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I appreciated how fast Shawna was able to get things done for my mortgage.

posted by The Mortgage Associates    |   June 11, 2014 08:11

Shawna MacDonald"I appreciated how fast Shawna was able to get things done.  Shawna has a great, friendly personality and was great to work with."

Joyce, May 2014







Because of Shawna we had options with multiple banks/lenders that we would not normally know about

posted by The Mortgage Associates    |   June 10, 2014 08:30

Shawna MacDonald Awards"It is nice to have options with multiple banks/lenders that you would normally not know about.  Thank you Shawna"

Heath & Celise Treimans, June 2014










CMHC losing grip on mortgage-insurance market to private-sector rivals

posted by The Mortgage Associates    |   June 5, 2014 08:19

CMHC losing grip on mortgage-insurance market to private-sector rivals

Article by Tara Perkins, The Globe and Mail, May 30, 2014

"Canada Mortgage and Housing Corp., the Crown corporation that has long dominated the country’s mortgage insurance market, is losing market share to its private-sector rivals.

CMHC insured 27,869 housing units during the first three months of the year for borrowers who had a down-payment of less than 20 per cent.

That number was 39.1-per-cent lower than in the final quarter of 2013, and 6.6-per-cent lower than the same time last year. The steep quarter-over-quarter decline is in large part because fewer homes tend to sell at the start of the year. But another factor – and the main reason for the year-over-year decline – is “decreasing market share,” CMHC said.

Federally-regulated banks and lenders are obligated to buy mortgage insurance in Canada when they sell a mortgage to a home buyer who does not have a down-payment of at least 20 per cent (they almost always pass the cost of the insurance premiums on to the borrower). The insurance pays the bank back if the borrower defaults.

CMHC is the dominant player in the business. Its two private-sector rivals are Genworth MI Canada and Canada Guaranty. The Crown corporation estimates that 45.3 per cent of the dollar value of outstanding residential mortgages in Canada had CMHC insurance at the end of the first quarter, down from 48.5 per cent a year earlier."

Click here to read the full article.

Shelayne Loeppky Joins Forces with Shawna MacDonald at The Mortgage Associates

posted by The Mortgage Associates    |   June 4, 2014 08:11

"I have been in the mortgage industry since 2008 and I am also a licensed associate.  I have had the pleasure of working in other offices over the last few years but I recently joined forces with Shawna MacDonald at The Mortgage Associates.  I am continually amazed at how she makes time for each and every one of her clients no matter how busy she is!  No matter how many clients she has at one time, she takes the time to understand each and every situation.  She is a truly dedicated Mortgage Broker!  There is a reason why she is one of the leaders in the mortgage industry not only in Saskatoon, but across Canada.  I am happy to be by her side helping people achieve their home ownership goals.  Whether you are a first time home buyer or a seasoned veteran when it comes to purchasing, whether you are looking to purchase a home for yourself or a revenue property, if it can be done, Shawna will help you achieve it, and help you to understand the process along the way!"

Shelayne Loeppky, June 2014

 

Survey finds third of first-time home buyers prefer long amortizations

posted by The Mortgage Associates    |   June 3, 2014 09:22

Survey finds third of first-time home buyers prefer long amortizations

Article by Tara Perkins, The Globe and Mail, June 2, 2014

"More than one-third of first-time home buyers say they would take a longer amortization period on their mortgage if they could, according to a Google Consumer Survey that was done for The Globe and Mail.

Long amortizations are controversial. There was a period around 2006 when Canadians were able to obtain 40-year mortgages that were covered by government-backed mortgage insurance. The U.S. subprime crisis scared former Finance Minister Jim Flaherty into changing that, and in a series of steps, he ultimately capped the length of insured mortgages at 25 years, a change that took effect in mid-2012. The longer the amortization, the greater the amount of interest that the consumer is on the hook for. But consumers sometimes prefer lengthier mortgages because their monthly payments are smaller."

To read the full article please click here.

Bank of Canada is unlikely to change course on interest rates

posted by The Mortgage Associates    |   June 2, 2014 08:08

Bank of Canada is unlikely to change course on interest rates

Article by Barrie Mckenna, The Globe and Mail, June 1, 2014

"It wasn’t long after Stephen Poloz started publicly fretting about disinflation that consumer prices began to creep up in Canada.

Not dramatically so, but most definitely higher. In April, the consumer price index matched the central bank’s 2-per-cent target for the first time in two years, pushed higher by rising gasoline and natural gas prices.

And yet the Bank of Canada Governor and his top deputies have continued to beat the low-inflation drum, warning repeatedly about persistent “downside risks” and keeping the central bank in a firmly neutral position on the direction of its next interest-rate move.

Mr. Poloz is unlikely to change that tune when the bank makes its next scheduled rate announcement on Wednesday.

Nor is the bank expected to change its key overnight interest rate, fixed at 1 per cent since September, 2010."

To read the full article, click here.

How will rising mortgage rates affect Canadian house prices?

posted by The Mortgage Associates    |   May 30, 2014 08:34

How will rising mortgage rates affect Canadian house prices?

Article by Tara Perkins, The Globe and Mail, May 30, 2014

"A 2 percentage point increase in mortgage rates would likely cause a significant price correction in the Canadian housing market if it happened all at once, but not if it took place gradually between now and the end of 2016, says Bank of Montreal economist Robert Kavcic."

To read the full article, please click here.

Mortgage interest never as easy to pay as now - as long as rates stay low

posted by The Mortgage Associates    |   May 29, 2014 10:44

Mortgage interest never as easy to pay as now - as long as rates stay low, DBRS report shows

Article by Garry Marr, May 28, 2014, Financial Post

"It hasn’t been this easy to pay the interest on your mortgage in almost 25 years.

Credit rating agency DBRS Inc. has been tracking our ability to pay loans since 1990 and says today we only need on average 3.7% of our household disposable income to cover the interest on those loans — the lowest percentage on the books.

All this comes as Canadians continue to ramp up their mortgage debt, albeit at a slower pace. Mortgages outstanding were up only 5.5% year over year in January, 2014 from a year earlier but still reached $1.2-trillion in the first quarter. That’s a 202% increase since 1999."

To read the full article, please click here.

Eight Banks Agree to No-Cost Accounts For Low-Income Clients

posted by The Mortgage Associates    |   May 28, 2014 10:44

Eight banks agree to no-cost accounts for low-income clients

Article by Bill Curry, Globe and Mail, May 27, 2014

"The Conservative government has secured a pledge from Canada’s largest banks to offer no-cost banking accounts for an estimated seven million youth, students and low-income seniors.

Finance Minister Joe Oliver will make the announcement Tuesday at an Ottawa seniors centre, The Globe and Mail has learned.

Canada’s eight largest banks have agreed to voluntarily adopt new rules starting next year that would offer no-cost accounts for low-income senior Canadians that would allow at least 12 debit transactions per month.

The definition of low income would be tied to the existing rules for the Guaranteed Income Supplement, which was paid in 2013 to seniors with incomes under $20,204 (a figure that does not include Old Age Security benefits).

A move in this direction was first hinted at in the October Speech from the Throne. The promise was repeated in the government’s February budget.

The announcement is also expected to include measures to waive extra fees related to deposits, debit cards, monthly printed statements and cheque-writing privileges."

To read the full article please click here.

"Scott even answered his phone during a basketball game he was playing in to give me advice on my mortgage"

posted by The Mortgage Associates    |   May 26, 2014 08:49

Scott Trainor in the office"Why bother with a banker who doesn't answer his phone.  Scott even answered his during a basketball game he was playing in and gave me advice on how to proceed with my mortgage."

Joseph, 2013