Invis on the Peninsula
In This Issue
Ask the Expert
DId you know?
Mortgage Market
homhappy launch
 
Ask the Expert!
 
Heather
This issue's expert is Heather Blatchford of Kane Shannon & Weiler's White Rock office.  We asked Heather to comment on same day closings:
Clients who are anxious to close the sale of their current home & purchase their new home on the same day may not be aware of the risks associated with closing both deals on the same day.  If a seller is relying upon funds from the sale of his or her home to fund the purchase of the new home, the sale funds must be received by his or her lawyer pror to 3 pm on the closing day (or at least 4pm if the documents are being filed electronically and the Contract of Purchase and Sale permits this) before registering the purchase documents.  the standard form Contract of Purchase and Sale used for most real estate deals includes a clause saying that "time is of the essence" meaning that unless the buyer closes on the completion date specified in the Contract, the Contract ends and the seller isnot required to extend completion to the next day.  Setting the sale and purchase completion dates on two separate business days eliminates the risk of a buyer losing his or her purchase if sale funds are not available until after the Land Titles Office deadlines and the seller refuses an extension to the completion date.  
 
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Did you know?
 
CMHC Logo
 
 
 
 CMHC has an excellent guide to buying a home you should make sure your clients are aware of...it will offer clients all sorts of useful information to help them make their decisions.  You will be glad you showed them!
 
 
Real Estate Update
October 7, 2009 
Greetings!
Welcome to our new format Newsletter, hopefully you find it of value.  We will strive to include useful information to help you in your busy Real Estate career.  Please let me know what you think...we are always looking for ideas...thanks!
 
Sincerely,
 
Michael Lloyd
Invis on the Peninsula
 
 
 
 
Mortgage Market
 
Rates continue to historic lows
 
Bank of Canada
Despite many lenders & brokers prophesising the end of low rates earlier in the year, we continue to have record low variable & fixed rates.  Variable rates are now below the magic "Prime" number at Prime minus .10% (2.15%!!) and fixed continue downwards with 5 year fixed rates in the 3.85 - 3.95% range.
 
The best strategy currently continues to be to select a variable rate mortgage, then look to lock into a fixed rate as far out as possible in order to miss the high rate cycle that will come. 
 
The hardest question to answer is the when to lock in one.  While the Bank of Canada stated they would leave Prime alone until June 2010, there have been some that expect a move before that due to the US coming out of a recession.  While we agree the US is starting to turn around, a few ups in a generally depressed economy does not spell a quick turnaround.  We still feel late 2010 will be when we see any significant increases in rates at the earliest.
 
 
Launch of our New website:
 
 
homehappy.caAfter more than a year of work we have finally launched our new website!  Designed to offer our clients a central library of information on all things mortgages, we also aimed to add some fun stuff to the mix including videos.
 
Please take a look and let me know what you think!
 
 
 
About Us
 
Invis on the Peninsula is a team of Mortgage Professionals led by Michael Anthony Lloyd. 
 
With a combined 75 years plus in lending and one of the highest volume teams in Invis, Canada's largest mortgage brokerage, we have the experience and relationships with lenders to get not only an approval, but the best package for you or your client. 
 
Our philosophy will always be based on long term relationship building with our referral partners and clients...we always offer objective advice.
 
Invis on the Peninsula