Hi Folks!

We're having fun in Phoenix! The weather is HOT. Our pool is getting daily use. I've been helping out other folks with their RE investing projects. Monday and Tuesday I will be helping  install hardwood floors. I'm finding it fun and interesting.

We've been hearing rumours that interest rates for loans will be rising in the next year or so. A few of our trusted experts are starting to put out the word to begin preparing yourself if you plan on making a purchase or if a rate hike will affect your existing loans. We have 2 adjustable rate mortgages and may be switching them to fixed in the next few months if it's appropriate. See a short excerpt of that warning in article below called HIGHER RATES COMING?.

For the meeting on Tuesday June 25, we will have another trusted source for issues relating to legal aspects of the process of selling and buying property. Robert Salmond could probably talk for hours on this subject as it is complex. He'll touch on those bits that can have the most effect on the success of a purchase or sale of a property. He'll likely warn us about the risks of being TOO creative on our offers and will be open to any questions you bring. See article below.

Economists are always asked to weigh in on statistical trends and so there's a link to an article to the right. It's my belief that economists collect good stats. It's their interpretation of the stats that I find unbelievable.  Most of them want us to keep growing our economies infinitely. What could possibly go wrong with that?

Our investor-ready property in Nanaimo now has even more cash-flow potential. See details at the end of this newsletter. 630 Nicol St.

Take care,
Gord Knox

 

Royal LePage

Sat, July 20 

9:30am,  

RSVP req'd 

 

Princess Mary Restaurant

 

On West Bay in the inner harbour, at 453 Head St in Esquimalt

 

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Andy Vickers  

 250-477-7555 

Mortgage Broker

Harbour View Mortgages

 

From Ozzie Jurock (with permission):

We have warned of higher rates for sometime now.

Yesterday's surprising statement by the FED Chairman has world stock and commodity markets in a sharp tumble and gold and silver in a crash.

From whatever else it may mean, it WILL mean higher interest rates - at least at the longer end of the scale. It is now imperative that you act.

As we have been urging you for a while:

1. If you are in the market for a purchase get pre-approved NOW! Get it in writing even if your bank manager is your mother

2. If you are in need of refinancing do it now/ or at least evaluate it with your broker ... penalty may be worthwhile if you get a longer term

3. If you have a number of properties all with short term financing and high leveraged or any financing coming due in the next year or so ... start applying now. For you the problem may not be interest rate but perhaps no money available for you. With the CMHC lending ceiling closed to being reached financial institutions will focus on ultra safe homeowner loans and not on the real estate investor.

We were expected a  change. It is now not just possible ... but likely that rates may rise.

If you still want to gamble that rates do not move ... get at least pre-approved at the current rate for 90 days.

Ozzie

While the above information is compiled from sources believed to be reliable, its accuracy cannot be guaranteed.