The Real Estate and Mortgage Show - January 19

Regardless of the cold snap blanketing Ottawa residents, many are already thinking ahead to the spring real estate market. Home owners placing properties on the market early in the year is just one of the many topics covered on this week's Real Estate and Mortgage show. Other topics covered this week include debt consolidation, first time buyers, investment properties, credit scores, and mortgage changes.

On this week's show, Dorothy Smith and Kim Powell-Steele join the show, representing Mortgage Centre Ottawa, a division of Mortgage Brokers Ottawa. The duo take some time to talk about the importance of obtaining a pre-approval. Not only does a pre-approval ensure a smoother home buying process, it also gives buyers the benefit of the lowest mortgage rate available. Clients can obtain a rate hold for 3-4 months, and have the peace of mind that if rates do increase in that time period, they will still have access to their low rate. If rates fall however, clients can take advantage of even lower mortgage rates.

The team also takes some time this week to talk about purchasing investment properties. Many home owners are using existing equity in their own homes to purchase investment properties. There has been much recent debate if investing in real estate is the better option to save for retirement, as the property value should only increase. Investors looking to purchase an investment property should be aware that mortgage qualifications and mortgage rates for an investment property are different than that of an owner-occupied property. Additionally, all lenders differ slightly on investment properties, so consulting an Ottawa Mortgage Broker is a good idea. Not only do they have a detailed knowledge of what each lender will need, they will walk buyers through the process and assist with any questions they may have.

To listen to the full Podcast from 580 CFRA, click here.