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AGENT LICENSE ID
M14000915
BROKERAGE LICENSE ID
12625
Derrick Bryce Mortgage Agent

Derrick Bryce

Mortgage Agent


Phone:
Address:
949 Garth St, Hamilton, Ontario

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Many mortgage professionals and banks claim to offer the lowest mortgages rates but does that mean it is going to be the best mortgage for you?

 

Mortgage professionals and financial institutions love the term "lowest mortgage rates". What they sometimes forget to mention are the penalties that can be associated with getting the lowest mortgage rate. You could be locking in to what is called a “No Frills Mortgage”. This is a type of mortgage which may have very little flexibility. The mortgage could consist of higher penalties for breaking the mortgage, low or no prepayment privileges and it could even have a clause that you must sell your home to get out of the mortgage.

 

As part of Best Mortgage Loans Inc. I work with the most reputable lenders in the industry. It is my top priority to find my clients the lowest mortgage rate while also ensuring they are in a mortgage that fits their financial needs. I am constantly being offered amazing promotions which allow me to get my clients those low rates they are looking for. I do not want to advertise the lowest mortgages rates because that may not always be the case. There may be someone out there that can beat my rates. That said, I assure you that I will fight to get you the lowest mortgage rates I can, with the best terms.

 

The advantage of working with a mortgage broker or mortgage agent as opposed to dealing with a mortgage specialist at a bank is that we deal with multiple lenders. This enables me to the find lenders who can place all types of business such as 1st and 2nd mortgages, private mortgages, refinancing, home equity loans, rental and investment properties, secondary homes and construction loans. I also have access to a great network of mortgage brokers and lenders to handle your commercial mortgage needs. Whether you are a first time home buyer, you are self-employed or new to Canada, these are all areas I specialize in as a mortgage professional.

 

Even though Best Mortgage Loans Inc. is located in Hamilton, ON and a lot of my mortgage business is in the Hamilton area, I service areas all over Canada. As a resident of Hamilton I have established a great network of like-minded business men and women, realtors, home inspectors, appraisers, lawyers etc. These are all individuals I deal with that are an integral part of the mortgage process.

 

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BLOG / NEWS Updates

Slight increase in home sales in December

Summary On a seasonally adjusted basis, home sales increased 1.3% from November to December, a second monthly gain in ten months. Despite this relative stabilization of the market in December, sales were still down 37.8% from their February 2022 level. New listings were down 6.4% from November to December, a fifth contraction in six months which shows that both buyers and sellers remain on the sidelines in the current market environment. It should also be noted there is still a high proportion of sellers who are changing their minds, as we estimate that about one in five listings are withdrawn during the month. The low level of sales is still allowing supply to rebuild, with the number of months of inventory increasing from 4.1 to 4.2 in December. While easing, market conditions are still pointing in the direction of a favourable to sellers market with supply still very low on a historical basis. Housing starts fell 14.4K in December to a 9-month low of 248.6K (seasonally adjusted and annualized). Urban starts dropped 12.9K to 227.7K on declines in both the single-family (-5.5K to a post-pandemic low of 44.9K) and the multi-family segment (-7.4K to 182.9K). The Teranet-National Bank Composite National House Price Index decreased by 0.3% in December compared to the previous month and after adjusting for seasonal effects, the sixth consecutive monthly decrease. After adjusting for seasonal effects, 6 of the 11 markets in the composite index were down during the month: Winnipeg (-1.8%), Calgary (-1.1%), Ottawa-Gatineau (-1.1%), Edmonton (-0.9%). Montreal (-0.5%) and Toronto (-0.4%). Conversely, the Quebec City (+1.3%), Victoria (+1.1%). Hamilton (+0.8%), Halifax (+0.4%) and Vancouver (+0.1%) markets were up. https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/economic-news-resale-market.pdf

What’s Happening in Canadian Housing Markets as We Head into 2023?

Sales in November were down 3.3% on a month-over-month basis, rejoining the trend of moderating sales that began back in February. The Aggregate Composite MLS Home Price Index (HPI) edged down 1.4% on a month-over-month basis in November, which, as with sales activity, continues the trend that began in the spring. The national MLS HPI now sits about 11.5% below its peak level but there are considerable regional differences. While prices are down more in Ontario and parts of British Columbia, they have softened to some degree almost everywhere. Calgary, Regina and Saskatoon stand out as markets where home prices are barely off their peaks. https://www.creacafe.ca/whats-happening-in-canadian-housing-markets-as-we-head-into-2023/

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