Qualifying for a short term rate or variable rate

If you are wishing for a standard 5 year fixed rate for your mortgage, the lender allow you to qualify using that discounted rate. If you are interested in a variable rate or a term of 1, 2, 3, or 4 years, you must be able to qualify using the Benchmark Rate (which is 5.34% today). This means that although the rate you are given is lower, to ensure you could still afford the home should interest rates increase in the next few years, lenders require that your application qualify using a higher rate.

Resolution

There is not usually much change in the mortgage market leading up to the holidays. It is after the holidays and, sometimes even just before New Year's, that many lenders announce new products, roll out rate changes and begin to live by New Year's Resolutions. We know that some changes are expected for January 1st and if you are planning to buy a home, there is information you need to ensure you will qualify. Getting pre-approved is a perfect way to be assess your ability to buy a home and also secure interest rates for up to 4 months. Spring is just around the corner and now is the time to prepare. My services are complimentary and I am always here to help. Call me today!

Holiday Shopping

As the holidays approach, many people sit back and relax and try to have a little time off. For those of you who are first time home buyers, now is a perfect time to be shopping for a home. In my experience, sellers are more willing to negotiate and offer more flexible terms around the holidays. I have had many clients buy their first home around Christmas and get much better prices than in the hot Spring market. If you are considering buying yourself a home for the holidays, give me a call and I will be happy to get you pre-approved!

Not sufficient

The Bank of Canada met this morning and kept the Prime rate stable. Although both global and domestic economies are looking stronger, the Bank stated that there was not sufficient improvement to merit an increase and that our economy continues to require monetary stimulus. The announcement confirmed views that the economy remains fragile and prompted the Canadian dollar to drop. Based on the slower than expected growth, most economists now agree that a change in 2014 is no longer expected and that the first increase to Prime will likely come in 2015. The stability of prime has made variable rate products popular again. If you are unsure if you should consider a variable or a fixed rate, just ask me. I'll be happy to help you make the right decision for you.

Secured Lines of Credit

Have you considered accessing your equity to do a home renovation or make an investment but, you are not certain of the exact amount of cash you need? Consider a secured line of credit which will allow you to access your equity but allow you to pay interest on only what you borrow. Line of credit rates are low at just 3.5% or Prime plus 0.5%.

That was AWESOME!

If you know me even a little bit you will know that I am a BIG Saskatchewan Roughriders fan. So this week has been pretty great as my favorite team took home the Grey Cup on home turf. To my many clients and friends in Saskatchewan, THAT WAS AWESOME!!!!! And now back to mortgage news. Not many changes to fixed rates and we have seen some lenders come back into the pre-approval market. Self-employment programs are also popping up and, although lending is tighter than ever, deals are still getting done and people are buying homes all over the place. If you are looking for mortgage advice, please remember that my services are free. I'm always here to help!

Have you been denied?

Have you been denied financing to buy a home in the past? Perhaps you work for yourself, have been bankrupt, have unverifiable income or had credit challenges. There are many lenders who specialize in working with clients in transition and I can help to arrange reasonable and fair financing for almost every situation. If the bank has told you "no", call me to find you a "yes".

Step by Step

There seems to be a push to get into a home before the end of the year as first time home buyers are leaping on housing deals across the Lower Mainland. A recent survey by the Canadian Association of Accredited Mortgage Professionals found that more and more people are using mortgage brokers. In fact, the broker share of the mortgage industry increased from 25% to 28% since last year. The survey also found that Canadians are feeling more confident in the housing market and that over 80% of those surveyed had at more than 25% equity in their homes. CAAMP found that of all the new homes purchased in the past year, 57% of them were bought by first time home buyers. In the past year, 38% of mortgage-holders worked to put extra payments on their mortgage and reduce their principal and amortization. If you are dreaming about a home of your own and you are not sure where to start, please contact me. I can offer you a step by step guide to home ownership!

Mortgage Life Insurance

What would happen to your family or spouse if you died tomorrow? Life insurance can offer you the protection to know that if anything were to you, your partner and children would be protected. Lenders offer more expensive declining policies, this means you make the same payments even though, as your mortgage is being paid down, you are covered for less. An independent life insurance advisor can offer you the protection you need. I have excellent people I personally work with and would be happy to refer you to them.

