30 Sep

Find out about Mortgage Penalty Shock. September 28, 2012 Mortgage Market Minute

General

Posted by: Anne Martin

 

 
Neighbourhood Dominion Lending Centres
FSCO 11764 | Independently Owned & Operated
Mortgage Market Update
Date: September 28, 2012  
Keeping you updated on Mortgage Matters

Market Comment
V39060: Government of Canada marketable bonds, average yield, 3-5 year
Low           06/01 /2012                             1.01

Average   1/02/2012- 09/25/2012          1.32           Deflation Arrow

High           04/25/2012                              1.62 

 

Bonds remained relatively steady this week with no  major changes to interest rates.

We have seen a slight tweaking of fixed funds for high ratio or quick closings, offering a 5 year fixed at 2.99%.

Regular 5 year money is currently in the 3.09% – 3.19% range. We still have one lender, both conventional and high ratio, offering 10 year funds at 3.89%.               

 

If you have a variable rate of any more than prime +.75 or a fixed rate of 4.0% or more, we should explore the merits of refinancing to a lower rate.  

  

Contact us for a free, no obligation review. Spending a few minutes could save you thousands of dollars. 

  

Bank prime is 3.00%


The next meeting of the Bank of Canada is on October 23rd, 2012.

  

P.S. If you, your family, or co-workers require guidance on current market trends, please call us, we are always available to help.  

….Anne

 

Decoding the mortgage market
Ten questions to help you avoid mortgage-penalty shock

 

Robert McLister

Special to The Globe and Mail

PublishedFriday, Sep. 14 2012, 3:37 PM EDT

Last updatedTuesday, Sep. 18 2012, 12:57 PM EDT

Figuring out the penalty on a fixed-rate mortgage is like solving a calculus equation. Homeowners who try often wind up hitting their head against hard objects in frustration.

 

It’s been that way for years, and as many unwittingly discover, mortgage penalties can be disturbingly expensive.

 

Historically, lenders have used cryptic penalty language that disguises just how expensive. As a result, folks trying to break their mortgage are routinely shocked and disappointed by four- or five-figure penalty quotes.

 

Click here to read the full article

 

 

Historical Interest Rate Graphs 

 
Below you will find a feature which will give you current interest rate trends.interest rate graph It can also be accessed on our web site. I hope you and your clients find it useful..

 
 

Our Commitment to You 

  • Constant update of Market Conditions
  • Innovative Mortgage Products
  • Value Added Services
  • Unbiased Advice
  • Innovative Mortgage Strategies and NOT just Order Taking
In This Issue
Market Comment
Decoding the mortgage market
Interest Rate Graphs
Quick Links

Anne Martin
 Anne Martin
Mortgage Agent
FSCO Lic. M10002257  
Neighbourhood Dominion
Lending Centres
FSCO Lic. 11764

39 Collier Street,
Suite 300
Barrie, ON  L4M 1G5

P: 705.720.1001 x225 or 1.888.500.1841
Direct: 705-791.6683
Fax: 705.739.1893 or 1.866.739.1893

Email
Visit My Website

Like me on Facebook  
 
This email was sent to annem@rogers.com by anne@barriemortgagelocators.com |  
Head Office; Neighbourhood Dominion Lending Centres | FSCO 11764 | Independently Owned and Operated | 1140 Stellar Drive | Newmarket | Ontario | L3Y 7B7 | Canada

24 Sep

Mortgage Market Update September 22, 2012

General

Posted by: Anne Martin

 

 
Neighbourhood Dominion Lending Centres
FSCO 11764 | Independently Owned & Operated
Mortgage Market Update
Date: September 22, 2012  
Keeping you updated on Mortgage Matters

Market Comment
V39060: Government of Canada marketable bonds, average yield, 3-5 year
Low           06/01 /2012                             1.01

Average   1/02/2012- 09/18/2012          1.32           Piggy Bank

High           04/25/2012                              1.62 

 

Bonds remained relatively steady this week. No changes expected in interest rates at this time.

Five year money is currently in the 3.09% – 3.19% range. We still have one lender, both conventional and high ratio, offering 10 year funds at 3.89%.               

 

If you have a variable rate of any more than prime +.75 or a fixed rate of 4.0% or more, we should explore the merits of refinancing to a lower rate.  

  

Contact us for a free, no obligation review. Spending a few minutes could save you thousands of dollars. 

  

Bank prime is 3.00%


The next meeting of the Bank of Canada is on October 23rd, 2012.

