Hello, it's me again bugging to you spread the word for another casting call. This time I'm looking for people who are planning on selling their homes and buying something they like just as nice but less expensive so you can live "Mortgage Free". There is a big cash incentive for anyone who is in the market. I have a tight time-line here and need to hear back from you asap! Here's the details....
Are you planning MORTGAGE FREE
Tired of merely dreaming of becoming MORTGAGE FREE? Let us help you make it a reality. Mortgage Free is a new HGTV real estate series in which the ultimate goal is to sell each homeowner’s property, and with the available equity, buy another home (that the homeowner loves!) outright.
The REALTOR HOST determines the approximate value of the current home and then subtracts the remainder of the mortgage plus the projected realtor fees, moving costs, penalties and closing costs to be paid. The money left over is the ‘mortgage free’ shopping budget. The Realtor host will then offer the homeowner properties from which the participants choose, based on their wish list.
Presented with property options, our participants will pick one to purchase. With the REALTOR HOST, they will weigh the pros and cons of each property, until they make the decision of which to purchase. Once a selected property has been purchased, they are…Mortgage Free!
Looking to downsize? To move from the city to the country? House to condo? Whatever your dream is, we want to hear it!
Candidates Must:
-Have outgoing & personable families - 30’s to early 50’s
-Live between Burlington east to Bowmanville
-Have at least $300,000 equity in their existing homes
Now, as if living mortgage free isn’t enough in and of itself – you will receive $10,000 if you sell, buy and become mortgage free! You will receive $4,000 if you decide in the end to stay where you are, and not live mortgage free.
Please email Jen Mitchell at smsconcepts.jen@gmail.com to apply!
Friday, May 28, 2010
Thursday, May 20, 2010
Casting Call For A New Show.
I have one of the best jobs in the world and every once in a while it gets even better. I am looking for people who currently own a house or town house (sorry no apartment style condos) who want to take part in a new TV show called "House Poor".
I have listed some of the situations that might make you an ideal candidate. Please feel free to share this information with anyone you know who maybe interested and have them get in touch with me at mberg@mortgages4women.ca and I will pass your names along to the casting director.
* You put the entire down payment on credit
* You undertook major renovations that you couldn’t afford
* You consolidated consumer debt into the mortgage, over-extended on Home Equity lines of credit or took out a 2nd mortgage
* You didn’t budget for repairs and now you can’t afford to fix a home emergency
* You bought a home way out of your price range in order to live in a desirable neighborhood and are struggling to keep it
* You got caught in a bidding war
* You spent a fortune on décor, appliances or furniture
* One of you lost their job and now you can’t pay the mortgage
* You placed a partial deposit on a new home and risk losing it because you can’t come up with the rest
* You bought when rates were low and are now facing losing your home due to spiraling interest rates
I have listed some of the situations that might make you an ideal candidate. Please feel free to share this information with anyone you know who maybe interested and have them get in touch with me at mberg@mortgages4women.ca and I will pass your names along to the casting director.
* You put the entire down payment on credit
* You undertook major renovations that you couldn’t afford
* You consolidated consumer debt into the mortgage, over-extended on Home Equity lines of credit or took out a 2nd mortgage
* You didn’t budget for repairs and now you can’t afford to fix a home emergency
* You bought a home way out of your price range in order to live in a desirable neighborhood and are struggling to keep it
* You got caught in a bidding war
* You spent a fortune on décor, appliances or furniture
* One of you lost their job and now you can’t pay the mortgage
* You placed a partial deposit on a new home and risk losing it because you can’t come up with the rest
* You bought when rates were low and are now facing losing your home due to spiraling interest rates
Monday, May 17, 2010
Get them while they're...low!
If one good thing came out of Greece's economic hardship, it's low interest rates.
Just when it looked like rates were going to start their expected rapid upward climb, the EU announced its trillion-dollar plan to help its struggling members. The result? Scared investors fled to the safety of US and Canadian bonds, which in turn lowered fixed rates.
While variable rates are influenced by the Bank of Canada's Prime rate announcements, fixed rates are tied to the bond market. Demand for government bonds pushes yields lower and reduces the borrowing costs for banks and other lending institutions. This makes it cheaper for them to fund mortgages.
Within the last week or so, most banks cut their five-year fixed mortgage rates by approximately 10 to 15 basis points. So something that was posted at 6.25% two weeks ago is now likely sitting at 6.10%. That being said, the lowest discounted rate we could find is much lower at 4.39%.