Comparing

Interest rates have increased slightly and with the threat of them increasing even more, many Canadians are jumping in and buying homes while they can afford it. Sales in September were up 18.2% compared with last year according to CREA. The average home price was $385,900 which is an 8.8% increase over 2012. So how much are rate increases going to affect buyers? Consider this, if you buy a home today and get a $300,000 mortgage, the payment for a 5 year term at 3.59% is $1512 per month. If interest rates increase to 4.59%, that payment jumps to $1675 per month or $163 per month more. If you feel that now is the time to begin exploring buying a home, call me today. I can secure rates for you and help guide you through the process.

Gifted Down Payment

Did you know that lenders will accepted gifted down payments from immediate family members? This means that if a parent is will to gift you the funds, they can be used to buy a home right away. You can put as little as 5% down on a new home. Not sure if you will qualify, call me today!

Stricter Rules

On December 31st new and stricter mortgage lending rules are coming into play. CMHC (Canadian Mortgage and Housing Corporation) will be instating a few new rules, some of which will have an impact on new home buyers. Two notable changes are as follows. All payments on unsecured loans held by an applicant will be calculated as 3% of the outstanding balance. That is a big deal for interest only debt holders. Also, if a guarantor on an application does not live in the home, we cannot use their income. This means that if mom or dad were willing to co-sign for their kids, after December 31st their income will not be eligible for use on the application. If you are a new home buyer and are wishing to buy a home, act now before the new rules apply to you!

Home Appraisals

When buying a home, many times a home appraisal is required by the bank. This is usually the case when a buyer has more than 20% down payment and is bypassing CMHC insurance. Because CMHC does its own internal property valuation, an appraisal is rarely required. However, when CMHC is not involved, lenders typically require that an independent home appraisal be done to confirm the property's value. This offers the lender a full report on the home and it's marketability and also offers the home buyer peace of mind to know the price they are paying for their new home is a fair value. Call me today!

Retirement

With interest rates on the rise, many Canadians are pulling the trigger and getting into home ownership. There has also been a flux of current home owners who are exploring longer term rates to help stabilize their payments. If you own your home and are looking to stay in it for the next 5 - 10 years or longer, securing a longer term interest rate may be of benefit especially if income changes, such as retirement, are on your horizon. By getting into a 5, 7 or 10 year term, your payments are guaranteed for that term and will not change. Depending on your future plans, this could be a great way to ensure you can maintain your home comfortably into retirement. Call me today to discuss!

Maternity Leave

Maternity Leave Your little bundle of joy has finally arrived and now you are quickly running out of space in your current home. Did you know that we can use a mother's regular income to qualify for a mortgage even if she is on maternity leave? So long as a letter is attained indicating a mother's return to work date, her full income can be used to buy a home while she is home with the little one. If you have a growing family and wish to upgrade to a larger home, call me today!

Bubble

The housing market has been staying busy with the threat of further interest rate increases. Buyers are jumping into the market and taking advantage of low rates while they last. We are not expecting to see the Bank of Canada move the Prime rate until well into 2014 and the Governor of Canada Stephen Poloz came out this week and said, "I don't perceive that there is a bubble in the Canada's housing market". I am certain the media will continue to insist on the mystical bubble existing but overall, the Bank of Canada is optimistic about the economy. If you are wishing to buy a home prior to the end of the year, now is the time to act. Getting pre-approved will offer you information on your purchasing power as well as hold rates for you until January. Give me a call to explore numbers today!

Buying a home

Buying a home is a major decision and will likely be the largest investment of your life. To best prepare you, we can offer you a pre-approved mortgage. This means that before you even start shopping, we can help you to determine your purchasing power and also hold interest rates for you for up to 120 days. The process for getting approved is simple and only takes 10 minutes. Once we gather some basic information from you by phone or our online application, we can get back to you in 24 hours to discuss all your options and hold rates for you. Call or apply today because knowing you can, means you can make it happen!

One in four

The real estate market has remained strong and recent statistics have shown that nearly 60% of a Canadian homeowners have a mortgage. According to Statistics Canada, the average mortgage payment is about $1585 per month and that many Canadians took mortgages due to low interest rates in order to consolidate debts. Dominion Lending Centres has been a top choice for Canadians in the second quarter of 2013. We dominated the mortgage broker industry by holding a market share of 27%. Basically that means that of people who used a mortgage broker in the second quarter, 1 in 4 chose a DLC agent. Thank you for supporting my business and introducing me to those you know for their mortgage needs!

