RATE BULLETIN! 5yr Fixed @ 3.64%! / Variable @ 1.85% (Prime -.40%)

90 Day Rate-Hold available. Call John now for more information!

(604) 710-1500

Three Changes to Mortgage Rules!

The Federal Finance Minister Jim Flaherty announced prudent changes to mortgage insurance rules intended to come into force on April 19, 2010.  These changes are as follows:

1. All borrowers must meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term
2. The maximum amount one can withdraw in refinancing their mortgage will be reduced to 90% from the current 95% of the value of one’s home
3. Non-owner occupied properties will require a minimum down payment of 20%.

There were no changes to down payment requirements or length of amortizations for owner-occupied residences.

While these changes were not dramatic, they will still effect the odd borrower who will have to come up with a little more money to buy the house they want.  Although, the 80% rental rule will pose a problem to those wanting to invest in rental properties.  Please feel free to call and discuss!

RATE BULLETIN! 5yr Fixed @ 3.69% / Variable @ 1.90% (Prime -.35%)!

Call John now for more information and to hold on to these great rates! (604) 710-1500

Twitter Weekly Updates for 2010-02-07

• Going to see Mike Relm and Addictive TV — CODE Live Night Life tonight! Anyone else appreciate talent? Check it:http://www.vancouver2010.com #

More people are using Mortgage Brokers!

A growing number of Canadians are opting to use mortgage brokers instead of going to the bank branch, a recent study said.

According to Maritz Research, which conducted the study on behalf of CAAMP, the mortgage broker channel handled 23 per cent of all mortgage activity in 2008. This number was higher in Western Canada, (34 per cent in Alberta and 27 per cent in British Columbia), as well as amongst females (26 per cent), who were more likely than men (20 per cent) to deal with brokers.

“In the past, the first or only place a person would go when looking for a mortgage was to their local bank, however more and more Canadians are now seeking out the services of Mortgage Brokers to help them navigate the biggest purchase of their lives,” said study author Rob Daniel, managing director, Maritz Research Canada, to the Financial Post.

Another strong demographic for mortgage brokers was with young Canadians. In the 18 to 34 demographic brokers represented a 28 per cent share. With 53 to 54 year olds this decreased to 24 per cent, and with the 55 and older crowd it was even lower, at just 17 per cent.

It’s nice to see Canadians understand the value in the service we provide.  In the US, people use brokers for everything – health, auto, home & life insurance etc.  So rather than heading straight to the bank (with their 5-10 products) and accepting their ‘lowest’ rate… why not submit your application once and have all the mortgage products from over 50 lenders in Canada at your disposal?  Keep this in mind: Banks always look out for themselves.  As your mortgage broker, I am always fighting for your best interests.  Unbiased advice at no cost to you, along with greater savings and selection make this the growing trend.  Who wouldn’t want a tailor-made mortgage along with huge savings?