[et_pb_section fb_built=”1″ _builder_version=”4.27.2″ _module_preset=”default” global_colors_info=”{}”][et_pb_row _builder_version=”4.27.2″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.2″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”df3d6a9b-89b3-4b9f-987c-fd972b1c9305″ text_font=”Lato||||||||” text_text_color=”#616c78″ header_font=”Lato||||||||” header_text_color=”#616c78″ header_font_size=”16px” header_line_height=”1.8em” custom_margin=”||10px||false|false” custom_padding=”||1px|||” hover_enabled=”0″ text_font_size_tablet=”” text_font_size_phone=”” text_font_size_last_edited=”on|tablet” header_font_size_tablet=”15px” header_font_size_phone=”14px” header_font_size_last_edited=”on|phone” global_colors_info=”{}” module_class=”liens-internes” sticky_enabled=”0″]<\/p>\n
The word \u201crecession\u201d keeps popping up in the news? Yikes. Don\u2019t panic. Yes, it can feel scary, but it\u2019s actually the perfect time to get informed and make some adjustments. A recession affects real estate, homeowners, interest rates\u2014basically everything around your mortgage. Here\u2019s what you need to know (without boring jargon). <\/p>\n
[\/et_pb_text][et_pb_heading title=”For Homeowners: Stay Calm” _builder_version=”4.27.4″ _module_preset=”default” title_level=”h2″ hover_enabled=”0″ sticky_enabled=”0″][\/et_pb_heading][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” hover_enabled=”0″ sticky_enabled=”0″]<\/p>\n
During a recession, the first worry is often your job. If your income drops, mortgage payments can feel heavier. But you have options! This is where a good cushion (not the sofa kind\u2014a financial cushion!) or a line of credit can make all the difference. <\/p>\n
And if you start to feel the squeeze, let\u2019s talk. It\u2019s better to review your loan, refinance, or adjust your strategy while there\u2019s still time. The goal is to have a solid plan B. <\/p>\n
[\/et_pb_text][et_pb_heading title=”The Real Estate Market: Slowing Down” _builder_version=”4.27.4″ _module_preset=”default” title_level=”h2″ hover_enabled=”0″ sticky_enabled=”0″][\/et_pb_heading][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” hover_enabled=”0″ sticky_enabled=”0″]<\/p>\n
When the economy slows, people hesitate to buy or sell. The result? Fewer showings, fewer offers, and homes that take a little longer to sell. <\/p>\n
But here\u2019s the upside: less competition = more negotiating power for buyers. And if you\u2019ve had your eye on a property for a while, it might be the right time to act\u2026 calmly and strategically. <\/p>\n
[\/et_pb_text][et_pb_heading title=”The Mortgage Market: Tighter, but Not Closed” _builder_version=”4.27.4″ _module_preset=”default” title_level=”h2″ hover_enabled=”0″ sticky_enabled=”0″][\/et_pb_heading][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” hover_enabled=”0″ sticky_enabled=”0″]<\/p>\n
During a recession, banks get a bit cautious. They want to make sure you can really pay. Expect a closer look at your file\u2014proof of income, ratios, credit score, etc. <\/p>\n
The good news? A broker (like me!) can open doors to lenders you might not even know. We\u2019re talking about a network of around 20 institutions, with flexible solutions\u2014even when banks say no. <\/p>\n
[\/et_pb_text][et_pb_heading title=”What About Interest Rates?” _builder_version=”4.27.4″ _module_preset=”default” title_level=”h2″ hover_enabled=”0″ sticky_enabled=”0″][\/et_pb_heading][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” hover_enabled=”0″ sticky_enabled=”0″]<\/p>\n
Interestingly, mortgage rates can <\/span>drop<\/em> <\/span>during a recession. Why? Because the Bank of Canada wants to stimulate the economy, so it cuts its key rate. Variable rates usually follow, and often fixed rates do too. <\/p>\n But watch out! Rates can move quickly, especially fixed rates influenced by the bond markets. So, it\u2019s not the time to nap if you\u2019re thinking about buying or refinancing. <\/p>\n [\/et_pb_text][et_pb_heading title=”In Summary\u2026” _builder_version=”4.27.4″ _module_preset=”default” title_level=”h2″ hover_enabled=”0″ sticky_enabled=”0″][\/et_pb_heading][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” hover_enabled=”0″ sticky_enabled=”0″ module_class=”liens-internes”]<\/p>\n A recession isn\u2019t the end of the world, but it\u2019s also not the time to bury your head in the sand. A solid plan, a good team, and a smart strategy can make all the difference. <\/p>\n Need to review your mortgage? Write me<\/a>. We\u2019ll grab a coffee (virtual or in person) and figure it out together. <\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.4″ _module_preset=”df3d6a9b-89b3-4b9f-987c-fd972b1c9305″ text_font=”Lato||||||||” text_text_color=”#616c78″ text_font_size=”12px” header_font=”Lato||||||||” header_text_color=”#616c78″ header_font_size=”16px” header_line_height=”1.8em” custom_margin=”||10px||false|false” custom_padding=”30px||0px|||” text_font_size_tablet=”” text_font_size_phone=”” text_font_size_last_edited=”on|tablet” header_font_size_tablet=”15px” header_font_size_phone=”14px” header_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n Note: For a personalized strategy, it\u2019s essential to work with your mortgage broker and financial advisor, as every situation is unique and must be handled on a case-by-case basis. 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Yikes. Don\u2019t panic. Yes, it can feel scary, but it\u2019s actually the perfect time to get informed and make some adjustments. A recession affects real estate, homeowners, interest rates\u2014basically everything around your mortgage. Here\u2019s what you need to know (without boring jargon). During a recession, the […]<\/p>\n","protected":false},"author":1,"featured_media":1074,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[32],"tags":[],"class_list":["post-1076","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-article"],"yoast_head":"\n
Note 2: If you don\u2019t have a financial planner, financial advisor, or insurance advisor, give us a call \u2014 we know the best!
<\/span><\/p>\n
pierre-alain@planipret.com<\/p>\n
pierre-alain@planipret.com<\/p>\n