Christine Buemann Mortgage Broker

Banks need to control their own lending and not rely on the government to do it for them. That’s essentially what Finance Minister Jim Flaherty told Bloomberg News last week. “The primary responsibility for prudence in lending practices rests with the financial institutions,” he said. Just as importantly, individuals “need to take responsibility for what they do and exercise common sense in terms of taking on debt.” It’s refreshing that sensibility is making headlines in Canada’s often emotional debt debate. Banks are completely capable of underwriting prudently on their own. Moreover, banks by nature fear defaults. Mortgage defaults occur in plain view. They can’t be hidden and they are not tolerated in Canada’s highly scrutinized and regulated mortgage market Flaherty won’t say whether any rule changes will be made in 2011, but he said he’ll carefully evaluate the economic implications. The most serious of these implications would be harmful effects on employment and job creation. So

Everyone’s seen the housing bubble headlines this year. But some say there is a real bubble that’s been overlooked, and it’s been losing air fast. The reference is to the bond market. Bonds have collapsed and yields (which lead fixed mortgage rates) have catapulted .70% higher since October 19. On Friday, 5-year government yields made a 22-week high, closing at 2.56%. The Wall Street Journal proclaimed, in reference to US yields, this could be “the end of the bond mania.” (US and Canadian yields are tightly correlated.) If yields move much higher, lenders will certainly lift longer-term fixed rates. A few already have. Keep that in mind if you’re planning to get a fixed rate hold soon. Fortunately, there are still excellent fixed rates to be had. Whether yields continue higher from here is anyone’s guess. Traders say there is a bias in the market to keep selling bonds near-term, but there is also a high probability of up-and-down volatility until economic growth is more consistent. Som

Many people are looking to purchase rental properties in this market and take advantage of the low real estate costs. The only stipulation is that most banks require a 20% down payment for any non-owner occupied rentals. I currently have access to a 10% down payment program for rentals. The interest rates are higher so it is not for everyone, but it is worth looking over. If you were to purchase a $200,000 rental property with 10% down ($20,000) your bi-weekly payments would be approximately $595. At the end of your 5 year term, you would have just over 22% equity in the house and you could switch to a lower interest rate lender for free upon renewal. Keep in mind; that is if real estate prices did not increase at all, so you could potentially have much more equity then that. For this example, your outstanding balance would be approximately $155,400 at the end of the term. In order to save up the additional $24,598 of equity that you would then have in the property, you would have had

Deeply-discounted variable rates have historically beat out 5-year fixed rates roughly 77% of the time.But CIBC economist Benjamin Tal suggests the coming five years may “slightly” favour fixed rates. He displayed this chart at the CAAMP Forum on Monday that projects that the typical variable-rate mortgage (VRM) will be more expensive over five years than the typical 5-year fixed. That’s based on forward swap rates and a closing date in January 2011, says Tal.Tal was careful to point out that this isn’t a blanket recommendation of fixed rates; it’s more of a commentary on how narrow the gap has become between fixed and variable mortgages, based on market rate expectations.Some people will undoubtedly look at this and see no point in assuming the risk of a VRM given the minimal projected cost difference.Others will remain skeptical, with the belief that North America’s economy isn’t strong enough to spark sustained 3%+ inflation (and the rapid rate increases that would come with it). Th

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The posted 5-year rate reduction two weeks ago had all the trappings of a head fake. With bond yields* making 40-day highs, RBC deemed it appropriate to lower its 5-year fixed rates by .10%. Other banks followed suit as usual, and posted dropped to 5.19%. That’s Canada’s lowest posted long-term mortgage rate since the 1950s. 5-year yields closed up huge last Monday and discounted fixed rates followed. Most lenders have already announced fixed-rate increases. Regardless of your position on the fixed vs. variable debate, it can’t be overstressed how low fixed rates are right now. 5-year fixed mortgages are a whopping 1.66% below the 10-year average of the deep-discounted rates. Locking in at these all time low rates is like winning a small lottery, historically speaking. So if you need a fixed rate for a new mortgage closing in the next 180 days, be prepared to act—especially if yields continue higher. * 5-year bond yields typically lead 5-year fixed mortgage rates. Disclaimer: As always

