Mortgages Canada

Mortgage News

Predatory lending and Canadian seniors - The Vancouver Sun

The meltdown of the American subprime mortgage market has recently made worldwide headlines. Reading the press, it would be easy to think that this problem only affects large financial institutions and high-powered stock market investors. What does this international crisis have to do with senior citizen homeowners in Canada? The Canadian Centre for Elder Law is currently working on a project that investigates this question among others. The Centre is a non-government organization dedicated to law reform and outreach on legal issues affecting older adults.

Federal Reserve(US Central Bank) lends $30 billion at 3.123% - Los Angeles Times

The Federal Reserve made $30 billion in 28-day loans to banks at the lowest rate since it began holding special auctions last month to end the logjam in credit markets. The 3.123% rate was the lowest of the four auctions conducted since mid-December. Demand from banks, as measured by the ratio of the volume of bids to the amount of money being auctioned, also was the lowest since the auctions began. The Fed’s auctions are part of a coordinated effort with central banks in Britain, Canada, Switzerland and the euro region to increase temporary funds available for banks.

Real Estate News

Canada ranks best on housing affordability survey - CTV

Canada is at the top of the list in a new study comparing housing affordability in six countries. The Demographia International Housing Affordability Survey: 2008, released by Wendell Cox Consultancy, compared conditions in the larger cities of Australia, Canada, Ireland, New Zealand, the United Kingdom, and the United States. To determine affordability, researchers used the median multiple technique — which calculates the median house price as a multiple of the median household income.

Perspectives on Real Estate Representation - Real Estate Intelligence

When you call an agent from an ad or a sign, you have to remember that they are working for the seller — and definitely not the buyer. You are talking to the listing agent who was hired by the sellers to list and sell their home. His or her job — and obligation — is to get as much money as possible for the seller. This ties in with the fact that the agent has an incentive to get more. The higher the sales price, the more money the agent will make. It may be hard to keep this in mind as you spend time with the agent and feel you know and feel comfortable with them. Even though you begin to trust that agent, never to reveal the highest price you are willing to pay, or other concessions you know you would be willing to make. Because that person represents the seller, and must relay this type of information to the seller.

Real Estate In Victoria BC - Victoria, BC vs West Island, QC - Real Estate Info

2007 was another positive year for the local real estate market. We saw healthy activity and growth throughout the West Island and the good news is that all indicators point towards another good year in 2008. According to statistics from the Greater Montreal Real Estate Board, the average price of a single family home in the West Island increased from $346,358 in 2006 to $358,086 in 2007 for an increase of just over 3%. The number of sales was also up by almost 11% which was a good indicator that buyer activity remained strong.

 

 

Mortgage News

Muslim Canadian Congress asks CMHC to drop Islamic banking study - THE CANADIAN PRESS

The Canada Mortgage and Housing Corp. is being urged by a moderate Muslim organization to abandon the idea of a study on Islamic banking because such a system could leave many Muslims isolated. The Muslim Canadian Congress, in a letter to CMHC, said the concept is “an attempt by Islamists, with backing from Middle Eastern Financial Institutions and their Western partners, to scare Muslim Canadians into believing that they should pay more to the banks and demand less in return as an act of religiosity.”

FirstLine Matrix Mortgage to Become Adjustable(Variable) Rate Mortgage - First Line

The beauty of Matrix is versatility. The fixed rate and LOC portions can add up to 75% of the value of your home. You can use the fixed rate portion alone for the first months or years, then when you have a new expense, simply access your LOC portionÑno new application is required. You can pay off your LOC portion at any time. And as you pay off the fixed rate portion, that additional equity is instantly available to your LOC.

Canadian Stocks Rise, Led by Banks, CIBC; CP Rail Advances - Bloomberg

Canadian stocks rose a second day, led by Canadian Imperial Bank of Commerce, on speculation equities already reflect a slower U.S. economy and may rally more after an expected interest-rate cut from the Federal Reserve tomorrow. Canadian Pacific Railway Ltd. led industrial shares higher, after the railroad reported profit that exceeded analysts’ estimates. Canadian Oil Sands Trust and other energy producers advanced along with crude-oil prices.

Loonie crosses back over parity - Globe and Mail

The currency traded at par — or to be precise, $1.00221 (U.S) — “supported by the general shift out of safety and an embrace of equity and risk,” said Stewart Hall, market strategist at HSBC Securities (Canada), in a morning note. Asian and European markets bounced back Tuesday, while North American stocks gained ground on the prospect of a U.S. rate reduction. Federal Reserve Open Committee members start their interest-rate meeting today, and are widely expected to cut the key lending rate by 50 basis points tomorrow at 2:15 EST.

Real Estate News

RBC expects housing affordability to improve this year despite threat of US recessision - Alberta Index

Nationwide housing affordability should start to improve this year following last year’s rising homeownership costs, according to the latest Housing Affordability report by RBC Economics. “Almost every house class in every province and major city saw affordability deteriorate last year,” said Derek Holt, RBC’s assistant chief economist. “Unlike the late 1980s and early 1990s when both unemployment rates and interest rates pushed into double digits and led to declining affordability, the prime culprit this time around has been a long string of house price gains that have outstripped income gains.”

Victoria housing among world’s most costly - Times Colonist

Victoria, Vancouver and Kelowna all made the top 25 of the least affordable housing markets in the world, according to the fourth annual Demographia International Housing Affordability Survey. The survey compiled by consultant Wendell Cox, a senior fellow at the Frontier Centre for Public Policy, and Hugh Pavletich, a property investment manager in New Zealand, rates cities using a measurement tool called a median multiple.

Bleak house outlook? Not in Canada - The Star

Various forecasters predict sales of new and used homes will slow in Canada this year, but nothing like is happening in the United States.
They all foresee prices going up. In fact the latest forecast, which benefits from having more recent data, is among the most optimistic for home prices. Economists at the Royal Bank of Canada are predicting larger average increases than some other forecasts released earlier, including for Ontario and Toronto. Yet they also foresee an improvement in affordability, at least compared with the latter part of 2007, thanks to a coming dip in interest rates and a healthy increase in household spending power.

DEEP SNOW, DEEP POCKETS - Globe and Mail

In the remote mountains of British Columbia near the small town of Revelstoke, snow pours almost constantly, an average of 15 metres annually, an astounding amount that has made Revelstoke and nearby Rogers Pass famous for the snow-obsessed in Canada and beyond for decades. Now, four real estate developers are planning to spend $1-billion - with $80-million already on the table - on Revelstoke Mountain Resort LP, a giant new ski area that opened last month on Mount Mackenzie in eastern British Columbia. At its core, this is a huge property play in a place that’s essentially in the middle of nowhere.

Private Mortgage insurance (PMI) Background

Private mortgage insurance is the most expensive monthly fee. Though it is viewed by many borrowers as the “dark evil” it has done a lot of good. Before establishment of the private mortgage insurance, lenders required minimum down payment of 20%. If you didn’t have 20%, you couldn’t get a mortgage.

To make houses more affordable Canada Mortgage and Housing Corporation started providing private mortgage insurance.

The purpose of PMI is to protect lenders in case borrowers default(can’t pay) on the mortgage. Borrowers pay for private mortgage insurance every month. Payments range from $50 to $150 depending on amount of down payment. In case borrower defaults, PMI will pay back lender full amount borrowed.

In Canada there are two primary institutions providing private mortgage insurance

- Canada Mortgage and Housing Corporation(CMHC)
- Genworth Financial

How to get rid of the PMI?

Once you pay 20% of the mortgage you can request the removal. Lenders should honor your request.

How do I request PMI Removal?

Write a letter stating that you’ve reached 20% amount.
Give them a call.

It may be a bit troublesome reaching some lenders, but keep doing it and you will get there.

Once you pay 22% of the mortgage, lenders should automatically remove private mortgage insurance. In fact, they are required to remove it. If you paid out 22% and still see it on the statement – get in contact with the lender. They should honor the removal and save you the extra fees every month.

Mortgage News

Scotiabank lowers mortgage rates - CNW News

Scotiabank announced today the following changes in residential mortgage interest rates, effective January 29:

- two-year closed 7.40 per cent (decreases by 0.10 per cent)

- three-year closed 7.40 per cent (decreases by 0.10 per cent)

- four-year closed 7.35 per cent (decreases by 0.15 per cent)

- five-year closed 7.39 per cent (decreases by 0.10 per cent)

- seven-year closed 7.70 per cent (decreases by 0.10 per cent)

Canadian Economy Provides Better Quality Jobs Than U.S., CIBC Economist Says - CEP News

Canadians are landing better quality jobs even as the economy batters the manufacturing sector, a trend that is very different for their U.S. cousins, a CIBC study indicates. “It seems that in Canada, the loss of manufacturing jobs is being offset by job gains in sectors with equivalent and higher employment quality. That’s not the case in the U.S. where the jobs now being lost in sectors such as construction/real estate and manufacturing are being replaced by lower quality jobs,” writes CIBC Benjamin Tal in a report entitled “An Island of Stability,” about the CIBC Employment Quality Index.

Dollar’s drop gives foreign investors edge - Local News

The weak dollar has given foreign investors strong incentive to buy property in Hawai’i’s slowing housing market, which just capped a second year of declining sales. Australian, Canadian and European currencies have risen sharply in recent months to give real estate investors from those countries their strongest buying power in more than a decade.

Toronto: City property taxes up 3.75% - TheStar

Toronto homeowners will be facing a 3.75 per cent property tax hike this year. City officials will roll out an $8 billion spending budget for 2008 on Monday that sources say calls for a 3.75 per cent increase – almost identical to last year’s 3.8 per cent. On the average home, that translates to about $80 extra. The perennially cash-strapped city is presenting a balanced budget this year, thanks to a land-transfer tax on home purchases that goes into effect next Friday.

Real Estate News

Should I buy now or should I buy later…? - Vancouver 24 Hours

24 hours Vancouver and CTV have teamed up to bring you an in-depth look at the current real-estate market in the Lower Mainland. The series kicks off today by exploring what homeowners can expect with current market conditions.

Let it be known: Christie Coughlan is not in the market for a shoebox. Unimpressed at the idea of throwing her money at a 400-sq.-ft. condo, the 28-year-old advertising exec is still living on a month-to-month lease. “It’s hard,” says Coughlan of her now two-month-old search to find a home. “It’s more expensive than I expected.”

