Top Broker

2012 has been a wonderful year and it keeps getting better. I have a wonderful assistant and apprentice to help me, I'm in a new office space, I work with the best company in Canada and on Friday I was awarded the Top Broker for DLC West Coast Mortgages! I am so grateful to all of my clients and those who have supported my business over the last year. My business grew in 2012 and I am looking forward to growing again in 2013. Please remember that I will be available for any mortgage questions throughout the holiday break. My phone and email are always on. If you are chatting with family or friends and they need advice about refinancing a mortgage or buying a home, please call on me. I am happy to help!

Head Start

I cannot believe that we are just 1 month away from Christmas. I have no idea where this year went. I actually wrote March on a cheque just last week! Oy! With the New Year approaching, many of us take the time to review our annual finances and goals. Reviewing your mortgage is a large part of that plan. If you have not had your mortgage reviewed or spoken to me about your mortgage in the last 6 months, now is a great time to get a head start on ensuring that everything is in place as it should be. My goal is to ensure that your mortgage works for you so that you can reach your financial goals, whatever they may be. My personalized service is complimentary to you, so call me today! If you are concerned with forgetting about your mortgage renewal and not having the proper amount of time to shop the market for options, send me an email with your name, address, mortgage amount, lender, renewal date and phone number and I will guarantee to be in touch with you 4 months before your renewal to ensure you get the best options on the market.

Guarantee

The holidays are right around the corner and this is the time of year most people do not want to think about buying a new home or dealing with a mortgage refinance or renewal. The trust is however, now is a great time to save money. Several lenders are doing rate sales and prices are affordable, especially for first time home buyers. Moving at Christmas may not be ideal for everyone but, my clients who have purchased around the holidays have saved big! If you are concerned with forgetting about your mortgage renewal and not having the proper amount of time to shop the market for options, send me an email with your name, address, mortgage amount, lender, renewal date and phone number and I will guarantee to be in touch with you 4 months before your renewal to ensure you get the best options on the market.

Lightning or Lotto?

Welcome to November! Apparently in my office, the passing of Halloween signals the arrival of the Christmas season because the tree went up November 1st. I have been subjected holiday carols since last week. Ouch! One of the greatest gift you can give yourself is a home that is free and clear. This is likely not going to happen by magic so below is an excellent article about the paying your mortgage down faster. Imagine it's 2007 and pay your mortgage like that. You'll be amazed at your savings. A survey was done this week by Credit Canada Solutions and Capital One that found that nearly 18% of people include lottery winnings and inheritances as a part of their financial plans. This is a pretty disturbing fact since you have a better chance of being struck by lightning than you do of winning the lotto. I supposed I should not completely rule out lotto as a financial plan since my client did win $100,000 a few weeks back but, as a financial strategy, I suggest simply saving 10% of all your income for retirement. Who do you know that is considering a home purchase but not sure where to start? Call me for a complimentary and no obligation mortgage assessment.

Buyer's Market

In mortgage news, fixed interest rates seem to be bouncing around again with some lenders offering 2.99% for quick close 5 year mortgages. No telling how long these will stick around but, many lenders have fiscal year ends in November so this could be a push to the end of the year for them. With home prices declining slightly, this is a perfect time for first time home buyers to get into the market. A buyer's market coupled with low interest rates is a great formula for home affordability. It is also good for move up buyers. The reason is simple, if you have to sell in a declining market, you also get to buy in one. This means the house you have always wanted is likely several thousand dollars less than it would have been 2-3 years ago. You may be bringing over less equity but you will also have a lower mortgage on your new home. If you want to explore options, call me today for a complimentary mortgage review

No Surprises

No surprises from the Bank of Canada this morning, they held their benchmark rate steady for the 25 consecutive month. The Bank was clear that over time the prime rate will have to increase however, that will not be for some time. There is continued concern over household debt in Canada and the Bank described our economic growth as "moderate". The U.S. economy is progressing gradually, the Bank stated, and noted that the recession in Europe is likely to continue. China is also experiencing slower than expected growth. News out of Ottawa is that the Federal Government is tiring of CMHC and wants to privatize it within 5 to 10 years. The idea is to reduce taxpayers exposure to the housing market. This is an interesting move considering the government's increased involvement in CMHC over the past years. While CMHC originally came into place to assist with providing housing for WWII veterans, the organization has grown to become the God of lending guidelines in Canada. Unless you have 20% equity in your home, your ability to gain financing on your home lies with CMHC's desire to insure your mortgage. This is a really exciting week because I am spending 2 days filming some new videos for my website. The scripts are written, the stars are cast and now it is time for action! Stay tuned for the preview! All the best, Jamie Moi, AMP Dominion Lending Centres - West Coast Mortgages Your mortgage consultant for life 604-534-6504 jamiemoi@jamiemoi.com

