are self-employed

Importance of using Local Industry Professionals
Local Realtors® know and understand the area
they know of any planned future developments which would affect your purchase down the road (such as windmills, quarry proposals, etc)

​​First Quarter of 2018 ​
​Banks are turning down approximately 20% more business due to the new stress test rules - This has made Angela's business skyrocket as we have access to alternative lenders and products