Alberta real estate sales increased in 2007 - Calgary Herald

Alberta ended 2007 with $25.5 billion in residential MLS sales, up 19.9 per cent compared with 2006, according to a report released Monday by the Canadian Real Estate Association. The report also said that overall sales were down by 3.9 per cent last year from a year ago to 71,430 units but the average sale price increased by 24.8 per cent to $356,235. New listings also had a 32.9 per cent hike for the year to 124,933.

If you are anything like me, you probably watch shows of people buying old, run down homes for a low price to then invest in renovation in the hopes of selling the property for more money. A risky business but if you are successful, a big lump sum can me made. At the same time, the slightest decision can make the whole operation flop. Television has a great way of glamorizing flipping a home for profit. There are many different factors that make or break a flip. Many people risk their own finances in hopes of getting twice if not three times more money than they’ve put in.

Like any investments, there are pros and cons. Are the cons outweighing the pros or is it vice versa? What kinds of people does it take to flip a home? What if your home freshly renovated home doesn’t sell? What if your buyers don’t like your flip? It seems to me the risk is huge but at the other end of the deal, you may be very successful and get a massive check at the end of a house renovation. If you are considering flipping a home, I’ve found some very helpful hints and tips that might help you make the right decisions to save you from the hassle of saying “Oh… I didn’t know that”. Maybe flipping is for you… maybe not. Research and getting valid information will definitely help you in the long run.

Find properties that are a diamond in the rough

Look for the home on the block that needs the most help. Often those homes are priced way cheaper than the other surrounding homes. Make sure your renovation budget allows you the freedom to fix everything well with a skilled contractor. People will appreciate a old home that has been renovated well. Don’t limit your options… look all over the city for that diamond.

Are the surrounding homes well maintained and friendly

This is very important… make sure the homes in the neighborhood are well kept up. After all… who wants to buy a beautiful home in a run down shabby neighborhood. You have to put yourself in the buyer’s shoes, do they have kids? Is it child friendly? Are the neighbours welcoming? How is the appeal of the area in general. Make sure that there is a market eager to move in this new area. These small details will make the world of a difference.

Try to keep as much of the old house’s charm

Make sure you and your contractor try to save as many memories as possible. Old doors and crown moulding always make buyers happy. Look to see if any of the hardwood floors can be salvaged. Old charm always works with buyers. They will definitely appreciate the effort put in to highlight the natural beauty of the home.

So flipping a home can be a great experience. Just make sure to do research, find the best property, a trustworthy contractor and ask an expert for some advice. Renovating a home is a huge job, try and get as much help as you can. It will pay off at in the end.

If you are planning to save for a down payment on a mortgage… you are not alone. The thought of saving thousands of dollars seems like a stretch when you have zero in your savings account, but things always seem harder than they seem at first. Regardless of your job, financial situation or location, there are many different new ways of saving money.

The first step is being 100% committed… once you have that, saving for your dream home is a breeze. Why should you save in advance? It is a good way to show your bank that you are serious about saving for your home. A bigger down payment reduces your monthly payments and the more of your own money you invest, the more money you will get back if you choose to sell your home. Nowadays you can skip saving and get a mortgage with zero down, but for people who wish to save themselves, here are few helpful saving trick that will get you closer to your mortgage goals.

Here are few steps that will help you achieve your saving goals

Evaluate your budget

If you don’t have a budget, saving may seem like the last thing on your mind. But in fact, having a budget will allow you to make safe decisions when spending your money. Once you’ve established a budget, look over your expenses that you can hold off on. If you notice you are spending 200$ a month on clothes, try reducing it to 50%. That extra 100$ can go into your savings. If you find yourself spending a lot of money on entertainment, try find fun and new cost effective ways of spending your free time. Every penny counts. Saving money doesn’t have to mean you have to cut back on life, it just means you have to be wise about your saving habits.

Create a budget for your savings

Some banks offer saving plans that will make you save money without lifting a finger. Go to your bank and see if they have programs that can take out a certain amount of money every paycheck. Once you’ve established an amount, make sure you have very limited access to it. By not being able to access your money through a bank machine, you will be more likely to be glad you didn’t spend the money the next day. It takes self control to not spend money that is yours but you will be amazed as to how much money you will have in your saving account. Automatic saving systems work…. just make sure you keep your hands out of the cookie jar.

Find alternate ways to save money

Are you a skilled seamstress or a good handy man? Well… if you have a skill that other admire, try making some extra cash on the side. Without over exhausting yourself, see if there are any odd jobs that can give you an extra income for your savings. With the help of the internet, you will be able to find odd jobs that will fit into your schedule. Extra money here and there will truly make a difference and will only get you closer to your dream home.

Try these tricks and see how easy saving can be. You will be very glad you did!

Flexible payment mortgage offers flexible monthly payments to borrowers. Every time a monthly statement comes you can choose between four different types of payments:

- 30 Year Fixed Mortgage
- 20 Year Fixed Mortgage
- Interest Only Payment
- Negative Amortization

30 and 20 Year Fixed Mortgage Payment Options

30 and 20 year fixed mortgage flexible payment options are identical, only difference being in the amount of monthly payments, since 20 is more expensive and 30 year is a bit cheaper. As an example – lets take a 30 year mortgage.

A 30 year payment option is identical to a 30 year fixed mortgage loan. You simply pay as though you took a fixed rate loan. It offers you initial interest rate and principal payments, spanned for 30 years.

If you decide to pay this month with a fixed (20-30) options you pay as though you had a fixed rate mortgage.

Interest Only Flexible Payment Mortgage

Interest only Payment is what it sounds. Every month you make payments which only go towards interest. Payments are usually smaller as opposed to 20-30 year mortgage, since you do not pay for the principal.

Negative Amortization Mortgage Payments

Negative amortization is identical to interest only payments, but it offers you the option of coming short on payments. For example: You choose to pay negative amortization this month. Interest payment is $500. You have the option of paying less than $500, for example – $400.

A $100 which you missed goes on top of your principal. So if your balance was $100.000, if you missed a $100 it will be $100.100.

Negative amortization may not be such a good option. Every month you pay only for the interest, skipping the most important payment – principal. Missed interest is added on top of the principal.

This option may be tempting short term, but it may hit hard if abused.

Is Flexible Payment Mortgage a Good Loan?

Overall, flexible payment is a great way to swap monthly payments. It offers a wide variety of payment options and may help each month.

Precaution must be taken of not falling into the pit of paying negative amortization and interest only. If you had this mortgage, it would be a good idea to stay away from negative amortization completely and only use it in emergency situations.

Interest only payments are good when you short of cash, but shouldn’t be used extensively – use only when you must.

In a normal situation, pay 20 or 30 year fixed. This one is up to you. 20 year fixed helps to reduce balance faster, while 30 keeps it going at a steady rate.

Remember the goal is to pay down the loan. Flexible payment mortgage is perfect for people who know how to use it. Make regular payments(20-30). Use interest only in an emergency and negative amortization in extreme cases.

Mortgage News

National Bank Adjusts its Mortgage Rates - PR USA

Laurentian Bank changes its mortgage rates - CNW Group

Desjardins Group Announces Changes in Residential Mortgage Rates - Desjardins Group

January 25, 2008 – Desjardins Group announces the following changes in mortgage rates for caisses in Québec and Ontario*, effective on January 28, 2008.

Canadian Core Inflation Slowest Since December 2005 - Bloomberg

Canada’s annual inflation rate excluding volatile items such as gasoline was the lowest in two years in December, giving central bankers more flexibility to cut interest rates. Core prices rose 1.5 percent in December, slowing for the sixth straight month and below the central bank’s target for a third month, from 1.6 percent in November, as Canada’s strong dollar made imported books and cars cheaper. Economists surveyed by Bloomberg forecast the rate would quicken to 1.7 percent, the median of 21 estimates.

Mortgage rates ease - CBC News

Borrowing costs declined on Friday as major Canadian banks cut their mortgage rates on several longer-term loans.
Royal Bank, TD Canada Trust and Laurentian Bank all announced cuts ranging from 0.05 to 0.1 of a percentage point.
With the change, a posted five-year closed mortgage rate now ranges from 7.39 to 7.4 per cent.

Five options to generate revenue when you find yourself house rich, cash poor - Ottawa Citizen

The reverse mortgage is growing in popularity in Canada, but it is not the only tool available to seniors who want to generate instant cash by tapping into their home’s value. Gordon Pape, an investment expert and author of the new book Sleep Easy Investing, says whatever option you choose will depend on a number of factors, including the reason you want access to ready cash. Will the money be used to pay for a new roof, or as an investment that will generate a monthly income?

Mortgage: To fix or to float? - Financial Post

Would you borrow money from someone if they could change the rate of interest whenever they wanted to? About 20% of Canadians signing up for new mortgages have been doing just that. One out of every five new mortgages is now a variable rate product tied to prime. Prime is dictated by your bank. As rates tumbled during this housing cycle, consumers worried about locking into long-term mortgages. The fear of being shut out of the latest rate cut from the Bank of Canada had consumers looking to products with floating interest rates.

USA - What are the warning signs of a possible recession? - CTV

With a housing crisis, credit crunch and volatile stocks, our U.S. neighbours may well be heading towards a recession. BMO Capital Markets predicted Wednesday the United States is heading towards a mild recession — one more in an increasingly loud chorus of voices that thinks the world’s biggest economy might be contracting. The Bank of Canada followed up Thursday by saying the U.S. economy would barely grow in the first half of this year and could easily tip into recession. While the central bank lowered its growth forecast for the local economy, it also predicted that Canada will avoid a recession.

Ottawa running healthy $6.7-billion surplus - Financial Post

OTTAWA — The federal government was running a healthy $6.7-billion surplus eight months into the current fiscal year, even after including the cost of retroactive income tax cuts for the 2007 tax year, which were announced in the fall budget update.The latest monthly report on the government’s finances suggest it easily has the cash to cover the cost of other tax measures - such as the GST cut, which kicked in on Jan. 1 - and meet its commitment to provide $1-billion in relief in the upcoming budget to help offset the impact on manufacturing and forestry industries of the strong dollar and weakening U.S. economy.