Sinking

The market in the Lower Mainland is taking a bit of a beating and so I want to make sure that I keep you all as informed as possible. We know that the American economy is still hurting and that low rates will remain in effect until 2014 or even 2015. That being said, stricter lending guidelines have made accessing equity and purchasing homes slightly more challenging for some borrowers. If you have been considering a refinance of your mortgage, now is the best time to act before values sink further. New rules and correcting prices will affect you if you are wishing to: - Consolidate high interest credit card debt into your mortgage - Finance a home renovation with equity - Use home equity to purchase an investment property - Refinance into a lower interest rate I am more than happy to offer you a complimentary and obligation-free assessment of your current financial situation. I have clients call me all the time and we review their financial needs to ensure that their mortgage is still working for them. I want you to get ahead faster so call me today and we can ensure that you are in a positive position for whatever changes occur in the market over the next few years.

Don't stop believing

If you have listened to the news this week and heard them droning on about the awful state of the economy, I'll bet you think that the end is near and there is no hope whatsoever. The media is notorious for reporting only what is wrong and never what is going right. New mortgage rules have successfully slowed the market and that is not necessarily a bad thing. For years, prices on the West Coast have been rising and therefore, pricing many buyers out of the market. This slight correction is about to open up the market again, especially for first time home buyers. If for the last few years you have felt like you would never be able to buy a home, don't stop believing! Call me today and I will custom make you a plan to get you into a home of your own. It is also a great time for people who may have had some credit challenges to get back on the horse and start to make some meaningfully adjustments to their financial situation. I don't tend to talk enough about my access to lenders who specialize in working with people who have had challenges. Maybe you lost your job and got behind, perhaps you are going through a hard divorce or maybe there has been an illness that has impacted your financial situation. I can help! It never hurts to ask and I am always here to offer advice. Call me today for a complimentary consultation!

Good News and Bad News

Reports across the country regarding the state of housing in Canada have been conflicting this week. The general consensus is that the overall market has cooled, the debate seems to be about what 2013 will look like. CREA (Canadian Real Estate Association) is expecting an overall drop in sales next year by 1.9%. This drop is to be mainly focused in Ontario while Alberta and Manitoba are expected to remain stable. This is opposite to a study conducted by Genworth Canada which predicts an overall increase in the housing market in 2013. Edmonton is expected to perform the best with a 3.2% increase in condo prices while even the Greater Toronto area is expected to see condo prices climb by 2.5%. So there is good news and bad news depending on who you want to believe. The likelihood is that the Vancouver area market will continue to correct and there does not seem to be a consensus on just how much. As prices soften and the market stabilizes, now is an excellent opportunity for first time home buyers to enter the market. Those who take advantage of it will be able to get excellent prices on homes as well as historically low interest rates on mortgages. Don't get caught out of the market, call me today!

All around the world

The kids are back in school and everyone is getting into the new routines of the Fall season. Metro Vancouver is also still getting used to the new mortgage rules that were brought in during July and saw quite a dip in home sales for August. Despite the temporary slump, economists are expecting a rebound by the end of the year. Interest rates are expected to stay low and the US Federal Reserve has stated that they are going to be keeping rates low into 2015 south of the border. The US has also had to introduce monetary stimulus as the economy has not been recovering as expected. For those of you who didn't know, I spent the last 3 weeks in Italy touring and taking in the great food and culture. In speaking to locals and restaurant owners, the economy there is similar to Greece and, in Naples we had a long chat with an oceanfront restaurant owner who told us that the failing economy forced them to close the restaurant and lay off staff for several months earlier in the year. Most stores were advertising large sales and we noticed quite a dip in the Euro compared to a few years ago. So the moral of the story is that, things are not great now however, all around the globe, people are hopeful for a full economic recovery.

Correction

The media is reporting that the real estate market is slowing down however, no one seems to have told my clients that! The office has remained untraditionally busy through August and I am very happy about it. I do not disagree that we will likely see a correction in property prices. Most of the impact will be felt in Vancouver but, I am sure that the Fraser Valley will not be completely immune. I will not be surprised to see a correction of about 5% in home prices over the next 2 years. Following record high prices in the Lower Mainland, a correction in prices is necessary. That being said, if you are considering buying a home to live in, so long as you have a plan to be there for 4 or more years, now is still a great time to get into the market. Interest rates remain at record lows and whether you decide to rent or buy, you are paying a mortgage either way. It just depends on whether you want to pay your mortgage, or someone else's. Whether you are buying your first home or your 4th home, getting pre-approved before purchases helps to ensure you have the purchasing power you want and can get the payments that you need. Contact me today for a free consultation.

