COMPARE YOUR MORTGAGE TODAY
I wanted to show a calculation difference using a Fixed rate from 3 yrs ago verses rates today. Two solutions will be provided. One as a Line of Credit that can be offered from my office and the other is a Fixed mortgage.
Three Years ago Fixed Mortgages were about 5.10% for a FIVE year fixed mortgage. Based over a 25 year Amortization period. The monthly payments on a $400,000 mortgage would have been $2,349. Now let us say that three years later your home is worth more, you have more in monthly debts and it may seem like it never ends? Your same mortgage can provide the pay out of all those debts and lower the monthly payment. Even though today`s Five year fixed rate might be a bit more... but the Amortization period over 35 yrs and 40 years were not available then, as it is today.
That same $400,000 plus $65,000 in debts over 40 years at a rate of 5.50% = $2,353.17 a month. Your New mortgage becomes the only debt of $465,000 and we pay out all your other debts (credit cards, loans, student loans, LOC`s or auto loans). In all likely hood, the Refinance may save you about $500 a month on extra credit card and loan debts payments.
Now the Line of Credit is at Prime, which is currently at 4.00%. Let us take the same $465,000 (mortgage + debts) and that would be $1,537.24 a month. The Line of Credit is Interest Only and Amortized over 25 yrs. The minimum requirement is required.
Call me to discuss your options or if you know of a close friend, family member or co/worker in need of some financial relief... let them know I can help.
MORTGAGE TIP
Take advantage of the lower interest rates and maybe this is the time to pay out other loans or credit cards? If you have an Auto payment on a rate higher then 4% or loans or credit cards? It might make some good "cents" to let your line of credit on your home carry your home expenses for awhile? For more information on the Line of Credit, contact Your Mortgage Broker at www.yourmortagges.ca
HOME ASSIST PLAN
Let us help you during times of financial hardship. Financial difficulties can hit at any time and can be due to a variety of causes. For example, a downturn in the economy, loss of a job, a marriage breakup, a serious illness or accident, death of a wage earner in your household, or a significant increase in mortgage interest rates at renewal time, etc. All mortgage and Line of Credits are based on the criteria of each individual borrower and should be discussed individually. Call 1-866-993-8787 and ask for Steve.
Or you may email your enquiries to steve@yourmortgages.ca or visit www.yourmortgages.ca
WHAT 2008 BRAUGHT US
- Housing markets fell, but needed to stabilize
- History was made in the U.S elections
- Rates for the most part stay competitive
- Amortization for 40 years is now only for Conventional Mortgages
- Prime Rate ends at 4.00%
- Stampeders end 7 year cup withdrawal
I want to thank all the continued readers of The Mortgage News Letter and continued support you show by referring my services to those who trust your recommendations. All the very best you in the New Year and have a Very Merry Christmas!
Sincerely, Steven Faux
Weekly Market Commentary
Global markets surge as stimulus efforts intensify
Canada’s S&P/TSX composite index surged this week as ongoing efforts to shore up economic growth around the world heightened optimism global growth will avert a prolonged slowdown.
The nation’s benchmark rallied 13.7 per cent over the week ended November 28, 2008. Canada’s energy producers and financial services providers led the advance, climbing 22.1 per cent and 18.7 per cent, respectively on the week.
In the U.S., the S&P 500 index surged 12 per cent over the holiday-shortened week ended November 28, 2008 as investors cheered the latest efforts from the U.S. government to support the nation’s financial sector. This week’s rally extended the S&P 500’s rebound from the 11-year low it reached November 20 to 19 per cent... Learn More
This article of intrest was presented By Jocko Toic at the Investors Group. If you would like more one on one information, please feel free to contact him at:
Jocko Toic - Consultant
Investors Group Financial Services
2-2429 Dobbin Rd. Westbank, BC V4T 2L4
Ph. (250) 768-4546 Cell (250) 869-9636
Fax (250) 768-9005 Toll Free (866) 768-4546
Email jocko.toic@investorsgroup.com
Success starts with a Sound Plan
Steve's Rates
| Mortgage Term | Our Rates | Standard Rates |
|---|---|---|
| Variable Rate | 5.00% | 6.00% |
| 6 Month Closed | 6.35% | 6.45% |
| 1 Year Closed | 4.35% | 6.35% |
| 2 Year Closed | 5.20% | 6.70% |
| 3 Year Closed | 5.39% | 7.05% |
| 4 Year Closed | 5.45% | 6.98% |
| 5 Year Closed | 5.40% | 6.14% |
| 7 Year Closed | 6.05% | 7.65% |
| 10 Year Closed | 6.15% | 7.80% |
| 15 Year Closed | 6.55% | 0.00% |
| 18 Year Closed | 6.65% | 0.00% |
| 25 Year Closed | 6.75% | 8.65% |
Rates are subject to change with very little notice and certain conditions may apply to individual mortgage applications, QAC, E&OE
For the best rates call 1-866-993-8787.
