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| August 2012 | Vol 4, Issue 8
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| Greetings! |
Welcome to the August edition of Monthly Mortgage Matters!
I find it hard to believe that in just a few short weeks the school year will start again. Is it just me, or did the summer just fly right on by? Hopefully everyone has had some great moments to remember, or at least will make some in the next couple of weeks.
Inflation numbers and global pressure are forcing the Bank of Canada holding the prime rate steady. Similar factors have managed to bring back some competition on the fixed terms. More on this topic in this month's video.
Have you forgotten about the gift from the provincial government earlier this year? Just a gentle reminder that there is up to $10,000 available to you if you qualify as a First Time Home Buyer and buying an eligible new home.
Are you looking to purchase a new home? How would you like up to $2000 CASH BACK towards your purchase. Check out the Canadian Home Buyers Academy section below.
As always, I'd be happy to review your mortgage options with you or any of your friends, family and colleagues.
"The greatest complement I can receive is a referral to friends and family."
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| Rate Watch | |
Term Best Rate
1 year Fixed 2.49%
2 year Fixed 2.59%
3 year Fixed 2.69%
5 year Fixed 3.09%
10 Year Fixed 3.89%
VRM Prime - .3%(2.7%)
*Some conditions may apply |
| Did you Know? |
That by treating your mortgage like you do your investment accounts, can save you thousands of dollars in interest. Further, you can be mortgage free in a fraction of the time.
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| This Month's Mortgage Tip |
 | | Canadian Mortgage Market Update Aug 2012 - Rate fairly stable, some slight upward moves |
Like many months before, most lenders have been holding steady on rates, if not moving downward. In the last week or so, some of the rate specials have come to an end, but rates are still at excellent levels for the fall buyer's market.
Rates for 10 year terms still offer a great option for clients looking for long term security.
No news on changes legislated by OSFI. I expect some announcements in the coming months regarding HELOC limits, Free Down programs and stated income applications. Stay tuned.
If you've locked in your rate at these 'bottom of the barrel' levels, don't sit there and be content. Plan ahead as rates WILL increase in the future. Here's a video outlining a mortgage strategy everyone should be following. .
Click here: There's Money in Your Mortgage
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Is A Down Payment Your Barrier to Home Ownership?
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With the provincial budget announced earlier this year, the province of BC has further enhanced the benefits of being a First Time Home Buyer. Not only are you still receiving an exemption for the property transfer tax, you now are eligible for a one time payment of up to $10,000.
The bonus is a one-time payment worth up to $10,000. BC residents who are first-time home buyers and who purchase an eligible new home after February 20, 2012 and before April 1, 2013 may be eligible for this bonus. The eligible homes are simply 'new housing'.
You can find all the details of the program here: BC First Time Buyers Bonus
For a home priced at $200,000, and your family meets the additional criteria, you will receive a payment of $10,000, representing 5% of the purchase price. YES, that's correct, a cheque from the government for $10,000. Now, partner this bonus with either the Free Down Payment program, or the Flex Down Payment program, and you no longer have a barrier to home ownership. These programs can be tricky, and not every lender offers them. But both programs allow you a creative way to arrange 5% of your home purchase. And when you receive your payment from the BC Government, you're even further ahead. To find out if you, a friend or family member would benefit from the program, I would be happy to provide a complimentary mortgage pre-positioning consultation. |
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Up to $2000 Cash Back On Your Next Purchase
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I have recently introduced the Canadian Home Buyers Academy. If you are considering purchasing a home, this is simply your best resource for all the information you need to make the home buying process simple and straight forward.
Plus, through the process, as a Member of the Canadian Home Buyer's Academy you will be eligible to receive up to $2000 Cash Back towards the purchase of your new home.
What's the catch? There isn't one! You still get the very best mortgage I can arrange for you, and receive the cash back as an added incentive.
This offer is available to you, your friends and your family! For more details, click on the following link..........
Canadian Home Buyers Academy
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If you've thought about getting into the real estate market, or getting a second opinion on your existing mortgage, now is a perfect time to find out your options. Housing is as affordable as it has been in years, and there are lots of opportunities to buy that new dream home, or restructure some financing and make drastic changes to your monthly budget. Don't hesitate, take action today !
Sincerely,
Rob Macdonald, AMPMortgage Expert
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