Upgrading?

Hope you all had a fabulous long weekend! The weather has warmed up and the housing market is starting to cool down. August is not knows as a great month in real estate however, rates are still low making home shopping more affordable. The Bank of Canada seems pleased with the new mortgage lending rules and has said that they will not be releasing any further changes. We will see revisions to rules in January at the earliest. That means that we will see low rates until then. If you currently have a mortgage, now is the time to try and pay down as much as you can. Even if it is just $50 extra per month, getting money down on the principal now will help dramatically down the road. Understanding the pre-payment options on your mortgage is important. For example, some lenders allow you to up-to-double up your payments while others will allow an increase of only 15% - 20% on the payments. If your goal is to put more down monthly rather than focusing on larger lump sum payments, it is good to research a lender that will allow you to do that. Over the next 2 weeks I am looking for new clients who currently own a home, perhaps a condo or townhome, and are wanting to start thinking about buying a house. Knowing the numbers upfront is necessary so that we can maximize purchasing power and build a plan for making the payments easy. Who do you know who is looking to upgrade their home? I appreciate you introducing them to me.

No rate change any time soon

The Bank of Canada met this morning and, frankly, it was not very major news. The announcement didn't even appear in the top stories in my CBC mobile app this morning indicating that the media has given up on trying to use scare tactics surrounding rate increases with the public. The Bank gave no indication that it would be increasing rates any time soon and sited economic challenges in Europe, the US and China. I heard on a news program while, flying back from Regina last week where I was visiting my beautiful 10 month old niece, that China's economy had grown 9-10% every year for the last several years and that this year they are expecting only 8% growth. Pretty amazing. This is the 15th consecutive meeting that the Bank of Canada has not changed their rate and no changes are expected until 2013. New mortgage lending guidelines were not even mentioned in the Bank of Canada's statement this morning. I believe that the new mortgage rules have been put in place to slow the housing market since interest rates cannot be adjusted at this time. The market does not seem to be slowing much, however, and perhaps the mere conversation around lending will spark people's interest to get into the market. If you have questions about how the rule changes impact you, please contact me. I am happy to offer you a complimentary mortgage review.

New World

Welcome to the world of new mortgage lending guidelines! Friday was the last day that insurance companies could accept applications under the old rules. Lenders have been absolutely slammed with people buying and refinancing and we now seem to be in the calm after the storm. The good news is that, for the most part, lending has not been cut back. Mortgages are slightly more expensive because amortizations have been shrunk but, qualifying ratios were relaxed to help with qualification. For the most part, I expect that the new rules will affect current home owners more than first time home buyers. This is because of the fact that we can no longer do refinances under CMHC. This means that 20% equity must be left in a home to refinance as the government tries to prevent us from using our homes as a cash machine. Please remember that if you ever have questions about how these rule changes apply to you and your family, I am always here to assist you. There is no charge for my services or advice and I am always happy to help.

New mortgage rules

Huge news has come down the pipe about changes to mortgage lending. Whether you are looking to buy a home or refinance a current mortgage, these changes will affect you. The changes will come into effect on July 9th, 2012 so if you have been considering mortgage financing, you may want to get it done sooner than later to ensure you qualify. Here is a list of the major changes and what they will mean. 1. Amortizations have been shrunk from a maximum of 30 years to 25 years for high ratio mortgages. This means that if you have less than 20% equity in your home, the maximum amortization you can get is 25 years. The most major impact this has is that monthly payments will increase dramatically. For a $300,000 home purchase, the minimum payments go up $150 per month. For a $500,000 home purchase, the minimum payments go up $250 per month. And for a $700,000 purchase, the minimum payment increases by $370 per month. 2. GDS/TDS changed to 39/ 44. These numbers represent gross or total debt servicing and ensure that a borrower is only using that percent of their income towards mortgage payments and total liabilities. These numbers have increased from the past so although amortizations have shrunk, the qualifying ratios have increased. 3. Refinances to a maximum of 80% of the home value. This is a major change. If you own your home, you cannot refinance your mortgage unless you have 20% equity in your home. Having said this, if your mortgage is up for renewal, we can still shop the market and transfer to a more competitive lender despite this rule change. You simply cannot add more funds or consolidate without leaving 20% equity in the home. 4. No more mortgage insurance for mortgages over $1 million. This probably does affect many people. If you can afford a $1 million home, hopefully you are putting more than 20% down. 5. Secured Home Lines of Credit will only be issued to a maximum of 65% of the value of the home. This is also a major change because line of credit could be secured to 80% of the home value before. If you are considering a home line of credit, get it now. If you have questions, please contact me and I will be happy to review your situation to ensure you can still reach your real estate goals. All the best! Jamie Moi, AMP Dominion Lending Centres - West Coast Mortgages Your mortgage consultant for life 604-534-6504 jamiemoi@jamiemoi.com And don't forget to Like my Facebook page at www.facebook.com/JamieMoiMortgageTeam.