Just nine days after RBC cut posted rates to new lows, they’re headed back up. TD is raising fixed rates 15-25 basis points, effective tomorrow. The posted 5-year fixed is going from 5.19% to 5.44%. This is the first such increase in almost six months. Other banks typically follow competitors’ posted rate moves within 1-2 days

Why use a Mortgage Broker? … to save money!! My clients have exclusive access to lenders and products not available through the bank they deal with on an everyday basis. I will shop the market on your behalf and find the best deal for you! Here is an example of the difference in our current rates as of Nov 15, 2010 : 5 Year Term - Bank's Rate = 5.29% - My Rate = 3.59% - Monthly Savings = $205 - Saving over Term = $12,317 3 Year Term - Bank's Rate = 4.00% - My Rate = 2.90% - Monthly Savings = $125 - Savings Over Term = $4498 1 Year Term - Bank's Rate = 3.20% - My Rate = 2.45% - Monthly Savings = $ 81 - Savings Over Term = $ 978 Contact me today for a hassle-free consultation. It is easy, FREE, and there is absolutely no obligation. *Based on a $200,000 mortgage over 35 years. Does not include any additional fees.

When investing in real estate, sometimes it’s necessary to look beyond your own backyard. The Real Estate Investment Network (REIN), a national organization of investors, has compiled what it says are the top 10 Canadian cities in which to invest. Few are major cities and some are surprising. Don Campbell, president of REIN, as well as one of the researchers on the study, says the results are based on factors such as planned transportation improvements, or if the area’s average income, population growth and job growth are increasing faster than the provincial average. Oddly enough, nothing east of Ontario shows up on the list, and while Mr. Campbell says cities like Halifax, Saint John and Moncton “still provide decent returns,” the top cities are ones that will outperform the national average between 2010 and 2015. 1)Calgary 2)Kitchener-Waterloo-Cambridge, Ont 3)Edmonton 4)Surrey, B.C. 5)Maple Ridge & Pitt Meadows, B.C. 6)Hamilton, Ont. 7)St. Albert, Alta. 8)Barrie & Orillia,

We currently have access to a cash back program that offers 5.5% back to the borrower. Clients who wish to take advantage of this offer would not qualify for the deep discounted rates, but they do still get the bank’s posted rates. At 5.29% for a $200,000 mortgage over 35 years, your monthly payment would be approximately $1075, including CMHC fees. If you take into account estimated property taxes and heating costs, the income required would be around $47,000. The cash-back portion of the mortgage can be used for the down payment as well as closing costs or post funding costs. In order for a family to save up the required 5% down payment and .5% for closing costs, they would have to put aside approximately $185 a month for 5 years. Keep in mind that that is on top of their current rent due as well. If real estate prices were to stay at the exact same value, at the end of the 5 year term on this example cash-back mortgage, the borrower will have close to 6% equity in their home. Inst

Delegates from Canada’s 101 local real estate boards Sunday ratified a deal worked out by the federal Competition Bureau and the real-estate industry. It would allow consumers to choose what services they want from their agent when selling their homes, and to pay for only those services. The deal was reached after months of negotiations between the competition watchdog and the Canadian Real Estate Association that represents some 100,000 realtors. The bureau chief was quick to praise the ratification. “I am pleased that CREA members have voted in favor of this agreement,” said Commissioner Melanie Aitken. “For Canadian homeowners, it ensures that they will have the freedom to choose which services they want from a real-estate agent and to pay for only those services. “Association president Georges Pahud also welcomed the vote. “We are pleased that after careful consideration and reflection, real-estate boards and associations from across Canada have endorsed the agreement,” Pahud said.

The market widely predicted the Bank of Canada would not raise rates, and it was right. The BoC has left its key lending rate at 1.00%. In turn, prime rate will remain at 3.00%, making today’s BoC meeting a non-event for mortgage holders in the short-term. The BoC’s call comes amid languid recent growth and inflation numbers. Here’s a sampling of the Bank’s commentary from its official statement: • The BoC sees a “weaker-than-projected recovery in the United States.” (No revelations there) • The potential exists for “a more protracted and difficult global recovery.” • “…domestic considerations…are expected to slow consumption and housing activity in Canada.” • “Inflation in Canada has been slightly below the Bank’s July projection.” • “The inflation outlook has been revised down and both total CPI and core inflation are now expected to converge to 2% by the end of 2012.” (That’s potential good news for mortgage rates) • The 1% overnight target rate “leaves considerable monetary stimulu

