mortgage broker: Canada’s Dollar Appreciates as Crude Oil Rises, Equities Gain - 05/04/10 01:50 AM
On May 3 Canada’s dollar rose versus the greenback as U.S. stocks climbed, crude oil reached $87 a barrel and gold touched the highest level since December.
The currency has been the second-best performer this year among the U.S. dollar’s 16 most-traded counterparts, trailing Mexico’s peso, on speculation Canada’s central bank will raise borrowing costs either at its next policy meeting on June 1 or the following one in July.
The currency appreciated 0.7 percent to C$1.0107 per U.S. dollar at 4:12 p.m. in Toronto, extending its gain in 2010 to 4.2 percent. It closed at C$1.0179 on April 30. One … (1 comments)

mortgage broker: US News: Why Canada Avoided a Mortgage Meltdown - 03/19/10 02:14 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 … (3 comments)

mortgage broker: Canadian Mortgage Rates Expected to Rise 2-3% Over Next Two Years - 03/11/10 06:43 PM
I heard an interesting fact today about the financial state of first time homebuyers: According to reports, 75% of 18-34 year old first time homebuyers would be in trouble if their paycheck was delayed one week.
That's huge. Mortgages are expected to rise up to 3 percent over the next two years. Will we be faced with an influx of foreclosures when mortgage rates rebound?
I certainly hope not and there are changes currently being introduced to avoid such an issue. One such change is documented in a recent news article:
"Mortgage loans will be income-tested against the five-year posted interest rate, as opposed … (1 comments)

mortgage broker: Choose mortgage words carefully - 03/10/10 01:13 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)

mortgage broker: Bank of Canada Cuts Rate to 0.50% - 03/03/09 04:31 AM
The Bank of Canada cut its lending rate today by half point to 0.50%, the lowest level ever. The decrease was inline with most economists expectations.
Various Canadian Banks followed this announcement by cutting their Prime Rate by 0.50% to 2.50%.
The Bank of Canada also stated that its latest projections for the Canadian economy now look optimistic in the light of the latest economic data.

Gina Burgio, Mortgage Agent FSCO Lic. No. M08008590VERICO Designer Mortgages Inc.FSCO Lic. No. 10194 Toll Free: 1-877-345-6265 Fax: 1-877-345-6256 Email: gina@ginaburgio.com

Each VERICO Broker is an independent owner operator.

(1 comments)

mortgage broker: Bank of Canada cuts Interest Rate to 1.00% - 01/20/09 01:04 AM
Bank of Canada cut its overnight lending rate by 0.50% to 1.00%, the lowest since the central bank was formed in 1934. The decrease was inline with most economists expectations.
The previous lowest rate level set by the Bank of Canada was last seen at 1.12% in 1958.
In the past few days leading up to this morning’s announcement by the Bank of Canada, a few lenders began cutting some of their fixed term mortgage rates. It is expected that the various Canadian Banks will announce cuts to their Prime Rate either this afternoon or tomorrow.

Gina Burgio, Mortgage Agent … (4 comments)

mortgage broker: Interest Rate Expected to Reach Record Low - 01/15/09 05:43 PM
Many economists expect that the Bank of Canada will cut interest rates to a record low next week on January 20th to stimulate the economy. Its expected that the Bank of Canada will cut its rate by 0.50% to a record low of 1.00%. The Canadian Banks are expected to follow with a cut to their prime rates, which are currently sitting at 3.50%.
European Central Bank to cut its trendsetting interest rate to two per cent on Thursday.



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 … (5 comments)

mortgage broker: RRSP Loans - 01/14/09 12:54 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)

mortgage broker: Interest Rate Cut to Lowest Since 1694 - 01/08/09 12:00 AM
The Bank of England has cut its overnight lending rate by half point to 1.5%, the lowest since the central bank was founded in 1694.
Many economists believe that the Bank of England will cut rates below 1.0% by the second quarter. The central bank reduced the interest rate by 1.5 percentage points in November and by 1 percentage point in December.



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.