New mortgage lending rules effective July 9th

New mortgage lending rules were announced this morning and will come into effect on July 9th. These rules will affect new home buyers and current home owners looking to refinance.. They are as follows. 1. Amortizations reduced to 25 years from 30 years 2. Refinancing limited to 80% of the home value (was 85%) 3. Properties purchased at over $1 million no longer eligible for mortgage insurance 4. GDS and TDS set at 39% and 44% If you are currently pre-approved or are looking to refinance, please contact me right away to ensure your ability to qualify remains intact.

If you take a walk, I'll tax your feet

It's that special time of year when property taxes are due. If you are a current home owner, you will be receiving, if you have not already, your 2012 Property Tax Notice from your municipality. If you are living in your home, you must claim the Home Owners Grant or Basic Grant attached to this notice in order to receive $570 off of your tax bill. Should you forget to claim your grant, your taxes will be charged to you at full price. If your lender is collecting your property taxes for you with each of your mortgage payments, you must still claim this grant. The lender will then remit the taxes as per the basic grant amount. If you have questions about how to claim your grant or, figure out if you are eligible for the grant, please contact me. The storm of fear is slowing dissipating surrounding changing to mortgage lending. The OFSI or Office of the Superintendent of Financial Institutions, has not officially published their set of final rules however, they have indicated that there will not be a need for mortgage holders to re-qualify for their financing at the end of their term. The Canadian Association of Accredited Mortgage Professionals argued that many people would lose their homes despite perfect repayment history and the OFSI listened. One change we are expecting to see is surrounding secured home lines of credit or HELOCs. It is expected that HELOCs will be restricted to 65% of the home's value however, we expect that interest only payments will continue to be available as so many people use their HELOCs for investment purposes and rely on interest only payments for tax strategies.

Using a shotgun to kill a house fly

There is more news this week about the potential of changes in the mortgage market. I will not be surprised to see changes to HELOCS or maximum amortizations coming down the bend. The article below is another great commentary on the impending changes. I have been saying for months that increasing interest rates is not the answer to the housing market correction. There would be a larger impact economically due to global factors. It's nice to see that someone is agreeing with me J I would not be getting too concerned about changes just yet. The truth is that there is nothing concrete about what will be proposed or even when. We have a relatively healthy economy in Canada and, so long as we don't go forgetting that our American big brother is still down in the dumps, we should be just fine. All the best! Jamie Moi, AMP Dominion Lending Centres - West Coast Mortgages Your mortgage consultant for life 604-534-6504 jamiemoi@jamiemoi.com And don't forget to Like my Facebook page at www.facebook.com/JamieMoiMortgageTeam.

Re-Qualification

The times they are a changin'. Or are they? The media has been chatting over the last week about potential new rules surrounding mortgage refinancing. Thoughts have been spinning around about lenders having to make renewing mortgage clients re-qualify for their mortgage. This is a pretty big deal if you consider all the things that can change for a mortgage holder during the period of their term. This could mean that thousands of people would be punted from their homes due to lack of re-qualification regardless of if they have never missed a mortgage payment. Making these kinds of changes simply makes no sense and there is no indication that any of these "rule changes" are going to amount to anything. I have had several clients call me this week in a panic thinking that the bank is going to take their home because of changes in their situation. Changes could be things like new employment, a partner being on maternity leave and earning less income or a client who has started working for themselves. I am here to assure that nothing has changed and I am very certain that re-qualification upon mortgage renewal will not happen. This would be devastating to consumer confidence in Canada and create a massive strain on lenders who would be forced to acquire thousands of homes from loyal customers. All the best! Jamie Moi, AMP Dominion Lending Centres - West Coast Mortgages Your mortgage consultant for life 604-534-6504 jamiemoi@jamiemoi.com And don't forget to Like my Facebook page at www.facebook.com/JamieMoiMortgageTeam.

