HAPPY MARCH
What a fantastic way to head into March. With the low rates continuing to stay and lenders are looking for business to continue on a steady basis. We have seen in all the markets I work closely with, that the New Home Starts are steady; the Secondary Homes [over the age of 5 yrs] are keeping their values as the Completed Homes inventory is nearly absorbed. What this allows is those who own Secondary Homes now have a stronger chance on the market for re sale. I really want to stress to everyone and everyone you know that they should have a closer look at their mortgages. If you have a mortgage coming due in 4 months... call me and get a Rate Hold. At 3.69% on a 5 year Fixed Mortgage this can prove to be very important to you. Refinancing is very much a steady increase as home owners are taking Equity out to renovate this spring and or to debt consolidate. Should you have any questions on your current Mortgage please feel free to call or email me as I am always around to give great advice.
Have a fantastic March and keep the RED bright and loud "Go Canada Go!"
Sincerely, Your Mortgage Broker, Steven Faux
Ottawa advised to tighten mortgage rules
OTTAWA - The federal government should avoid major surgery and make only minor adjustments to deal with fears of overheating in Canada's housing market, a number of leading economists said Wednesday.
Federal Finance Minister Jim Flaherty and the Bank of Canada have expressed concern that Canadians may be assuming too much debt in home purchases, debt that could rebound on them when interest rates rise.
Click here to read more.
BIG MORTGAGE INSURANCE RULES ANNOUNCEMENT
This morning, Federal Finance Minister Jim Flaherty announced prudent changes to mortgage insurance rules intended to come into force on April 19, 2010. CAAMP was actively engaged in the discussions around these changes which are as follows:
- All borrowers must meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term;
- The maximum amount one can withdraw in refinancing their mortgage will be reduced to 90% from the current 95% of the value of one's home;
- Non-owner occupied properties will require a minimum down payment of 20%.
There were no changes to down payment requirements or length of amortizations for owner-occupied residences. CAAMP will continue to monitor developments including transition rules.
A GREAT BIG THANK YOU
A Big Thanks to Christopher Blake of Kelowna Macdonald Realty (christopher.blake@shaw.ca) and Shirlee Ross of Kelowna Macdonald Realty (shirleeross@shaw.ca). Your business support is greatly appreciated.
Weekly Market Commentary
Commodities producers lead TSX 2.1% higher on week
Canada's resource-heavy S&P/TSX Composite index climbed 2.1% over the holiday-shortened week ended February 19, 2010 as a series of U.S. economic releases heightened investors' confidence in the strength of the global economic recovery.
Energy producers rallied 3% on the week as crude oil rose almost 8% to close just shy of the US$80 a barrel mark while the nation’s materials producers added 2.4% to extend their month-to-date advance to 10.3%.
This week's climb extended the TSX's month-to-date advance to 5.5% and brings gains since March 9, 2009 lows to 55%... 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 - CFP FMA CDFA
Investors Group Financial Services
3500 Carrington Road, Suite 102, Westbank BC, V4T 3C1
Ph. 250-869-9636
Email jocko.toic@investorsgroup.com
Success starts with a Sound Plan
Steve's Rates
| Mortgage Term | Our Rates | Standard Rates |
|---|---|---|
| Variable Rate | 2.25% | 3.00% |
| 6 Month Closed | 4.75% | 4.95% |
| 1 Year Closed | 2.35% | 2.75% |
| 2 Year Closed | 2.75% | 4.35% |
| 3 Year Closed | 3.25% | 4.75% |
| 4 Year Closed | 3.64% | 5.30% |
| 5 Year Closed | 3.69% | 4.84% |
| 7 Year Closed | 4.99% | 6.60% |
| 10 Year Closed | 5.21% | 6.95% |
| 15 Year Closed | 8.99% | 0.00% |
| 18 Year Closed | 8.99% | 0.00% |
| 25 Year Closed | 9.05% | 0.00% |
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.
Resources
Where Can You Find Me Now
I have been selected and recommended to the following Profesional Links: www.advisorslounge.ca, www.homesandlandbc.com, www.okanagannrg.ca.
Business Supporting Business — Thank You:
Investments
www.thenewwestside.ca
Doc's Golf and Ferrier Golf Academy in Penticton BC
Tel: 250-826-3627
Rockworld - Natural and Manufactured Stone , Fireplaces & Stoves, Sales & Installations
Brent Copeland
PH: 250-769-7250
Jocko Toic - CFP FMA CDFA
Investors Group Financial Services
3500 Carrington Road, Suite 102, Westbank BC, V4T 3C1
Ph. 250-869-9636
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
Leslie Marton, C-I-R REALTY
Calgary PH: 403-477-6996
EMAIL: lmarton@cirrealty.ca
Kieth R. Sutfin
OK Valley Home Inspections Ltd.
www.okvalleyinspector.ca
www.snowbirdsecurity.ca
Res/Office: (250) 769-2132 Cell: (250) 317-3349
Toll Free: 1-888-575-7784
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:
"A best friend is like a four leaf clover: hard to find and lucky to have."
- Author Unknown
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
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