  

P.S. If you, your family, or co-workers require guidance on current market trends, please call us, we are always available to help.  

….Anne

 

Why cash rests in your home

Sep 18, 2012 6:06 PM ET | Last Updated: Sep 19, 2012 1:53 PM ET

It’s become the new retirement savings plan – owning a home.

 

What else is one to make of a country where about half of Canadians said they didn’t make a contribution to a registered retirement savings plan this year but close to 70% of households now own their home.

 

“Your money grows tax free,” says Jason Heath, a fee-based certified financial planner with Objective Financial Partners Inc. “Even in your RRSP, there are forced withdrawals and it’s fully taxable [when taken out].”

 

Click here to read the full article

 

 

Historical Interest Rate Graphs 

 
Below you will find a feature which will give you current interest rate trends.interest rate graph It can also be accessed on our web site. I hope you and your clients find it useful..

 
 

Our Commitment to You 

  • Constant update of Market Conditions
  • Innovative Mortgage Products
  • Value Added Services
  • Unbiased Advice
  • Innovative Mortgage Strategies and NOT just Order Taking
In This Issue
Market Comment
Why cash rests in your home
Interest Rate Graphs
Quick Links

Anne Martin
 Anne Martin
Mortgage Agent
FSCO Lic. M10002257  
Neighbourhood Dominion
Lending Centres
FSCO Lic. 11764

39 Collier Street,
Suite 300
Barrie, ON  L4M 1G5

P: 705.720.1001 x225 or 1.888.500.1841
Direct: 705-791.6683
Fax: 705.739.1893 or 1.866.739.1893

Email
Visit My Website

Like me on Facebook  
 
This email was sent to annem@rogers.com by anne@barriemortgagelocators.com |  
Head Office; Neighbourhood Dominion Lending Centres | FSCO 11764 | Independently Owned and Operated | 1140 Stellar Drive | Newmarket | Ontario | L3Y 7B7 | Canada

19 Sep

Business Networking is Not Just for Newbies!

General

Posted by: Anne Martin

Have your business friends and partners suggested you join some business networking groups but you thought that’s only for people who are new to business?  Well think again.

Why join?

Networking groups are basically businesses helping businesses.  The city of Barrie has many.  Most of which you attend in person but there are many online business networking opportunities that shouldn’t be overlooked.  After all isn’t social media all about social AND business networking. 

Who are they for?

Business networking groups are for anyone who wants to grow their business.  And who doesn’t?  I’m always looking for that great new deal or great new customer and I’ll bet you are too.  Like many of you, I worry about what will happen if my businesses run into a big slow down; who knows with this economy!  Wouldn’t it be fabulous to meet lots of other business owners with the same fears who work together to enhance each other’s businesses?  It’s nice to know we have others who we can rely upon for support and guidance.

As an experienced Mortgage Agent I like to participate in these groups to become involved in the Barrie business community and to educate the many small business owners about the mortgage industry.  If I receive a client referral from a fellow business owner, bonus!

What if you are the newbie?  

Are you new to the area? Small Business Networking will introduce you to lots of more seasoned entrepreneurs who can help you get your business on the road to success.  Not a bad business proposition.

Types

There are several kinds of groups out there.  Some are of a casual nature in approach whereas there are others who are structured, where you apply for entry, and must fulfill attendance expectations.   Some are heavily focused on referrals and ones that are ones that are focused on education and information sharing.

How many?

Many people join more than one.  I try to limit my membership to 2 or 3 groups as I don’t want to lose focus on my mortgage business.  After all, there are only 24 hours in a day. 

The dreaded “infomercial”

If you are considering joining any networking group, you must be ready give an “infomercial”.  This is a short speech to the group where you give a quick synopsis on what your business is.  Time is usually limited to 30 to 60 seconds.  If standing up in front of a crowd makes you feel queasy, and want to throw up, don’t fear.  Networking groups are great places to work on getting over your shyness as you are practicing your “elevator” speech in front of friends.  No judgment here!  We’ve all been there.

Follow this blog for more info on Networking Groups and Opportunities.

15 Sep

Mortgage Market Update September 14, 2012

General

Posted by: Anne Martin

 

 
Neighbourhood Dominion Lending Centres
FSCO 11764 | Independently Owned & Operated
Mortgage Market Update
Date: September 14, 2012  
Keeping you updated on Mortgage Matters

Market Comment
V39060: Government of Canada marketable bonds, average yield, 3-5 year
Low           06/01 /2012                             1.01

Average   1/02/2012- 09/11/2012          1.32           strategy

High           04/25/2012                              1.62 

 

Bonds remained relatively steady this past week with only slight upward pressure. No changes expected in interest rates at this time.

