29 Apr

CANADA STARTS TO OUTPERFORM THE U.S.

General

Posted by: Anne Martin

CANADA STARTS TO OUTPERFORM THE U.S.

Canada Starts to Outperform the U.S.Crude oil prices are poised for their biggest monthly gain in seven years, hitting a new high for 2016, and as day follows night, the Canadian dollar is up sharply–just shy of 80 cents U.S. Today’s February GDP report was not as weak as expected following the blowout number in January, leaving Canada likely to print 3% growth in the first quarter of this year. This compares to an extremely weak read for first quarter growth in the U.S. of only 0.5% annualized–the weakest pace in two years, after a 1.4% fourth quarter advance. American consumers reined in spending and companies slashed business investment, especially in the energy sector.

Shaky global markets and oil’s tumble resulted in the biggest U.S. business-investment slump in almost seven years, and household purchases climbed the least since early 2015. As in Canada, last year’s slump in oil prices that extended into mid-February of this year led to an 86% annualized plunge in capital spending on wells and shafts in the U.S., the most in records back to 1958.

While Federal Reserve officials on Wednesday acknowledged the softness, they also indicated strong hiring and income gains have the potential to reignite consumer spending and propel economic growth. Some believe the Fed could raise rates in June after remaining on the sidelines in April, although the weak first quarter showing dims the prospects of such action.

In Canada, the first quarter story appears to be rosier. Canada’s GDP declined for the first time in five month in February, but the decline was smaller than expected and followed five consecutive months of expansion. January growth remained at 0.6%, the fastest pace since 2013.

Hedge funds and other large speculators have started betting in the Canadian dollar’s favor this month, ending their longest sustained bearish stance since 2001, according to data from the Commodity Futures Trading Commission. The Canadian dollar is the second best performer among G-10 peers this year, up 17% since its mid-January low. Clearly it is oil that is driving the rally in the loonie (see Chart below). Canada has the most oil-dependent currency of all the commodity currencies.

The loonie’s strength creates challenges for the Bank of Canada, which held interest rates unchanged on April 13, partly in the hope that fiscal stimulus will be successful, but also with the prospects of a continued rebound in non-energy exports. A stronger currency dampens the export effect.

Canada’s returning economic resilience in the first quarter will be driven by improved consumer spending and a slower decline in business investment. Net exports are dampened by the sluggish U.S. economy. Real after-tax income growth improved with this year’s middle class tax cut.

Currency's gains against U.S. dollar mirror a rally in oil

29 Apr

No rate cut barring economic shock, says Stephen Poloz. Mortgage Market Update April 29, 2016

General

Posted by: Anne Martin



 


Anne Martin
Mortgage Agent | FSCO # M10002257

705-791-6683
1-800-500-1841 
 
anne@ndlc.ca | www.barriemortgagelocators.com

39 Collier Street, Ste 300 Barrie ON L4M 1G5

  

  Neighbourhood Dominion Lending Centres |  FSCO 11764  Independently Owned & Operated

Friday, April 29, 2016
Market Update

Bond rates have spiked the past week, several lenders have moved their 5 year fixed rates up by .05-.10%.

It is important to make sure your rates on preapprovals and any pending real deals are locked down for as long as possible, especially if this trend continues.

5 year fixed rate mortgage are still in the 2.44-2.64% range depending on the closing dates and if high ratio or not. 

Variable rates remain in the 2.25-2.4% range.

In the article below, the Bank of Canada is saying they do not expect variable rates to move lower in the foreseeable future.

Here is a link to a bond site for those who want to follow bond yield more closely, this is the site we rely on for our information.

http://www.investing.com/rates-bonds/canada-5-year-bond-yield-streaming-chart

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

…Anne

 

No rate cut barring economic ‘shock,’ Poloz says

BARRIE MCKENNA
OTTAWA — The Globe and Mail
Published Tuesday, Apr. 26, 2016 8:47AM EDT

Bank of Canada Governor Stephen Poloz has set a high bar for cutting interest rates again.

It would take a “shock of some significance” – such as another economic setback in the United States or China – for the central bank to consider more rate relief, Mr. Poloz said Tuesday.

The bank cut its overnight rate twice last year …

Read More…


CONGRATULATIONS !
to the 2015 Grand Prize Winners of our $25,000 Cash Giveaway Contest 

Click below to find out who won – Was it You?

Grand Prize Winner #1

Grand Prize Winner #2


To enter, close a mortgage through Neighbourhood Dominion Lending Centres (including switches and refinancing) OR refer others to do the same. For each deal that closes, you and your referral will receive an entry ballot! The more referrals you send, the better your chances of winning!

Call me for more details.


 Historical Interest Rate Graphs   

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

Click here to  access rate graphs 


My Commitment to You 

  • Constant update of Market Conditions
  • Innovative Mortgage Products
  • Value Added Services
  • Unbiased Advice
  • Innovative Mortgage Strategies and NOT just Order Taking

To continue receiving electronic communications, 
please Confirm your Subscription.  

Please click here if you wish to Unsubscribe Now

 

 

Sent to:abmhome@rogers.com
If you prefer not to receive
future e-mails of this type,
click here
Sent By:
Neighbourhood Dominion Lending Centers
1140 Stellar Drive
Suite 300
Newmarket Ontario L3Y 7B7
Canada
 
 
To view as a web page click here.
29 Apr

No rate cut barring economic “shock” says Stephen Poloz. Mortgage Market Update April 29, 2016

General

Posted by: Anne Martin



 


Anne Martin
Mortgage Agent | FSCO # M10002257

705-791-6683
1-800-500-1841 
 
anne@ndlc.ca | www.barriemortgagelocators.com

39 Collier Street, Ste 300 Barrie ON L4M 1G5

  

  Neighbourhood Dominion Lending Centres |  FSCO 11764  Independently Owned & Operated

Friday, April 29, 2016
Market Update

Bond rates have spiked the past week, several lenders have moved their 5 year fixed rates up by .05-.10%.

