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| Hi there,
Both my wife Lisa and I are physically active. We also love to participate in community and charity events. So we really like it when we can do both at the same time!
On September 7th, Lisa completed a 60 Km walk in the The Weekend to End Breast Cancer. Lisa personally raised over $3000 for the charity and her group raised over $30,000.
The event was amazing, with 1600 walkers united in their determination to say NO to cancer. Overall the weekend event raised over four million dollars which goes to the BC Cancer Foundation!
This coming week we will have a television crew from Realty TV visiting us to talk about variable rate mortgages. Be sure to tune into City TV's line-up to see how I did and to find out more!
Mike and the Averbach Mortgages Team
PS. Here's Lisa (right) with my sister Shannon (middle) and my nephew Cameron (left) at the Weekend Walk!
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Tips for Paying Off Your Mortgage Faster
 One of the aspects of my profession from which I receive the greatest satisfaction is in knowing I have helped people achieve their dream of home ownership. Another important function of my job is to offer my best advice along the way.
This month and next I'm offering some suggestions on how you can end up with a shorter term mortgage and have more money in your pocket at the end of the amortization period.
For most Canadian homeowners, paying off their mortgage as quickly as possible is a top priority. Paying down your principal in the early years, by whatever means possible, can shorten the life of your mortgage - and dramatically lower the interest you'll pay over the long haul. Here are a few tips on how to make this happen:
1. Increase your payment annually to the most you can afford. The upside is that most lenders will allow you to reduce your payments to the previous level if it turns out to be too great a burden or your circumstances change.
2. Prepayments give great return on investment.
If, for example, you pay an average of 6.0% in mortgage interest, for each $1,000 by which you reduce your mortgage principal, you will save $60 in after tax cash every year.
3. Utilize your RRSP-driven tax rebate as a mortgage prepayment method. Even if you can only prepay annually, make sure tax refunds are set aside for paying down your mortgage. Many Canadians borrow (at prime) to buy an RRSP to ensure the maximum rebate. When applied to the mortgage principal, this refund is a "gift that keeps on giving." Combining the refund with the tax-free interest earned on the RRSP over the subsequent years will quickly outpace the short-term interest costs of the RRSP loan.
4. Increase the frequency of your payments.
Make accelerated bi-weekly payments to get a "free" principal reduction equivalent to one full mortgage payment every year - painlessly.
It pays to have a mortgage reduction strategy in place. Call Averbach Mortgages today for expert advice on how to pay off your mortgage sooner. Watch for more helpful tips in the October newsletter
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| Vancouver's Housing Market
 The number of major construction projects in B.C. has increased for the twentieth straight quarter, according to Technology, Trade and Economic Development Minister Ida Chong.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in August 2008 in Greater Vancouver totaled 1,568. That represents a decline of almost 54% from August 2007 and 48% reduction from August 2006. Overall, new listings for detached, attached and apartment properties declined over the 2007 total.
Dave Watt, REBGV president said properties on average remained on the market longer in the month of August than has been the case in recent years. The fall is traditionally a fairly active season, though, and property listings have already begun to recede and home prices moderate.
This recent slow-down in the housing market isn't just a regional issue, though. The North American economy, including the recent U.S. mortgage crisis, has had a negative impact on both the jobs and commodities markets around the world. Speculation from investors and home owners who expected a big financial payoff has made housing more volatile today than other economic sectors. Consumer confidence has dropped so the market throughout B.C. is actually undergoing a correction throughout the latest real estate cycle.
While the market is becoming more balanced and the buying has certainly cooled somewhat over the summer, the Averbach Mortgages Team has seen no shortage of applications and we are hard at work getting the best mortgages available in the marketplace. Some of our clients with a 500K or greater mortgage, received 4.89% fixed for 5 years. Literally unbeatable!
The Averbach Mortgages Team
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Averbach Mortgages
604-710-2550
We save you time. We save you money. We get you the you the best mortgage terms at the best interest rates possible.
If you are:
- purchasing your first home
- refinancing
- renewing an existing mortgage
- investing in real estate
- consolidating your debts
- experiencing current or past credit issues
We have the solutions that work for you.
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Mike Averbach
Averbach Mortgages |
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