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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

CANADA HOUSING MARKET: THE FALL’S RISE

Canadian home sales rose by 8.6% (sa m/m) in October, the largest increase since July 2020. Listings moved in the same direction, albeit by a much smaller 3.2% (sa m/m). The larger increase in sales carried the sales-to-new listings ratio, an indicator of how tight the market is, to 79.5%, up from 75.5% in September, and much higher than its long-term average of 54.5%. As a result, the composite MLS Home Price Index (HPI) rose by 2.7% (sa m/m)the third consecutive acceleration, and the biggest, after months of price gains deceleration. Single-family homes and apartments were the main drivers of Octobers price gain. Movements in the market were broad-based, with the uptick in sales spread out across much of the country. Sales went up in 28 of 31 local markets we track. Kitchener-Waterloo recorded the largest increase (29.5% sa m/m) followed by Thunder Bay, Kingston, Okanagan-Mainline, and Winnipegall recording increases of over 15% (sa m/m). While these are mainly suburban secondary markets, primary markets are also showing signs of strength, with Torontos sales going up by 9.9% (sa m/m) and Montreals and Vancouvers by 7.8% (sa m/m). Octobers national level of sales is historically strongthe second highest on record for October after October 2020, and a remarkable 40% (sa) higher than the 20002019 October-average. source: https://www.scotiabank.com/ca/en/about/economics/economics-publications/post.other-publications.housing.housing-news-flash.november-15--2021.html

Excess Household Savings and Implications for Inflation in Canada

Canadians have built up a record amount of savings during the pandemic. By some estimates, it totals around $300 billion. This stockpiled spending firepower has fueled concerns that inflation could be higher and more persistent than currently thought, especially at a time of growing supply-side constraints. However, there are a few reasons to suggest the inflation impulse from excess savings may not be as hefty as some believe. The amount of funds in highly liquid cash form is significantly lower than the headline estimate, consumers are likely to gradually draw on their savings to spend, and the reorientation of outlays from goods to services will dampen price pressures. Still, the amount accumulated in savings is large and unprecedented. This represents an important upside risk to the Bank of Canadas consumption and inflation forecast in the October Monetary Policy Report. Source: https://economics.td.com/ca-excess-saving

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