Skewing the numbers

Now this is what I call nice weather! And you know what an excellent activity for good weather is? Home shopping! You don't have to carry an umbrella or remove muddy boots at the door. The yards are in bloom and there is no driving around in the rain. Spring market in certainly upon us and first time home buyers are eagerly trying to find their perfect first homes. Vancouver and the Fraser Valley has been on an upswing pricewise for several years and we are now seeing some softer prices. This is great news for new buyers who can finally afford to get into the market. For repeat buyers who are selling their homes, this market is also great. You may not sell your home for as much as you could have a few years ago however, the larger home you are about to buy is also much less expensive than it was pre-recession. Regardless of if you are a first time home buyer or a repeat buyer, it is always good to get pre-approved before you start shopping. Know your purchasing power upfront so your time shopping for a home is more efficient. All the best! Jamie Moi, AMP Dominion Lending Centres - West Coast Mortgages Your mortgage consultant for life 604-534-6504 jamiemoi@jamiemoi.com And don't forget to Like my Facebook page at www.facebook.com/JamieMoiMortgageTeam.

Slap in the face

This is a really exciting week because two of the largest mortgage conferences are happening right here in Vancouver. The Mortgage Brokers Association of BC is camping out for the first 2 days of the week at the Fairmont Hotel downtown and then, Dominion Lending Centres Broker University moves in. It is a great week of education and meeting with colleagues in the industry. Rates have not been as hot of a topic in the press lately however, this is a very observant article about lenders' appetites for mortgages right now. They are far more willing to offer lower rates on insured mortgages, especially if they are quick close mortgages. It is a real slap to people who have diligently paid their mortgages down to now be offered a higher rate than those with smaller down payments. CMHC insurance protects the lenders against client default and therefore, they lenders are willing to jump on mortgages that are insured. If you have questions about what the best options are for you, call me. My services are complimentary and it never hurts to ask.

Office Move

I can't believe it but on April 1st I celebrated my 5 year anniversary of being in my lease space on 56 Avenue in Langley! Wow, does time ever fly! To celebrate I thought I would do something special so...I'M MOVING!!!! Being in the Rycroft Centre has been a wonderful experience but, it is time for a change and so, I am proud to announce that by May 1st I will be all tucked into my new digs on Duncan Way. I'm staying in Langley City and moving just a few blocks away to a store front location. I am extremely happy to not just get a window (if you have been to my current location you will know that I have been windowless) but have a whole wall of windows! I will now be able to watch the weather rather than have to yell across the hall to find out what Mother Nature is up to. I look forward to inviting you all out to see the new space in the summer.

In mortgage news,the Federal Budget was announced last week. No changes to mortgage lending were introduced despite rumors that the minimum down payments amount for first time home buyers might be increasing to 7.5%. There had also been talk about cutting amortizations back to 25 years from 30 years. Only time will tell if or when such changes will come down the pipe.

My Birthday Extravaganza will be on Friday, April 13th at the Townhall Public House located at 19640 64th Ave in Langley, from 5pm - 9pm. The tickets are just $20 this year, and you will get a burger and drink. All funds raised are going to the Big Bike Ride for the Heart and Stroke Foundation. Please email me for further details and tickets.

All the best!

Jamie Moi, AMP
Dominion Lending Centres - West Coast Mortgages
Your mortgage consultant for life
604-534-6504
jamiemoi@jamiemoi.com

And don't forget to Like my Facebook page at

www.facebook.com/JamieMoiMortgageTeam.

Ridiculous

I believe your mortgage is a large part of your financial plan. For a lot of people, it can be the largest debt or loan they ever have. It needs to be reviewed annually to ensure that it is working with you, rather than against you.



Think of it like this, you wouldn't visit your accountant only every 5 years to file your taxes. And you certainly would not meet with your financial adviser only every 5 years to review your investments. That seems ridiculous, doesn't it? Consider how much the market has changed in the last 3 years alone! So why would you review your mortgage only every 5 years? A main focus of most financial plans it to save for retirement and pay off the current mortgage. So why only look at it only 5 times over 25 years?

As a mortgage broker, I am like your accountant or your financial advisor - I am here to ensure that whatever financials goals you have, you reach them!

I can offer a complimentary mortgage review because the banks pay me so my clients do not have to. Isn't it worth 15 minutes over the phone to potentially save yourself tens of thousands of dollars? I would love to help you!