Down Payment - How much do you need?

The minimum down payment to buy a home in Canada is 5% down whether you are a first time home buyer or a 10th time home buyer. So long as you are qualifying on income for an owner-occupied home, you are fine to put 5% down and have the loan approved through CMHC or another insurer. If you are planning to use a self-employment stated income program where you do not qualify on income, that program uses a minimum of 10% down. For rental properties, most lenders wish to see a 25% down payment. If you are planning to buy a home and need advice about how much to save for your down payment, call me today!

Before it's too late

Fixed rates have been increasing and there are rumours that mortgage lending guidelines may become even stricter. This has many people jumping into the market to avoid being locked out by high rates and qualification changes. If you have been considering buying a home but have not been sure if now is the time, later on may be too late. Over the past couple of weeks, several lenders announced they were no longer doing pre-approvals or rate holds for clients. This is unfortunate for clients who want to hold rates for 4 months while they shop. If you need mortgage advise for a current mortgage or help getting a new mortgage, please ask me. My services are complimentary and I am also happy to help!

CHIP Mortgages

CHIP Mortgages Do you have an elderly parent or grand-parent who is living month to month on a small pension but owns their own home? Are looking for a way to help them financially? CHIP Home Income Plans is available to homeowners over the age of 55 years and allows applicants to take up to 50% of their home equity out without a medical. The client will never owe more than the value of their home and the funds can be taken in a lump sum or as a monthly draw. The funds can be taken with no interest paid until the client leaves their home or, interest payments can be made monthly or annually. Ask me how to apply for a CHIP Mortgage.

Three year sit

The Bank of Canada met this morning and, as expected, they left the Prime rate sitting where it has been for the last 3 years. Despite sighting economic improvements in China, Japan and Europe, the Bank is not expected to raise the Prime rate until the third quarter of 2014. The kids are back to school this week and we are into the last remaining months of the year. So how has 2013 shaped up for you? Are you reaching your goals? If buying a home was on your "To-Do in 2013 List," you still have time to get into the market. The most important thing you can do before buying a home is to get pre-approved. This way you can not only hold interest rates for 4 months while you shop, you can assess your purchasing power and know exactly how much you can spend. Getting pre-approved is free to you and takes only moments. Call me today! If you already own your own home and have not had a mortgage review in the last 2 years, I strongly suggest taking a look at it. The market has changed and you need to ensure that your mortgage is working in the same directions as your goals. It is a simple process that could save you thousands of dollars Call me today for a complimentary review!

Hysteria over Rate Increases

I have received several calls over the last few weeks from people wondering if they should lock in their mortgage. I have two opinions on this. My first thought is that locking in is a personal choice that a home owner must make about their comfort with the market. My second opinion is that I will not be locking in my personal mortgage. I currently have a variable rate on my primary residence mortgage and I do not believe that the increase in rate to lock in is worth it even when considering the pending increases to the prime rate next year. I always encourage my clients to overpay their mortgages, at least a little bit, and having a low variable rate means that you can pay down your mortgage faster and easier. If you look at the history between variable and fixed rates, people with variable rates have saved more money than those who are locked in. The choice is yours and I am happy to help you make a decision. Call me today for a complimentary review!

Role of a Realtor

When selling a home in a competitive market, it makes sense to hire a realtor. But did you know that working a realtor when buying a home is just as important? When a realtor is hired to sell a home, they are hired to get their sellers the best price for their home and protect the sellers' interests. This is why the buyers should also have their own independent representation to ensure that a professional is negotiating on their behalf. Need a referral to a great realtor? I'll be happy to introduce you to some of the best realtors in the business!

Pass the Buck

It has been one year since mortgage lending guidelines were tightened in Canada and it appears that the real estate market is still going strong. The new rules last year shortened amortizations to 25 years and restricted refinances to homes with over 20% equity in them. At the end of the day, everyone needs somewhere to live and if you can pay your own mortgage, rather than someone else's, you are bound to get ahead more quickly. Getting pre-approved takes only moments and you may be surprised at what you qualify for. "Real estate is at the core of almost every business, and it's certainly at the core of most people's wealth. In order to build your wealth and improve your business smarts, you need to know about real estate." DONALD TRUMP, Think Like a Billionaire If you have mortgage questions, please call me. My services are complimentary and I am happy to help!