Let’s say you purchased your home 2 years ago with a mortgage for $250,000 with 5.99% interest rate. On a 5 year term / 25 year amortization, your monthly payments would be $1598.03. If you were to continue with that same mortgage, at the end of your 5 year term would have an outstanding balance of $224,560.11. Of the $95,881.80 in payments you will have paid, $70,441.91 would be interest. If you were to refinance the remainder 3 year term, with the 3 year rate currently being 2.90%, your payments would be reduced to $1126.86 (a savings of $471.17 a month). Your outstanding balance would be $220,110.99 at the end of the term (a savings of $4449.12). From your total payments of $78,919.68, $58,316.13 would go towards interest (savings of $12,125.78). Although you may have to pay a penalty to get out of your mortgage early, the amount you can save over and above that is substantial! For those currently locked in at higher than desirable interest rates, it is worth taking a look at the di

You make time to see your doctor for an annual check-up, and you have your mechanic give your car the once-over before heading out on a road trip, so why do most Canadians wait for their mortgage renewal notice to pay attention to what is probably the largest investment of their life? Between kids heading off for college, job changes, pay raises or reductions, retirement, death of a spouse or serious illness, it’s unlikely that your personal financial situation has remained unchanged during the typical five year mortgage contract. Because of this, it is very likely that the terms of your current mortgage no longer meet your needs. Rather than having to make a huge financial decision under pressure, it makes a lot more sense to review the terms of your mortgage annually. And doing so could save you a lot of money. If you’re in the habit of glancing at your mortgage renewal letter, signing and sending it back, and then going on with your life, you could be leaving a lot of money on the t

Deal reached with realtors on the use of MLS CTV.ca News Staff Canada's competition bureau and the Canadian Real Estate Association have reached a deal that could transform the way that Canadians sell their homes. The agreement in principle would allow homeowners looking to sell their property to have cheaper access to the Multiple Listing Service website. The bureau and CREA have been battling for years over access to the MLS, which is owned in Canada by CREA. The website is thought to be responsible for about 90 per cent of residential property sales. Under CREA's previous rules, homeowners had to buy an entire slate of services from realtors including, perhaps, services they didn't want or need. But the Competition Bureau called that anticompetitive. It said that left consumers with few choices and penalized real estate agents who wanted to offer consumers the choice of simply listing a property on MLS. "If ratified, the agreement will ensure that consumers have the

The recent financial crisis and recession have been a worldwide occurrence. The events in the United States since 2008 have garnered most of the headlines because the U. S. has the world's largest economy and national debt, but the reality is that many countries in Europe are in worse financial shape and continue to deteriorate. There are various ways to rank indebtedness, such as debt per capita and deficit or debt as a function of gross domestic product (GDP). This ranking is based on cumulative debt as a percentage of GDP and is limited to an analysis of the 25 largest economies. It is further limited to "external" debt, which is the portion of the national debt that is owed only to foreign creditors. The source for the debt and GDP amounts is the Central Intelligence Agency World Factbook most recent numbers from mid to late 2009. 1. Ireland - Debt/GDP: 997% The days of Ireland enjoying one of the fastest growing economies in Europe are over, at least for now. The sto

Are you interested in the local real estate market? Would you like to receive a monthly e-newsletter with interest rate updates as well as other relevant real estate information? E-mail me today or sign up through my website at www.christinejacob.com Your e-mail address will NOT be spammed or used for any other purpose. You will receive one monthly e-mail, and you are able to unsubscribe at any time you choose. Christine Jacob Mortgage Broker Lending Max Mortgage E-mail: cjacob@lendingmax.ca Web: www.christinejacob.com Phone: 250.612.9140 We offer a wide variety of mortgage products and services for Mackenzie, Dawson Creek, Fort St. John, Fort St. James, Williams Lake, Chetwynd, Vanderhoof, Smithers, Terrace, Fraser Lake, Burns Lake, Tumbler Ridge, Houston, Telkwa, Kitimat, McBride, Quesnel and everywhere in between in BC's Northern Interior.

