Christine Buemann Mortgage Broker

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).