It is important to make sure your rates on preapprovals and any pending real deals are locked down for as long as possible, especially if this trend continues.

5 year fixed rate mortgage are still in the 2.44-2.64% range depending on the closing dates and if high ratio or not. 

Variable rates remain in the 2.25-2.4% range.

In the article below, the Bank of Canada is saying they do not expect variable rates to move lower in the foreseeable future.

Here is a link to a bond site for those who want to follow bond yield more closely, this is the site we rely on for our information.

http://www.investing.com/rates-bonds/canada-5-year-bond-yield-streaming-chart

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

…Anne

 

No rate cut barring economic ‘shock,’ Poloz says

BARRIE MCKENNA
OTTAWA — The Globe and Mail
Published Tuesday, Apr. 26, 2016 8:47AM EDT

Bank of Canada Governor Stephen Poloz has set a high bar for cutting interest rates again.

It would take a “shock of some significance” – such as another economic setback in the United States or China – for the central bank to consider more rate relief, Mr. Poloz said Tuesday.

The bank cut its overnight rate twice last year …

Read More…


CONGRATULATIONS !
to the 2015 Grand Prize Winners of our $25,000 Cash Giveaway Contest 

Click below to find out who won – Was it You?

Grand Prize Winner #1

Grand Prize Winner #2


To enter, close a mortgage through Neighbourhood Dominion Lending Centres (including switches and refinancing) OR refer others to do the same. For each deal that closes, you and your referral will receive an entry ballot! The more referrals you send, the better your chances of winning!

Call me for more details.


 Historical Interest Rate Graphs   

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

Click here to  access rate graphs 


My Commitment to You 

  • Constant update of Market Conditions
  • Innovative Mortgage Products
  • Value Added Services
  • Unbiased Advice
  • Innovative Mortgage Strategies and NOT just Order Taking

To continue receiving electronic communications, 
please Confirm your Subscription.  

Please click here if you wish to Unsubscribe Now

 

 

Sent to:abmhome@rogers.com
If you prefer not to receive
future e-mails of this type,
click here
Sent By:
Neighbourhood Dominion Lending Centers
1140 Stellar Drive
Suite 300
Newmarket Ontario L3Y 7B7
Canada
 
 
To view as a web page click here.
25 Apr

Welcome to the April 2016 issue of Consumer’s Home Digest.

General

Posted by: Anne Martin

 

 


Anne Martin
Mortgage Agent | FSCO # M10002257

705-791-6683
1-800-500-1841 
 
anne@ndlc.ca | www.barriemortgagelocators.com

39 Collier Street, Ste 300 Barrie ON L4M 1G5

  

  Neighbourhood Dominion Lending Centres |  FSCO 11764  Independently Owned & Operated
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? 

Simply call us today for a “mortgage check-up” and you’ll be better prepared. 

 


 

705-791-6683 1-800-500-1841

HOMEOWNER TIPS 

Spring cleaning do’s and don’ts

It’s spring and for some reason, the entire country gets obsessed with cleaning out their entire house, from the closets to the file cabinets to the shelves in the garage.

Here are some tips to follow:

DON’T: TRY TO DO IT ALL AT ONCE

“The biggest mistake is to try and do it all in one weekend and try and do too much.

DO: TAKE ON ONE AREA OR TASK AT A TIME

Whether you are cleaning or organizing, pick a small area and focus on that alone. Choose the closet, or the kitchen, or the bathroom, do not move, do not pass go, do not collect $200.

You should just organize two or three hours at a time. Do what is obtainable

DON’T: SPRING CLEAN

Clean or organize a couple of times a year. Better still, do it throughout the year.

DO: FINISH WHAT YOU STARTED

This goes hand-in-hand with Don’t Try to Do It All at Once, Not going through stuff all the way, and getting started and stopping is one of the biggest mistakes people make.

There’s a practical method to the madness, for your kitchen to function well, you have to have gone through all the drawers and know where things are.

DON’T: CLEAN WHENEVER YOU FEEL LIKE IT

‘Put it in your calendar.’ Once you make your appointment — even with yourself — you tend to adhere to it.”

DON’T: OVERLOOK THE SMALL THINGS

Cleaning some easy-to-miss items can make a big difference.

The big things are probably baseboards and spot cleaning on the walls that really make a house look and feel a lot cleaner but we all tend to overlook doing.  Wash the baseboards and the wall, light switches, anywhere someone would put their hands or a dog or boot would scuff up.

DO: CLEAN FROM TOP TO BOTTOM

Go from top to bottom, knocking down dirt clouds from counters, move from top to bottom. Start with wiping off the top of windowsills and door frames. Work your way down, spot clean all upper cabinets, move down a layer, wipe all appliances, pull them out. Wipe all counters off. Always work from the top down.  Floors are the last thing to do. Go through the whole house and vacuum, and then go through the whole house and mop.

DO: ASK FOR HELP

When the task seems too large, call upon friends, family, or — if it’s really overwhelming — a professional.

If you have someone to talk to while you are doing it, it makes it more fun.