If you haven't already, it would make sense to get your rate hold now. It will guarantee you the lower rate for the next 90-120 days as rates inevitably rise again.
Just when it looked like rates were going to start their expected rapid upward climb, the EU announced its trillion-dollar plan to help its struggling members. The result? Scared investors fled to the safety of US and Canadian bonds, which in turn lowered fixed rates.
While variable rates are influenced by the Bank of Canada's Prime rate announcements, fixed rates are tied to the bond market. Demand for government bonds pushes yields lower and reduces the borrowing costs for banks and other lending institutions. This makes it cheaper for them to fund mortgages.
Within the last week or so, most banks cut their five-year fixed mortgage rates by approximately 10 to 15 basis points. So something that was posted at 6.25% two weeks ago is now likely sitting at 6.10%. That being said, the lowest discounted rate we could find is much lower at 4.39%.
If you haven't already, it would make sense to get your rate hold now. It will guarantee you the lower rate for the next 90-120 days as rates inevitably rise again.
Monday, April 19, 2010
New Rules in Effect Today
Effective April 19, 2010, Qualifying Interest Rates guidelines will change as follows:
Fixed Rate Mortgages of terms less than 5 years and all Variable Interest Rate Mortgages: Applications will be adjudicated based on the greater of the 5 Year Bank of Canada Benchmark Rate**, or the actual customer rate (inclusive of any customer discretion).
Fixed Rate Mortgages of terms 5 years or greater: Applications will be adjudicated based on the actual customer rate.
This change applies to both conventional and insured mortgages
**The Bank of Canada Benchmark Rate is defined as the Chartered Bank – Conventional Mortgage 5-year Mortgage rate, published by the Bank of Canada each Monday, and can be found at http://www.bankofcanada.ca/en/rates/interest-look.html
3 key changes associated with this announcement are:
1. Borrowers will need to be able to afford a five-year fixed rate mortgage, even if they choose a mortgage with a shorter duration.
2. Investors, who want to buy a home that they don't plan to live in, will have to make a minimum down payment of 20%.
3. Canadian home owners will only be able to withdraw 90% of the value of their homes in a refinancing, down from 95%.
Fixed Rate Mortgages of terms less than 5 years and all Variable Interest Rate Mortgages: Applications will be adjudicated based on the greater of the 5 Year Bank of Canada Benchmark Rate**, or the actual customer rate (inclusive of any customer discretion).
Fixed Rate Mortgages of terms 5 years or greater: Applications will be adjudicated based on the actual customer rate.
This change applies to both conventional and insured mortgages
**The Bank of Canada Benchmark Rate is defined as the Chartered Bank – Conventional Mortgage 5-year Mortgage rate, published by the Bank of Canada each Monday, and can be found at http://www.bankofcanada.ca/en/rates/interest-look.html
3 key changes associated with this announcement are:
1. Borrowers will need to be able to afford a five-year fixed rate mortgage, even if they choose a mortgage with a shorter duration.
2. Investors, who want to buy a home that they don't plan to live in, will have to make a minimum down payment of 20%.
3. Canadian home owners will only be able to withdraw 90% of the value of their homes in a refinancing, down from 95%.
Tuesday, April 13, 2010
Don't Lose Sleep Over Your Mortgage
Has the 'variable/fixed' debate -and the threat of rising interest rates - kept you awake at night lately? If so, you're not alone.
Approximately 33 per cent of homeowners have complained that they lost sleep due stress associated with their mortgage, according to a new BMO survey conducted by Harris-Decima.
The Harris/Decima online poll was conducted from February 16th to 22nd, 2010 and is based on a sample of 1,000 Canadians between the ages of 25-45 years, who are either current home owners (who currently have a mortgage on their home) or are planning on purchasing their first home in the next 12 months, and at least share in their household's financial decisions.
If you're thinking about buying a new home - or if you're thinking about renewing your mortgage - I can't stress enough how important it is to get preapproved. While rates are likely going to be rising over the next year, a preapproval allows you to lock into today's low rates for 120 days. If rates go down, you still benefit from the lower rate.
In terms of the fixed/variable debate, many experts predict Prime will rise to 1.25% by the end of the year, compared to 0.25% today. To determine whether you should lock in or not, it's important to do the math ahead of time and determine how much of an influx you can comfortably withstand.
Remember that when you lock in, you're taking the rate of the current five-year fixed mortgage, so it's best to keep an eye on those as well if you're getting close to your threshold.