It could have gone either way last Wednesday but Mark Carney and co. felt Canada’s economy was hot enough to warrant another tightening. The Bank of Canada has therefore raised its overnight rate target to 1%, from just 0.25% three months ago. Here’s the gist of the Bank’s written statement: ●“…Consumption growth is expected to remain solid and business investment to rise strongly.” ●“The Bank now expects the economic recovery in Canada to be slightly more gradual than it had projected…” ●“…Financial conditions in Canada have tightened modestly but remain exceptionally stimulative.” ●“Any further reduction in monetary policy stimulus would need to be carefully considered in light of the unusual uncertainty surrounding the outlook.” As a result of Wednesday’s increase, prime rate climbed to 3.00% last week. It is the first time prime has seen 3% since February 2009. If you’ve got a variable payment mortgage, this hike will add about $13 to your monthly payment, for every $100,000 you ow

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Save thousands by cutting your property tax bill. Einstein’s general theory of relativity. Lady Gaga’s popularity. Your home’s assessed value. Some things just seem utterly incomprehensible. But solving the property tax assessment mystery is worthwhile: appealing an incorrect valuation could save you thousands of dollars. Here’s how to do it: Check for fairness Property taxes, which pay for most municipal services, are the product of your home’s assessed value multiplied by the local tax rate. You can’t change the tax rate, but you can argue that you have been over-assessed. Begin by checking your home’s assessment report. This is typically a computerized estimate of your home’s selling price, based on sales information from a particular assessment date. Is it fair? If a similar house on your block sold for much less than your valuation around the time of the assessment date, you may have evidence of over-assessment. Fix factual errors Assessments are carried out by provincial agencies

Well for whatever reason it's happened, your bills got out of hand, you missed payments or are carrying a lot of debt and now it's affected your ability to get financing. Plain and simple, bad credit affects your credit rating/score and your ability to get financing. The impact of bad credit can range from not getting the loan or credit card to having to pay interest rates well in excess of what you would see if you had good credit. OK, enough about the past, what can you do to repair your credit. 1) Get a copy of your current credit report. In Canada, there are two main credit bureaus 1.Equifax 1-800-465-7166 2.Trans Union 1-800-888-4213 Of the two bureaus, likely the most recognized would be Equifax. 2) Review your credit report. 1.Yes, mistakes are made. Past bad credit may not have been removed even though they have already been paid. 2.There may also be comments, which are considered to be negative. This is your opportunity to respond to those comments. 3.If you do owe mon

Bank of Canada lowers qualifying rate AGAIN today!!! 5.39%

It must be tempting to pocket $5,000 to let someone use your name and credit rating to falsely acquire a mortgage. It’s also illegal. It’s fraud, and ‘straw buyers’ who lend their names for cash can end in jail, or worse, says Diane Scott, president of the Calgary Real Estate Board. “As a straw buyer, you are participating in the crime and you can be arrested and charged,” says Scott. “You might get off with a fine, but for the $3,000 or $5,000 to let the fraudster use your name, you’re stuck with the mortgage and responsible for paying it off.” If you can’t pay it off, you could be facing bankruptcy, decimating your lifestyle. Mortgage fraudsters can sound quite convincing, telling you your name will be on the mortgage for only a few months. Many straw buyers are approached by people they don’t think would do them wrong. Think again, says Scott. “Mortgage scams are carried out in all different forms and involve a multitude of people; some who don’t even know they’re being taken advant

The Canadian Real Estate Association (CREA) says national home sales activity continued to trend down in July 2010. The decline was almost entirely the result of fewer sales in British Columbia and Ontario. A slowdown in demand in these two provinces had been widely expected in July, as many purchases were brought forward into the first half of the year in advance of the introduction of the HST. Seasonally adjusted national home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards was down 6.8 per cent on a month-over-month basis in July. The national decline was smaller than the previous two months, as July sales in the Prairies and Quebec came in on par with June levels. Declines in British Columbia (-14.1 per cent) and Ontario (-8 per cent) accounted for 85 per cent of the change in national activity in July. Actual (not seasonally adjusted) national sales activity was 30 per cent lower in July 2010 compared to last year’s record July. Year-