Welcome to the April issue of Consumer’s Home Digest

Winter has left the country (let’s hope), spring has sprung, the days are getting longer, it smells like BBQ outside, and we’re all feeling good! In this month’s edition let’s take a look at how to avoid having your house stolen from you (yes, you read that correctly) and six things you can do to make sure your house is in tip-top shape heading into the summer months.

Thanks again for your continued support and referrals!



Anne

CONGRATULATIONS !
to the 2015 Grand Prize Winners of our $25,000 Cash Giveaway Contest

Click below to find out who won – Was it You?

Grand Prize Winner #1

Grand Prize Winner #2


To enter, close a mortgage through Neighbourhood Dominion Lending Centres (including switches and refinancing) OR refer others to do the same. For each deal that closes, you and your referral will receive an entry ballot! 

The more referrals you send, the better your chances of winning!

Call me for more details

Contest closes December 1st, 2016 at midnight EST.

Contest Rules and Regulations

Can Someone Actually Steal Your House?

It might sound unbelievable, but it’s absolutely possible for someone to steal your house. It’s called title fraud, and it’s a problem that has been around for a while in Canada. And although exposure to title fraud is minimal compared to, say, debit or credit card fraud, the damage to its victims is considerably more severe. Title fraud is potential big money for perpetrators, and their schemes can be complex to say the least. Don’t underestimate the lengths to which they will go to cash in on a big payday.

Let’s break down title fraud, identify who is most at risk, and look at the best ways to protect yourself from having your house stolen out from under you!

Title Fraud

Title fraud almost always starts with identity theft. When someone steals your identity, they actually become you (well not really, but as far as anyone who doesn’t know you is concerned, they are you). So once they become you, they are acting as you, the scope of the fraud starts with what you could carry out as normal business, and then grows from there with increased deception and elaborate plans.

Here are some common scenarios. The perpetrators could do any of the following:

  • Using your identity, they could discharge your current mortgage and replace it with one at higher value, pocketing the difference in cash, using a bank account they created in your name, only to disappear before the loan/mortgage goes into arrears and a collection agency calls seeking repayment.
  • Using fake id and forged documents, they could transfer the title of your property out of your name, register a home equity line of credit or mortgage against the title, advance the funds in cash, and disappear, leaving you with a foreclosure notice a few months down the road.
  • Depending on market conditions, if it’s a real seller’s market, they could even potentially sell your property sight unseen, close the transaction, and skip town before the duped buyers show up at your house in a moving truck, ready to take possession.

The scary thing is, as the victim of identity theft and/or title fraud, there is legal precedence set that as the mortgage was taken out in your name and it was done so as a legal transaction, the onus is on you to prove that you were the victim of fraud. Until you do so, you are responsible for the repayment of the debt or it will damage your credit score.

As in the case of someone fraudulently selling your house out from under you, there is legal precedence set where the new buyers could actually be awarded possession of your house, because you were the victim of identity theft and title fraud, they weren’t. As far as everyone else is concerned, the buyers executed a perfectly legal transaction. It falls on you to prove otherwise!

Who Is Most At Risk?

The more equity you have in your property, the more likely you are to be targeted. Let’s say your property is worth $450k, and you owe $150k on your mortgage — there is potential access to $300k of equity. However, as the maximum refinance amount in most cases is 80% of the property’s value, in this case $210k would be accessible. And as most lenders limit the amount of cash you can refinance out of a property to $200k, this is a perfect target.

Properties that are owned clear title (no mortgage or line of credit registered against the home) are considerably more susceptible than properties with a mortgage because there is no mortgage to discharge. Essentially, there is one less hurdle for the fraudster to register a new mortgage or transfer the title.

Unfortunately, if we have to label an age group that is most at risk, it would be the older generation. Seniors are more likely to own their properties clear title and are less savvy about identity theft and may take longer to realize something is going on.

Protect Yourself!

Okay, if your heart is beating a little faster now, don’t worry, it will be okay. Here are some practical steps you can take to protect yourself!

The first line of defence to prevent title fraud is to protect yourself from identity theft. The financial consumer agency of Canada has some good information that outlines the basics. But a lot of it is common sense: keep your ID close, don’t disclose your personal information to strangers on the phone, and if something smells fishy, make sure to investigate before proceeding!

Now, in order to protect yourself from title fraud directly, you can purchase something called title insurance! If you have recently purchased or refinanced your property, chances are you already have it. With the increasing amount of mortgage fraud, a lot of lenders make title insurance a mandatory condition of lending you money. This is a really, really good thing.

There are two types of title insurance available from a few different providers, offered directly from your lawyer’s office. The first is title insurance that covers the lender in case of title fraud, and the second covers the lender and you. It’s smart to go with the more comprehensive policy that covers you!

Title insurance is relatively inexpensive and covers you as long as you own the property (even if you discharge your mortgage). It can be purchased at any time, so if you aren’t sure if you have title insurance, might be worth a look through your mortgage documents. And if you can’t make heads or tails of them, take them to your mortgage broker and they will be happy to work through everything with you.

What to Do if You Suspect Fraud?

If you suspect or find out that you are the victim of title fraud, you should do the following:

Contact the Canadian Anti-Fraud Centre, at 1-888-495-8501 orinfo@antifraudcentre.ca.
Report the situation to the police.
Report the fraud to both credit reporting agencies Equifax andTransUnion.
Contact your provincial land registry and let them know.
Keep all documents and record the exact time you became aware that you were a victim.

6 Things to Check On Your Home This Spring

Ah spring, a time when the sun pours in the windows, plants are growing, things feel alive, and we give the house a good spring clean!

