Archive for the Uncategorized Category

New Website —

Posted in Uncategorized on July 29, 2011 by johngesa

Here is the link to my new website.




Looking to Sabotage Your Mortgage Closing… Here’s How!!!

Posted in Uncategorized on June 8, 2011 by johngesa

Nothing is more frustrating than working hard to get a mortgage approved and then having it denied because of an innocent mistake. Mortgage approvals are harder than ever to come by due to the new mortgage regulation policies that were implemented earlier this year. This is especially true when buying a brand new property directly from the builder and waiting to take possession over a long period of time.

Here are a few key points that I review with my clients to ensure that their pre-approval stays secure.

Credit – Although you have been pre-approved for your mortgage at this present time, the lender will do one more final check on your credit before you close on your property. The key is to try and keep your credit balances the same or less than when you were pre-approved.

Avoid the Bait – This typically applies to a couple of things: Purchasing a new vehicle, applying for new credit cards or lines of credits. Regardless of how inviting those may seem, they could be the cause of your pre-approval falling apart. New loans and credit cards will increase some of the ratios that lenders look at when approving you for a mortgage.

Adding to your Debt –Avoid adding balances to those credit cards. Remember the lender will do one final credit check before advancing the money to the lawyer. Hold off from purchasing high ticket items until after you have possession of your property.

Stay Settled – If at all possible try to avoid changing jobs until your mortgage closes. The most important factor in giving mortgage lenders the confidence to finance your home is keeping your credit and income stable.

By following these simple key points you can ensure that your mortgage will close with success.

BoC rate hike on hold until September

Posted in Uncategorized on May 28, 2011 by johngesa

The Bank of Canada’s plan to raise interest rates and exit its stimulus program has been delayed to September due to renewed uncertainty about the fiscal crunch in Europe and its potential spillover effects into Canada, the team at RBC Economics said Tuesday.

Dawn Desjardins, assistant chief economist with RBC, expects the BoC to maintain its 1.00% rate until September, and has cut the forecast rate to 1.75% by the end of 2011 from 2.00%. RBC maintains expectations for the overnight rate to hit 2.5% in mid-2012, and forecast GDP growth of 3.2% in 2011 and 3.1% in 2012.

RBC had originally forecasted rate hikes in July, September, October and December this year. The bank now only expects hikes in September, October and December, Ms. Desjardins said in an e-mail.

“Combined with already-present downside risks to domestic growth in the second quarter, the Bank of Canada is likely to remain on the sidelines longer than we previously thought,” she said in a note to clients. “Complicating the outlook are global developments with the European sovereign debt crisis bringing fiscal and debt rating concerns to the forefront for investors. In the United States, economic surprises have been to the downside.”

So far, the Canadian economy looks to be holding steady with data suggesting 0.3% growth in March after a dip in February. Monthly growth figures put the economy on pace for 3.7% growth with risks on the upside.

Persistent strength in housing and growth in household credit, however, means the BoC cannot wait too long before taking action to avoid inflationary pressure.

“On balance we remain comfortable with our forecast of real GDP growth of 2.8% annualized in the second quarter although unlike in the first quarter where the risks are to the upside, the risks to our Q2 forecast are to the downside,” she said.

Read more:

February condo sales reach all-time high

Posted in Uncategorized on March 23, 2011 by johngesa

680News staff
TORONTO, Ont. – Condo sales in Toronto reached an all-time high for the month of February this year, shattering the previous record by a margin of 26 per cent.

Typically known for being a slow month for real estate, an impressive 2,202 new condos were sold around the GTA. This is the first time sales in February have exceeded the 2,000 mark.

The Building Industry and Land Development Association said the number of condos sold, marked a 36 per cent, increase from last year.

The previous record was set back in 2002, long before the infamous housing bust of 2008.

Stephen Dupuis, CEO of BILDA, attributed the high number of sales to favourable economic times and a general feeling of optimism.

