Welcome to the New Year!
Welcome to the New Year! I trust your holidays were great? I know I sure enjoyed the time with family and friends over the past two weeks. My wife Dayana and I had the pleasure of watching our six year old Paris go from horses to Barbie's and Hanna Montana over night. Parker, our five year old... Hot Wheels, that is all he ever asked for, and race tracks of course. My oldest son Dustin came to visit us for a bit during his break from U of C. He is in his first year and what a change for us. We had our fist Christmas without my father this year so we found ourselves feeling like someone was missing which just made us sing just a little bit louder.
I wish all of you the very vest in the New Year and find all the love, support and success in your efforts moving through 2011.
Your Mortgage Broker, Steven Faux
CAAMP Consumer and Industry Perceptions
With 25% market share in 2010 the Mortgage Broker channel continues to play a significant role in the Canadian mortgage landscape. Despite this, many have expressed concern about the health of the Canadian Mortgage Broker channel, and its ability to thrive in the future. How can the channel continue to educate Canadians about the benefits Mortgage Brokers provide? Will Mortgage Lenders continue to see value in doing significant levels of business through independent Brokers? How can Brokers compete for originations with Financial Institutions that offer an array of non-mortgage products? Our research suggests the Broker channel continues to play an important role in the Canadian mortgage landscape, and identifies several key opportunities for the channel to leverage for future growth.
Click here to review the report.
Mortgage Renewals
When the term on your mortgage expires it is time to renew your mortgage. At this time you will be required to re-negotiate your interest rate based on current market conditions. The bank or financial institution you are currently with will likely offer you a renewal.
You do not, however have to renew with this company and should always consult with "Your Mortgage guy" [Me!] before making a decision. In doing this you will ensure yourself the most competitive rate and term at that time.
It is also possible to renew your mortgage early. You may opt to renew early if the current interest rates are much lower than your interest rate. There are often drawbacks to such early renewals including early payout fees, but these fees might be far less than the money you will save as the new lower interest rate.
If you are not sure it makes sense to renew early, contact me, "Your Mortgage Guy!" It is also wise to get pre-approved 4 months before your renewal date. This will allow you to hold a rate and again ensure the most competitive rate and term leading up to your date of renewal.
Steven Faux, Your Mortgage Broker
TODDLER PROPERTY LAWS
If I like it, it's mine.
If it's in my hand, it's mine.
If I can take it away from you, it's mine.
If I had it a little while ago, it's mine.
If it's mine, it must never appear to be yours in any way.
If we are building something together, all of the pieces are mine.
If it looks just like mine, it's mine.
If I think it's mine, it's mine.
If I give it to you, and change my mind later, it's mine.
If it's broken, it's yours!
Weekly Market Commentary
Positive news sends major markets higher
The volatility index or VIX, (also referred to as the fear index) – a gauge used to measure the market's expectation of stock market volatility, fell to just 15.57 on Wednesday, its lowest level since July 2007. With anything over 30 considered volatile, it is a vast improvement from 2008 when the VIX reached levels of 80 and above.
Further, the Standard & Poor's (S&P) 500 has made up a lot of ground since the collapse of Lehman Brothers in September 2008 and as at December 23, 2010, the U.S. market is up more than 90% since the market lows early in 2009.
Commodities are also on the rise, with crude oil reaching new two-year highs mid-week. The year is shaping up as a solid one for the markets and the economy, with the latest reports showing corporate profits are healthy, retail sales are strong, consumer sentiment is positive, housing sales are improving, and economic growth is steady.
Despite some headwinds that remain in housing and unemployment and market concerns about the European debt crisis, the markets have proven resilient in the face of adversity, and the economy is expected to continue its slow but steady growth in the year ahead.
U.S. markets are closed December 24, while Canadian markets are open for a half-day, but closed on December 27 and 28. The regular market commentary will resume the week of January 3.
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 | 2.30% | 2.75% |
| 6 Month Closed | 4.45% | 6.65% |
| 1 Year Closed | 2.45% | 4.06% |
| 2 Year Closed | 3.20% | 4.37% |
| 3 Year Closed | 3.49% | 4.90% |
| 4 Year Closed | 3.69% | 5.73% |
| 5 Year Closed | 3.69% | 6.25% |
| 7 Year Closed | 4.65% | 7.00% |
| 10 Year Closed | 4.89% | 7.35% |
| 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
ROOMS BY ROSELYN
Painting and Design
Roselyn Anderson
PH: 250-469-0899
EMAIL: rosely_anderson@hotmail.com
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:
For Investments check out — www.renascencedevelopments.com
Ask for Lisa Thomas lisa@renascencedevelopments.com
The Collective
www.kelownacollectiverealty.com
A Quote to Note:
"It is farmore impressive when others discover your good qualities without your help."
- Judith Martin
Also a member of the Okanagan Mortgage Lenders Association
Contact
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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