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.