Variable rates increase in accordance with the Bank of Canada's prescheduled Prime rate announcements - so a hike isn't going to come out of the blue. Fixed rates, however, fluctuate with the bond market which is much less predictable.
Don't lose sleep over this. Instead, give me a call. I can assist you with a preapproval or analyze your financial situation and help you make the decision that is right for your specific needs.
Approximately 33 per cent of homeowners have complained that they lost sleep due stress associated with their mortgage, according to a new BMO survey conducted by Harris-Decima.
The Harris/Decima online poll was conducted from February 16th to 22nd, 2010 and is based on a sample of 1,000 Canadians between the ages of 25-45 years, who are either current home owners (who currently have a mortgage on their home) or are planning on purchasing their first home in the next 12 months, and at least share in their household's financial decisions.
If you're thinking about buying a new home - or if you're thinking about renewing your mortgage - I can't stress enough how important it is to get preapproved. While rates are likely going to be rising over the next year, a preapproval allows you to lock into today's low rates for 120 days. If rates go down, you still benefit from the lower rate.
In terms of the fixed/variable debate, many experts predict Prime will rise to 1.25% by the end of the year, compared to 0.25% today. To determine whether you should lock in or not, it's important to do the math ahead of time and determine how much of an influx you can comfortably withstand.
Remember that when you lock in, you're taking the rate of the current five-year fixed mortgage, so it's best to keep an eye on those as well if you're getting close to your threshold.
Variable rates increase in accordance with the Bank of Canada's prescheduled Prime rate announcements - so a hike isn't going to come out of the blue. Fixed rates, however, fluctuate with the bond market which is much less predictable.
Don't lose sleep over this. Instead, give me a call. I can assist you with a preapproval or analyze your financial situation and help you make the decision that is right for your specific needs.
Tuesday, April 6, 2010
Monday, April 5, 2010
What to do about the rise in rates
There's been a lot written in the media lately about upcoming hikes in fixed rates. While it's true many of the big banks have increased their posted fixed rates, if a new mortgage is on your horizon, there's no need to panic.
As of right now, there are still many lenders who are offering rates near historic lows. If you're thinking about buying or renewing in the near future, your best bet is to take advantage of a 120 day rate hold. This feature, offered by many different lenders, allows you to get prequalified at today's low interest rate. If rates go up, you're guaranteed today's rate. If they go down, you get the lower rate.
When it comes to locking in your variable rate mortgage, that question is a little trickier to answer. Many experts believe the Bank of Canada will start increasing its Prime rate in the near future by approximately 25 basis points. If you're in a financial situation where an increase in monthly payments is going to be tough for you to handle, it's probably wise to lock in now. When you lock in, it's important to remember that you're locking into the current fixed rates.
If you can withstand small increases in your mortgage rate, you might want to stand pat with your variable rate mortgage for now. Increases don't come out of the blue – since they're tied to the Bank of Canada's prescheduled announcements – so it's best to tackle as much principle as possible while you can afford it.
Whatever you choose to do, take note that lenders are particularly swamped right now as homeowners try to acquire a rate lock - or a mortgage – before rates really start to increase. If you're buying a home, make sure you give yourself at least seven days to acquire financing.
If you would like advice on the options that make the most sense for your particular situation, please feel free to give me a call.
As of right now, there are still many lenders who are offering rates near historic lows. If you're thinking about buying or renewing in the near future, your best bet is to take advantage of a 120 day rate hold. This feature, offered by many different lenders, allows you to get prequalified at today's low interest rate. If rates go up, you're guaranteed today's rate. If they go down, you get the lower rate.
When it comes to locking in your variable rate mortgage, that question is a little trickier to answer. Many experts believe the Bank of Canada will start increasing its Prime rate in the near future by approximately 25 basis points. If you're in a financial situation where an increase in monthly payments is going to be tough for you to handle, it's probably wise to lock in now. When you lock in, it's important to remember that you're locking into the current fixed rates.
If you can withstand small increases in your mortgage rate, you might want to stand pat with your variable rate mortgage for now. Increases don't come out of the blue – since they're tied to the Bank of Canada's prescheduled announcements – so it's best to tackle as much principle as possible while you can afford it.
Whatever you choose to do, take note that lenders are particularly swamped right now as homeowners try to acquire a rate lock - or a mortgage – before rates really start to increase. If you're buying a home, make sure you give yourself at least seven days to acquire financing.
If you would like advice on the options that make the most sense for your particular situation, please feel free to give me a call.
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