 

Real Estate News

This Week in Toronto Real Estate - BlogTo

January is normally a very quiet month in the real estate world, but there were a lot of interesting news items on the real estate front this week so I’ve compiled them into a single post with the tidbits. Call it a Morning Brew for real estate junkies. Condos are hot. For the first time ever, condos appreciated at a higher rate than the traditional detached homes in 2007. Once considered the holy grail of Toronto real estate, detached homes appear to be losing some of their luster as prices have simply become out of reach for most first or even second-time home buyers.

TORONTO - City property taxes up 3.75% - The Star

Toronto homeowners will be facing a 3.75 per cent property tax hike this year. City officials will roll out an $8 billion spending budget for 2008 on Monday that sources say calls for a 3.75 per cent increase – almost identical to last year’s 3.8 per cent. On the average home, that translates to about $80 extra.

FLORIDA, US credit crunch, bargain house prices. Florida formula pays off - National Post

My formula, which Mr. Ruddle deployed, is find out the 2006 value, offer half (he found out the 2005 value and added 10%) then bid. It worked for him. And if it hadn’t, he would have and should have just walked away. As I wrote, I have done a little preliminary research myself of so-called “bargains” in Florida and the market remains very scary and getting worse. Hundreds of properties are on the market, in pre-foreclosure or foreclosure in most communities, which makes it perilous for the unwary buyer who doesn’t do his or her homework then drive a hard bargain.

 

Mortgage News

Street Capital Financial Corporation Launches Mortgages In British Columbia
and Alberta - Street Capital

VANCOUVER, January 3, 2008 - Street Capital Financial Corporation, a Canadian-owned and operated
mortgage lender, has officially commenced lending in British Columbia and Alberta, as part of its national
lending strategy.

CIBC May Take $4.1 Billion Writedown, Analyst Says - Bloomberg

Jan. 24 (Bloomberg) — Canadian Imperial Bank of Commerce, the country’s worst-performing bank stock over the past year, may take $4.1 billion in pretax writedowns in the first quarter, according to CIBC World Markets analyst Darko Mihelic.
Canadian Imperial has already announced writedowns of $2.46 billion for the first two months of the quarter, which ends Jan. 31. The amount of writedowns will probably rise after the value of the securities linked to the U.S. subprime mortgage market declined this month, Mihelic wrote in an note to clients today.

Real Estate News

Let’s steal Florida Part II - Financial Post
Want a Cottage in Florida? US in Turmoil, Bargains at Half the Price.

Our dollar’s high. Their’s isn’t. Even so, buyers should "steal" and not pay anything near asking prices. With so many foreclosures, prices should plummet. I have done a little preliminary research myself of so-called “bargains” in Florida and the market down there remains a very scarey one. Hundreds of properties are on the market, in pre-foreclosure or foreclosure in most communities which makes it perilous for the

 

 

Bad Credit Can Get a Mortgage.

Credit Stands on The Way for Banks.

Have You Applied to Local Bank Branches and Was Refused Due to Poor Credit Score?

The reason banks refuse mortgage to people with bad credit is due to Automated Underwriting System. It is the computer system which processes you application and assesses whether you qualify or not. It accesses your credit score, past loans and mortgages, assets, spending habits and so forth.

There is no human element involved, hence mortgages for people with bad credit is a bit tricky to get. No matter how many times you resubmit, until your credit score is improved it will not approve you.

Ouch, what a hassle. What happened to common sense?

Bank:

Need Good Credit Score, will not approve until credit score goes up.

Will give overly high rates if credit score goes up. It is the algorithmic element in auto approval process. Assumption is: if credit score was bad – it doesn’t take much to get bad again.

Very limited options. In most cases options are limited and are next to none, designed to make as much profit as possible. Mortgage lending is business and bad credit is a good excuse to get people onto “not so good terms”.

It can take some time before you regain credit score to get that mortgage. Even if you did, wouldn’t you like some choice? Some flexibility?

After all you aren’t a robot, messy score doesn’t make you a lesser person.

Mortgage Lenders for People With Bad Credit. Where are They?

Have you looked around? Banks don’t give out loans to people with poor credit history. It has been the policy since the times credit was invented. Again, the assumption that lenders have is - people who had or continue to have bad credit will not be able to repay the loan, putting banks investment under risk. It does seem logical, but not everyone is the same and that is the problem.

Credit might be messy because of cash shortage at times or simply due predatory credit card rates. Can you identify some? Look back and see, it probably wasn’t intentional.

Mortgages for people with bad credit score history. Many times financial giants turned good people down, not only for mortgages, but for:

Cars
Home Loans
Credit Cards
Furnishing

And so forth. It all about…..

Possibility of Having a Home and a Good One, With Poor Credit Rate.

Wouldn’t it be nice walking down the corridor in your new house, still in your underwear, half sleeping and with left eye closing on you cause its too early in the morning? Putting some toothpaste on your teeth and rubbing it while looking in the mirror in the bathroom of your new home?

Taking a hot morning shower while water smoothly runs down your neck waking you up slowly. As lazy movements rub that soap into your skin and time ticks to be out of shower!

As the time ticks closer and closer to the dreadful hour of leaving your new home, for work, but only to come back to it at a later hour.

Enjoy the intimacy and the warmth of the new little place that you’re fortunate enough to own….

Ahhh! What a beauty!

Let That New House Warm You With Canada Mortgages for People With Bad Credit Score History

Having a new home and a mortgage loan with bad credit score is possible and it isn’t beyond anyone’s reach. It is right here and it is reachable.

Canada Mortgage has access to multiple lenders who provide mortgage loans to people with bad credit.

It is not complicated at all. There are numerous, smaller lenders, who simply don’t have local branches, but are still competing with the big banks. They’re spread across Canada, in all of the provinces and offer various loan options, usually at lower rates than the banks and to people with bad credit history. To stay competitive with the big guys and with each other they have the flexibility of being mortgage lenders to people with bad credit history.

–Mortgages to people with bad credit
–Low interest rates
–Various mortgage options for people with poor credit

Mortgages Canada Has Access to Bad Credit Lenders all Across Canadian Provinces Including:

• Ontario
• Quebec
• British Columbia
• Nova Scotia
• Alberta
• Manitoba
• New Brunswick
• Newfoundland and Labrador
• Northwest Territories
• Nunavut
• Prince Edward Island
• Saskatchewan
• Yukon Territory

Canada Mortgages approves mortgage loans to people with bad credit. In all the provinces and in all major and small cities.

Do you want buy the home you want? And the home you deserve?

Apply With Canada Mortgages Click Here

Let our professional mortgage brokers look at the bad score and find a loan that buys your house!

Give us a call! 514 - 397 - 68 32

It doesn’t take long. Nothing to lose. Give us a shot, this one just might hit the target.

We’ll see on your new front yard!

Mortgage News

Canada’s primary security dealers expect another 0.25% rate cut from the Bank of Canada on March 4 - Edmonton Journal

“There is a chance the Bank of Canada will step up to the plate and cut rates 50 (basis points) at tomorrow’s meeting instead of 25 (basis points), and there is also a chance that the Fed comes to the market earlier than its January 30 scheduled meeting and lowers rates 50-75 (basis points),” said Andrew Pyle, investment executive at Scotia McLeod.

BMO senior economist, Sal Guatier, says the Bank of Canada “is certainly on track to cut rates again in March.” - Financial Post

Mr. Guatieri expects U.S. rates to be as low as 2% by mid-year, with the Bank of Canada expected to cut rates at a slower pace because of the country’s stronger economy. “The bank indicated the likely need for further easing, and unless you see a big improvement in economic conditions, especially south of the border, I think Carney is certainly on track to cut rates again in March,” he said, adding that the local overnight target rate will likely decline to 3% by mid-year.

Midday News Recap: Canada’s Flaherty Says BOC Prepared to Deliver More Rate Cuts - CEP News

Flaherty made the comments during interviews with Bloomberg TV and Reuters in Dubai, UAE. He said the Bank of Canada had indicated it would continue to cut interest rates down the road and that there are no plans for tax cuts or subsidies to businesses. He also he was comfortable with the Canadian dollar trading in the 95-98 cent U.S. range as seen so far in 2008, and that he was hoping for less volatility in the future.

The Ministry of Finance is seeking your views on draft regulations under the Mortgage Brokerages, Lenders and Administrators Act, 2006. - Ontario Govenment

Ontario Govenment wants your comments on a new mortgage broker legislation.

Dear Stakeholder:
I am pleased to enclose for your review and comment a copy of Draft Regulations for Consultation proposed under the Mortgage Brokerages, Lenders and Administrators Act, 2006. The new Act will be fully proclaimed on July 1, 2008. The proposed new regulations and proposed amendments to existing regulations will support the implementation of the new regulatory framework.

New Homes: More buyers opting for 40-year mortgages - Times Colonist

The ability of financial institutions to offer 40-year amortization mortgages in the last year has changed the dynamics of the housing market. By extending their mortgage payments over 40 years, buyers can lower their monthly mortgage payments, bringing high-priced homes within the financial reach of more consumers. For example, the average price of a single-family house in Victoria is $624,450. With 20 per cent down, a buyer would need a mortgage of $499,560. At a mortgage interest rate of 6.25 per cent, a 25-year mortgage for that house would cost $3,271.42 per month. By extending the mortgage to a 40-year term, the monthly payments drop by $462.79 to $2,808.63.

U.S. real estate a ‘bargain’ for foreign buyers - Boston.com

“All of my international buyers are just going to love this,” the agent said. “I can’t wait to tell them what’s now available.”

….It turned out that more than 60 percent of the agent’s clients were buyers from overseas. And, she is not the only real estate professional cultivating the foreign market. According to the National Association of Realtors, 65 percent of Florida Realtors had at least one international customer, and the trade group’s “Profile of International Home Buying Activity” indicated that at least 7 percent of home sales in Florida were to foreign purchasers.

Real Estate News

How to Make Your New Home Walk Through a Success! - The Edmonton Real Estate Blog

Ah the joy of a new property. After months of frustration or elation (depending on your experience) you receive a letter (depending on your builder 30 - 45 days prior to possession) announcing your possession walk through dates. More and more I am getting contacted by people with new properties (imagine that), and I am noticing a disturbing trend among the builders: they are preventing access to the property prior to the “walk through”. Even more disturbing is the trend of holding the walk through on the day of possession.

