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!