Although this winter was relatively mild, we certainly had some proud Canadian winter moments. You will probably want to make sure that your property weathered the storm and is in good condition. So here are six things to check on your home this spring!

The Roof
Your roof will have undoubtedly received the brunt of the winter weather, so when you can, it’ll be important for you to ensure that everything is still working as it should; that your shingles are securely fastened and (obviously) that none are missing. Additionally, for those who live in wet climates, check to make sure your roof is free from any kind of developing growth (moss etc.).

Shingled roofs should last approximately 20 years (depending, again, on variables such as climate) so as the years go on, don’t be surprised if and when sections of your roof begin to break down and deteriorate. A good idea to be prepared for such eventualities is have a separate account where you put money away, little by little.

Gutters
Check your gutters for any loose connections, leaks and cracks, as well as for debris that may have gathered throughout the winter months. Keep in mind, as well, that downspouts should always be pointed away from the foundation.

Ground “Indentations”

Low-lying sections of your property (especially near your home’s foundation) can be problematic. These pools, if left to form in the wrong location, can lead to water coming through your home’s foundation. Not to mention, they can become an excellent breeding ground for all sorts of pesky insects.

Avoid these pitfalls by leveling the ground, sloping the soil away from the house (and adding soil as necessary).

     
Outdoor Concrete 
Outdoor concrete (patios etc.) can shift or crack during those months when the ground around said pad freezes and thaws. So, as you come into spring, check to make sure that the concrete that surrounds your house hasn’t begun to slope into your foundation (starting to see a trend here? Hint: water = good. Water leaking into house = bad).

Additionally, if you do find cracks, or if the aesthetic appeal of your concrete has declined, take the time to clean and re-seal.

The Driveway

Paved driveways have a tendency to crack and wear over time (not unlike concrete). Springtime is the perfect time to reseal, while you’re in that spring cleaning mood! This job will restore the color to a fresh black, while also ensuring that your driveway is free of bumps and weed protrusions.

Keep in mind, however, that most sealers will take about 48 hours to dry properly, so watch the weather, and don’t start anything that might be compromised by rain or windblown elements. Popular Mechanics has a great article to get you started!

The AC Unit
The reality is that air conditioning units run constantly throughout the summer months, so in addition to servicing your unit after the summer, consider having it serviced in the spring as well, since it will have been sitting dormant for several months.

There you have it. Six home/property areas to pay attention to as winter gives way to spring. I trust these will be helpful to you as you invest time and love into your property.

However if you are considering a little more than just regular maintenance this spring, mortgage rates are at an all time low, now might be a great time to talk about using some of the equity in your property, to renovate and/or increase your property’s value!

 

25 Apr

Can someone actually steal your house. April 2016 monthly newsletter.

General

Posted by: Anne Martin

 

 


Anne Martin
Mortgage Agent | FSCO # M10002257

705-791-6683
1-800-500-1841 
 
anne@ndlc.ca | www.barriemortgagelocators.com

39 Collier Street, Ste 300 Barrie ON L4M 1G5

  

  Neighbourhood Dominion Lending Centres |  FSCO 11764  Independently Owned & Operated
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? 

Simply call us today for a “mortgage check-up” and you’ll be better prepared. 

 


 

705-791-6683 1-800-500-1841

HOMEOWNER TIPS 

Spring cleaning do’s and don’ts

It’s spring and for some reason, the entire country gets obsessed with cleaning out their entire house, from the closets to the file cabinets to the shelves in the garage.

Here are some tips to follow:

DON’T: TRY TO DO IT ALL AT ONCE

“The biggest mistake is to try and do it all in one weekend and try and do too much.

DO: TAKE ON ONE AREA OR TASK AT A TIME

Whether you are cleaning or organizing, pick a small area and focus on that alone. Choose the closet, or the kitchen, or the bathroom, do not move, do not pass go, do not collect $200.

You should just organize two or three hours at a time. Do what is obtainable

DON’T: SPRING CLEAN

Clean or organize a couple of times a year. Better still, do it throughout the year.

DO: FINISH WHAT YOU STARTED

This goes hand-in-hand with Don’t Try to Do It All at Once, Not going through stuff all the way, and getting started and stopping is one of the biggest mistakes people make.

There’s a practical method to the madness, for your kitchen to function well, you have to have gone through all the drawers and know where things are.

DON’T: CLEAN WHENEVER YOU FEEL LIKE IT

‘Put it in your calendar.’ Once you make your appointment — even with yourself — you tend to adhere to it.”

DON’T: OVERLOOK THE SMALL THINGS

Cleaning some easy-to-miss items can make a big difference.

The big things are probably baseboards and spot cleaning on the walls that really make a house look and feel a lot cleaner but we all tend to overlook doing.  Wash the baseboards and the wall, light switches, anywhere someone would put their hands or a dog or boot would scuff up.

DO: CLEAN FROM TOP TO BOTTOM

Go from top to bottom, knocking down dirt clouds from counters, move from top to bottom. Start with wiping off the top of windowsills and door frames. Work your way down, spot clean all upper cabinets, move down a layer, wipe all appliances, pull them out. Wipe all counters off. Always work from the top down.  Floors are the last thing to do. Go through the whole house and vacuum, and then go through the whole house and mop.

DO: ASK FOR HELP

When the task seems too large, call upon friends, family, or — if it’s really overwhelming — a professional.

If you have someone to talk to while you are doing it, it makes it more fun.

