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mortgage: Golden Rules of Renovation - 05/13/10 11:30 AM
The Canadian Renovator’s Council of the Canadian Home Builders’ Association offers a number of golden rules to help renovating homeowners achieve their goals.
- Know what you want. Take the time you need to explore the possibilities for your home and develop a firm plan. Begins with the fundamentals-what do you need and how you want your “new” home to look, feel and work for you and your family.
- Set a realistic budget. Decide as early as possible how much money you want to spend-this allows you and your renovator to focus on the work that is doable within that budget. Experienced renovators can … (1 comments)
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mortgage: Tips to Consider Before Buying a Home - 05/06/10 11:04 AM
You’re about to invest in your most valuable asset. Below are our top 8 recommendations to make you more confident as you start your home buying journey.
1. Your Credit Rating Getting your finances in order is probably the most important step you should take. You must know exactly what your credit reports say about your financial history before you apply for a mortgage, because the reports play an important role in the mortgage approval process and in determining the interest rate and other loan terms that a lender offers you.
2. Understanding How Mortgages Work Get familiar with the mortgage … (1 comments)
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mortgage: It's finally happening, mortgage rates starting to rise in Canada - 03/31/10 11:22 AM
We all expected to see this but I'm surprised to see it happening so soon. Undoubtedly rates will now only continue to rise.
GB
Banks bump up mortgage rates
Other banks expected to follow suit
www.cbc.ca
Mortgage rates have begun to rise from their record lows, with news Monday that several Canadian banks are increasing several fixed mortgage rates by up to 6/10ths of a percentage point.
The biggest jump is attached to the popular five-year fixed closed rate, which moves from 5.25 per cent to 5.85 per cent at Royal Bank, TD Canada Trust, and Laurentian Bank. … (4 comments)
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mortgage: International investors snap up $1.6-billion in Canadian mortgage bonds - 03/23/10 07:22 AM
Canada Housing Trust, the financing arm of the nation's housing agency, sold 27% of its debt offering this week to investors outside Canada, suggesting growing international appetite for Canadian debt. Canada Housing sold $6-billion of five-year, 2.95% bonds maturing in March 2015 with a price to yield 18 basis points above Canada's 2.5% bonds maturing in June 2015. That's the tightest spread in more than two years, according to Mark Chamie, Canada Mortgage and Housing's treasurer in Ottawa. "Canadian fundamentals are very strong relative to other global economies," said Mr. Chamie, adding that foreign purchases of Canada mortgage bonds averaged 23% … (0 comments)
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mortgage: US News: Why Canada Avoided a Mortgage Meltdown - 03/19/10 09:14 AM
By ALEX J. POLLOCK
Suppose we agree that we would like our society to have widespread home ownership and a property-owning citizenry. Does it take government-sponsored enterprises (GSEs) like Fannie Mae and Freddie Mac with implied taxpayer guarantees, tax advantages for the interest paid on home mortgages, and government pressure for "creative" mortgage lending to achieve this?
The Canadian experience shows that it doesn't.
Canada makes a useful comparison for the U.S. Both countries are rich, advanced, stable, have sophisticated financial systems and pioneer histories, and stretch from Atlantic to Pacific. But Canada has no housing GSEs. Mortgage interest is not … (1 comments)
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mortgage: Choose mortgage words carefully - 03/10/10 09:13 AM
Many consumers fail to understand meaning of terms
By GARRY MARR, Financial PostMarch 10, 2010
When it comes to your mortgage contract, watch your language.
Most consumers only look at their mortgage contract -- one of the most important documents they will ever sign -- just before they are about to close on a house, says Toronto real-estate lawyer Steve Brett.
"It's very rare they come to me [first].
In residential transactions, they usually strike the deal first," he says. "The mortgage commitment comes shortly prior to closing. I'll talk to people over the phone and they'll say, … (2 comments)
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mortgage: Canada due for "boring is beautiful" budget - 03/02/10 09:51 AM
This year's budget is not expected to be overly exciting and that seems to be a good thing for the current economic state. With all the major changes to the market, including changes to the Mortgage rules, being released ahead of time; or as this article states, "Finance Minister Jim Flaherty and his officials have spent weeks diligently stealing their own thunder"; the resulting budget should surprise few of us.