Canadian residential real estate future is solid - CNW Group

“The results in 2007 show the strength and the affordability of the Canadian residential market,” says CREA President Ann Bosley. “The statistics again show just how different the housing markets are in Canada and the United States. Canadian REALTORS(R) know that Canadian mortgage lenders correctly see that home prices will continue rising. We know there is still strong competition for mortgage business in Canada.”

Year of the Condominium in Toronto - Real Estate Intelligence

Condominiums experienced unprecedented upward pressure on average price in 2007, surpassing gains reported in the single-detached category for the first time in key GTA districts, including the central core and west end. According to RE/MAX Ontario-Atlantic Canada, the average price of a condominium rose 12.2 per cent in the central core in 2007 ($327,559 vs. $292,064) while values in the west end jumped 7.3 per cent from $215,036 to $230,749. Statistics for single-detached homes reveal an 11.5 per cent increase in average price in the central core ($910,906 vs. $816,938) and a 6.6 per cent increase in the west ($417,407 vs. $444,945) during the same period.

Information About Deferred Interest loan, Know Before You Sign up.

Deferred interest loan also known as the negative amortization mortgage is a type of mortgage that does not reduce the principal balance but actually increases it over time.

As you go for negative amortization loan you have the option of paying less than the required amount each month. Every penny that you come short is added to your principal.

Positives of deferred interest mortgage:

–Low Payment
–Can purchase bigger homes

Negatives of deferred interest loan:

–Does not pay off balance
–Balance increases with time
–Can “shock” when time for paying off balance comes

Negative Amortization Mortgage and Interest Only Mortgages

Deferred interest mortgage is an interest only loan with one difference.

You can come short on payments.

With interest only mortgage, you pay only the interest on your mortgage for the first couple of years. After set period of interest only payment expires, mortgage changes to “regular” loan, where you pay for both principal and interest.

This can come of shock to a number of people. Lets say on a $200.000 an only interest payment was $1000 for 7 years. As time passes by, you haven’t reduced the principal by a penny and now you must pay it off faster. The amount due every month can raise to $1400, which can come as a surprise.

Deferred Interest is Similar to Interest Only Mortgage

Deffered interest mortgage is similar, but you can come short on interest rate payments. For example, if your payment is $1000, you pay $800 each month. Every $200 you miss goes on top of the principal. So instead of $200.000 you will have $200.200 and so on.

In a sense, deferred interest mortgage acts as if you are borrowing more money.

Who can benefit from Negative amortization?

– Deferred interest mortgage can be suitable for people who are confident that their income will go up with time.

– People who are running a business and need more cash for years to come.

Is deferred interest mortgage dangerous?

It can be. In some cases people may end owing more then the value of their home. After years of payments, the principal may only grow, hitting borrowers wallets both in the short and in the long run.

As Deferred interest mortgage helps people afford bigger houses, some people may bet that the house value will go up with time, but betting on real estate can be quite tricky.

The suggestion is to be careful. Deferred interest loan has it’s ups and downs. Research before signing anything on paper.

 

Mortgage News

Bank of Canada lowers overnight rate target by 1/4 percentage point to 4 per cent - Bank of Canada

OTTAWA – The Bank of Canada today announced that it is lowering its target for the overnight rate by one-quarter of one percentage point to 4 per cent. The operating band for the overnight rate is correspondingly lowered, and the Bank Rate is now 4 1/4 per cent.
In the second half of 2007, the Canadian economy grew broadly in line with the Bank’s expectations in the October Monetary Policy Report (MPR). Despite some slowing in growth in the fourth quarter, the Canadian economy continues to operate above its production capacity. Both core and total CPI inflation have been lower than projected in the MPR, largely reflecting a price-level adjustment related to increased competitive pressures in the retail sector stemming from the level of the Canadian dollar.

Canadian banks cut prime rates to 5.75 pct - Reuters

Editor’s Note: Good News if you are looking for a new loan or have a variable(adjustable) rate mortgage.

Royal Bank of Canada (RY.TO: Quote, Profile, Research), the country’s largest lender, was first off the mark, lowering its prime rate to 5.75 percent from 6.00 percent.

Toronto-Dominion Bank (TD.TO: Quote, Profile, Research),

Bank of Montreal (BMO.TO: Quote, Profile, Research)

Canadian Imperial Bank of Commerce (CM.TO: Quote, Profile, Research)

Bank of Nova Scotia (BNS.TO: Quote, Profile, Research)

National Bank of Canada (NA.TO: Quote, Profile, Research)

Laurentian Bank of Canada (LB.TO: Quote, Profile, Research) followed suit.

The cuts are effective Wednesday.

Scotiabank Changes Variable Mortgage rates - CNW Group

TORONTO, Jan. 22 /CNW/ - Scotiabank today announced changes in the interest rates charged on Scotia residential mortgages. The rates on the following products are:

<< - The Prime Rate for the three-year Ultimate Variable Rate Mortgage will decrease by 0.25 per cent to 5.75 per cent, effective January 23, 2008; - The Prime Rate for the five-year Flex Value Mortgage will decrease by 0.25 per cent to 5.75 per cent, effective January 23, 2008. >>

RBC follows Bank’s lead with quarter-point cut - Financial Post

Royal Bank of Canada responded swiftly to the central bank’s announced rate cut by decreasing its prime lending rate by 25 basis points to 5.75%. RBC is the first of the big Canadian banks to act following the Bank of Canada’s decision to cut the benchmark interest rate by 25 basis points to 4.00% on Tuesday, following a 75-basis-point cut to the U.S. rate by the Federal Reserve.

There had been some speculation that the commercial banks would resist the urge to follow the Bank of Canada by lowering rates. However, RBC’s announcement that it will cut its prime rate from Wednesday was quickly followed by the other big banks. Canadian Imperial Bank of Commerce, Toronto-Dominion Bank and Bank of Montreal also said they are lowering the prime lending rate by 25 basis points.

US - Federal Reserve slashes US rates on day when ‘chaos reigned supreme’ - Guardian

The biggest single cut in US interest rates for more than two decades was not enough to avoid a wave of panic selling on Wall Street today, but helped London shares to claw back some of yesterday’s losses. The US Federal Reserve stunned the markets at 1.20pm with its 75 basis point cut to 3.5%, reacting to growing fears of a recession in the world’s largest economy. However it did not prevent a rush of selling when Wall Street opened an hour later. The Dow Jones Industrial Average plunged more than 400 points within minutes of the opening bell, a fall of almost 4%. Speculation that further cuts are imminent helped the index to recover somewhat to 11,958.18 by 7pm GMT, a 1.17% fall.

Be Mortgage Savvy in 2008 - CNW Group

For homeowners who now have a variable-rate mortgage, Siegle advises sticking with this type of mortgage for the time being. "For those with variable mortgages, falling rates mean more opportunity to pay down their mortgage," he says. "If your variable mortgage is the type with unchanging monthly payments, a rate reduction means more of your money is going towards paying down your debt. If your payments are reduced in tandem with rates, consider keeping your payment the same, to attack the mortgage principal faster."

Canada Will Skirt Recession, But U.S. Already There, Says BMO’s Cooper - CEP News

U.S. is in a recession, but Canada will avoid one of its own in 2008 largely due to commodity-driven growth, BMO chief economist Sherry Cooper told the Canadian Club of Ottawa. “I’m here to tell you unfortunately that the data now in my view suggests the U.S. economy is in a recession,” said Cooper as she opened her speech at the packed Fairmont Chateau Laurier ballroom.

Real Estate News

Real Estate In Victoria BC - BC’s 434 Million Boom - Real Estate Info

No end in sight for major projects in the region, say construction firms. Massive infrastructure projects are going to help keep the province’s non-residential construction industry booming for years, says the president of the B.C. Construction Association. “Our existing infrastructure is wearing out — needing updating, needing maintenance — and we need actual new infrastructure, whether it is roads, buildings and utilities,” Manley McLachlan said.

Toronto’s Hot Spot - Real Estate Intelligence

The Toronto Real Estate Board district E01 is bounded by Danforth Avenue to the north, Lake Ontario to the south, the Don Valley Parkway to the west and Coxwell Avenue to the east. "In Beaches-Riverdale, there were 63 home sales in December 2007 versus 36 in December 2006 so that’s a 75 per cent increase," said Maureen O’Neill, board president.

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Protect Yourself From Home Equity Mortgae Loan Scam

Mortgage fraud is not a new and its been around for quite a bit, but with new mortgages scammers and criminals come up with new mortgage loan frauds. Out of a home equity loan come a home equity loan fraud.

[If you are familiar, scroll down.]

What is Home Equity Loan?

Home equity loan is a mortgage against the equity of your property. For example:

You bought a house for $200.000

You put a $20.000 down payment and borrow $180.000 from the bank.

In that case you equity is $20.000 and banks equity is $180.000.

10 Years down the road you paid off $70.000 on your mortgage.

Your total equity = $20.000 down payment + $70.000 paid off.

$90.000

In that case, bank owns $110.000 while you own $90.000 of your house.

Ten years down the road, another thing happened – value of your home went up. You bought it for $200.000 and it’s gone up by $50.000.

Now your home costs $250.000, meaning that you own all of its new value.

Now you own $140.000 (90.000+50.000)
Bank owns $110.000

Total value of 250.000

This is the home equity. It is the equity that you own in your property. In most cases that equity goes up, since real estate prices go up with time.

Home equity loans, give you cash on the accumulated or already existing equity of your property. So if you own $140.000 out of a $250.000 house, you can get a loan for $140.000(more or less) which will be yours to spend.

Home equity mortgages are usually 15-20 years and are given against the value of your home – that is, if you fail to repay it, you must give your property to the lender.

This might sound like a scary bad deal, however, many people use it to their advantage. In a case your kids go to college/university or you have to renovate your house – getting a smaller home equity loan makes sense. Payments will not be too big and you get the money needed. This is what smart people do.

There is also a group which cashes the equity they have in their home and spend it on things they do not really need, getting themselves into more debt.

Home Equity Loan Mortgage Fraud.

This is what the mortgage loan fraudsters are containing on. Luring people in with: “have plenty of cash for nothing – just sign here”. The reality is – you have to pay back that home equity loan, at interest.

This is where the mortgage fraud comes in.

Home mortgage loan fraud.

Counting on ignorance, predatory lenders give papers to unsuspecting people, who sign them without looking, while in fact they’ve signed up for 14-20% interest rate mortgage loan fraud.