Welcome to the April issue of Consumer’s Home Digest

Winter has left the country (let’s hope), spring has sprung, the days are getting longer, it smells like BBQ outside, and we’re all feeling good! In this month’s edition let’s take a look at how to avoid having your house stolen from you (yes, you read that correctly) and six things you can do to make sure your house is in tip-top shape heading into the summer months.

Thanks again for your continued support and referrals!



Anne

CONGRATULATIONS !
to the 2015 Grand Prize Winners of our $25,000 Cash Giveaway Contest

Click below to find out who won – Was it You?

Grand Prize Winner #1

Grand Prize Winner #2


To enter, close a mortgage through Neighbourhood Dominion Lending Centres (including switches and refinancing) OR refer others to do the same. For each deal that closes, you and your referral will receive an entry ballot! 

The more referrals you send, the better your chances of winning!

Call me for more details

Contest closes December 1st, 2016 at midnight EST.

Contest Rules and Regulations

Can Someone Actually Steal Your House?

It might sound unbelievable, but it’s absolutely possible for someone to steal your house. It’s called title fraud, and it’s a problem that has been around for a while in Canada. And although exposure to title fraud is minimal compared to, say, debit or credit card fraud, the damage to its victims is considerably more severe. Title fraud is potential big money for perpetrators, and their schemes can be complex to say the least. Don’t underestimate the lengths to which they will go to cash in on a big payday.

Let’s break down title fraud, identify who is most at risk, and look at the best ways to protect yourself from having your house stolen out from under you!

Title Fraud

Title fraud almost always starts with identity theft. When someone steals your identity, they actually become you (well not really, but as far as anyone who doesn’t know you is concerned, they are you). So once they become you, they are acting as you, the scope of the fraud starts with what you could carry out as normal business, and then grows from there with increased deception and elaborate plans.

Here are some common scenarios. The perpetrators could do any of the following:

  • Using your identity, they could discharge your current mortgage and replace it with one at higher value, pocketing the difference in cash, using a bank account they created in your name, only to disappear before the loan/mortgage goes into arrears and a collection agency calls seeking repayment.
  • Using fake id and forged documents, they could transfer the title of your property out of your name, register a home equity line of credit or mortgage against the title, advance the funds in cash, and disappear, leaving you with a foreclosure notice a few months down the road.
  • Depending on market conditions, if it’s a real seller’s market, they could even potentially sell your property sight unseen, close the transaction, and skip town before the duped buyers show up at your house in a moving truck, ready to take possession.

The scary thing is, as the victim of identity theft and/or title fraud, there is legal precedence set that as the mortgage was taken out in your name and it was done so as a legal transaction, the onus is on you to prove that you were the victim of fraud. Until you do so, you are responsible for the repayment of the debt or it will damage your credit score.

As in the case of someone fraudulently selling your house out from under you, there is legal precedence set where the new buyers could actually be awarded possession of your house, because you were the victim of identity theft and title fraud, they weren’t. As far as everyone else is concerned, the buyers executed a perfectly legal transaction. It falls on you to prove otherwise!

Who Is Most At Risk?

The more equity you have in your property, the more likely you are to be targeted. Let’s say your property is worth $450k, and you owe $150k on your mortgage — there is potential access to $300k of equity. However, as the maximum refinance amount in most cases is 80% of the property’s value, in this case $210k would be accessible. And as most lenders limit the amount of cash you can refinance out of a property to $200k, this is a perfect target.

Properties that are owned clear title (no mortgage or line of credit registered against the home) are considerably more susceptible than properties with a mortgage because there is no mortgage to discharge. Essentially, there is one less hurdle for the fraudster to register a new mortgage or transfer the title.

Unfortunately, if we have to label an age group that is most at risk, it would be the older generation. Seniors are more likely to own their properties clear title and are less savvy about identity theft and may take longer to realize something is going on.

Protect Yourself!

Okay, if your heart is beating a little faster now, don’t worry, it will be okay. Here are some practical steps you can take to protect yourself!

The first line of defence to prevent title fraud is to protect yourself from identity theft. The financial consumer agency of Canada has some good information that outlines the basics. But a lot of it is common sense: keep your ID close, don’t disclose your personal information to strangers on the phone, and if something smells fishy, make sure to investigate before proceeding!

Now, in order to protect yourself from title fraud directly, you can purchase something called title insurance! If you have recently purchased or refinanced your property, chances are you already have it. With the increasing amount of mortgage fraud, a lot of lenders make title insurance a mandatory condition of lending you money. This is a really, really good thing.

There are two types of title insurance available from a few different providers, offered directly from your lawyer’s office. The first is title insurance that covers the lender in case of title fraud, and the second covers the lender and you. It’s smart to go with the more comprehensive policy that covers you!

Title insurance is relatively inexpensive and covers you as long as you own the property (even if you discharge your mortgage). It can be purchased at any time, so if you aren’t sure if you have title insurance, might be worth a look through your mortgage documents. And if you can’t make heads or tails of them, take them to your mortgage broker and they will be happy to work through everything with you.

What to Do if You Suspect Fraud?

If you suspect or find out that you are the victim of title fraud, you should do the following:

Contact the Canadian Anti-Fraud Centre, at 1-888-495-8501 orinfo@antifraudcentre.ca.
Report the situation to the police.
Report the fraud to both credit reporting agencies Equifax andTransUnion.
Contact your provincial land registry and let them know.
Keep all documents and record the exact time you became aware that you were a victim.

6 Things to Check On Your Home This Spring

Ah spring, a time when the sun pours in the windows, plants are growing, things feel alive, and we give the house a good spring clean!

