Latest News

Shawna was very efficient and always followed up

posted by The Mortgage Associates    |   October 6, 2014 08:31

Shawna MacDonald"Shawna was very efficient and always followed up.  Greatly appreciated!"

Mark & Alexis Bourassa, July 2014








Mortgage rules may be tighter for the self-employed, but options remain

posted by The Mortgage Associates    |   October 3, 2014 08:51

Mortgage rules may be tighter for the self-employed, but options remain

Article by Romina Maurino, The Canadian Press, July 14, 2014

"If you are self-employed, live in a rural area or don’t have the best credit, you may find it increasingly difficult to get a mortgage.

Yet while tighter lending rules are making it harder for some people get approved by a bank, going to a second or third-tier lender isn’t something everyone is comfortable with.

Real estate experts say if you are self-employed, traditional lenders like the big banks may still lend you the money – it may just come at a higher interest rate, require a bigger down payment and increased scrutiny.

Customized products for the growing number of people who are self-employed often come with a minimum 10 per cent down payment instead of the usual five per cent, while the typical five-year closed rate for most is higher than what many banks are offering, said John Andrew, a real estate expert with Queen’s University.

Your chances are also better if you can show income tax records dating back a few years that suggest a steady income."

To read the full article, please click here.

Very thankful we were referred to Shawna MacDonald!

posted by The Mortgage Associates    |   October 1, 2014 08:30

Shawna MacDonald "Very thankful we were referred to you!  Thanks for all your great, professional help!"

Cindy & Wade Madland, July 2014

 

 

 

 

 

 

 

Top five home renovations that increase property value

posted by The Mortgage Associates    |   September 29, 2014 09:00

Top five home renovations that increase property value

Article by Genworth Canada

"Looking to increase your homes property value? Here are five of the best renovations you can do to your home to increase property value. These five renovations can sometimes have a return on investment 5-6x what they cost.

#5:  Flooring

#4:  Fixtures

#3:  Bathroom

#2:  Kitchen

#1:  An Income Suite"

To read the full article, please click here.

Housing crisis "is not going to happen"

posted by The Mortgage Associates    |   September 26, 2014 08:56

Shawna was very efficient and have answers to all our questions! Excellent service!

posted by The Mortgage Associates    |   September 25, 2014 08:11

Shawna MacDonald"Shawna was very efficient and had answers to all our questions!  Excellent service!"

Bernie Lucko, September 2014








Buying your first home..check out the mortgage glossary

posted by The Mortgage Associates    |   September 24, 2014 08:11

Buying your first home.. check out the mortgage glossary

Home Buying Step by Step:  Words to know when buying a home

Click here to view the glossary.

When it comes to home buying, smaller is better

posted by The Mortgage Associates    |   September 23, 2014 08:15

When it comes to home buying, smaller is better

Article by Robert Brown, Globe and Mail, September 16, 2014

"When you buy a house, you’re going to be facing a lot of expenses, most of which you haven’t faced before, above and beyond your new mortgage payments. Heating, electricity, insurance, and property taxes are just some of the additional bills that come with owning a house. All other factors being equal, the bigger the house, the bigger those expenses will be.

Regardless of how your house is heated, it would seem reasonable to assume that it would cost twice as much to heat (or air condition) a 3,200 square foot home than it would one that is 1,600 square feet. But, as reasonable as this seems, it’s incorrect; it actually costs more than twice as much. Yes, the larger home has double the space to keep warm or cool, but it also has more doors and windows that will allow drafts in during winter and cool air out during the summer.

On top of that, the larger home will have more exterior wall surface exposed to the outside during the winter months, which will make the house harder to heat. Circumstances vary, but it can cost up to three times as much or more to heat and cool a home that is only twice as big."

To read the full article, please click here.

Don't just blithely sign mortgage renewal form

posted by The Mortgage Associates    |   September 22, 2014 09:02

Don't just blithely sign mortgage renewal form

Article by Ted Rechtshaffen, Financial Post, September 18, 2014

"It is mortgage renewal time in my house.

I am one of those debt loving people who believe I can do more with my money by carrying a big debt at 3%, than by paying off my house and using up all that cheap capital - but that financial idea is a story for another column.

So, even though my mortgage comes due in October, I decided to lock in a rate four months earlier at a different institution at 2.79% for five years fixed. I was thrilled to have another five years of cheap money.

Even though I had already locked in elsewhere, I was interested in what my current mortgage lender would provide. I waited and I waited. Just four weeks before it was due for renewal they sent me a mortgage renewal notice. They could have sent it to me two or three months before my mortgage came due, but they may prefer to leave consumers less time to shop around and more inclined to just renew.

Here is where it gets interesting. "Please indicate which option you are accepting by signing your initials in the appropriate area indicated and return your signed agreement," the letter stated.

I could just initial the fiveyear fixed rate - for the princely rate of 4.79%.

Further on in the letter under a section called "Get the best rate," it offered to extend to you our special interest rate hold guarantee provided if I signed by my renewal date. But all this says is that if the rate went down between now and about three weeks from now, I would get the lower rate.

This is a full 2% higher than what I am actually going to get somewhere else."

To read the full article, please click here.

Canada takes its lumps as OECD cuts global economic forecasts

posted by The Mortgage Associates    |   September 19, 2014 08:17

Canada takes its lumps as OECD cuts global economic forecasts

Article by Michael Babad, The Globe and Mail, September 15, 2014

"Canada’s economy will be among the top performers in the G7 this year, the OECD says in a new forecast today. But hold that thought.

The Organization for Economic Co-operation and Development trimmed its 2014 outlook for Canada, to economic growth of 2.3 per cent from 2.5 per cent, but that should be second only to Britain’s projected 3.1 per cent.

The U.S. economy is forecast to grow by 2.1 per cent, Germany by 1.5 per cent, Japan by 0.9 per cent, and France by 0.4 per cent. Italy’s economy is projected to shrink by 0.4 per cent.

While Canada may sit near the top of the G7, that’s still just moderate economic growth.

Next year, according to the group’s forecasts, economic growth in Canada will pick up to 2.7 per cent, trailing America’s 3.1 per cent and Britain’s 2.8 per cent, but still outpacing the rest."

To read the full article, please click here.