27 May

Mortgage Market Predictions. May 2013 Newsletter

General

Posted by: Anne Martin

 
 
Consumers Home Digest Header
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
Email My Website Company Website
2013_Achievement_logo1  
 
Like me on Facebook
Quick Links
 

Health1
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
 

DID YOU KNOW…

Preparing for a mortgage will increase your chances for approval. Don’t buy or lease big-ticket items or increase debt for 6-12 months prior. Purchasing things such a new car, furniture or major appliances worsens debt-to-income ratios, which can make you ineligible for the best available loan terms.

HOMEOWNER TIPS

Exterior Renovations:

If you’re thinking of selling your home, or you simply want to spruce it up, exterior renovations can significantly increase its value and curb appeal. Aside from more expensive undertakings such as new roofing and siding, there are some projects you can take on yourself, such as creating attractive flower beds or purchasing a new front door. With each project completion, you will be happier with your home, and increase its appeal to buyers when it comes time to sell!

 

 
Join Our Mailing List
May 2013
Welcome to my May issue of our monthly newsletter!
Winter is finally gone!!!!!!!!!!!!!
We are seeing the underwriting and approving of deals in the  mortgage market continue to tighten up. The combination of the 4 government changes (since 2008) and the OFSI (Office of the Superintendent of Financial Institutions) are responsible for this. Lenders at all levels are asking for more documentation than ever and higher payment levels are being used to qualify (lines of credit and credit card payments).
The good news is that interest rates continue to stay at record lows.

 

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

….Anne Martin

  

 

  

With historically low mortgage rates likely staying put throughout 2013 and beyond, there’s no doubt that the remainder of the year will be full of great opportunities for homebuyers across Canada.
Following are 4 Top Mortgage Market Predictions:
  1. Borrowers will continue to become more savvy, while focusing on a mortgage strategy as opposed to short-term gains.With all the flash and dash of online mortgage comparison tools and discount rate websites, smart borrowers know they need a customized long-term mortgage plan put in place by a true mortgage professional. This is a fundamental cornerstone of your financial freedom – it’s not like comparing an electronic device or buying clothes where you can exchange an item within 14 days. Getting the very lowest rock bottom rate may not always be the best choice for you and could actually end up costing you more throughout your mortgage term.
  2. More lenders in the marketplace.We have seen more lenders enter the Canadian mortgage landscape recently in both the qualified and alternative – helpful for the self-employed, those with bruised credit or even investors who need more options – marketplaces. More lenders always translates into more choices for borrowers!
  3. Investors will earn higher rents. As mortgage rules have changed, first-time buyers may be waiting longer than needed to get into the market. The self-employed borrowers may be uncertain with their businesses and be holding onto cash longer than needed. And, finally, investors who aren’t sitting on lots of cash may be playing a game of chicken with lenders to see if their policies can relax a little. For more options, they also may access their equity to improve current rental purchases in the US.
  4. Return of the variable-rate discount.We saw this flirted with for “qualified” borrowers towards the final quarter of 2012. It’s not likely we’ll see the prime minus 90 days any time soon, but perhaps we’ll see a better parallel where, with the proper strategy in place, variable will again be a viable option for more borrowers.

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

 

 

You found the home of your dreams, your offer was accepted and you just received the keys to your new home. Congratulations, you’re now officially a homeowner! So… what happens next?

 

 

To help you start your new life as a homeowner on the right foot, Canada Mortgage and Housing Corporation (CMHC) offers the following tips on how to protect your home – and your investment – in every season:

 

  • The most important thing you can do to become a responsible homeowner is make your mortgage payments on time. Late payments may result in charges and negatively affect your credit rating. Failing to make your mortgage payments can lead to even more serious consequences, including foreclosure.
  • A good way to make sure you stay on time is to have your mortgage payments automatically deducted from your account every month. It’s also recommended that you keep at least three months’ worth of mortgage payments in savings for emergency situations.
  • If you’re having trouble making your payments or know you’ll be late for an upcoming payment, talk to your mortgage professional.
  • To ensure your financial peace of mind, you should also prepare a detailed monthly budget and stick to it. If you haven’t already created a budget, use CMHC’s Household Budget as a Homeowner worksheet, available at www.cmhc.ca/homebuying, to give yourself a head start.
  • Besides your mortgage, property taxes and insurance, operating a home comes with many other ongoing costs. These range from maintenance and repair costs to expenses like landscaping fees, utilities and condominium or strata fees. Be sure you include all the costs of homeownership in your monthly budget.
  • Take a few minutes each month to review your budget, check your spending and see if you’re meeting your financial goals. If you’re having trouble sticking to your budget, ask a professional money manager for help.
  • No matter how far you look ahead, unexpected costs can arise at any time. Try to set aside a percentage of your take-home pay in an emergency account to help you deal with any unexpected problems, major repairs, illness or job loss.
  • To keep your home safe and sound in every season, prepare and follow a regular schedule of monthly maintenance and repairs. Carrying out a few simple repairs each month can help put a stop to many of the most common and costly problems most homeowners encounter, before they can occur.
  • As a family, you should also get to know your home’s basic components and how to adjust or turn these systems off in case of an emergency. Create a fire evacuation plan, install a smoke alarm and carbon monoxide detectors, and always keep a list of emergency numbers (including 9-1-1, the poison prevention line, your doctor and neighbours or relatives) close to the phone. To help you learn more about what to expect as a homeowner and all aspects of buying a home, CMHC’s Homebuying Step by Step: A Consumer Guide and Workbookwill lead you through the home-buying process in five simple steps, from the moment you decide to buy a home of your own to the day the movers carry the first box through your new front door.