Once the time to repay comes, borrowers will not be able to afford the payments, due to overly high rates. As per contract they signed – if they fail to pay, lender will take over the property, essentially leaving people with nothing.

Once people realize they cannot pay and were scammed, there is nothing they can do. Contract is signed, court will not help. Predatory lender comes in, repays rest of mortgage to the first lender and then sells the property, making hefty profits.

It is an ugly scheme and it takes heartless people to execute it. Unfortunately there people who are happy to do it.

Our mortgage glossary definition of home equity loan fraud:

"Equity grabbing is a predatory lending technique used to gain peoples homes. With cash-out refinance, people with a lot of equity in their homes(own most of their homes, since they paid out most of the mortgage) can get a bigger loan than they had originally, meaning they will get cash against the equity in their home. They can spend this cash the way they want, however, they will have to pay it back over time, at an interest rate. Interest rates do not differ from those on the market, but this where the catch is.

Predatory lenders talk borrowers into cash out refinance without specifying overly high interest rates. Once people sign up for the loan, they do not suspect anything, until time to pay back comes, at 14-20% interest rate. As many people simply cannot afford it, they default on the mortgage(cannot pay it back) which leads to foreclosure(lender taking borrowers property as per contract). In the end people are left without their homes. This is called equity grabbing."

So How do You Protect Yourself from Home Equity Mortgage Fraud?

It is fairly easy and is not rocket science. Simply tell everyone who offers you a new mortgage to go take a hike. It is that easy. No matter who they represent, tell them politely your are not interested. The logic behind it is simple. If you want a home equity loan – you will find it yourself.

There is another group of predators who package their fraud a bit differently. They may knock on your door offering renovation. If you say you don’t have any money, they give you a contract to sign, saying you can pay it off later. What they’re really giving is a home equity loan fraud that signs you to ultra high rates and fees, designed to strip you from cash and get a hold of your house.

You may also get offers over the phone and email – those are easy to get rid of.

This sums up the home equity loan mortgage fraud. Remember – keep your eyes open and ears sharp!

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Mortgage News

Bank of Canada expected to trim key lending rate - CBC News

NOTE: Rates for Variable Rate Mortgages will go down with the cut.

…..The prime lending rate at the major banks — currently at six per cent — would under normal circumstances also fall by a quarter of a percentage point if the overnight rate drops by the same amount. That would lead to a corresponding fall in variable rate mortgages, lines of credit and other floating interest rate loans.

Most market watchers expect the Bank of Canada will cut its key overnight lending rate by a quarter of a percentage point on Tuesday to stimulate spending amid a severe slowdown in the U.S. A cut that size would bring the trendsetting rate down to four per cent. It cut rates by a quarter of a percentage point in December — citing the increased risks to Canada’s economy from the weakness south of the border. That was the first cut in the central bank’s key rate in more than 3½ years.

Dollar Surges but Tuesday could be Ugly for US Stocks - Daily FX

On Friday, we argued that the dollar may rally this week as traders reflect on whether it is realistic to expect the Federal Reserve to deliver an intermeeting rate cut or 75bp easing at the end of the month. As we predicted, the dollar has started off the week strongly, but for reasons other than the ones that we have proposed. Stock markets around the world have plunged. In fact, that’s an understatement because the one day slides in many of the indexes are the worst since 9/11 of 2001.

Rout leaves Bank of Canada ‘no choice’ on rate - Financial Post

The Bank of Canada is widely expected to cut interest rates on Tuesday in an attempt to ease financial market fears and prevent a slower U.S. economy taking Canadian stocks down with it. As U.S. President George W. Bush rushes to inject the U.S. economy with a dose of fiscal stimulus, and the U.S. Federal Reserve steps up its rate cut rhetoric, Canadian market participants are searching for clues to how low local rates may go. Economists at Canada’s big five banks agree that David Dodge’s last action as Bank of Canada governor will be to lower the benchmark interest rate by 25 basis points to 4.00% at 9:00 a.m. ET today. They expect the new governor, Mark Carney, to cut rates to 3.75% in March.

Paying Off Old Past Due Bills Without Hurting Your Credit Again - Searchlight Crusade

People sometimes ask how they can improve their credit if they have old collections on their credit record. Well, the answer is NOT to simply pay them. Paying off a five year old collection can cause your credit score to drop by 100 points. You say that makes no sense? Well, here’s the logic of it: Collections are weighted by how old they are; when your last activity was. They are weighted heaviest for the first two years, then somewhat lighter from two years to five, then lighter still after five years. If you pay it off, it’s still a derogatory notation, because after all, you were way past due on it.

Real Estate News

U.S. slowdown may boost Canada’s real estate market - CTV

The prospect of a U.S. recession has some homeowners and prospective buyers nervous about the impact on the real estate market in Canada, but one economist says a slowdown could actually boost activity in Canada’s housing sector. It’s not surprising that economic uncertainty in the U.S. has been the focus of much discussion and speculation in recent days, since Canada has followed the American lead during four of the last six U.S. recessions. But Gregory Klump, chief economist for the Canadian Real Estate Association, said it’s still an "open question" whether the U.S. slowdown will turn into a recession — as defined by two consecutive quarters of negative economic growth.

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Importance of Your Credit in Home Loan Approval Process

Credit score is one of the most important factors that affect your home loan. Majority of lenders consider credit score as one of the most important indicators about persons willingness to repay a home loan.

 

To check your credit score please visit Equifax or TransUnion

Home Loan credit score plays a major role in determining interest rates on a mortgage. The rule of thumb is:

Higher(good score) lower interest rates.

As lenders assume that people with good rating will be willing to pay their mortgage on time and in full, with no holdbacks.

Lower(bad score) higher interest rates.

As the credit score goes down, interest rates go up, since lenders assume that people with bad or poor credit will most likely have trouble paying off the mortgage, standing a higher chance of foreclosure. This is however no longer the case if applicant can provide a big down payment on the house, since lenders rarely get big down payments, they will jump on this opportunity and give loans regardless of the score.

So How to Lenders Decide if You Should Get a Loan?

Large financial institutions and big banks have developed a system known as Automated Underwriting System.

It’s primary purpose is to cut down costs associated with application review and also to speed up the overall process. Automated Underwriting System looks at multiple factors other then the home loan credit score:

– Assets(car, etc)
– Savings
– Down payment
– Income
– Liabilities(other debt)
– Job Stability
– Bill payments
– Bank statements
– Loan Amount
– other factors

After assessing those and other factors, including a home loan credit score, Automated Underwriting System comes up with either "yes" or "no" for a mortgage. If it says yes, the application is sent to another department, which looks at overall suggestions and home loan options available to the mortgage applicant.

This is the primary reason and advantage of using mortgage brokers. Having access to multiple banks, private and commercial lenders, brokers can get a home loan regardless of credit score, while the big banks rely on computers, not the human element. Of course the interest does vary with credit score, chances of getting a mortgage are doubled.

Ways to improve credit score.

Regardless of the credit score, good or bad, increasing your score will in some cases turn out in lower home loan interest rates.

The best way to improve the score is to make payments on time:

– Credit Cards
— Credit Lines
— Auto Loans
— Bills
— Any other outstanding balances

The more you pay on time - the better will be your credit score, as of course the more you miss the worse it gets.

Having good home loan credit score has a lot of advantages to interest rates, however if you get turned down by big banks, let Canada Mortgages have a look.

We wish you luck.

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Mortgage News

How would a U.S. recession impact Canadians? - CTV News

The saying goes that when the United States sneezes Canada gets a cold.
Amid concerns our southern neighbour’s economy is headed for disaster, Canadians are becoming increasingly worried about their own financial health. A recent Strategic Counsel poll conducted for CTV and The Globe and Mail found that 12 per cent of Canadians feel the economy is the most important issue facing the country, up 3 points from a July 12-15 survey.

The question is: If the United States sneezes — will Canada will take to bed with bronchitis?

Keeping watch on the North American financial markets ahead of economic plan from George Bush - News 1130

VANCOUVER (NEWS1130) - Investors across North America are being told to stay calm this morning, ahead of an emergency economic plan from U.S. President George Bush. The failing U.S. economy is being blamed for a major slide on markets across the planet.From the Dow Jones in New York, to the Nikkei in Tokyo, world markets have taken a beating over the past three days. Here in Canada, the TSX lost nearly 1,000 points, which is the equivalent of hundreds of billions of dollars.

Canadian investors join banking sector bailout rush out of the US markets - Financial News

Canada’s Caisse de dépôt et placement du Québec, which manages assets for 25 pension plans, insurance plans and other depositors, and the Ontario Municipal Employees Retirement System, have agreed to inject emergency funding into a Canadian bank hit by the US sub-prime mortgage meltdown.Canadian Imperial Bank of Commerce, Canada’s fifth largest bank, is seeking to raise about C$2.75bn (€1.8bn) in newly issued common equity to cover writedowns tied to US mortgages.

U.S. economy teeters on the brink - Globe and Mail

WASHINGTON — In a bid to save the world’s largest economy from recession, U.S. President George W. Bush and central bank chief Ben Bernanke yesterday endorsed a $100-billion stimulus package as the spreading housing mess continued to hammer banks, consumers and investors. The rare plug for fiscal action comes as a growing number of economists say the United States is either in recession or perilously close to it. “The United States has now effectively entered into a serious and painful recession,” said economist Nouriel Roubini of New York University.

 

Real Estate News

Selling Parking Lots as Condos (continued) - ‘Condo’ buyers duped into a lot of woe, detectives say - Globe and Mail

No down payment, security deposit, paperwork or monthly mortgage payments - we’ll take care of all that - and in a year or two, we’ll help you flip that nice condominium and you’ll walk away with a fat profit. Sign here.
So they did sign, in all, 17 times, so confident in the sales pitch they didn’t even bother to inspect the goods. Instead, they were steered toward Multiple Listing Service ads boasting of fireplaces, hardwood floors and ceramic tile. Original Article.

Toronto, New-housing market may soften considerably - Globe and Mail

Many municipalities in the GTA are close to being built out in terms of greenfield land because of the provincial government’s desire to limit expansion of municipal boundaries and encourage intensification. Slowly, developers have come to grips with these land-conservation measures after railing against them initially. Brownfield and infill redevelopment is becoming more prevalent, as are projects that are smaller in scale than previously.