Five year money is currently in the 3.09% – 3.19% range. We still have one lender, both conventional and high ratio, offering 10 year funds at 3.89%.

Over the past week we have started to receive notices from our lending partners on implementation of the new OFSI mortgage rules. Please find announcement below for full details.     

If you have a variable rate of any more than prime +.75 or a fixed rate of 4.0% or more, we should explore the merits of refinancing to a lower rate.  

  

Contact us for a free, no obligation review. Spending a few minutes could save you thousands of dollars. 

  

Bank prime is 3.00%


The next meeting of the Bank of Canada is on October 23rd, 2012.

  

P.S. If you, your family, or co-workers require guidance on current market trends, please call us, we are always available to help.

 

 

Upcoming Market Changes

To our valued Clients and Business Associates, Neighbourhood Dominion Lending Centres wants to ensure you’re aware of major changes coming soon to the Canadian mortgage market. These new rules have been approved and are now in the process of being implemented by all Federally Regulated Financial Institutions (FRFIs) across Canada. They have to be in place by each lender’s year end (by December 31st, 2012 at the latest).

 

Some banks are now changing the maximum loan to values from 80% to 65% on their home equity line of credit (HELOC) and re-advance able mortgage lending limits.

 

 

 Click here to read the full article 

 

 

Historical Interest Rate Graphs 

 
Below you will find a feature which will give you current interest rate trends.interest rate graph It can also be accessed on our web site. I hope you and your clients find it useful..

 
 

Our Commitment to You 

  • Constant update of Market Conditions
  • Innovative Mortgage Products
  • Value Added Services
  • Unbiased Advice
  • Innovative Mortgage Strategies and NOT just Order Taking
In This Issue
Market Comment
Upcoming Market Changes
Interest Rate Graphs
Quick Links

Anne Martin
 Anne Martin
Mortgage Agent
FSCO Lic. M10002257  
Neighbourhood Dominion
Lending Centres
FSCO Lic. 11764

39 Collier Street,
Suite 300
Barrie, ON  L4M 1G5

P: 705.720.1001 x225 or 1.888.500.1841
Direct: 705-791.6683
Fax: 705.739.1893 or 1.866.739.1893

Email
Visit My Website

Like me on Facebook  
 
This email was sent to gary@ndlc.ca by anne@barriemortgagelocators.com |  
Head Office; Neighbourhood Dominion Lending Centres | FSCO 11764 | Independently Owned and Operated | 1140 Stellar Drive | Newmarket | Ontario | L3Y 7B7 | Canada

10 Sep

Mortgage Market Update September 8, 2012

General

Posted by: Anne Martin

 

Neighbourhood Dominion Lending Centres
FSCO 11764 | Independently Owned & Operated
Mortgage Market Update
Date: September 8, 2012  
Keeping you updated on Mortgage Matters

Market Comment
V39060: Government of Canada marketable bonds, average yield, 3-5 year
Low           06/01 /2012                             1.01

Average   1/02/2012- 09/05/2012          1.32           Money Clock

High           04/25/2012                              1.62 

 

On Wednesday the Bank of Canada announced “no change” with Bank Prime remaining at 3%. The continued European and overall Global uncertainty will continue to drive and maintain our low interest market.
 
Bonds remained relatively steady this past week with a slight drop in the upward pressure we have seen over the past few weeks. Five year money is currently in the 3.09% – 3.19% range.

Keep in mind we still have one lender, both conventional and high ratio, offering 10 year funds at 3.89%. A wonderful option for those concerned with future rates.  

 

If you have a variable rate of any more than prime +.75 or a fixed rate of 4.0% or more, we should explore the merits of refinancing to a lower rate.  

 

Contact us for a free, no obligation review. Spending a few minutes could save you thousands of dollars. 

 

Bank prime is 3.00%


The next meeting of the Bank of Canada is on October 23rd, 2012.

 

P.S. If you, your family, or co-workers require guidance on current market trends, please call us, we are always available to help.  

….Anne

 

Bank of Canada maintains overnight rate
at 1 per cent
 

 

5 September 2012
Contact: Jeremy Harrison 

 

 

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent

 

Click here to read the full article 

 

 

Historical Interest Rate Graphs 

 
Below you will find a feature which will give you current interest rate trends.interest rate graph It can also be accessed on our web site. I hope you and your clients find it useful..