Family Program

Did you know that as a home buyer you can purchase a home for your child or parent and put as little as 5% down on it? If your child is attending post-secondary education or you have a parent on a fixed income and you would like to purchase a home for them to live in, you can do this with a minimum down payment. Qualification are similar to buying a second home and you can even use Purchase Plus Improvements with the program. Ask me today if this program could be a good fit for your family!

Take the Hint

Despite all the changes to mortgage lending guidelines and interest rates bouncing around lately, the housing market does not seem to be taking the hint to slow down. July recorded the highest number of home sales in the last 8 years. This is great news for buyers as sellers are willing to negotiate. I have had several clients over the last weeks get good prices for new homes. As we approach the Fall, kids are heading back to school and household schedules are about to readjust. This means that sometimes things get lost in the mix. If you have been considering a mortgage review, this is a great time to do it. I can help you to identify if your mortgage is working for you or against you and help you to realize your financial goals for 2013 and beyond. Call me today for a complimentary review!

Outlook

The summer market is in full effect and it seems that home buyers are out shopping and trying to buy before their 2.99% pre-approval rates expire. The overall outlook for the economy has been positive and, as the Bank of Canada stated last week, interest rates are not expected to soar. Fixed rates will be bouncing around slightly but no major moves. If you are interested in getting into a place of your own, give me a call. I can offer you a pre-approved mortgage to determine your purchasing power and offer you access to special properties that are some of the best priced in the Fraser Valley! How about owning a home for just $800 per month. Give me a call to learn more! If you have mortgage questions, please call me. My services are complimentary and I am happy to help!

Purchase plus Improvements

When buying a new home, sometimes there are renovations that need to be done but funds can be hard to come by. That is why there is a program called Purchase Plus Improvements. This program allows a buyer to add 10% of the improved value of the home up to $40,000 to the mortgage for home renovations. During subject removal, the buyer must provide quotes for the work to be completed so that a budget is established. The buyer must have funds available upfront to do the work and then, once it is confirmed by an appraiser that improvements have been done, the funds are reimbursed to the client from the mortgage funds. If you are considering buying a home that needs a little TLC, ask me about Purchase Plus Improvements!

Bouncing Rates

Could it be that the days of a buyers' market are gone? The real estate market in the Lower Mainland could be suggesting that. Studies are showing that prices and sales are increasing slightly but that overall we are experiencing a stable market. This is the great news as it shows that both buyers and sellers are participating equally in the market signalling great opportunities on both sides. Interest rates have been bouncing all over the place over the last 2 weeks. They go up, they come down and there is no reason to believe anything will last long. With bonds increasing, lenders are taking advantage of a larger spread and jacking up their fixed rates. Prime is remaining stable and expected to stay that way well into 2014. Interest rate movement is nothing to be concerned about and we are not seeing dramatic increases. If you are planning a move or considering a refinance, contact me today to explore options. Mortgage Tip of the Week Sadly it is a part of life that some marriages do not work out. If you and your spouse or partner currently own a home and are both on title, there may be the option to have one partner buy the other out up to 95% of the value of the home. Despite rules that state that you cannot refinance a mortgage unless there is 80% equity in the home, there is one exception and that is divorce/ separation. So long as both partners are on title and there is a separation agreement in place, we can help you to have one spouse buy the other out. Contact me for more information.

Get the Grant!

As we approach the end of June, all home owners should have now received their property tax notice. If you have your lender or the municipality collecting for your property tax bill, then sit back and relax about the money side of it. But remember, in B.C. you must still claim your Home Owners Grant. All home owners who live in their home as a principal residence must claim the Home Owners Grant to get $570 off your property taxes. You can claim this each year you live in your home. If you fail to claim the grant, the municipality will charge you the extra $570, plus interest if you are late on the payment. If you have questions, please let me know and I will be happy to help.