He told 680News a number of new condo developments have been good for the market, paired with an increase in prices for low-rise homes.

February numbers showed the second lowest number of low-rise homes sold in history, partly due to a price increase thanks to a shortage of available housing.

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Posted in Uncategorized on March 11, 2011 by johngesa

With 25% market share in 2010, the Mortgage Broker channel continues to play a significant role in the Canadian mortgage landscape.

Posted in Uncategorized on January 10, 2011 by johngesa

Here are some key notes from a survey just released last week by Maritz Research Canada regarding the Canadian Mortgage industry.

• With 25% market share in 2010, the Mortgage Broker channel continues to play a significant role in the Canadian mortgage landscape.

• Brokers have the top market share of brand new mortgage originations(40%)

• Those renewing through a mortgage broker saved approximately 40 basis points on their rate versus those who renewed elsewhere (or with their current lender).

• Only 33% of Canadians have a “full” or “good” understanding of what mortgage brokers do.

• Most of the consumers who has a good understanding of a mortgage broker functions thinks that brokers can give them good rates. Followed by other strengths as:
o Competitive rates
o Wide selection of products
o Helping customers understand options
o Easy approvals
o Understands client needs
o Ease of doing business with
o Customer service
o Offers products I am comfortable with

With this being said, here are 10 Great Reasons to use a Mortgage Broker.

1. Get independent advice on your financial options As independent mortgage brokers and mortgage agents, we’re not tied to any one lender or range of products. Our goal is to help you successfully finance your home or property. We’ll start by getting to know you and your homeownership goals. We’ll make a recommendation, drawing from available mortgage products that match your needs, and we will decide together on what’s right for you.

2. Save time with one-stop shopping. It could take weeks for you to organize appointments with competing mortgage lenders — and we know you’d probably rather spend your time house-hunting! We work directly with dozens of lenders, and can quickly narrow down a list of those that suit you best. It makes comparison-shopping fast, easy, and convenient.

3. We negotiate on your behalf. Many people are uncertain or uncomfortable negotiating mortgages directly with their bank. Brokers negotiate mortgages each and every day on behalf of Canadian homebuyers. You can count on our market knowledge to secure competitive rates and terms that benefit you.

4. More choice means more competitive rates. We have access to a network of major lenders in Canada, so your options are extensive. In addition to traditional lenders, we also know what’s being offered by credit unions, trust companies, and other sources. And we can help you take care of other requirements before your closing date, such as sourcing mortgage default insurance if your down payment is less than 20% of the purchase price.

5. Ensure that you’re getting the best rates and terms. Even if you’ve already been pre-approved for a mortgage by your bank or another financial institution, you’re not obliged to stop shopping! Let us investigate to see if there is an alternative to better suit your needs.

6. Get access to special deals and add-ons. Many financial institution would love to have you as a client, which is why they often offer incentives to attract creditworthy customers. These can include retail points programs, discounts on appliances, shopping clubs, and more. We do the math on which offers might be worth your attention when it comes to financing o mortgage insurance — so you get the perks you deserve.

7. Things move quickly! Our job isn’t done until your closing date goes smoothly. We’ll help ensure your mortgage transaction takes place on time and to your satisfaction.

8. Get expert advice. When it comes to mortgages, rates, and the housing market, we’ll speak to you in plain language. We can explain the various mortgage terms and conditions so you can choose confident.

9. No cost to you. There’s absolutely no charge for our services on typical residential mortgage transactions. How can we afford to do that? Like many other professional services, such as insurance, mortgage brokers are generally paid a finders fee when we introduce trustworthy, dependable customers to a financial institution. These fees are quite standard and nearly industry-wide so that the focus remains on you, the customer.

10. Ongoing support and consultation. Even once your mortgage is signed and paperwork is complete, we are here if you need any advice on closing details or even future referral needs. We are happy to be of assistance when you need it.

New Don Cherry Dominion Lending Business cards

Posted in Uncategorized on December 22, 2010 by johngesa