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!