BC. Area’s infrastructure boom hits $434 million - Times Colonist

Massive infrastructure projects are going to help keep the province’s non-residential construction industry booming for years, says the president of the B.C. Construction Association. "Our existing infrastructure is wearing out — needing updating, needing maintenance — and we need actual new infrastructure, whether it is roads, buildings and utilities," Manley McLachlan said.

Toronto Real Estate Board - A bright start to the New Year - Real Estate Intelligence

The first half of January saw 1,776 resale homes in the Greater Toronto Area change hands, an 11% increase over the same period a year ago Toronto Real Estate Board President Maureen O’Neill announced today. "This early indication certainly gives us reason to be optimistic about the 2008 resale housing market," said Ms. O’Neill. "We are still looking forward to a strong, steady year ahead. Toronto’s land transfer tax will come into effect on February 1, so we are watching this issue."

Real Estate In Victoria BC - The Roundhouse Project - Real Estate Info

The Roundhouse development could be a first for Victoria, with a working rail line and the historic buildings associated with it the centrepiece of a billion-dollar revamping of the Vic West site. If the plan is approved, the 4.25-hectare site just off Esquimalt Road at Catherine Street would become a mixed-use community of about 500 condos, a hotel, live-work studios, a food market, artisan studios and gallery, community space, public plaza, walkways, restaurant, brew pub and retail.“These are very early ideas, but they show the range of things we are talking about,” said Norm Hotson, the architect who is working with developer Ken Mariash on the project.

Update on the Edmonton Real Estate Market - Edmonton Real Estate Blog

- New listings: 601 (562)
- Sales: 228 (170)
- Ratio: 38% (30%)
- Price changes: 242 (235)
- Expired Listings: 151 (136)
- Canceled, withdrawn and terminated listings: 53 (82)
- Net loss/gain in listings this week: 169 (174)
- Active listings for single family homes: 2625 (2584)
- Active listings for condos: 1928 (1817)

 

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Term exotic mortgage does not refer to one mortgage, but describes a number of mortgages.

In an effort to make expensive $500.000 plus homes more affordable, lenders came up with a number of mortgages, which were called exotic due to the types of houses they can buy and the unusual options they offer. The downsides of exotic mortgages are the risks to both the borrower and the lender. Exotic mortgages have affordable options in the first years of the term, but payments increase with time, putting more pressure on borrower’s wallet.

Types of Exotic Mortgages

(scroll down to view details)
– 40 Year Mortgage

– The Piggy Back Mortgage

– 103s and 107s

– Portable Mortgage

– The Interest-Only Mortgage

– Negative Amortization Mortgage

– Home Equity Line of Credit

– The Flex-ARM Mortgage

– Loan Modification Mortgage

– Short term Variable rate mortgage

40-Year Exotic Mortgage

This is the mortgage stretched over to a 40 year term as opposed to traditional 30 years. Long 40 year amortization allows borrowers to make lower monthly payment due to the stretched term, or purchase more expensive houses. The downsides of the 40 year exotic mortgages are the interest rates. Since the term is so long, borrowers will pay way more for extra years.

For a $500.000 forty year exotic mortgage, borrower will pay extra $249.000 in interest rates.

40 year exotic loan may be a good solution for a person looking to buy a house, but does not plan on living in it for a long time. Since terms are long, monthly payments will be lower then with a 30 year loan.

Exotic Piggy-back Mortgage

This mortgage is quite popular among people. It offers two loans from the same lender. One is 80% of the home value, another is 20%.

Since one mortgage is 80%, this eliminates the need for private mortgage insurance(which must be paid with less then 20% down payment).

Rates on the 20% loan are higher then those on 80%. Exotic piggy-back loans need be paid as separate mortgages.

Piggy bag exotic mortgage is a solution for people with a steady substantial income, but with no savings to allocate towards down payment.

103-107 Loans.

Mortgages that need no down payments. Lenders offer mortgages which surpass the value of the home by 3-7% hence the name 103s and 107s.

Those exotic mortgages offer people the convenience of avoiding expenses for closing costs, moving, new furniture etc., but they come at a great price. Since lenders offer exotic 103% mortgages, expect very high interest rates, overly higher then those on market.

From a financial point, going for 103-107 exotic loan is not a wise move, since you will be paying extra interest every month, for something you could take care of or live without just as well. It’s catch, beware.

Portable Mortgage

Portable mortgage is exactly what it sounds like. It is the mortgage that can be transferred from one home to another.

Portable exotic loans may look attractive to people who are planning on locking into low interest rates, but know they will not live in the same house for long. The downsides of portable exotic mortgages are higher interest rates compared to those on the market.

For example, current interest rates are at average of 6%. Portable mortgage will increase that number by 0.7%-1.5% for the privilege of making it transferable.

The bet the borrower takes is that markets 5-20 years down the road will be more hostile, offering higher interest rates even on those terms. It might take some insight, since mortgage rates jump up and down, however the security of knowing that the rates will stay, is the convinience that portable exotic mortgages provide. After all, interest rates will go up with time.

Interest-Only Mortgage

Interest only mortgages offer first years of a loan as payments exclusively towards the interest. The time span is usually around first 7-10 years towards interest, with the rest of the mortgage being principal plus interest.

As the only interest payment will be way lower then those of both principal and interest, borrowers will be put under a lot of pressure when time for paying principal comes. Not only payments go up, they will be quite high, since principal was not paid out and needs to be taken care of in a short period of time.

Exotic interest only mortgages are attached to an index, meaning that rates are adjustable and go both up and down during the periods of interest and interest + principal.

Interest only exotic mortgage is suitable for individuals who are quite sure that their income will rise substantially over the coming years and want their dream home without waiting for years.

Negative Amortization Mortgage

Exotic negative amortization loan is also an interest only mortgage, the difference being it allows for lower monthly payments on interest than those required. For example, if the interest only payment is $800 per month you can pay off only $600. Unpaid $200 dollars will be added on top of total principal, making it bigger.

The interest payments which do not reduce principal will be making it only bigger if you miss the payments. Once the time to pay off the principal comes, interest rates will be calculated from the principal + missed payments, making you pay more.

This type of exotic mortgage may look attractive to people owning their business which they know will grow over time and require flexibility in their finances.

Negative amortization loans pose a risk of increased principal on the house, which may actually cost less then the money paid.

Borrower must have substantial cash in the bank for the exotic negative amortization mortgage to work.

Home Equity Line of Credit.

Do you have some equity? It can be turned into cash credit. Home equity lines of credit are similar to home equity loans.

Home equity loans.

If you have some equity in a mortgage, you can turn it into cash by borrowing against it. For example. You bought a house for $300.000. You borrowed $300.000 from the bank and paid out $70.000 over the years, meaning that $70.000 is your home equity. Home equity loans allow you to borrow against existing equity (sometimes more) for any expenses (or enjoyments). When getting home equity loans, you will have two loans active:

– Original mortgage
– New, Home Equity Loan

Amortization periods for home equity loans are usually 15-20 years. You also pay the interest.

HELOCs or exotic home equity lines of credit are similar to that of the home equity loans, the difference being is they act like lines of credit.

Instead of giving you a fixed amount at your disposal, which must be spent, you can withdraw with a special card against the equity, whenever you desire.

For example, HELOC may have a limit of $20.000 for 10 years. Meaning that you can withdraw any time, up to $20.000 and put back as much as you want, any time.

Exotic HELOC mortgages are variable rate loans, meaning that the rates go up and down according the price index.

The downside of HELOCs is that they eat out the equity. Though responsible borrowers will use it wisely, a number of people take advantage of the extra cash and spend it on things they do not need.

HELOC may be useful to people looking to renovate before selling their homes or add extra space or commodities as they can increase the market value of that home.

They also may be helpful for parents, who’s kids are going to college/university and need to pay for their education

Flex Adjustable Rate Exotic Mortgage

This is the strangest and the most exotic mortgage out of all of them. Flex ARM allows borrower to choose between payment options from various types of mortgages. Every month a statements lands in the borrower’s mailbox, asking to choose the payment:

– Negative amortization(see above)
– 30 year fixed mortgage
– 20 year fixed mortgage
– Interest only payment

Exotic mortgage it is, since it offer 4 various options to the borrower.

The good side is the vast flexibility, as the person with this loan can - make “30 year fixed” payments for a year and if the time of financial hardship comes, pay “only interest”, say for 6 months.

It is a great mortgage, but for those who know how to use it.

People may be temped and fall into the pit of paying little with “interest only” or “negative amortization”, making their principals bigger and ending up having a house that costs more then its market value.

Banks take care of all the Flex-Adjustable loan calculations every month. Talk about exotics!

Loan Modification Mortgage – Exotic Mortgage.

This is a mortgage that lets borrowers change the terms any time, any day for a $1000 on every million borrowed.

So let’s say my home is worth $2.000.000, I will pay $2000 every time I change the terms.

No paperwork is required, all borrower needs is a phone call, and banks take care of the rest.

This mortgage is useful for people who have quite some savings and can afford expensive houses and fees associated with changes.

Short term Variable rate mortgage.

This is the exotic mortgage that adjusts every 6 months – to one year.

For a fixed period you will have a fixed rate, which will change once it expires locking you into a new rate.

Just like regular adjustable rate mortgages, Short term exotic variables are tied to an index. If the interest goes down so will the mortgage if it goes up so will the payments.

It is a good solution looking to take a hit from time to time since the rates will eventually be locked onto higher interest. With the risk however comes a benefit, sometimes rates will low.

Conclusion – exotic mortgages.

Lenders keep coming up with new products every couple of years, some of them with real benefits, some of them with a catch.

Great many mortgage brokers are people hunting and looking for the best possible deals on the market, as they look at their profession as being helpers rather then paid agents. They go extra miles, looking for deals, helping families and individuals.

There are a number of brokers who simply don’t give two wits. You have to watch out. Keep your eyes and ears sharp at all times. There is plenty of fish in the ocean, but there are sharks.

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Mortgage News - Wednesday, Thursday17th, 2008.

Canadian Mortgage News

Bad loans threaten big banks’ growth - The Star

Canada’s big six banks, which collectively earned a record $19.5 billion in 2007, are bracing for "anemic" profit growth over the next two years as they grapple with rising loan-loss provisions, an analyst says.