Rising Rates

Fixed interest rates started to increase slightly over the past week. Nothing that will cause heart attacks across the country as 5 year rates are still under 3%. If you are considering a home purchase or refinance this summer, NOW is the time to secure your rate! Lenders will hold interest rates for up to 4 months protecting you from any further increased. You can then shop for a home with the security of knowing that you have the lowest rate on the market held for you. The Greater Vancouver housing market is looking "perky" according to the Real Estate Board. Home sales rose by 1% in May and prices have actually risen 1.8% since January. This is more proof that the doom and gloom from the general media is unfounded. If you have mortgage questions, please do not hesitate to contact me. My services are free to you and I can offer you a complimentary mortgage review.

Relative

So here we are half way through the year and the market has not crashed and interest rates have not risen sky high. Despite what you may read or hear in the media, the market is remaining rather stable. I have had several clients sell their strata properties and upgrade into houses this year. Although the market for real estate may be slightly softer, consider this...If you are having to take a slightly lower price for the sale of your condo but you are also getting a slightly lower price on the new home you are buying, it is all relative. In the long term you will be getting ahead because your home is a longer term investment than your condo and by moving in a softer market, you could be saving thousands of dollars because your initial home mortgage will be lower. If you are thinking of a move this summer, give me a call and we can explore options!

Bank of Canada's last meeting with Carney

The Bank of Canada met for the last time under Mark Carney this morning. There was no surprise that Prime was not adjusted. Governor Carney stepped down from his post at the central bank earlier this year to accept the position as the head of the Bank of England. The Bank of Canada sighted that while much of the world is improving economically, Europe remains in recession. Rates will certainly need to increase at some point but that does not seem to be in the near future. If you are a home owner, you have likely received your property tax bill. If your lender had been collecting your property taxes, they will remit those taxes to your municipality. Otherwise you must arrange to pay them yourself. Please note that your principle residences is eligible for the Home Owners Grant regardless of how long you have lived in your home. To claim this grant you must complete the ticket at the bottom of the property tax letter and return it to the municipality OR, you can apply for your grant online. If you do not apply for your grant, you will not receive the $570 off your tax bill. If you have any questions about this or any other mortgage information, please contact me. I am never too busy to answer questions and I always love to connect with my clients.

Shrinking amortizations?

Last week the talk was about fixed rates increasing, this week the talk is about cutting back longer term amortizations. For high ratio mortgage borrowers, those who have less than 20% down payment, the rules are set that the longest amortization available is 25 years. Up until now, conventional borrowers (those with more than 20% down) could choose an extended amortization up to 30 years. This may be changing. But don't get to thinking that the mortgage rules are so strict that you cannot borrow what you want. Consider this, when I got into the mortgage industry in 2003, there were no extended amortization. In fact, most of the lending guidelines that the government is implementing to "slow down the market" are the same guidelines we had 10 years ago. We are just going back to basics. If you have questions about how you can qualify to buy a home or refinance a current mortgage, please contact me any time. My services are free to you and I would be happy to offer you a mortgage pre-approval or complimentary assessment

Expected Increase

Lots of talk this week about the fact that fixed rates are expected to increase. If you are thinking of buying a home, now is the time to get pre-approved to hold the lowest rates on the market. You will have 4 months to buy a home and the process is as easy as a 15 minute phone conversation with me! Today is the provincial election and your chance to be heard! It doesn't matter who you vote for but, it matters that you vote. Please take the time to help build the future of our great province. This Thursday, May 16, I will be presenting at the "Ask a Pro - Renovation Seminar and Expo" hosted by the GVHBA. If you are looking to do a home renovation, come out and learn from the experts. I will be discussing when to get financing for a renovation and the different financing options available. I am proud to have been named the Top Broker for DLC West Coast Mortgages for the first quarter of 2013. The achievement is based on the number of deals funded as well as the volume of deals. I sincerely appreciate my clients and referral partners and thank you so very much the support you have for me and my business.

Serenade

The sun is shining, the birds are singing and the everyone is in a much better mood after a little Vitamin D this weekend. Although this is the season of home buyers, I want to quickly address a limited time offer that a few of the lenders have. They are offering Free Refinances! Basically, you can refinance up to 75% of the value of your home and the lenders will pay the legal cost. If you have been thinking about a summer renovation project or want to consolidate some debt, this is a great program. Contact me for details. The best new development is Langley is nearly sold out and if you buy a suite, you have a 1 in 30 chance of winning a new car! Check out my Featured Property below and don't forget to get pre-approved to secure the lowest rates on the block. Call me today to get started!