Canada led in the global housing recovery in the first quarter of 2010, but moderating global growth, heightened financial market volatility and sluggish job creation have led to a “dramatic” slowdown in Canada, according to the Global Real Estate Trends report released last Tuesday from Scotia Economics. “Global real estate markets entered 2010 with a renewed sense of optimism, piggybacking on the broader economic recovery underway,” Adrienne Warren, senior economist at Scotia Economics said in the report. “Housing demand and pricing improved in the first quarter of the year in the majority of the advanced nations we track, benefiting from ultralow interest rates, improved affordability, and in some cases, government purchase incentives.” Australia and Canada, with inflation-adjusted average home prices rising at double-digit rates, led the pack, echoing their relatively favourable employment and lending conditions. Sweden, Switzerland and the U.K. also saw home price increases, while

•TSX +25.20 •DOW -21.42 •Dollar -1.08c to 97.29 USD •Oil -1.31to $80.70 USD per barrel. •Gold +6.20 $1203.40 per ounce •Canadian 5 yr bond yields +.20bps to 2.25.

Amount Under this plan, the maximum RRSP withdrawal is $20,000 for each eligible person. That is, a home buyer and his/her spouse may each withdraw up to $20,000 from their respective RRSPs. Eligibility You have to be considered a first-time home buyer. You are not considered a first-time home buyer if you or your spouse or common-law partner owned a home that you occupied as your principal place of residence during the period beginning January 1 of the fourth year before the year of withdrawal and ending 31 days before your withdrawal. Minimum Waiting Period The RRSP contribution must be made a minimum of 90 days before any withdrawal is allowed. Payback RRSP funds withdrawn for a first-time home purchase must be repaid in equal annual installments over a 15-year period. If more than the minimum amount is repaid during a year, the annual amount to be repaid in subsequent years is reduced. If less than the minimum is repaid, the shortfall must be included in taxable income in the year

As opposed to the bank, I WORK FOR YOU. I have access to multiple lenders, offering a variety of mortgage products. Using my knowledge and resources, I will find you the best possible mortgage that fits your needs. In almost every case, the lender pays my fee so the service that I provide for you is of NO EXTRA COST. Please feel free to contact me with any questions or visit my website at www.christinejacob.com and apply online today! It is easy, fast and there is absolutely no obligation. You owe it to yourself to see what we have to offer! We simply gather your information to put together the best possible package that suits your needs. Once again, there is no obligation. We offer a wide variety of mortgage products and services for Mackenzie, Dawson Creek, Fort St. John, Fort St. James, Williams Lake, Chetwynd, Vanderhoof, Smithers, Terrace, Fraser Lake, Burns Lake, Tumbler Ridge, Houston, Telkwa, Kitimat, McBride, Quesnel and everywhere in between in BC's Northern Interior. cj

•TSX +32.01 to 11,728.64 The Toronto stock market eked out a modest gain Thursday as investor nervousness about the pace of economic recovery countered a batch of upbeat earnings from key resource companies (Toronto Star) •DOW +11.61 to 10,467.16 •Dollar +0.22 to 96.54 •Oil -0.18 to $78.18 USD per barrel. •Gold -2.00to $1169.20 per ounce •Canadian 5 yr bond yields -0.07bps to 2.36. The spread (based on the MERIX 5 yr rate published rate of NEW 4.24%) remains above the comfort zone at 1.88

Royal Bank, the nation’s biggest mortgage lender, has trimmed several of its rates. The new rates showed up on its website on July 31st with little fanfare (i.e. no press release). The most notable change is in RBC’s posted 5-year fixed, which fell 10 bps to 5.69%. That’s the lowest it’s been since March. RBC’s 5-year fixed “special offer” rate is down to 4.29%. (By comparison, various smaller lenders are in the 3.99% range or below.) This move should compel the other banks to match RBC’s cut next week. That should reduce the benchmark qualifying rate to 5.69% on August 9. (The qualifying rate is what lenders use to calculate the debt ratios of high-ratio borrowers who choose variable or 1-4 year fixed mortgages).