The expected result is that Canada will fare far better than all other G7 nations, forecasting the lowest GDP deficit.
Link below for more details:
http://www.reuters.com/article/idUSN2611003320100301?type=usDollarRpt
… (0 comments)
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mortgage: RRSP Loans - 01/14/09 08:54 AM
Recent post found regarding RRSP Loans. I have included the link below. Thanks Carolyn Moshtagh for the post! Click Here for the Link.
Don't forget the March 2, 2009 RRSP deadline.
Gina Burgio, Mortgage Agent VERICO Designer Mortgages Inc. Toll Free: 1-877-345-6265 Fax: 1-877-345-6256 Email: gina@ginaburgio.com
Each VERICO Broker is an independent owner operator.
… (0 comments)
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mortgage: Interest Rate Lowered to 1.50% - 12/09/08 10:01 PM
The Bank of Canada on Tuesday cut its key lending rate by 75 basis points to 1.50%, more than many economists had expected. This is the lowest since 1958.
Lower interest rates, if passed on by the commercial banks, encourage businesses and households to borrow and spend for expansion and consumer goods, thereby stimulating economic activity.
The interest rate cut today by the Bank of Canada was this biggest cut since October 2001.
The record low for Canada's key rate was 1.12 percent in 1958, a time when it was based on treasury yields rather than actions by policy makers.
The … (0 comments)
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mortgage: Grand Opening Announcement - Ancaster, Ontario - 11/13/08 01:41 AM
I am pleased to announce that the grand opening of our Ancaster office is scheduled for December 1, 2008.
The new office will be located at 911 Golf Links Road in the Meadowlands area of Ancaster, Ontario.
We are excited about the opening of this new location and are looking forward to serving members of the community and the surrounding areas from this location. I would like to also thank our clients for their ongoing support.
Call today at 1-877-345-6265 to book an appointment to discuss your mortgage needs!
Click Here to Subscribe to My Blog.
Gina Burgio, … (1 comments)
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mortgage: Many Canadian Banks Scheduled to Soon Report Q3 Results - 11/06/08 02:43 AM
Many Canadian banks are scheduled to begin reporting their 3rd quarter results, starting on Nov. 25 with Bank of Montreal.
Some analysts are expecting Canada's six big banks to report an average profit decline of 15 percent for Q3, the biggest drop in 6 years.
The Bank of Canada, the country's central bank, stated on Oct.23 that the Canadian economy, the world's 8th-largest economy, will slow to 0.6 percent this year, the lowest since 1991.
With the country suffering from weak demand in the US and lower prices for commodities, we will soon have the Q3 results from the Big Six … (0 comments)
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mortgage: Europe's Top Central Banks set to Cut Rates - 11/06/08 02:04 AM
Europe's top central banks are expected to cut borrowing costs on Thursday as market focus shifts back to the economic crisis from the excitement of Barack Obama's historic election victory.
Both the European Central Bank and the Bank of England are expected to cut interest rates. Many economists are forecasting the ECB to cut rates by at least half a percentage point, while others are anticipating a cut by as much as 75 basis points.
For the ECB, it is facing the first euro zone-wide recession since its inception in 1999, and a rate cut by 75 basis points would be … (1 comments)
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mortgage: What affects will Obama have on Canada? - 11/05/08 09:58 PM
It has been said in the past, that for Canada, being next to the United States, is like being in bed with an elephant. This statement was in specific reference to the close proximity between Canada and the United States... and the fact that the Canadian economy will most likely always eventually feel the impact of the effects felt by the US economy. Well the present economic crisis has become no exception to this analogy.
Now, with the election of a new President for the United States, and the shift from republican to democratic party policy in the Oval Office, how … (2 comments)
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mortgage: TD Bank 1st to Move to Adjust Rates - 10/30/08 05:59 AM
Three times this month Toronto-Dominion Bank, Canada's second-largest bank, has been first to lower its prime rate following decisions by the Bank of Canada (the central bank) to lower its overnight rate. Toronto-Dominion's biggest rivals followed suit the same day.
For example, on Oct.8, TD Bank was the first to announce a cut that day with a statement at 1 p.m., followed by Canadian Imperial Bank of Commerce (CIBC) 43 minutes later. Royal Bank of Canada, the country's largest bank, was next at 2:32 p.m., followed by Bank of Nova Scotia and Bank of Montreal.