Determining

There is no doubt that affording a nice home in the Lower Mainland is going to cost you more than in many other parts of the country. Having said that, not many places on earth can boast having mountains, oceans and forests all in the same place. Vancouver real estate may be correcting however, it is still hard to get into the market. If you are considering buying your first home or, if you are wishing to upgrade from the current condo or townhome you are in, there is hope. Qualifying for a mortgage is as easy as 1, 2, 3. The very first step is to give me a call or drop me an email indicating you are looking to get "Pre-Approved" for a mortgage. I will offer you all the information you need to get started and get (Step 2) your mortgage application from you. This is as simple as a 10 minute phone conversation. No obligation and no cost to you. Step 3 is reviewing your numbers and determining your purchasing power. It has never been so easy to find out how much you afford to spend on a new home. Let me help to take the guess work out of buying a home. You never know unless you ask. Call me today!

Easy Livin'

It's almost summertime when the living should be easy. If your home is in need of some TLC, summer may represent the perfect time of year to concur some of those home renovation projects you have been thinking about. Using your home equity can be an easy and inexpensive way of access the funds you need to make your home your castle. Whether you have a set budget and want a low interest mortgage, or are flying by the seat of your pants and want flexibility in the use of your funds, I can help you to design the perfect financing. If you have a home renovation project and are looking to have a profession do the work for you, please ask me for a recommendation. I know the best painters, contractors, plumbers, hardwood flooring specialists and master carpenters. Your home will look like a million bucks once you meet my people. Call me today!

Horizon

What an amazing week this has been! On Saturday I hosted my Birthday Extravaganza to support Team Jordan in Walk Now - Autism Speaks Canada. We raised $2500 and had a blast doing it! A special thanks to our sponsors - Magellan Law, Sudden Impact and SilverPoint Systems. I also want to thank Duolynx Printing and Party Elegance for their help. David Anthony did a great job with the music and I foresee having him back again next year! I really appreciate all the donations we received and all the great friends who came out for the evening. It was a wonderful way to celebrate my birthday and I am very thankful to you all. The Bank of Canada met this morning and there were no changes to the Prime rate. It does not look like any changes are on the horizon. If you have questions about your variable rate mortgage or line of credit, just ask me! I'll be happy to offer you a complimentary mortgage review to make sure your mortgage is working for you!

Ahead

Buying a home is an exciting milestone in life. Trying to pay the mortgage back can be daunting! Most lenders are not going to share with their borrowers a little secret they hide called "pre-payment privileges". This is the ability to overpay the mortgage so that the balance and amortization shrink faster. Did you know that most lenders will allow you to put lump sum payments on your mortgage and also allow you to add monthly to each of your monthly or bi-weekly payments? Paying bi-weekly also pays your mortgage off faster than making simply monthly payments. If you are looking for advice about how to pay your mortgage off faster, ask me! I can help you to customize a payment schedule to get you where you want to be faster. This Saturday is my Birthday Extravaganza at Manhattan's. Thank you to all our sponsors and to those who have bought tickets. This is a SOLD OUT event! Thanks for helping me raise money for Team Jordan in Walk Now - Autism Speaks Canada!

Unlock the value

Hope everyone had a wonderful long weekend over Easter! The nice weather had many young people out shopping for homes. Something I don't often talk about is my ability to help more elderly clients. Do you have a parent or grandparent who is living in a home that they own but they are having trouble with cash flow? Maybe there are house rich but cash poor? I can help with the use of a special kind of mortgage that allows them to borrow up to 50% of the value of their home tax free and they never have to make any payments! They also do not have to qualify for the money they borrow from their home and do not have to take a medical. The home owner must be over 55 years old and will maintain control of the ownership of their home. They will never owe more than the value of their home and can take their money by monthly draws or in a lump sum. If you have a loved one who is needing help making ends meet, I would love to help them. Call me today!