Welcome to Spring

Welcome to Spring! After a week of rain, hail, snow, sunshine and general weather confusion, Spring is finally here! Thankfully, the Canadian mortgage market has not been as confused as the weather this week. Rates are remaining low and, although the US economy has been more upbeat than late, there are concerns over American employment levels, higher fuel costs, fiscal cutbacks and the weak housing market. So long as these concerns exist, we can expect little change in the mortgage rates.

The article below is about getting ahead when rates are low. I firmly believe that a mortgage rate is only part of choosing the perfect mortgage for your home. Flexibility is key to creating financial freedom. If your mortgage is not working for you, or if you are not sure how to assess if it is working for you, I would be happy to offer you a complimentary mortgage review so you can be sure that your financial goals will be reached.

In less than a month I will be hosting my Birthday Extravaganza. It will be on Friday, April 13th at the Townhall Public House located at 19640 64th Ave in Langley, from 5pm - 9pm. The tickets are just $20 this year, and you will get a burger and drink. All funds raised are going to the Big Bike Ride for the Heart and Stroke Foundation. Please email me for further details and tickets.

Penalties

Happy Tuesday! Lots has been going on in the real estate market over the last couple of weeks. Home sales have been taking off and a record number of housing starts have begun to break ground. There has also been an announcement that lenders will now have to be more clear about the mortgage penalties they charge to their clients. Coming into effect over the next 6 to 12 months, lenders will be required to provide online mortgage penalty calculators, disclose the details of how penalties are calculated and show clients how to pre-pay their mortgages without incurring penalties. At this time, there is no standard for penalty calculations from bank to bank so hopefully that will be the next step.

A reminder that my Birthday Extravaganza will be on Friday, April 13th at the Townhall Public House located at 19640 64th Ave in Langley, from 5pm - 9pm. The tickets are just $20 this year, and you will get a burger and drink. All funds raised are going to the Big Bike Ride for the Heart and Stroke Foundation. Please email me for further details and tickets.

All the best!

Jamie Moi, AMP
Dominion Lending Centres - West Coast Mortgages
Your mortgage consultant for life
604-534-6504
jamiemoi@jamiemoi.com

And don't forget to Like my Facebook page at

www.facebook.com/JamieMoiMortgageTeam.

Gonna party like...

My favorite time of year is nearly here! Many of you know what I am taking about. Yes, it's my birthday, coming up in April. The best part about my birthday is that I love to take it as an opportunity to give back. For the last 3 years I have held Jamie's Birthday Extravaganza as a charity event, in support of 3 different charities. The Gateway of Hope, The Ride to Conquer Cancer, and last year, the Leukemia Society. This year I have chosen a very special charity, the Heart and Stroke Foundation. Every 7 minutes a Canadian dies from heart disease or stroke, and 9 in 10 Canadians have at least one risk factor for heart disease or stroke. My family, like many, has been personally touched by this.

That's why I wish to invite you all to my Birthday Extravaganza on Friday, April 13th at the Townhall Public House located at 19640 64th Ave in Langley, from 5pm - 9pm. The tickets are just $20 this year, and you will get a burger and drink. Almost half of the ticket price is going to charity! It is going to be a fun night for a great cause. I encourage you to get a group of friends or colleagues together and get tickets early because we have limited seating this year. Please email me for further details and tickets.

In mortgage news, you have all heard that the provincial government is now offering a $10,000 bonus to first time homebuyers. I will not deny that every little bit helps, however, this is really just a little bit. The bonus is an income tax credit that applies to the PST return, not cash in hand for the buyer. It will equal a maximum pay out of $770 to new home buyers. The article and link below describe the new bonus.

All the best!

Jamie Moi, AMP
Dominion Lending Centres - West Coast Mortgages
Your mortgage consultant for life
604-534-6504
jamiemoi@jamiemoi.com

And don't forget to Like my Facebook page at

www.facebook.com/JamieMoiMortgageTeam.

$10,000 First Time Homebuyer Bonus...

Here is a break down of what the $10,000 First Time Homebuyer Bonus from the Mortgage Brokers' Association of BC.

Geoff Parkin, MBABC President Announcement :
$10,000 First Time Homebuyer Bonus

In the proposed BC budget released yesterday the government announced a $10,000 First Time Homebuyer Bonus.

It is important that we understand the nuances of this program and can share those with the clients.

• First, this is a $10,000 income tax credit - not cash

• The tax credit is equal to 5% of the home price, subject to a maximum of $10,000

• The tax credit is pro-rated based on your income and phases out for higher income families

• The tax credit is applied at the time you file your annual tax return. Hence, it is not to be construed as funds that are available at closing date on a purchase.