Could U.S. bank dividend contagion spread north? - Globe and Mail

This week’s dividend cut at U.S. banking behemoth Citigroup raises a question relevant to widows, orphans and just about every other class of investor in this country.
Could any of the big Canadian banks reduce their dividend? Business conditions for banks are worse in the United States than here, yet many of our bank stocks are trading at levels that suggest the highest level of risk in ages.

TRADING DAY: Thursday’s markets - The Vancouver Sun

Canadian stock markets continued their descent Thursday, with the S&P/TSX Composite Index plunging another 279.23 points, or 2.1 per cent, to 12,795.63, sending the senior benchmark’s three-day loss to 902.65, or 6.5 per cent, the biggest in the five years. The index is down 12.5 per cent from its Oct. 31 peak.

US - Subprime toll forces Merrill to take $14.1-billion writedown - Globe and Mail

NEW YORK — Merrill Lynch & Co., the world’s largest brokerage, lost nearly $10-billion (U.S.) in the last three months of 2007, its biggest quarterly loss since it was founded 94 years ago, after writing down $14.6-billion of investments slammed by the ongoing credit crisis.

Buy with a sibling to get onto the property ladder - Times Online

Seventeen years ago my elder brother joked that we would end up buying a house together, as clearly I was never going to find a boyfriend. It seemed a typical teenage jest at the time. However, that day has now come to pass, and while the arrangement has its downsides, buying with a sibling has proved an excellent way of getting on the housing ladder.

Real Estate News

Police say brothers sold parking spots as condos - The Star

Five Toronto-area residents face more than 100 fraud-related charges in a real estate scam that sold parking lot spaces as condos, police say.
TD Bank was defrauded of over $3 million in two years.
Bank employees, lawyers and real estate agents were all working together to defraud Toronto Dominion of $3.8 million, Det. Craig Ellis explained.

Canadian Real Estate Investment Trust Announces January 2008 Distribution - MarketWire

Canadian Real Estate Investment Trust today announced its January 2008 monthly distribution in the amount of 11.08 cents per unit (C$1.33 annualized). The January distribution will be payable on February 14, 2008 to Unitholders of record January 31, 2008.

Home sales fall in December - Real Estate Intelligence

Canadian existing-home sales fell 1 percent in December, a national realtors’ group said, citing bad weather. Sales of existing homes in major markets listed on the Canadian Real Estate Association’s Multiple Listing Service fell to a seasonally adjusted C$10 billion ($9.83 billion) in December, from C$10.1 billion in November, the Ottawa-based group said yesterday. Unit sales fell 2.5 percent to 29,156 units, the group said.

Agency matters … really - Real Estate Intelligence

Most people, when they want to buy a home, are entirely focused on finding the right property in the right location and buying it for the right price. They give very little thought to esoteric concepts like agency, representation and fiduciary duties.

Real Estate In Victoria BC - Luxury Condominium In The Belvedere - Real Estate Info

Over the years we have sold all types of Real Estate and sometimes there is one property that really stands out. We have just listed a fifth floor two bedroom and a den condominium in the famous Belvedere building. This luxury building in located in right downtown two blocks from Victorias picturesc inner harbour and close to all ameneties. The museum, theaters, shoping and everything is right at your doorstep.

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Online Mortgage and Home Loan Financing.

Apply for a Mortgage Online, Fill out Canada Mortgages Form.

We provide multiple options both via online form and by phone. To get in touch with us please:

Fill out a form Here
Give us a call at: 514 -397-6832

As Canadian online mortgage financing providers, we take the utmost care and respect for your privacy and will not solicit you or sell this information to any third party.

In order for Canada Mortgages to find lowest rates and most suitable mortgages, we need to assess a number of factors.

Some of which include

• Income
• Previous Mortgages
• Cost of Property

 

One of the factors that Canada Mortgages looks in your online mortgage financing application, are the comments. Apart from credit report and financial data we need to know your:

• Short Term Goals
• Long Term Goals

 

This helps us with the online financing accession for your mortgage as well as browsing through numerous lenders and mortgages, fixating on a mortgage that will correspond to your needs.

If no Comments provided, we will automatically assume that the online mortgage financing applicant is looking:

Lowest interest rates possible with:

• Credit rating
• Down payment
• Monthly budget
• Minimum fees
• Minimum closing cost

 

Canada mortgages does the best it can when matching you a mortgage, as we go to various brokers, lenders and banks, all in an effort to provide mortgage financing that will fit into your budget, lifestyle and wants. Mortgage financing online with Canada Mortgages is quick and hassle free. Just fill it out a form and let it fly!

What Canada Mortgages offers online and over the Phone.

We currently offer both mortgage financing online and over the phone for the following mortgages.

Fixed Mortgage Online.

Fixed Rate Mortgage – have the same rate for a period of your choice.
Fixed rates mortgages have different life spans, you can currently pick anything between 5 and 40 years. Of course the shorter the term - the higher will be the payments, as opposed to long terms, but less in monthly bills.

Mortgage Refinancing Online.

For individuals looking to get a better rate and to have more cash on hands. Refinancing comes in different packages and includes fixed rate mortgages. One of the biggest benefits of refinancing is the quick acceptation of online application, simply because lenders love people who have some equity in their homes. Fill out Mortgage Online Financing Application.

Debt Consolidation Loans.

Debt can become a serious issue. A never ending barrage of bills and bombardment of charges can be a heavy load to carry, both for single people and for families. A siege by the big credit card companies, auto loans and in some cases old, high interest rates on mortgages. Debt Consolidation combines all the debts into one and gives you a manageable payment.

Whatever the mortgage you are looking for, please fill out our online mortgage financing form, we will gladly process it and respond to you in a timely manner.

 

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Canadian Mortgage News

AJAX Media Advisory - Ontario Communities to Get Boost for Affordable Housing - CNW Group

The Government of Canada and the Government of Ontario will make a significant affordable housing funding announcement. The announcement will take place at a future affordable housing project location in Ajax.

TORONTO - The country’s biggest banks probably won’t ignore an expected interest rate cut by the Bank of Canada - News 1130

Even if the banks do decide to break with common practice and hold their prime lending rates steady despite a Bank of Canada cut - meaning many loans and variable mortgages tied to prime would remain unchanged - the economic consequences would be limited, some observers said

Big banks discuss defying prime rate cut - National NOTE: Interest rate for adjustable mortgages depend on the prime rate.

Some of Canada’s big banks are contemplating holding their prime rates steady in the face of a rate cut by the Bank of Canada, a move that could destabilize the country’s monetary policy.

U.S. Expected to Stave Off Recession, Says Conference Board of Canada - CEP News

The U.S. economy will continue to struggle this year, mainly due to a faltering housing industry and a weak dollar, but the country should be able to dodge a recession in 2008, says the Conference Board of Canada.

Big banks consider defying rate cut - Globe and Mail

Some of Canada’s big banks are contemplating holding their prime rates steady in the face of a rate cut by the Bank of Canada, a move that could destabilize the country’s monetary policy.

Real Estate News:

A Guide to Buying Real Estate: Part 4, Deposits - The Edmonton Real Estate Blog

One of the basic elements that must exist in a contract is “consideration.” This means that each party to the contract must receive something of value. Consideration is what each party in a contract receives in exchange for its promise to act in a specified way.

Real Estate In Victoria BC - New Housing Rebate & GST at 5% - Real Estate Info

When purchasing Real Estate in Victoria there are extra costs that apply. If you purchase a new home or substantially renovated home, GST (HST in some provinces) is applicable. As of January the 1st, 2008 GST was reduced from 6% to 5%. There is also a provincial Property Transfer Tax which is calculated at 1% on the first $200,000 and 2% on the balance of the sale price.

Canadian Real Estate Forecast - Real Estate Intelligence

The market crisis south of the border(US) has many homebuyers wondering how it will affect housing markets in Canada, but Canadian market analysts feel that the problems the United States is experiencing should have little impact on real estate in this country.

We’re not getting rich, say realtors - Financial Post

The value of existing-home sales cracked $100-billion last year for the first time, but realtors maintain they are not getting rich in a market that continues to set records.

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Mortgages for Winnipeg and Manitoba.

Winnipeg is beautiful city. Within the vast plains of Manitoba, shining with elegance and peace, Winnipeg is the place to build a quiet living. The songs of loons in the early morning as the sun is born from the horizon, a refreshing taste of fresh breeze and a chill of unordinary happiness spanning across, till the eyes can grasp.

Truly a wonderful city Winnipeg is.

Winnipeg Mortgage, Loans and Refinancing.

Are one of the lucky souls living in Winnipeg? Canada Mortgages is officially jealous. Though we are not living in Manitoba, we have the privilege of serving Winnipeg mortgages to Winnipeg and Manitoba residents. As the beautiful as the housing gets in Winnipeg, you still require funds to purchase those dream homes. Winnipeg mortgage provider is what Canada Mortgages can be coined.

As professional mortgage providers, Canada Mortgages offers a good selection of Winnipeg mortgages, loans and refinancing options.

Are you looking for a Winnipeg mortgage with low rates to purchase your new home?

Canada mortgages can help. Please explore our mortgage selection on our main site.

Are you looking to refinance your Winnipeg mortgage to get lower rates?

We have to say Canada Mortgages can help again! Please take a quick second to explore our refinancing options.

Are you looking for a debt consolidation loan to have more money on hand and enjoy a better life in a wonderful city of Winnipeg?

You are on the right page, don’t go, there is deal you’ll love. Go check it.

As Winnipeg mortgage brokers, Canada mortgages has a handful of good deals on mortgages and mortgage loans. There is something for you, your sister and brother. Enjoy fresh Winnipeg air from the footsteps of your new home, let Winnipeg mortgages help you.

We wont take your hand and shove something you wouldn’t like, that’s not Canada mortgages. We will offer you deals, packages and options.

Do you have time to submit applications to:

Canadian mortgages and banks:
– CIBC
— TD
– HSBC
– ING
– Scotia Bank
– RBC
– Laurentian
– President’s Choice Financial
– Bridgewater Bank
– AMEX
– BCP
– BNP
– CTC

And on we can go, the list gets pretty big. Let Canada Mortgage a Winnipeg Mortgage for you. We are professionals and offer our help to Winnipeg and Manitoba residents, taking out the hassle of shopping for a mortgage.

Let us know your Winnipeg mortgage priorities and we do the rest.

Get in touch!