•TSX +31.86 to 11,746.07 •DOW +100.81 to 10,523.43 •Dollar +.24c to 96.76cUS •Oil +0.06 to $79.04 USD per barrel. •Gold -.40 to $1,186.60 per ounce •Canadian 5 yr bond yields +.01bps to 2.44. The spread (based on the MERIX 5 yr rate published rate of NEW 4.24%) remains above the comfort zone at 1.80. If the fall season is a slow one we may see the comfort zone shrink down to early spring levels of 150-155bps. This may be the only way fixed rates will go lower

The key to getting rid of debt is to commit to fixed, not declining, monthly payments. With your 19.75% credit card, if you were to pay off a debt of $30,000.00 at a fixed payment of $600 per month, you would pay the debt off in just under 9 years, and pay approximately $30, 000.00 in interest. Suppose you take out a home equity loan at 4% interest. If you pay it off at $600 per month, you will retire the debt in just under 4.5 years – 4.5 years sooner than with the credit card. But best of all, your interest cost will be reduced from $30,000.00 to $3,000.00. That's approximately $27,000.00 in your pocket with exactly the same monthly payments! Of course, your debt may not reside on one, but multiple credit cards. The practice of transferring all of your debt to a single loan is called debt consolidation. Here's how it works: Take out a single loan, and use the proceeds of the loan to pay off all your debt in full. Then, you pay off the loan in single monthly payments. If you

Real estate in Prince George is very affordable when compared to average British Columbia real estate prices, as well as average Canadian real estate prices. Single family homes start at about $150,000, and 2 to 3 bedroom homes on generous lots start at about $250,000. Comparing these prices to B.C. and Canadian averages makes Prince George quite affordable. If you want a monster house and a huge lot, prices start at around $400,000, try that in Kelowna or the Lower Mainland. In 1981 Prince George was the second largest city in B.C. with about 68,000 people. Today (2006 Census) Prince George is home to about 71,000 people. The population increase over about 25 years was only about 4.5 percent. This slow population increase contributes to the lower real estate prices. Prince George is located in the Regional District of Fraser-Fort George and the city is at the confluence of the Fraser and Nechako Rivers. Heritage, College Heights, Hart Highlands and St. Lawrence Heights are prime resid

Q1 2010 Total Housing Starts 18 MLS® Sales 221 MLS® Sales $ 246,895 Q1 2009 Total Housing Starts 8 MLS® Sales 192 MLS® Sales $ 233,724

Beacon scores are the score given to you by the credit collection companies, Equifax and Trans Union, and are built by grouping data into predictive characteristics in five categories. These scores are used by financial institutions and credit companies in order to determine your credit worthiness. Past Payment Performance = 35% • The fewer late payments, judgments, liens, or collections, the better. • Recent late payments weigh more than those made two years past. Credit Utilization = 30% • Low balances on several cards are better than high balances on a few cards. • Balance should be at or below 30% of the available credit. • Too many cards can be a detriment. Credit History = 15% • The longer accounts have been open and in good standing, the better. • Avoid ‘credit surfing.’ Opening new accounts and closing established accounts will negatively impact on a credit score. Types of Credit in Use = 10% • Finance company accounts score lower than traditional banking or retail accounts. •

Seasonally adjusted national home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards receded 8.2 per cent in June from the previous month. Led by lower activity in Toronto and Calgary, sales declined in almost 70 per cent of local markets. Tightened mortgage regulations and anticipated interest rate increases cooled sales activity throughout the second quarter, resulting in a decline of 13.3 per cent from near-record levels in the first quarter. As expected, these two national factors contributed to a widespread decline in activity, with transactions down in all but a dozen or so smaller markets. Actual (not seasonally adjusted) national sales activity was 19.7 per cent lower in June 2010 compared to last year, when activity almost reached a new record for the month. Actual sales activity in the second quarter stood 2.8 per cent below levels reported in the second quarter of 2009. For the year-to-date, transactions are up 13.6 per cent compar

As most of you know, as of July 1, 2010 British Columbia will adopt the new Harmonized Sales Tax. Instead of paying 5% GST and 7% PST, we will pay 12% HST. This new combined tax will only affect people buying new homes over $525,000. Just like today, it will not affect people buying previously owned ho mes. There will also be a transitional period where rebates of up to $26,250 will be provided to people buying new homes. That being said, it will affect all homes buyers in the fact that real estate agents, appraisers and home inspectors will now be required to collect and remit the full 12%. I have attached a link that outlines specifically what will be affected http://hst.blog.gov.bc.ca/wp-content/uploads/2010/05/GST_PST_HST_List_v04.pdf