• The $10,000 tax credit is effectively applied as an offset against your income. In the tax return preparation, that means that you do not get $10,000, but rather get a credit equal to the tax rate on $10,000 of income in your personal tax bracket. Since this is a BC tax credit, not federal, it only applies to the BC tax you pay on your personal income. The typical BC tax rates for individuals is 7.7%. So, you get the equivalent of a $770 tax payment to you.

• This credit only applies to brand new homes

• This credit only applies to first time homebuyers

Just think...

Happy Tuesday! Just think, next year at this time we will be coming back to work after a long weekend! I'm already looking forward to Family Day in BC. Some how it hurts a little more to know the rest of the country has something that we don't yet.

Good news, last week the provincial government announced that the HST threshold has been increased from $525,000 to $850,000 effective April 1st, 2012. Not only have HST rebates been increased but, provisions have also been put in place for secondary and recreational home builds outside of the Vancouver and Victoria areas. Hopefully this will act as a stimulus until the tax is fully transitioned out. Several groups continue to lobby the government for a revision of the Property Purchase Tax. Although there is little chance that the tax will be completely eliminated, the idea to ask for indexing the tax or allowing for a flow through from builders to final consumers is being reviewed for proposal to the government.

Are you looking to buy a home and not sure where to start?
Come to the First Time Home Buyers Seminar and Tour.
SUNDAY, April 29, 1PM- 4PM

Start point will be the Sutton Group West Coast Realty Office on Willowbrook Drive in Langley

Looking to buy a new home and not sure how to do it?
We can help!!!

Join us for an educational and fun seminar and real estate tour!
We will meet up for a 45 minute seminar, followed by a tour of properties in Langley and Clayton.

Come and see how buying is more affordable than renting!

Spaces fill up fast, so register early by emailing Jamie at jamiemoi@jamiemoi.com

All the best!

Jamie Moi, AMP
Dominion Lending Centres - West Coast Mortgages
Your mortgage consultant for life
604-534-6504
jamiemoi@jamiemoi.com


And don't forget to Like my Facebook page at
www.facebook.com/JamieMoiMortgageTeam.

Contribution

Happy Valentine's Day! Spring certainly feels like it has sprung and the warmer weather had been a great encouragement to get buyers out shopping for homes. The big banks have pulled their deeply discounted rate promotions due to high funding costs and low profit margins. Otherwise rates are stable and some are expecting prime to drop in upcoming months. The spread between prime and the 5 year fixed is traditionally larger so, there is some merit to these predictions. The Bank of Canada will be meeting again on March 8th.

A reminder that the RRSP contribution deadline is February 29th this year. We get one extra day to pay ourselves and receive a tax break. If you are wishing to contribute but are short on cash, I can help. By adding funds for an RRSP contribution to your mortgage, you can throw your resulting tax refund back on your mortgage. Or, if you are looking to get ahead in the coming year, I can drop your monthly mortgage payments allowing for extra funds to be investment in RRSPs. This can make for a nice refund come the summertime.

Trying to figure out how to get ahead in 2012? Contact me! I'll show you how to save an average of $22,000 on your mortgage in the next 5 years.

All the best!

Jamie Moi, AMP
Dominion Lending Centres - West Coast Mortgages
Your mortgage consultant for life
604-534-6504
jamiemoi@jamiemoi.com

And don't forget to Like my Facebook page at

www.facebook.com/JamieMoiMortgageTeam.

Current Cap

It has been a very busy start to the year and there is no sign of it letting up anytime soon. This is great news as changes in mortgage guidelines are expected. Last week it was announced that CMHC (Canadian Mortgage and Housing Corp) is rapidly approaching their $600 billion cap. The role of CMHC is to insure mortgages for the protection of lenders. Borrowers pay the CMHC premium on mortgages where there is less than 20% equity in the home, and the lender is insured in the case of default. CMHC is regulated by the federal government, and would therefore need federal permission to extend past their current cap of $600 billion. As a result, last week several lenders discontinued their self-employment and equity programs, where clients were able to qualify without income verification. These programs have been considered higher risk, despite the fact that the foreclosure average in Canada remains under 1%. Although some lenders have lost their appetite for self employed clients, many lenders are excitedly moving towards those products to pick up more market share.

If you are self employed, or have questions about possible industry changes, email or call me and I will be happy to review options with you.

All the best!

Jamie Moi, AMP
Dominion Lending Centres - West Coast Mortgages
Your mortgage consultant for life
604-534-6504
jamiemoi@jamiemoi.com

And don't forget to Like my Facebook page at

www.facebook.com/JamieMoiMortgageTeam.

