18 Dec

Changes to Rental Market Financing. Mortgage Market Update December 13, 2012

General

Posted by: Anne Martin

 

Neighbourhood Dominion Lending Centres
FSCO 11764 | Independently Owned & Operated
Mortgage Market Update
Date: December 13, 2012  
Keeping you updated on Mortgage Matters

Market Update

Both the mortgage and bond rates remained steady the past week, remaining close to historical lows. We have 5 year money at 2.99% with many lenders,10 year funds as low as 3.79% and variable rates in the prime less .35%(2.65) range.  

If you have a variable rate of any more than prime +.75 or a fixed rate of 3.75% or more, we should explore the merits of refinancing to a lower rate.  It may result in savings of thousands of dollars and a longer term at today’s record low rates.  

  

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 January 23rd, 2013.

  

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

 

Rental HousesBuying a rental property? How the financing game has changed

Robert McLister
Special to the Globe and Mail
Published Monday, Dec. 10 2012 5:00 AM EST
Last Updated Monday, Dec. 10 2012 8:04 AM EST

Just four short years ago, you could buy an investment property with nothing down and get the best interest rates in the market.

 

That was then. Today, rental financing is night-and-day different. To mortgage a small (a one-to-four unit, non-owner occupied) rental property now, you need to plop down one-fifth of the purchase price. And even then, you don’t always get the lowest rate.

 

With a tipsy housing market and the credit crisis still fresh in memory, regulators and lenders are putting higher-risk borrowers under a microscope. That includes real estate investors.

 

As a result, it’s now trickier to qualify for a rental property mortgage – especially compared to the days before April 19, 2010. (That’s when federal legislation put an end to insured rental mortgages with less than 20 per cent down.)

 

So if you are considering a small rental property and need a mortgage soon, here are some things to remember.

 

You’ll need an ample down payment
If you buy a rental home that you won’t live in, almost every lender in Canada will want at least 20 per cent down. That’s $72,000 on the average $360,000 residential property.

 

Click here to read 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
Buying a rental property? How the financing game has changed…
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 anne@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
6 Dec

A Look at the Bright Side. Mortgage Market Update December 6, 2012

General

Posted by: Anne Martin

 

Neighbourhood Dominion Lending Centres
FSCO 11764 | Independently Owned & Operated
Mortgage Market Update
Date: December 6, 2012  
Keeping you updated on Mortgage Matters

Market Update

The Bank of Canada left rates unchanged on Tuesday morning as expected. The bonds and interest rates were steady the past 7 days. We have 5 year money at 2.99% with many lenders, and 10 year funds as low as 3.79%.  

If you have a variable rate of any more than prime +.75 or a fixed rate of 3.75% or more, we should explore the merits of refinancing to a lower rate.  It may result in savings of thousands of dollars and a longer term at today’s record low rates.  

  

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 January 23rd, 2013.

  

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

 

Look on the Bright Side

by Avery Shenfeld
CIBC Economic insights
November 29, 2012
The evident slowing in Canadian home sales will take a bite out of domestic economic growth. Fewer houses built, and slower turnover to drive related sales of furniture and appliances, could chop nearly a percentage point from growth. But another dimension of the recent trend, a cooling
in house prices, is less of an unambiguous negative as it’s often made out to be.

For one, a retreat today could be the preferred alternative to a harder landing
from even higher prices down the road. Less understood is that cheaper home prices could bring winners as well as losers across the economy.

The latter get all the headlines. A home owner that counted on downsizing to fund her retirement might have to pare spending plans. While a month ago we quoted widely cited estimates of the wealth effect on spending, it’s difficult to disentangle them from the data.  Most historic wealth declines
coincided with other sources of economic weakness, including rising unemployment or high interest rates that depress consumption. Calgary house prices have trailed other cities, including a near-15% dip in 2008, yet retail spending outperformed (Chart below).

Economic Report 29.11.2012

And what of the young newlyweds scraping by on mac and cheese in order to save for their first home? A slip in prices could ease that task, freeing up spending power in the process.

 

Click here to read 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
Look on the Bright Side…
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 anne@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
5 Dec

Bank of Canada Announcement. December 4, 2012

General

Posted by: Anne Martin

 

 

NDLC Logo with wording
Bank of Canada Announcement
Date: December 4, 2012  
Bank of Canada Announcement

Market Commentcanadian economy

As expected, there was no change in the Bank of Canada press release. Bank prime remains at 3%.  

 

This means no changes in variable rate mortgages or line of credit rates.

 

Fixed rates remain at records lows. We currently have five year money ranging from 2.99% to 3.19%.   

 

Below are the highlights of the Bank of Canada Announcement: 

  • Very little change in the “Banks” wording regarding future plans of any rate changes. 
  • “over time, some modest withdrawal of monetary stimulus will likely be required.”
  • The pace of economic growth is expected to pick up through 2013.
  • While household debt burden continues to rise, growth in household credit has slowed     
  • Modest growth is still expected in the Canadian economy 

 Click Here to Read the Full Announcement

   

The next Bank of Canada Announcement is scheduled for  January 23rd, 2013 

 

Bank prime is 3.0%

P.S. If you have any questions as to what this means to your mortgage, we are always here to help you with unbiased advice. 
 
 
In This Issue
No change in bank rate…
Quick Links
Visit my Website

Anne Martin
Anne Martin
Mortgage Agent
FSCO M10002257

Neighbourhood Dominion Lending Centres
FSCO Lic 11764

39 Collier Street, Suite 300
Barrie ON
L4M 1G5

Cell: 705.791.6683
Office: 705.720.1001 ext.225 or 1.888.500.1851  

Email
Website

 
 
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 | Canada