Although this winter was relatively mild, we certainly had some proud Canadian winter moments. You will probably want to make sure that your property weathered the storm and is in good condition. So here are six things to check on your home this spring!

The Roof
Your roof will have undoubtedly received the brunt of the winter weather, so when you can, it’ll be important for you to ensure that everything is still working as it should; that your shingles are securely fastened and (obviously) that none are missing. Additionally, for those who live in wet climates, check to make sure your roof is free from any kind of developing growth (moss etc.).

Shingled roofs should last approximately 20 years (depending, again, on variables such as climate) so as the years go on, don’t be surprised if and when sections of your roof begin to break down and deteriorate. A good idea to be prepared for such eventualities is have a separate account where you put money away, little by little.

Gutters
Check your gutters for any loose connections, leaks and cracks, as well as for debris that may have gathered throughout the winter months. Keep in mind, as well, that downspouts should always be pointed away from the foundation.

Ground “Indentations”

Low-lying sections of your property (especially near your home’s foundation) can be problematic. These pools, if left to form in the wrong location, can lead to water coming through your home’s foundation. Not to mention, they can become an excellent breeding ground for all sorts of pesky insects.

Avoid these pitfalls by leveling the ground, sloping the soil away from the house (and adding soil as necessary).

     
Outdoor Concrete 
Outdoor concrete (patios etc.) can shift or crack during those months when the ground around said pad freezes and thaws. So, as you come into spring, check to make sure that the concrete that surrounds your house hasn’t begun to slope into your foundation (starting to see a trend here? Hint: water = good. Water leaking into house = bad).

Additionally, if you do find cracks, or if the aesthetic appeal of your concrete has declined, take the time to clean and re-seal.

The Driveway

Paved driveways have a tendency to crack and wear over time (not unlike concrete). Springtime is the perfect time to reseal, while you’re in that spring cleaning mood! This job will restore the color to a fresh black, while also ensuring that your driveway is free of bumps and weed protrusions.

Keep in mind, however, that most sealers will take about 48 hours to dry properly, so watch the weather, and don’t start anything that might be compromised by rain or windblown elements. Popular Mechanics has a great article to get you started!

The AC Unit
The reality is that air conditioning units run constantly throughout the summer months, so in addition to servicing your unit after the summer, consider having it serviced in the spring as well, since it will have been sitting dormant for several months.

There you have it. Six home/property areas to pay attention to as winter gives way to spring. I trust these will be helpful to you as you invest time and love into your property.

However if you are considering a little more than just regular maintenance this spring, mortgage rates are at an all time low, now might be a great time to talk about using some of the equity in your property, to renovate and/or increase your property’s value!

24 Apr

Rate remain unchanged this past week. Mortgage Market Update April 24, 2016

General

Posted by: Anne Martin



 


Anne Martin
Mortgage Agent | FSCO # M10002257

705-791-6683
1-800-500-1841 
 
anne@ndlc.ca | www.barriemortgagelocators.com

39 Collier Street, Ste 300 Barrie ON L4M 1G5

  

  Neighbourhood Dominion Lending Centres |  FSCO 11764  Independently Owned & Operated

Thursday, April 24, 2016
Market Update

Rates remain unchanged the past week

5 year fixed rates are in the 2.44-2.64% range. 

Variable rates are in the 2.2-2.45% range.

Watch for exciting news on us having the Manulife One product available within the next 30 days. Watch for details to follow.

Here is a link to a bond site for those who want to follow bond yield more closely, this is the site we rely on for our information.

http://www.investing.com/rates-bonds/canada-5-year-bond-yield-streaming-chart

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

…Anne

 

CONGRATULATIONS !
to the 2015 Grand Prize Winners of our $25,000 Cash Giveaway Contest 

Click below to find out who won – Was it You?

Grand Prize Winner #1

Grand Prize Winner #2


To enter, close a mortgage through Neighbourhood Dominion Lending Centres (including switches and refinancing) OR refer others to do the same. For each deal that closes, you and your referral will receive an entry ballot! The more referrals you send, the better your chances of winning!

Call me for more details.


 Historical Interest Rate Graphs   

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

Click here to  access rate graphs 


My Commitment to You 

  • Constant update of Market Conditions
  • Innovative Mortgage Products
  • Value Added Services
  • Unbiased Advice
  • Innovative Mortgage Strategies and NOT just Order Taking

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22 Apr

WHAT TO DO AFTER YOUR CREDIT HAS GONE BAD

General

Posted by: Anne Martin

WHAT TO DO AFTER YOUR CREDIT HAS GONE BAD

What to Do After Your Credit Has Gone Bad

It is matter of fact that life can be much unexpected. Perhaps you have been hit hard by this economic downturn or maybe an illness or even just plain old mismanagement has left you with a series of late payments on your credit. No use crying over spilt milk so to speak. So, let’s look at what to do to repair your credit after such an event.

There are three main scenarios we most often see in conjunction with damaged credit:

1. Regular late payments. 

All types of credit providers report to the credit agencies about you and your repayment history. Cell phones, credit cards, student loans, vehicle or personal loans, lines of credit, and of course your mortgage. You are assigned a credit rating based on if your payments are made on time, if you are at or near limit on your credit cards and a variety of other things. Often the descent into bruised credit starts by missing a payment here and there. Of course the more late payments you have, the more leery a new lender will be to extend you additional credit. If you had a rough patch like this, then the best thing to do is catch up ASAP and do not let it happen again. Lenders will want to see that you have recovered financially and you now mange yourself well. The magic number is 2. They want to see 2 years of perfect repayment on at least 2 credit facilities. After the damage was done, it is imperative that you not have another late payment on anything including your cell phone. It is also a good idea to save some money so they can see you have a fallback position if you lose your job. Finally, keep your credit cards at no higher than 75% of the available credit. It can be a sign of financial distress if you are maxed out.