Star in the Making

The year has gotten off to a great start! Interest rates are low and buyers are getting into the market. However, Canadian interest rates are only part of the recent mortgage news. Last week the US Federal Reserve announced that they will be keeping interest rates low into 2014. This means that Canada will have little choice but to do the same.

There has also been plenty of speculation about stricter mortgage rules in the near future. Personally, I would not be surprised if amortizations were cut back to a maximum of 25 years in the next 6 months. Even if the rules change, I anticipate we will see very stable interest rates and a stable real estate market well into 2013.

As a special treat, I have put together a short video for you about what is happening in the mortgage industry. If you have any topics you would like me to discuss in my future videos, please feel free to email me.

Please check out my YouTube video here!

http://www.youtube.com/watch?v=wAs8cTXgi-c&context=C3aaf051ADOEgsToPDskIJW0-eenN85t0n30mTVG-v

All the best!

Jamie Moi, AMP
Dominion Lending Centres - West Coast Mortgages
Your mortgage consultant for life
604-534-6504
jamiemoi@jamiemoi.com

And don't forget to Like my Facebook page at
www.facebook.com/JamieMoiMortgageTeam.

Take a Ride

The mortgage market has been incredibly busy this January and there is no sign of things slowing down. Lenders are promoting all kinds of rate sales and new products. This offers a lot of opportunity for people looking to get into the housing market for the first time, and for people focusing on paying their mortgage off sooner. Eventually interest rates will have to go up, however, for now they are at historic lows. If you currently have a mortgage, I can offer you a Complimentary Mortgage Review and show you how to pay your mortgage off faster than you imagined. I am currently working with several clients who are going to be able to pay their mortgage down by $72,000 to $105,000 in just the next 5 years by using this strategy! Your home is largest investment of your life and your mortgage is likely the largest loan you will ever have. Why not get ahead while the rates are low?

If you are looking for a new home, I can hold interest rates for up to 4 months, so you have the confidence and security of knowing what your financing will look like. If you have no idea how to even begin shopping for a home, come to the First Time Home Buyer's Seminar and Tour on Sunday, April 29th. You will learn the ins and out of buying a home and also get the chance to see homes listed in Langley and Clayton.

First Time Home Buyer's Seminar and Tour

SUNDAY, April 29, 1PM- 4PM

Looking to buy a new home and not sure how to do it?

Start point will be the Sutton Group West Coast Realty Office on Willowbrook Drive in Langley

Join us for an educational and fun seminar and real estate tour!

We will meet up for a 45 minute seminar, followed by a tour of properties in Langley and Clayton.

Come and see how buying is more affordable than renting!

Spaces fill up fast, so register early by emailing Jamie at jamiemoi@jamiemoi.com

Attend and be entered to win a $50 Gift Certificate to Earls.


All the best!

Jamie Moi, AMP
Dominion Lending Centres - West Coast Mortgages
Your mortgage consultant for life
604-534-6504
jamiemoi@jamiemoi.com

And don't forget to Like my Facebook page at

www.facebook.com/JamieMoiMortgageTeam.

Too Good to be True

Happy New Year to you all!!! After a wonderful holiday season and a brief skip down to Mexico to recover from the festivities, it is back to the office. I'm so excited about 2012! Interest rates are going to be staying low and consumer confidence is getting back on track. The Bank of Canada met and there is no surprise that they kept Prime rate steady. The article below talks about the improving Canadian economy and the direction of the Central Bank.

Speaking of low interest rates, I am sure you have all seen the ads in the paper for the 2.99% 5 year mortgages. When looking at these products, please make sure to educate yourself. These mortgages are "no frills" restricted mortgages. What that means is that these mortgage products have limited pre-payment privileges and no option for early refinance. They are all written at 25 year amortizations. Signing for one of these products means you can only make limited extra payment and, most significantly, you cannot get out of the mortgage unless you sell your home!

The interest rate on a mortgage is only a fraction of what is important. Ensuring that your mortgage can work with your needs, regardless of what the future holds, is imperative. If you have questions about what you are seeing or reading in the news, please never hesitate to ask me. I am here as a source of information and my services are complimentary and without obligation. Make sure you get the best mortgage for YOU!

All the best!

Jamie Moi, AMP
Dominion Lending Centres - West Coast Mortgages
Your mortgage consultant for life
604-534-6504
jamiemoi@jamiemoi.com

And don't forget to Like my Facebook page at

www.facebook.com/JamieMoiMortgageTeam.