 
 

Our Commitment to You 

  • Constant update of Market Conditions
  • Innovative Mortgage Products
  • Value Added Services
  • Unbiased Advice
  • Innovative Mortgage Strategies and NOT just Order Taking
In This Issue
Market Comment
Bank of Canada Announcement
Interest Rate Graphs
Quick Links

Anne Martin
 Anne Martin
Mortgage Agent
FSCO Lic. M10002257  
Neighbourhood Dominion
Lending Centres
FSCO Lic. 11764

39 Collier Street,
Suite 300
Barrie, ON  L4M 1G5

P: 705.720.1001 x225 or 1.888.500.1841
Direct: 705-791.6683
Fax: 705.739.1893 or 1.866.739.1893

Email
Visit My Website

Like me on Facebook  
 
This email was sent to annem@rogers.com by anne@barriemortgagelocators.com |  
Head Office; Neighbourhood Dominion Lending Centres | FSCO 11764 | Independently Owned and Operated | 1140 Stellar Drive | Newmarket | Ontario | L3Y 7B7 | Canada

8 Sep

Upcoming Mortgage Market Changes May Affect You!

General

Posted by: Anne Martin

 

 
Neighbourhood Dominion Lending Centres
FSCO 11764 | Independently Owned and Operated
Upcoming Mortgage Market Changes 
May Affect You!

To our valued Clients and Business Associates, Neighbourhood Dominion Lending Centres wants to ensure you’re aware of major changes coming soon to the Canadian mortgage market. These new rules have been approved and are now in the process of being implemented by all Federally Regulated Financial Institutions (FRFIs) across Canada. They have to be in place by each lender’s year end (by December 31st, 2012 at the latest).

 

Some banks are now changing the maximum loan to values from 80% to 65% on their home equity line of credit (HELOC) and re-advanceable mortgage lending limits.

 

To date, we have not seen the Canadian press write about these changes which surprises us.

 

We have spoken to several major lenders (off the record) to confirm we understand what this means for Canadian borrowers.  

 

Following is a summary of these changes:

 

  • Home equity lines of credit (HELOCs) and re-advanceable mortgage products will be limited to 65% of a home’s value (currently available up to 80%).
  • No money down” and “cash-back” mortgage programs may disappear. This will mainly impact first-time buyers.
  • Non-conforming loans will have a maximum 65% loan to value (LTV) with more awareness and documentation surrounding acceptable income.
  • Use of the MQR (Mortgage Qualifying Rate) on all conventional mortgages with terms below five years. As an example, this means using a 5.2% rate rather than a 3.3% rate for qualification on all variable-rate and fixed-rate mortgages with terms under five years.
  • Less reliance on automatic appraisals and more use of onsite inspections.
  • Existing mortgages and lines of credit will be grandfathered in.

 
One of the real unknowns right now is how the secondary lenders will be treated under these new rules.  These historically are the lenders of choice for a lot of self-employed borrowers and customers with challenged credit.  They may be limited to financing at 65% loan to value.  Supplementary mortgages with private lenders will be an option if more is needed.   
There will be more documentation required and questions being asked by all lenders, especially “B” type lenders around income. This translates into a greater importance for the collection of all supporting documentation up front.

Some of the anticipated policies may come into force with very little advance notice.  Some lenders will have higher costs due to implementation and ongoing supervision of these policies, which means you may incur higher costs. 
With changes such as these, it makes it even more important that our clients are well informed. Working with full-time, trusted, seasoned professionals who have access to an array of lenders will be more important than ever moving forward. Neighbourhood Dominion lending Centres has been Dominion Lending Centres’ #1 franchise in Canada since 2010 in number of funded mortgage transactions.

Put the power of our team to work!!

 

 

Anne Martin, AMP
Anne Martin AMP, 
Mortgage Agent


FSCO  M10002257 
Neighbourhood Dominion Lending Centres
FSCO Lic. 11764

39 Collier Street
Ste. 300

Barrie ON  L4M 1G5

Direct: 705.791.6683
P: 705.720.1001 or 1.888.500.184 
 

F: 705.739.1893 or 1.866.739.1893

 
Like me on Facebook 

 
This email was sent to annem@rogers.com by anne@barriemortgagelocators.com |  
Neighbourhood Dominion Lending Centres | FSCO 11764 | Independently Owned and Operated | 1140 Stellar Drive | Newmarket | Ontario | L3Y 7B7 | Phone: 905.715.7086 | Canada