HOUSING, THE MARKET AND YOU
Globe and Mail Update
November 24, 2008 at 1:21 PM EST
How much is your house or condo worth?
Property values have become a topic of consuming interest over the past couple of years, first as house prices soared and, more recently, as they have started moving in the other direction.
The question for Canadians is how closely the experience here will mirror that in the United States, where an orgy of high-risk mortgage lending earlier in the decade has led to an unprecedented collapse in house prices that is the root cause of the financial and economic crisis that has spread from south of the border around the world.
Some commentators have suggested Canada could be on the brink of the same sort of tidal wave of mortgage defaults and foreclosures now sweeping through the United States.
But Adrienne Warren is not among them.
Ms. Warren is a senior economist and manager at Bank of Nova Scotia in Toronto, which she joined in 1993 after graduating with a PhD in economics from York University.
Since 2004, she has been the editor of the bank's "Real Estate Trends" report, which focuses on the economic and financial market conditions shaping the North American residential and non-residential construction outlook. She is also the editor of the widely circulated "Weekly Trends," a round-up of economic, industry and financial developments from around the world.
Last Thursday, in the latest edition of Real Estate Trends, Ms. Warren argued that while Canadian house prices are down significantly, there is little or no danger that our real estate market will be crushed like its U.S. counterpart.
“This is not a U.S.-style bust caused by overbuilding, speculative buying and imprudent lending, but rather a cyclical slowdown accompanied by a valuation adjustment in several large centres where booming demand conditions and temporary supply constraints led to an overshooting in prices,” she said.
Click here to read the full article, including a Q and A with Ms. Warren.
Resources
Business Supporting Business — Thank You:
Investments
www.thenewwestside.ca
John Ferrier Head Teaching Professional
CPGA Class A
#320 - 1405 Stevens Road, Kelowna, BC.
Tel: 250-769-0339
Email: kelowna@urbanlinks.net
Twice the Fun Games - Al Samson
1783 Ross Road on the Westside
Tel: (250) 769-4346
Fax: (250) 769-4347
www.TwiceTheFunGames.com
Rockworld - Natural and Manufactured Stone , Fireplaces & Stoves, Sales & Installations
Brent Copeland
PH: 250-769-7250
Jocko Toic - Consultant
Investors Group Financial Services
2-2429 Dobbin Rd. Westbank, BC V4T 2L4
Ph. (250) 768-4546 Cell (250) 869-9636
Fax (250) 768-9005 Toll Free (866) 768-4546
Email jocko.toic@investorsgroup.com
Success starts with a Sound Plan
Private Home Sellers
www.privatehomesellers.ca
ROOMS BY ROSELYN
Painting and Design
Roselyn Anderson
PH: 250-469-0899
EMAIL: rosely_anderson@hotmail.com
BENSON SALLOUM WATTS
For residential legal call
Shaun Langin
PH: 250-861-5678
Email: slangin@BensonSalloumWatts.com
Friends Supporting Friends — Thank You:
Krystal Beisick
www.krystalbeisick.com
For Investments check out — www.renascencedevelopments.com
Ask for Lisa Thomas lisa@renascencedevelopments.com
A Quote to Note:
The best of all gifts around any Christmas tree: the presence of a happy family all wrapped up in each other.
- Burton Hillis
Also a member of the Okanagan Mortgage Lenders Association
Contact
At Prolink Mortgage Inc., I have over 30 lending financial mortgage institutions in Canada with Steve Faux sourcing the best rates and the best products to suit your needs!
Direct Line — 250.768.0535
Direct Fax — 250.768.0510
Email — steve@yourmortgages.ca
Refer a Friend
If you found any of the information in this email to be of value, please refer a friend to sign up!