2. Orderly payment of debts (OPD) 

This program is entered into voluntarily by people who need further help. These agencies will meet with you to assess your situation and determine a repayment plan with your creditors. They make calls on your behalf and negotiate for you which will stop the collection calls you may have been receiving. Interest rates are negotiated down and you are set up on a repayment plan to pay your creditors every cent you owe based on your income. Your credit bureau will reflect that you have opted for the OPD which means you have to do some work to be considered for lending later on. Again, the magic number is 2. You need to have 2 credit facilities reporting pristine for 2 years once the OPD reports as complete. At that point many lenders will consider you for mainstream lending. You may have to start with a secured credit card or 2 or a vehicle with a higher interest rate to get back on track.

3. Bankruptcy 

In this scenario, you have gone through the formal bankruptcy process which involves a trustee and the court system. Your debt obligations were negotiated down to a fraction of what they were and you have paid out that amount as per your agreement. Two years after you show as formally discharged with 2 years of established credit on 2 credit facilities you will once again be eligible for mainstream lending. Without those criteria you may find yourself paying a higher rate for a mortgage or other loan.

A few extras I would like to point out: If you have ANY late payments after the OPD or bankruptcy, you will likely be turned down for a mortgage at best rates. The lenders will allow that life threw you sideways, but it is up to you to show them it will not happen again. If there was a foreclosure in your past, you are not likely to get any financing for a mortgage unless you are willing to pay some very high interest. Finally, there are companies out there who advertise that they can fix your credit for a fee. Be very cautious in your dealings with them. They can be very expensive and the credit reporting agencies are on record reporting there is NO quick fix for credit issues. Do your due diligence before entering into an agreement with anyone telling you they can fix your credit.

Written By;

PAM PIKKERT

Dominion Lending Centres – Accredited Mortgage Professional
Pam is part of DLC Regional Mortgage Group based in Red Deer, AB

19 Apr

TOP 8 BENEFITS OF USING A MORTGAGE BROKER

General

Posted by: Anne Martin

TOP 8 BENEFITS OF USING A MORTGAGE BROKER

Top 8 Benefits of Using a Mortgage Broker

When shopping for a mortgage, many home buyers enlist the services of a Mortgage Professional. There are several benefits to using a Mortgage Broker and I have compiled a list of the top 8:

1. Saves you time – Mortgage Brokers have access to multiple lenders (over 50!). They work with lenders you have heard of and lenders you probably haven’t heard of. Because their relationship with lenders is ongoing, Mortgage Brokers know what is available in mortgage financing and will be able to advise you on what your lending options are without all the leg work that you would have to do in order to find a small percentage of information that a Mortgage Broker already has in hand.

2. Saves you money – Mortgage Brokers, if they are successful, have access to discounted rates. Because of the high volume that they do, lenders make available discounted rates that are not available directly through the branch of the lender that you go to.

3. Saves you from becoming stressed out! – It can be very daunting to find a mortgage. A Mortgage Broker takes on that stress for you. Your Mortgage Broker will make sure all the paperwork is in place. They will keep in good communication with you so that you know what is going on with your mortgage and will keep you up to date with any complications so that there are no surprises.

4. Gives you access to lenders that are otherwise not available to you – Some lenders work exclusively with Mortgage Brokers. In these circumstances, the layman does not have access to these lenders and, therefore, does not have the option to use discounted rates and mortgage products that these lenders offer.

5. Services are free – Mortgage Professionals are paid by the lender and not by you. This is not a disadvantage to you. A good Mortgage Broker will ALWAYS have the best interest of the client in mind because if you, as a client, are happy, you will go tell your friends about the service you’ve received from the Mortgage Professional you work with. Mortgage Professionals rely on referrals, which means that if you are a happy customer, and you got the best deal available, you will tell your friends and family about them which will result in referrals and potential future business.

6. Take on every challenge – As Mortgage Professionals, we see every scenario out there and work to make sure that every client knows what is available to them for financing options for a mortgage. Damaged credit and low household income might be a deterrent for the bank, but a Mortgage Professional knows how to approach the lender and has the relationship to make sure every client has a plan and strategy in place to make sure there is a mortgage in their future.

7. The Mortgage Brokerage industry is monitored by governing bodies – Nowadays, as Mortgage Brokers, it is extremely important to have principles and values that are based on the best interest of the client. In fact, in order to become licensed, the Mortgage Professionals need to be well versed in the ethical and upstanding values that are outlined through the Financial Institutes Commission, a provincial governing body that is a watchman for this industry. FICOM’s mandate is to make sure every Mortgage Broker walks in integrity and in the best interest of their client.

8. The Mortgage Broker has a better understanding of what mortgage products are available than your bank – Interestingly, a Mortgage Broker has to be licensed and cannot discuss mortgages with you unless they are licensed. This is unlike the bank who can “internally train” their staff to sell the specific products available from their bank. The staff at your bank do not have to be licensed Mortgage Professionals.

While this is not an exhaustive list on the benefits of using a Mortgage Professional, it is compelling to see the benefits of using a Mortgage Professional rather than putting a mortgage together on your own.

At Dominion Lending Centres, we have an excellent rapport with the lenders we introduce our clients to. Our customer service is reflective of our relationship with our lenders. We are always professional and we always make sure our clients know every viable option they have for mortgage financing.