Fill out a form Here
Give us a call at: 514 -397-6832

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Canadian Mortgage News

Home equity loans available in Atlantic - Business Chronicle Herald

MISSISSAUGA, Ont. (CP) — Home equity loan provider Seniors Money Canada has announced that it is expanding its reverse mortgage operations into Western and Atlantic Canada this month.

Canadians more worried about economy in 2008: poll - Reuters

Canadians have become more worried about the economy, ranking it the second most important issue facing the country, up from fifth place just half a year ago, a new poll showed on Tuesday.

Home Equity Income Trust Announces January Cash Distributions - CNW Group

Home Equity Income Trust today announced a cash distribution of $0.09 per unit for the month of January 2008 (equivalent to $1.08 per unit on an annualized basis). The distribution is payable to unitholders of record on January 31 and will be paid on February 15, 2008.

Canadian dollar rises against soft US$, bonds up - Guarding Unlimited

The Canadian dollar edged higher against a broadly weaker U.S. dollar on Tuesday, but a lack of domestic data ahead of next week’s Bank of Canada monetary policy announcement left it rangebound.

Real Estate News:

Canadian Housing market cracks $100B sales record - Financial Post

The resale housing market cracked $100-billion in sales activity for the first time in Canada’s 25 largest markets, according to the Canadian Real Estate Association.

What slowdown? Real estate has record year in Canada - Market Wire

The resale housing market in Canada’s major cities enjoyed a record year for sales and prices in 2007, the Canadian Real Estate Association said Tuesday.

Toronto’s smallest house - Real Estate Intelligence

To exit through the back door of Toronto’s “smallest house,” first fold the Murphy bed back into the wall; it takes up the entire seven-foot width of the bedroom. Built in 1912, the pint-size “Little House” features one bedroom, a kitchen with folding table and chairs, a living room and a full, if narrow, bathroom. With a living area of just 300 square feet, it was bought and renovated this year, and is back on the market for $173,000.

Real Estate Fact tips for Alberta Residents - NuWire Investor

Real estate investors need to be aware of five fundamental factors about an individual market before making an investment there. These five factors are an area’s economy, population, real estate cycle, political leadership and transportation improvements.

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Are You Looking for a Canadian Mortgage Company?

Whatever the Mortgage, Canada Mortgages Company Can Help You.

We offer various loans from a number of Canadian mortgage lenders.

Please select the mortgage that fits you.

Fixed rate mortgage – pay fixed interest rate, for the duration of your choice.
Mortgage Refinancing – looking for a Canadian mortgage company with better rates? Check our refinancing options, there is something there for you.
Debt Consolidation – Are you tired of paying interest on the never ending credit card bills? No worries, Canada Mortgages Company has the right options to get rid of Visas and Master Cards.
Self Employed Mortgages – Mortgage for self employed individuals. Various rate options, low caps on variable rate mortgages, low interest payments, custom options.

Not sure which mortgage you want? Let qualified mortgage professional assist you.

Fill out a form Here
Give us a call at: 514 - 397 - 6832

As a mortgage company in Canada, we care about finding mortgages that fit you. Let us know your goals and we will help.

Canadian Mortgage Tips.

Do mortgages seem a bit tricky?

In an effort to help you choosing the right mortgage company and a perfect loan, follow a couple of our tips. Knowledge is power!

Payment to the mortgage company.

When looking for a mortgage, key critical factor that needs to be carefully analyzed and considered is how much money you can put down, both for the down payment and as a monthly mortgage payment. There are a number of loan options offered by mortgage companies in Canada, it is best to come armed and know your finances. You can use one of our calculators to help you throw down everything on paper.

Understand the difference between variable and fixed loans.

There are two primary mortgage options, which are applied to different mortgages in Canada.

Fixed Rate Mortgage

Mortgage with fixed interest rates. You can lock the interest for, 5, 6, 7, 10, 20, 25, 30 or more. In most cases you decide the number of years, as it is never a problem to lock according to the preference. Interest rates tend to be higher on fixed rate mortgages.

Variable Rate Mortgage

Also known as an adjustable rate loan. Interest rates are adjusted every: month, 6 months, 1 year. Various options exist. In most cases Adjustable Rate Mortgages(ARMs) will come at lower interest rates, but since the rates are adjusted according to the market in Canada, there is always a chance of paying more later.

Read through all of the papers with care.

Counting on peoples trust and general unawareness of financial terms, particularly in the mortgage world, a number of mortgage companies in Canada use this to their advantage. This is known as predatory lending. Predatory mortgage companies will try to give all the documents at once, right before closing the mortgage, making sure that the borrowers do not go through the papers, leaving precious signatures for something they do not need and something that will cost them money. In some cases people lose their homes due to the terms they’ve signed up. Beware, it is essential to find a transparent Canadian mortgage firm.

Mortgage Company in Canada – CanadaMortgages.com wishes you luck!

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Canadian Mortgage News

National Bank Adjusts its Mortgage Rates - Market Wire

National Bank (TSX:NA) has adjusted its rates for residential mortgages. The new rates are effective as of January 15, 2008.

Canadian Economy Will Grow if No U.S. Recession, Conference Board Says - CEP News

Ottawa – Canada can expect continued economic growth, but only if the U.S. manages to keep out of a recession, the Conference Board of Canada says

Scotiabank changes mortgage rates - CNW group

Scotiabank announced today the following changes in residential mortgage interest rates, effective January 15

Simple, Low-Cost Investing Could Mean Higher Returns - CNW Group

ING DIRECT announces new low-cost, index-based ‘Streetwise Fund’ and becomes the first mutual fund dealer in Canada to offer paperless application to its clients

Canadian Stocks Rise on Record Commodity Prices; Potash Jumps - Bloomberg

Jan. 14 (Bloomberg) — Canadian stocks advanced as record gold, platinum, corn and soybean prices pushed a group of raw- material producers to a new high

Economy’s strong, but firms worry about what future has in store - The Canadian Press

OTTAWA - Strong domestic demand should buoy the Canadian economy through a storm south of the border but two surveys released Monday suggest businesses are ever more worried that the country’s fortunes may capsize in 2008.

CIBC Sells C$2.75 Billion in Stock After Writedowns (Update2) - Bloomberg

Jan. 14 (Bloomberg) — Canadian Imperial Bank of Commerce sold more than C$2.75 billion ($2.7 billion) in stock to investors including Hong Kong billionaire Li Ka-Shing and Manulife Financial Corp. to rebuild its balance sheet after taking writedowns tied to the U.S. mortgage market.

Real Estate News:

Real estate hurdles expected in 2008 - The Gazzette

The meltdown of the U.S. real estate market has many homebuyers wondering if and how it will affect the housing market in Canada, but market analysts feel the problems the U.S. is experiencing should have little impact on real estate in this country.

Investors Group announces Investors Global Real Estate Fund and a new portfolio - CNW Group

WINNIPEG, Jan. 14 /CNW/ - Investors Group today announced the launch of two new funds

Banzza.com Launches Free, Web 2.0 Canadian Real Estate Listing Service - PR-USA.net

Banzza.com launched a free Canadian real estate listing (http://www.banzza.com) service to make professional property listing tools more accessible and user-friendly. Banzza provides property listings and resources to serve buyers, sellers, renters, and real estate agents.

Real Estate in Nanaimo British Columbia - Real Estate Info

Over the past month and year the real estate market in Victoria has been moving along at a nice solid and steady state, and is sure to continue on that path for 2008.

New-home prices surpass forecasts - Real Estate Intelligence

Prices for new homes grew faster than expected in November, according to figures just released by Statistics Canada. Prices rose 6.1% on a yearly basis and 0.5% from the previous month. Economists had been expecting slightly lower increases in both cases.

Real estate expectations for 2008 - Real Estate Intelligence

The meltdown of the U.S. real estate market has many homebuyers wondering if and how it will affect the housing market in Canada, but market analysts feel the problems the U.S. is experiencing should have little impact on real estate in this country.

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Canada Mortgages is offering mortgages and loans in the city of Mississauga and Greater Toronto Area. Canada Mortgages is an independent Mississauga mortgage provider, who has the connections and the access to choose from various private, commercial and national mortgage providers.

We offer lowest interest rates and a variety of options to our customers.

Are You Looking for Low Interest Rates and Affordable Monthly Payments on Your Mississauga Mortgage?

You’ve come to the right place. We can help. Canada mortgages can select from variety of Mississauga mortgage brokers and banks.

Mississauga mortgages:

– Lowest interest rates(check the rates now)
— Numerous Options(check our mortgages)
— Customizable mortgages

Looking to build a life in Canada? In Toronto? Mississauga?

We assist Mississauga residents and those looking for the right mortgage for themselves and their family.

Mortgage from CanadaMortgages.com can assist in fulfilling your dreams and ambitions in this wonderful country. Having to pay for rent is never practical both in the short and in the long runs. Building equity and accumulating home value is key to financial well being, as homes can serve as the last back up resource, no matter the situation. Mississauga mortgage and mortgage brokers with Canada mortgages offer loans that:

Allow for more financial freedom with low interest rates. Save money in both the short and long term. Afford little extra for yourself and your family.
No hidden costs. We will provide total monthly payments figures so you have a clear idea on how to budget other expenses.
Various mortgages. With so many mortgages, it can get confusing choosing your Mississauga mortgage. We explain all of them.

Canada and GTA mortgages.

There are numerous loans offered with Canada Mortgages, both for Mississauga residents and GTA areas.

Picking a mortgage can be a bit confusing, since different mortgage names sometime imply to the same type of mortgage. To give you a jump start on mortgages you can explore the main website and learn about various Mississauga mortgages as well as Canadian mortgages.

As full Mississauga mortgage providers, we can assist you from start to finish. All we need to know are the priorities and budget. For example if you are looking to stay in a home for a long period of time, you would be better off with a fixed rate mortgage. If you plan on buying another home in the future, adjustable rate or variable rate mortgages are the way to go. Let CanadaMortgage.com assist you.

Qualified Mississauga mortgage broker professionals will:

– Analyze your financial situation
— Analyze your long term goals
— Number of people living
— Your priorities, both short term and long term

Once our Mississauga mortgage brokers learn that information, we then find a loan that fits into the picture and discuss it with you. Whether you like it or prefer something else, let us know, Canada Mortgages is here to help.

Visit Canada Mortgages main site. Learn more about Mississauga mortgages.

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