25 Apr

April 2013 Newsletter. 5 Common Mortgage Mistakes


Posted by: Anne Martin


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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
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Find out how a simple “mortgage check-up” can help you. A single call may be all the care you need.
It’s important to protect yourself against market conditions. But how do you know you have the right mortgage if you haven’t seen what’s possible?
Health2Simply call us today for a “mortgage check-up” and you’ll be better prepared.
705.791.6683 or 705.720.1001 ext 225


The Home Buyers’ Plan (HBP) is a program for first-time homebuyers that allows you to withdraw funds from your RRSPs to buy or build a home. You can withdraw up to $25,000 tax-free ($50,000 for a couple). Your RRSP contributions must remain in the RRSP for at least 90 days before you can withdraw them under the HBP. Generally, you have to repay all withdrawals to your RRSPs within a period of no more than 15 years. You’ll have to repay an amount to your RRSPs each year until your HBP balance is zero. If you don’t repay the amount due for a year, it will have to be included in your income for that year. Click here for more information from Canada Revenue Agency.


Burglary Prevention:

Whether you’re home or away on vacation, a few simple precautions can make your home less attractive to burglars. These include: Ensuring your outdoor lighting illuminates all entrances to your home; Cutting back shrubbery discourages burglars from hiding near window and doors; Keeping windows and doors locked at all times; Making certain your garage door is closed and locked; Installing a peephole in your front door; Securing windows and sliding glass doors with auxiliary locks (special door pins, available at home improvement stores, can prevent your sliding doors from being lifted from their tracks during a during a burglary attempt); Installing deadbolt locks on all exterior doors; and Never hiding or storing keys or tools outside.


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April 2013
Welcome to my April issue of our monthly newsletter!
This month’s edition highlights five common mortgage errors, as well as suggests resources for those new to Canada.


Spring is still giving into old man winter!!… but hopefully not for much longer. 


The new government changes are continuing to be implemented by lenders and enforced by the governing bodies. We are seeing an overall tightening up by all mortgage companies. The importance of using and getting advice from experienced, unbiased mortgage professionals has never been more important. We are continually seeing the results of wrong advice being given to the public by inexperienced brokers and bank employees.


I am always available to assist you, your friends and co-workers. Give me a call!

….Anne Martin



5 Common Mortgage Mistakes


Obtaining financing on a new or existing home can be a stress-free, straight-forward process if you’re prepared. But if you’re not prepared, there are many common mistakes you can make. Most of these mistakes are easily avoidable with some preparation and informed advice – feel free to call or email with any questions/concerns!

Below are the Top 5 Mortgage Mistakes people make when trying to secure financing for their home:

  1. Failing to choose the best product for their situation
  2. Automatically renewing their current mortgage with their existing lender
  3. Signing documents without reading them
  4. Taking it to the limit – running up credit
  5. Not planning for your mortgage application

1. Failing to choose the best product for your situation There are many different types of loans out there. There are fixed- and variable-rate products, hybrid and no-frills mortgages, lines of credit, term options, amortization choices, and more.


And although choice is great, it can be quite overwhelming without expert advice. While one person would benefit from a variable-rate product, their neighbour may be better suited to a fixed-rate product. The key is to always explain your current situation and future goals in detail so we can select a product that best meets those needs.


2. Automatically renewing with your existing lender Although you may feel an allegiance with the current financial institution that holds your loan, they may not be able to offer you the best products. When refinancing or renewing, it’s important to always shop the market for your best available option, much like you did when securing your first mortgage. This ensures you end up with the best mortgage rate and terms customized to your unique situation. In many cases your bank will offer you the posted rate in hopes that you’ll simply sign and return the commitment without shopping around. Make sure you do your due diligence when refinancing and renewing. After all, this is your home, your mortgage and your money!


3. Signing documents without reading them Never sign documents without reading them. If you’re unsure about something, always ask for clarification. Remember that you’re the one entering into the agreement, so you need to understand and agree with that commitment.


4. Taking your credit to the limit Make sure that your credit balances are in your favour when it comes to your mortgage application. Lenders are looking for an appropriate debt-to-income ratio. In other words, you need to have more income than you have debt. Avoid running up a balance on your credit cards and pay down existing debts as much as possible.


5. Failing to plan ahead If you know that you’ll need to obtain, renew or refinance a mortgage, it’s essential to plan for it by ensuring your credit is in order. If it’s not, start preparing. Don’t make any purchases on your credit cards that you can’t pay off and if you carry a balance on your credit cards, start paying them down. Refrain from making any large purchases before securing your mortgage. If you’re planning to buy a car, wait until after you have secured financing, as your debt-to-income ratio will rise and you don’t want this while trying to secure a mortgage.


Understanding how the mortgage process works and how lenders qualify your loan will help you avoid the above mistakes


As always, if you have any questions about the best mortgage product and rate options for you, or about your mortgage in general, I am here to help!