Easy as 1,2,3,4

Interest rates at low and the market is warming up. Are you considering a move in 2013? If you are buying your first home or a fifth home, it is a good idea to get pre-approved to see how you qualify for your new home. Here are some interesting facts about home purchasing. 1. You can put 5% down payment on a home even if you are a repeat home buyer 2. Property Transfer Tax is payable if you are a repeat home buyer or if you are a first time home buyer and are buying over $425,000. It is calculated as 1% in the first $200,000 of the purchase price and 2% of the balance 3. Using a realtor to buy a home is FREE to you. The seller pays their realtor a commission that is split with the buyers' realtor. 4. As a first time home buyer you can use up to $25,000 of your RRSPs tax free. You simply must repay it within 15 years. Don't forget that my services are free to you because the banks pay me. There is not obligation so why not call me and we can discuss making your home ownership dreams a reality.

Another idea

The Bank of Canada met this morning and no changes are going to happen any time soon with the Prime rate. The Bank of Canada and Federal Government keep talking about trying to slow down the housing market however, lenders seem to have another idea. This week fixed rates came down slightly creating competition in the market place. Borrowers should always make sure to read the fine print on discounted rates. As we learned last year, lenders will create clauses restricting pre-payment options or limiting transferability of a mortgage with a low rate. Be sure to ask questions about the mortgage's flexibility to ensure it will work with your larger financial plan. If you are considering a home purchase or would like a complimentary mortgage review to see if I can potentially save your thousands of dollars over the next 5 years, call me today! My Birthday Extravaganza at Manhattan's is coming up quickly and I want to invite you all to come out. It is going to be a great night of dinner and live music. I am a lso looking for donations for our raffle. Gift certificates for restaurants, spas, and services are appreciated. Thanks for helping me raise money for Team Jordan in Walk Now - Autism Speaks Canada!

Advisor

The Spring Market is warming up and I am speaking to a lot of first time home buyers. Did you know that first time home buyers can use their RRSPs as a down payment on a home and it is tax-free? The government allows each new mortgage applicant to use up to $25,000 of their RRSPs as a down payment. The RRSPs are paid back through a 15 year repayment schedule. If you are wondering if this program may work for you, please contact me today ! For those of you with a current mortgage, I invite you to contact me for a complimentary mortgage review. Your mortgage is likely the largest liability you will ever have and I believe it needs to be reviewed annually. As a mortgage broker, I want to considered a partner in your financial plan, just like your accountant and financial advisor. It never hurts to ask so please contact me and I will review your mortgage to see if there is money that can be saved! My Birthday Extravaganza at Manhattan's is coming up quickly and I want to invite you all to come out. It is going to be a great night of dinner and live music. I am also looking for donations for our raffle. Gift certificates for restaurants, spas, and services are appreciated. Thanks for helping me raise money for Team Jordan in Walk Now - Autism Speaks Canada!

Extravaganza is back!!!

We are half way through February and the market is still moving along nicely. First time home buyers, some provoked by the government's $10,000 Bonus, have been jumping into the market. If you are considering a home purchase, please remember to get pre-approved before you head out shopping. Knowing your purchasing power and ability to qualify for financing are very important. It's that magical time of year again. You know what I'm talking about...my BIRTHDAY!!! Each year I celebrate my birthday by giving back and this year I am throwing a huge party. We will have a beautiful dinner followed by live music and dancing the night away. Saturday, April 13th at Mavericks in Langley we will be raising the roof and all the proceeds will go to support Team Jordan in Walk Now - Autism Speaks Canada. My good friend and book keeper, Jacquie Bye, has a fabulous grandson named Jordan who has Autism. Jacquie's family walks each year to raise money for Autism Speaks and this year their team, Team Jordan, is my charity of choice. We are going to have a live music by David Anthony and a lot of laughs. Tickets are $30 but there are none at the door so email me right away to reserve your places for Jamie's Birthday Exravaganza!

