It's a fine day for Canucks fans!  And what better way is there to celebrate a hockey win than by refinancing your current mortgage for an unbelievably low rate?  Ok, there are probably several better ways to celebrate, but this e-newsletter is supposed to be about financing.  Interest rates are jumping all over the place and lenders don't seem to have any pattern in their movements.  We have a 5 year quick close rate at 3.79% for a mortgage closing by July 15^th.  Rates are expected to rise in the summer time and these low rates won't last forever. 

You can also find up-to-date information about the market and our team at http://www.facebook.com/JamieMoiMortgageTeam  We would be honored if you would like our Facebook Fan Page.

Have a great week!

All the best!

How to give up renting without going broke

No matter how many stories I read about housing price bubbles and rising interest rates, there's no way I would go back to renting, and most Canadians feel the same way.

For three long, miserable years, my husband and I rented a unit attached to our landlord's sprawling house in northeastern Toronto. Every time the landlord lit a cigarette, the stench filled our apartment. Every time we took a shower, someone would flush a toilet and scald us. The owner kept two cats but didn't allow us to have pets, so the mice that infested the place took refuge on our side of the house.

Perhaps the worst part was knowing that our monthly rent cheque was paying off our landlord's mortgage. As soon as we had a down payment saved up for our own house, we moved out and never looked back.

For people like myself, no amount of facts, figures or common sense can sully the home ownership dream. A recent survey by   Genworth Financial indicates that 92 per cent of Canadians, both homeowners and non-owners alike, would rather own than rent and feel there are benefits to homeownership that go beyond financial value, including a greater sense of well-being and security. Of the 1,500 people surveyed, 40 per cent own a home with a mortgage, 29 per cent have paid off their home, 26 per cent rent, and 6 per cent don't own their home but don't pay rent.

Despite the headlines warning of  unsustainable real estate prices and decreasing affordability, the Genworth survey showed a significant increase in the number of Canadians planning to buy their first home this year (11 per cent) compared to last year (6 per cent). Ironically, those intending to buy a home seem to be well aware of the risks. Asked about the possibility of a housing price bubble in Canada, 47 per cent said they were somewhat concerned, and 14 per cent said they were very concerned. Seven in 10 said they believe housing prices will increase in the next 12 months.

Looking back at our first years as home owners, my husband and I probably fell into the category of "should have kept renting." Cash flow was non-existent, so major household repairs were put on hold, vacations were taken wherever we could stay for free, and my maternity leaves left us one paycheque away from broke. We were paying our bills, but extras were out of the question.

According to a recent   RBC homeownership survey,  46 per cent of younger homeowners say their mortgage is using up too much of their income. If you're thinking of buying your first house and don't want to end up strapped for cash, here are a few tips from Bernice Dunsby, a home equity specialist at RBC:

1. Leave some wiggle room: Do a spending analysis to see what the total costs of homeownership would be relative to your lifestyle and build that into your  household budget. Make sure you have enough left over for furniture, repairs and costs of living.

2. Do a pre-approval and stress test: Get your financing in order before you start searching for a home. Work with a mortgage specialist to make sure you can handle potential interest rate increases and other expenses of home ownership.

3. Don't overbuy: Be realistic in choosing a home that's   within your means and make concessions on what you're looking for. Set aside a budget for ongoing home maintenance and potential cost increases (for utilities, taxes and fees). Online tools and calculators can help you plan your budget.

4. Look at payment flexibility: Look at a mortgage that allows you to accelerate or increase your mortgage payments. Doing so can save you tens of thousands in interest costs and take years off your amortization period.

5. Don't forget closing costs: Closing costs are typically 1 to 2 per cent of your final purchase price. Build this into your budget along with the cost of hooking up utilities and hiring movers.

As a mortgage broker with DLC West Coast Mortgages, I aim to have referrals as our main source of my business.  This is why I wholeheartedly appreciate those who place their trust and loyalty in me by referring friends, family, colleagues and acquaintances. I want to reward your gesture!

This is my Referral Rewards Program which has 5 tiers to show you my gratitude for your referrals.  Whenever you refer a new client to me which results in a closed mortgage, I would like to offer you a gift. Here's an example. 

1st Referral:  $50 Visa gift card 

  2^nd Referral:  $100 Visa gift card

 3^rd Referral:  $150 Visa gift card

4^th Referral:  $200 Visa gift card

5^th Referral:  $250 Visa gift card

As a mortgage broker, I am able to help to arrange mortgage financing for residential property purchases, present options when a mortgage is up for renewal, and assist in refinancing current mortgages for a better rate or to access equity for my clients.  I appreciate you introducing me to those you know.

When you refer someone to me, I thank you.  It's that simple.