     

 
 
 
 
This email was sent to anne@ndlc.ca by anne@barriemortgagelocators.com |  
Neighbourhood Dominion Lending Centres | FSCO Lic. 11764 | Independently Owned & Operated | 1140 Stellar Drive | Newmarket | Ontario | L3Y 7B7 | Phone: 905.715.7086 | Canada
24 May

People still intent on buying homes. Mortgage Market Update May 24, 2013

General

Posted by: Anne Martin

Neighbourhood Dominion Lending Centres
FSCO 11764 | Independently Owned & Operated
Mortgage Market Update
Date: May 24th, 2013  
Keeping you updated on Mortgage Matters

Market Update
 

Bonds were steady this week, but still creating upward pressure on fixed rates. So far, no more changes; however, any further upward movement will likely result in all lenders adjusting their rates. The Bank of Canada meets next week and no changes are expected at this time.
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 2.60%.

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 May 29, 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
 

Homebuying intentions remain strong: BMO report

The Montreal Gazette 

 

House for Sale TORONTO – A new report suggests nearly half of Canadian homeowners intend to buy a property in the next five years, despite a cooling off in the housing market.

 

The BMO Housing Confidence Report says the 48 per cent figure is mostly unchanged from late 2012, suggesting continued confidence in the housing market.

 

Among major cities, the report found a five-point gain in buying intentions in Vancouver while Calgary was down by 13 points. 

 

Buying intentions in the Greater Toronto Area and Montreal have held steady, while Atlantic Canada has seen a 15 per cent jump in buying intentions.

 

The bank’s report further suggests close to half of all homeowners under 40 intend to purchase a larger home within the next five years.

 

 

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
Homebuying intentions remain strong: BMO report
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@barriemortgagelocators.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
10 May

GTA Monthly Resale Figures. Mortgage Market Update May 10, 2013

General

Posted by: Anne Martin

Neighbourhood Dominion Lending Centres
FSCO 11764 | Independently Owned & Operated
Mortgage Market Update
Date: May 10th, 2013  
Keeping you updated on Mortgage Matters

Market Update
 

We saw a small movement upwards in the bonds the last few days. There have been no major changes in interest rates
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 2.60%.

 
Today’s article is from the Toronto Real Estate Board. April’s sales numbers showed solid strength in the GTA, coupled with surprisingly high condo sales and prices. This certainly goes against all the forecasts of collapsing GTA prices.
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 May 29, 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
 

GTA REALTORS® RELEASE
MONTHLY RESALE HOUSING FIGURES

News Release

Toronto Real Estate Board

PublishedFriday, May 3, 2013 

 

Greater Toronto Area REALTORS® reported 9,811 sales through the TorontoMLS system in April 2013, representing a dip of two per cent in comparison to 10,021 transactions in April 2012. Both new listings during the month and active listings at the end of April were up on a year-over-year basis.

 

“Despite the headwinds we have experienced in the housing market this year, April sales came in quite strong in comparison to last year. As we move through the spring and into the second half of 2013, the demand for home ownership should continue to firm-up relative to last year,” said Toronto Real Estate Board President Ann Hannah.

 

“It has been almost a year since the federal government enacted stricter mortgage lending guidelines.   It is realistic to surmise that some households, who originally put their decision to purchase on hold, are once again looking to buy,” continued Ms. Hannah.

 

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
GTA REALTORS® RELEASE MONTHLY RESALE HOUSING FIGURES
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
2 May

Consumer Debt Rises but serious delinquencies at all time low. Mortgage Market Update May 2, 2013

General

Posted by: Anne Martin

Neighbourhood Dominion Lending Centres
FSCO 11764 | Independently Owned & Operated
Mortgage Market Update
Date: May 2nd, 2013  
Keeping you updated on Mortgage Matters

Market Update
 

Same as last week, nothing new to report on rates. Low..Low..Low
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 2.60%.

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 May 29, 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
 

Total consumer debt rises over same period last year according to Equifax Canada, serious consumer delinquencies are at an all-time low

www.consumer.equifax.ca

PublishedWednesday, Apr. 24 2013 

 

Equifax Canada’s March Consumer Credit Trends Report finds there was moderate growth in total consumer indebtedness (excluding mortgage debt), year-to-date through March 2013 with an increase of 3.9 per cent to $500.8 billion from $497 billion during the same timeframe in 2012.

The 90-plus day delinquencies for all credit products (excluding mortgages) has decreased by 13.4 per cent from the same time period in 2012 to a moderate 1.2 per cent, an all-time low. This rate was as high as 1.8 per cent during the height of the recession. Consumer bankruptcies are at very similar levels as in 2012.

 

Cristian deRitis, Senior Director of Consumer Credit Economics at Moody’s Analytics, commented on the report by adding “first quarter consumer credit conditions in Canada were mixed with outstanding balances rising and late-stage delinquency rates falling relative to a year ago. The Canadian economy is growing, albeit slowly, and the unemployment rate fell to 7.0 per cent in the first quarter. Outstanding household debt and available credit rose in the first quarter by 3.9 per cent and 4.4 per cent respectively on a year ago basis, breaking the trend in decelerating growth that began in 2011. Balances are increasing for bank installment loans, lines of credit and auto loans as Canadians continue to shun personal finance and sales finance loans.”

 

 

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
Total consumer debt rises over same period last year
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@barriemortgagelocators.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