A year of transition

This has been an incredibly busy time and I am really excited to see the number of first time home buyers that are out shopping. I had the privilege to attend the Fraser Valley Real Estate Board Conference last week and there was a lot of energy coming from local realtors. A great highlight was being able to hear Cameron Muir, the chief economist for the BC Real Estate Board, speak about his views for 2013. A full article I wrote can be found below but here are the highlights. There is no housing bubble and therefore we will not have a housing crash Rates will stay low for 1-2 years The U.S. will take 1-2 years to recover The European debt crisis will have minimal effect on B.C. and Canada overall The media is creating a psyche of fear - the only thing to really fear is fear itself! Prices will drop about 3.3% in 2013 and MLS sales will increase by 2.5% in the Fraser Valley The housing market is stable and interest rates will also stay stable If you are looking for some advice about getting a mortgage or about a mortgage you currently have, please contact me. My advice is free and there is no obligation! Cameron Muir - Chief Economist of the BC Real Estate Board January 31, 2013 Cameron Muir spoke at the Fraser Valley Real Estate Board conference last week and here is a summary of this thoughts on 2013 2013 will be a transition economy There are 4 reasons that 2013 will be a transition economy. The first is that the US housing market has bottomed out and we are finally seeing some modest growth in housing starts. The second reason is that the European debt crisis looks like it is going to be here for a while. Thirdly, growth in China, while still expected to be around 8%, is slowing and the so the overall global economy is looking tepid. Europe is not that big of a deal to BC's economy directly. Only 1% of our GDP relies on exports to Europe. Overall in Canada, the impact is also low as only 2.1% of national GDP comes from exports to Europe. BC's main export partner is the US where 45% of our exports go. This is down from 55%-60% in past years. The rest of our exports head to Asia primarily. 70%-75% of overall Canadian exports head to the US. It is going to take 1 -2 years for the US economy to show real signs of recovery. The media has worsened the situation by creating a psyche of fear which is delaying consumer action in the market place. Housing prices will not plummet! The only reason that would happen is because one of 3 things has occurred. A massive rate increase takes place (such as the 10% increase we saw in the early 1980's) resulting in mass foreclosures as home owners can no longer afford their homes. Mass under-employment Mass over-building creates need to for prices to drop What the media does not want to highlight is that the economic crisis of 2008-2009 was the largest crisis of its kind since the Great Depression and yet, there was no housing crisis in Canada. In fact, the housing drop has rebounded and created a buyers' market. The media also does not want to consider that the US had a major factor that the Canadian economy has not had the deal with - subprime mortgages. Mr. Muir is projecting that rates will stay low through 2013 as the Bank of Canada cannot increase rates without driving up our dollar which is already on par with the US. Bonds, however, will likely recover modestly therefore slowly increase fixed rates There is concern over the amount of debts that Canadian's carry however, Mr. Muir pointed out that debt levels in Canada are quite average. The main concern is that raising interest rates will affect consumers ability to maintain debt payments. 2013 will likely see housing prices drop by about 3.3% and this is will therefore increase unit sales by 2.5%. We did see a major rebound in 2011 and that was due primarily to high end housing sales increasing. Some speculated that this was due to foreign investment however, international buyers counted for only 1%-3% of home purchases in 2011. The main impact was international migration that came to Canada in 2006 as a part of the nation's immigration program to attract investors. This program called for applicants to invest large sums of money with the government to be held for 5 years. 2011 marked the release of millions of dollars of investments therefore spiking high end home prices. Overall, the housing market is not in crisis and rates are staying stable.

Creating Credit

It has been an amazing start to 2013 and despite the doom and gloom in the media, I am happy to report that I have had many clients out buying homes in the first weeks of the New Year. The housing market is a little softer now and this is leaving room for first time home buyers to jump into their first homes. Did you know that as a first time home buyer you can put as little as 5% down payment on a home and those funds can come from a gift? Often the mortgage payment, strata fee and property taxes come out to less than rent payments. If you or someone you know is just starting out and looking for information about buying their first home, my services are complimentary. I can also help with rebuilding and creating credit so that credit reports look strong to lenders. Getting pre-approved to buy a home is simply and easy. Just sent me an email saying you are interested in more information and I will be happy to help!

Assessments

Home owners across the province are receiving their property assessments for 2013. The value shown in your assessment is the value used to determine the amount of property tax you will be charged. Your assessed home value does not necessarily match the market value of your home. What that means is that your assessed home value is not necessarily the value you could get when selling your home. If you have questions about your assessment or would like to compare your assessment to those of your neighbors, visit BC Assessments at http://www.bcassessment.bc.ca There you can see the assessments for all homes and file a complaint should you feel you have been assessed too high. All complaints must be received by BC Assessments by January 31, 2013.

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