Written By:

GEOFF LEE

Dominion Lending Centres – Accredited Mortgage Professional
Geoff is part of DLC GLM Mortgage Group based in Vancouver, BC.

15 Apr

PRIVATE MORTGAGES CAN IMPROVE YOUR FINANCIAL WELL-BEING!

General

Posted by: Anne Martin

Private Mortgages Can Improve Your Financial Well-Being!

A private mortgage can improve your financial well-being and using a reputable mortgage agent/broker will advise when it is suitable for your circumstances to enter into a private mortgage. Your mortgage agent will also advise a financial action plan to refinance you down the road to return to the prime lending marketplace.

Here are the facts on mortgage lending and when to use a private mortgage:

There are several types of mortgage loans in Canada including first mortgages, second mortgages and lines of credit. As we all know, these are available through well- known prime lending institutions like banks, credit unions, trust companies and independent financial institutions that only deal in mortgages to qualified borrowers.

There are also the institutional “alternative” lenders that have all the products mentioned above, however, they loan their money to individuals who do not meet prime lending guidelines. These loans would be considered “riskier” due to the fact that the borrower may not be able to prove income and may have challenged credit which will not meet the prime lender’s guidelines. These institutions often charge lender fees and higher interest rates. Institutional alternative mortgage lenders are most often used as a temporary solution that alleviates an immediate situation that once resolved, the mortgage is moved to a “prime” lending institution. Often times the alternative lenders restrict their lending areas, loan to value and credit and income criteria.

When a borrower doesn’t meet the alternative lender’s lending criteria, a private mortgage can be arranged for a temporary solution, just like the alternative lender. Investors/Lenders are usually individuals or private corporations, Self-Directed RRSP program lenders, who loan their own personal/corporate funds; believing investment in real estate is stable and want to earn a higher return on their money than they can make at their financial institution. These investors will take a more personal approach to the loan and are ready to hear your story, (usually with a sympathetic ear) and assess the amount of risk that they are being asked to take on. Income and credit is reviewed, but with less stringent guidelines than the alternative lenders. Again, lender fees and possibly brokerage fees will be charged.

Consider this scenario to explore why a private mortgage can work for you.

You worked for the same company for 10 years, they went bankrupt and shut down, it took you 9 months to find another job, but in the meantime, you used up all your savings as your EI payments weren’t enough. Your payments are behind on your $40,000 worth of debts which cost $800 monthly, and you owe $10,000 in property taxes and to CRA. Your house is worth $300,000, your current mortgage is $175,000, you need $50,000 to pay it all off plus $4,000 (estimated) to set up of a second mortgage including legal fees. It makes sense to retain your 2.25% first mortgage in order to give you time to restore your credit history and income. Therefore, a private second mortgage suits the situation. A second mortgage of $54,000 with interest only payments at 11% will cost you $484 monthly, creating a savings of $316 monthly plus CRA and the property taxes are paid off.

Some other reasons to borrow private funds.

  • purchase property where you don’t qualify with more “traditional” lenders
  • pay off/consolidate debts into your property
  • renovate your home
  • pay for medical expenses
  • supplement your first mortgage
  • improve cash flow
  • pay off debts to CRA or property taxes
  • pay for your children’s post-secondary education

Yes, private mortgages do have higher rates and fees, however, your mortgage agent is obligated to ensure that all parties to the transaction are fully aware of the costs going in and will provide the reason behind choosing a private mortgage. Your mortgage agent will outline why you don’t qualify for a prime or institutional lender at this time and review the financial benefits of entering into a private mortgage. Your mortgage agent will also explain the exit strategy to pay off the private mortgage down the road with the goal to get you back into the prime lending market.

Ask your Dominion Lending Centres mortgage broker if a private mortgage is right for you!

Written by:

Anne Martin, Mortgage Agent

Neighbourhood Dominion Lending Centres

12 Apr

THE BENEFITS OF USING A MORTGAGE BROKER

General

Posted by: Anne Martin

THE BENEFITS OF A MORTGAGE BROKER

The Benefits of a Mortgage BrokersThe next time you’re looking for a mortgage for that new house or you’re up for renewal on your existing mortgage, think about using a mortgage broker – their services are free and they offer you an abundance of choices the banks simply can’t compete with.

Mortgage brokers have access to a vast array of lenders – up to 200+ institutions, including the big banks – which enables these professionals to negotiate the best possible mortgage products and rates on your behalf. In comparison, if you approach your bank with a mortgage request, they can only offer you a narrow choice – namely, their own products.

Mortgage brokers do their homework on available mortgage products and keep themselves abreast of any new products, or changes to existing products, to ensure they find the best mortgage to fit your specific needs.

Unlike the banks, mortgage brokers can also cater to self-employed borrowers as well as those who have suffered credit blemishes due to life experiences such as divorce or illness. Brokers will listen to your story, whereas the banks have a very narrow view of what fits into their financing box – and this is unnegotiable.

If you’re thinking of buying a home, Dominion Lending Centres mortgage professionals can find the best mortgage rate and term for your unique situation.

Top Reasons for Using a Broker:
1. Choice – access to multiple financial institutions
2. Costs – using a broker is free and they can negotiate lower rates for you
3. Knowledge – brokers stay up-to-date on available products and services
4. Flexibility – mortgage products are even available for the self-employed or those who have credit blemishes

Written by:
 

ALIM CHARANIA

Dominion Lending Centres – Accredited Mortgage Professional
Alim is part of DLC Regional Mortgage Group based in Red Deer, AB.