Two days later, the banks reduced … (1 comments)
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mortgage: Iceland Raises Interest Rates to a record 18 percent - 10/29/08 12:51 AM
Iceland raised interest rates to a record 18 per cent from 12 per cent yesterday as a condition of a proposed $2bn loan from the International Monetary Fund to help rescue the stricken country.
Iceland applied for the emergency loan after its banking system collapsed and is seeking another $4billion from other central banks.
Following the collapse of their banking system, some economists forecast that Iceland's economy unemployment to rise around 8 percent and inflation to hit 20 percent or more.
Despite the ongoing crisis in the US and Canada, things could be worst.... when you look at what's going on … (7 comments)
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mortgage: Homes Sales See Biggest Gain since July 2003 - 10/25/08 08:16 PM
Sales of previously owned U.S. homes rose 5.5 percent last month, the biggest gain since July 2003.
The National Association of Realtors on Friday said that sales of existing home rose to a 5.18 million-unit annual rate from the 4.91 million-unit pace set in August.
The median national home price declined 9 percent from a year ago to $191,600, the lowest level since April 2004.
Sales jumped 16.8 percent in the West, while rising 4.4 percent in the Midwest and 2.2 percent in the South. In the Northeast, sales fell 1.2 percent.
Sales of single-family homes, which represent the lion's share … (4 comments)
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mortgage: Additional Mortgage Website - 10/24/08 04:03 PM
Additional Website Soon to be launched. Feedback welcome.
http://ginaburgio.110mb.com
Mortgage Broker serving clients throughout Ontario, including Toronto, Mississauga, Milton, Oakville, Hamilton, Ancaster, Brampton, Burlington, Brantford, Stoney Creek, Niagara, Kitchener, Richmond Hill, Guelph, London, Waterloo, Cambridge and surrounding areas.
Gina Burgio, Mortgage Agent VERICO Designer Mortgages Inc. Toll Free: 1-877-345-6265 Fax: 1-877-345-6256 Email: gina@ginaburgio.comwww.ginaburgio.com
Each VERICO Broker is an independent owner operator.
… (1 comments)
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mortgage: Cdn Gov't to Purchase up to $7billion of Mortgages - 10/21/08 02:54 PM
The Canadian Gov't announced today that they will, via their CMHC crown corporation, purchase up to $7billion of insured mortgage-based securities maturing in 2013.
The gov't purchased their first round of mortgages worth $5billion last Thursday.
This is forming part of the Cdn gov't $25billion plan to help banks weather the credit crisis and free up cash for lending.
Gina Burgio, Mortgage Agent VERICO Designer Mortgages Inc. Toll Free: 1-877-345-6265 Fax: 1-877-345-6256 Email: gina@ginaburgio.comwww.ginaburgio.com
Each VERICO Broker is an independent owner operator.
… (2 comments)
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mortgage: US Fed Granting Up to US$540 billion to Money Market Funds - 10/21/08 02:07 PM
The U.S. Federal Reserve announced Tuesday that it will provide up to US$540 billion in financing to the money market mutual fund industry. The Fed's new program is called the Money Market Investor Funding Facility.
This Facility will be used to support a private-sector initiative designed to provide liquidity, or cash, to money market investors. The Fed plans to back purchases of short-term debt including certificates of deposit and commercial paper that expire in three months or less from money market mutual funds.
"The short-term debt markets have been under considerable strain in recent weeks as money market mutual funds and other investors … (1 comments)
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mortgage: Canadian Central Bank Expected to Lower Rates - 10/20/08 02:24 PM
The Bank of Canada is expected to lower its overnight lending rate by as much as a 0.50% tomorrow. If so, this will be the second time in two weeks that the Bank of Canada has taken action to lower rates as part of its efforts to help tame the global financial crisis.
Their overnight rate influences the prime lending rates charged by the chartered banks in Canada. It can affect borrowing costs on variable-rate mortgages and lines of credit.
It will be interesting to see how the Banks react. The last time the Bank of Canada announced a half-point cut on Oct8, not all the chartered … (0 comments)
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Gina Burgio
Ancaster,
ON
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VERICO Designer Mortgages Inc.
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