(2 comments)

mortgage broker: Happy Holiday! - 12/24/08 03:36 AM
Wishing everyone happy holidays from my family to yours!
Despite the various economic conditions that may be surrounding us, spending time with family during this and every holiday season is priceless and should never be compromised.



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.

(3 comments)

mortgage broker: Interest Rate Lowered to 1.50% - 12/09/08 02:01 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)

mortgage broker: Interest Rate Lowered to 1.50% - 12/09/08 01:14 AM
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 … (2 comments)

mortgage broker: Bank of Canada Excepted to Lower Interest Rates - 12/08/08 01:06 PM
Bank of Canada is expected to lower interest rates this Tuesday... many economists are forecasting a half-point chop to their bank rate to 1.75 per cent, the lowest since 1960.
Interbank funding spreads have narrowed by more than half since mid-October. This is making it possible for banks to pass on the central bank rate cut to customers in the form of lower prime rates.
Prime rates are the rates for loans to banks' best corporate borrowers and are the base for lending on everything from mortgages, lines of credit, consumer loans and car loans.



Gina Burgio, Mortgage … (1 comments)

mortgage broker: Bank of Canada Hints of Possible Interest Rate Cut - 11/19/08 12:54 PM
Bank of Canada governor Mark Carney said in a speech recently that the Canadian economy has deteriorated more quickly than he had anticipated, hinting strongly he will cut interest rates at the next meeting on December 9.
This is also the first time that the Bank of Canada has conceded that the Canadian economy could be headed for a recession. "Starting from flat growth in the first quarter of 2009 and the second quarter of 2009 ... recession is a possibility for Canada," commented Carney.
The technical definition of a recession is two or more consecutive quarters of negative economic growth. … (2 comments)

mortgage broker: Japan Slips into Recession - 11/16/08 11:26 PM
New numbers released by the Japanese government indicate the country has entered a recession.
Japan's economy, the second largest in the world, contracted by 0.1 percent in the third quarter, after shrinking 0.9 percent in the second quarter of the year.
Japan has estimated that its Gross domestic product (GDP) contracted at an annualised rate of 0.4 percent.
The Bank of Japan has also cut its key interest rate for the first time in more than seven years, lowering it to 0.3 per cent, joining central banks around the world in trimming borrowing costs.
Japan joins Germany and Italy on the … (9 comments)

mortgage broker: Grand Opening Announcement - Ancaster, Ontario - 11/12/08 05:41 PM
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!


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Gina Burgio, … (1 comments)

mortgage broker: Canadian Gov't may increase Bank Mortgage Purchases to $75 Billion - 11/12/08 05:07 PM
Finance Minister Jim Flaherty pledged today to triple the amount of mortgages the government can buy from banks to as much as C$75 billion.
The Canadian Gov't, using its crown corporation, the Canadian Mortgage and Housing Corp. (CMHC), purchased $25 billion in mortgages last month.
Allow me to explain in simply terms what the government is in fact doing...
The gov't via CMHC has insured many mortgages for the banks. In other words, CMHC has sold the banks default insurance on mortgages that the banks have provided to their clients, which guarantees that CMHC will cover any shortfall realized by the … (2 comments)

mortgage broker: Bank of Canada expected to Lower Interest Rates - 11/12/08 04:31 PM
Bank of Canada has hinted that they may cut interest rates again.
Early today in Toronto, Bank of Canada Senior Deputy Governor Paul Jenkins stated, "Some further monetary stimulus will likely be required to achieve our 2 percent inflation target over the medium term."
The Cdn Central Bank cut its benchmark overnight lending rate to 2.25 percent on Oct. 21.
Some economists expect that the Bank of Canada will cut their overnight rate a half point to 1.75 percent on Dec. 9. This would be the lowest since 1960.


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Gina … (5 comments)

mortgage broker: Many Canadian Banks Scheduled to Soon Report Q3 Results - 11/05/08 06:43 PM
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)

mortgage broker: Europe's Top Central Banks set to Cut Rates - 11/05/08 06:04 PM
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 … (0 comments)

 
Gina Burgio (VERICO Designer Mortgages Inc.)

Gina Burgio

Ancaster, ON

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