Things to do beforeMortgage Renewal Time
you renew your Mortgage
If you have a mortgage coming up for renewal this year, it’s a good idea to check on a few details well in advance of your current term’s expiration date. For example, determine whether you need to produce new documents to verify ownership before you get your new financing in place. An old property survey or condo agreement that is outdated and/or in need of correction may require official amendments before you can secure your new mortgage. Since such documentations can take time, it’s wise to keep an updated file of all changes to your ownership status and have it ready when it’s time to renew.
Call me for a free, no obligation consultation if you or someone you know is looking to renew their mortgage, or if you have any questions concerning mortgage renewals.

New to Canada Resources


If you’ve recently made Canada your home, you’re probably in the process of searching for a place of your own. Looking for a home can be a very exciting experience that can be both rewarding and challenging.


To help new Canadians make informed housing-related decisions and find safe, affordable homes for their families, Canada Mortgage and Housing Corporation (CMHC) has developed a multi-language one-stop online source for housing-related information. Visit CMHC at www.cmhc.ca/newcomers to access a series of guides and tools that take you through the home-buying process.
A wealth of information on buying a home is available for newcomers in both official languages – English and French – as well as in Mandarin/Simplified Chinese, Arabic, Punjabi, Spanish, Tagalog and Urdu.
The Housing for Newcomers site features home-buying topics such as:

  • What to Look For When Buying a Home
  • How Much Home Can You Afford?
  • Choosing the Right Mortgage For You         
  • Making an Offer and Closing the Deal
  • Location, Location, Location: Finding a Home of Your Own

Furthermore, the following information to help guide you with your mortgage planning is available in eight languages:

  • Mortgage Fraud will teach you how to protect yourself from becoming a victim of mortgage fraud when purchasing or refinancing a home
  • Mortgage Planning Tips will give you tips to help you save money and provide for greater economic stability in the event of financial challenges down the road
  • Your Credit Report will give you some simple steps you can take to maintain a good credit score and history, and improve your chances of being approved for a mortgage

A series of interactive videos has also been produced, and translated and featured in subtitles in all the other languages to provide you with information on home-buying mortgage literacy and home renovation. These videos offer tangible information to help with decision making.




19 Apr

Bank of Canada Announcement. No change to rates, modest economic growth in 2013.


Posted by: Anne Martin

NDLC Logo with wording
Bank of Canada Announcement
Date: April 17th, 2013  
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.


Five year money ranging from 2.89%-3.04% and 10 year money in the 3.69%-3.79% range.   


Below are the highlights of the Bank of Canada Announcement:

  • “The Bank expects global economic activity to grow modestly in 2013 before strengthening over the following two years”
  • Canada’s growth is expected to regain momentum in 2013
  • Economy is expected to grow by 2.8% in 2014 and 2.7% in 2015, reaching full capacity by 2015  
  • “Monetary policy stimulus currently in place will likely remain appropriate for a period of time”

Click Here to Read the Full Announcement


The next Bank of Canada Announcement is scheduled for May 29th, 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…
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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 anne@ndlc.ca by anne@barriemortgagelocators.com |  
Neighbourhood Dominion Lending Centres | FSCO 11764 | Independently owned and operated | 1140 Stellar Drive | Newmarket | Ontario | L3Y 7B7 | Canada
12 Apr

Housing prices higher in most Canadian markets. Mortgage Market update April 12, 2013.


Posted by: Anne Martin

Neighbourhood Dominion Lending Centres
FSCO 11764 | Independently Owned & Operated
Mortgage Market Update
Date: April 11th, 2013  
Keeping you updated on Mortgage Matters

Market Update

Interest rate market was stable all week, no changes.
5 year funds are available in the 2.84-2.99% range, 10 year funds as low as 3.69%. Variable rate mortgages are available as low as 2.65%.

The Bank of Canada meets next week and there are no changes expected. We will be forwarding their announcement when it is available.

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 April 17th, 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. 

Housing prices higher in most Canadian markets in early 2013: report

TORONTO – The Canadian Press

PublishedThursday, Apr. 04 2013, 7:05 AM EDT

Last updatedTuesday, Apr. 09 2013, 8:47 AM EDT

Housing Sale Sign

Average prices for three common types of housing were up year-over-year in most Canadian markets in the first quarter, national real estate company Royal LePage said Thursday.


Royal LePage said the average price for a standard two-storey detached house was up 2.2 per cent in the January-March period compared with a year ago, while the national average price for detached bungalows rose 2.4 per cent.


The average price for condominiums rose 1.2 per cent from first quarter of 2012.


Some local markets didn’t fit the national pattern, however.


For example, Vancouver, Victoria and Saint John, N.B., had year-over-year and quarter-over-quarter price declines in all three categories.


According to the Royal LePage survey, the national average price for a two-storey house was $407,044 in the quarter, the bungalow average was $364,857 and the average price for a condos was $246,071.


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..

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In This Issue
Market Comment
Housing prices higher in most Canadian markets in early 2013: report…
Interest Rate Graphs
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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

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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