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Wednesday, March 31, 2010

Loophole may help banks to lend to first-time buyers

One of the problems with the new rules set up by Flarhety is that banks and mortgage companies have different benchmark rates. Which rate to use to qualify variable rate mortgages on?

Loophole may help banks to lend to first-time buyers



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Friday, March 26, 2010

The doomsday view of the mortgage market

I tend to believe Benjamin Tal before I would listen to Garth Turner. See the attached story

The doomsday view of the mortgage market


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Tuesday, March 23, 2010

Canada’s housing boom leads developed countries - thestar.com

Canada's historic low interest rates and prices that are still below their 2007 peaks have lead many Canadians to buy homes this year. Added to the introduction of the HST in BC and Ontario , which has increased demand even more in these provinces, it looks like Canada will lead the world in housing purchases this year.
The Toronto Star article on this is attached.

Canada’s housing boom leads developed countries - thestar.com



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Saturday, March 13, 2010

The Flaherty effect

Another story about rates rising in the late spring from the Financial Post.
The Flaherty effect



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Friday, March 12, 2010

CMHC Changes starting April 9, 2010

Changes to the CMHC Self Employed Product will be effective April 9, 2010. For purchase and portability the maximum LTV will be 90%. For refinance the maximum LTV is 85%. Qualification rules have changed for this product. If a client has been self employed in the same business for more that 3 years, they are NOT eligible under the CMHC Self Employed Product without Traditional third party validation of income (qualified deal). CMHC will continue to require that the borrower have a minimum of 2 yeas experience in the same field. This can include time spent working as a non self employed worker in the same field. Lenders are expected to obtain a copy of the business or GST license or Articles of Incorporation. Therefore if a client is self employed over 3 years, then you cannot do a self employed product. It must be qualified. If a client is self employed up to 3 years, you can do a self employed product.

8) Commissioned income will no longer be eligible for the CMHC Self Employed Product without traditional third party validation of income.

I have been notified that GENWORTH will follow suit.

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Wednesday, March 10, 2010

Canadian Mortgage Broker News - Guidelines tightened for self-employed borrowers

CMHC is changing the rules for self employed people who want to buy a home. The rules change April 9th Call me to get preapproved now at 4038361201 or apply online at http://mortgagealliance.ca/davidcooke

Canadian Mortgage Broker News - Guidelines tightened for self-employed borrowers



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Sunday, March 7, 2010

How to Find Canada's Best Mortgage Broker

You've already found him. Now you can confirm what you already know. Dealing with a mortgage broker is the smart way to go.


How to Find Canada's Best Mortgage Broker


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'Frantic' hunt for a house

'Frantic' hunt for a house
BC housing market heats up as time runs out before the new federal rules on mortgages in April and the HST in July.

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Wednesday, March 3, 2010

Interst Rates stay put as speculation increases

The Bank of Canada hs kept rates down for the past 11 months. Can they keep their promise to maintain them at this level until June?
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What it really costs to own a Home

A great article on home ownership costs. It's American but many of the items are just as valid in Canada.
http://bit.ly/1cztPP

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Tuesday, March 2, 2010

Bank of Canada holds steady

The Bank of Canada chose to hold steady and keep the bank overnight rate at .25% The bank pledges to try and keep this rate steady until the end of the second quarter of 2010 which means June
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Monday, March 1, 2010

5 Steps to a Higher Credit Score


5 steps to a Higher Credit Score

Learn how to manage your credit score and improve your creditworthiness. Think of your credit score as a picture of your credit risk. This picture reflects your risk at a specific point in time. A picture does not change; however, when you take another one, you will probably look a little different. Similarly, when your credit information changes, your score will also change to reflect the updated information.


There are steps you can take to ensure that each time a new "credit picture" is taken, it shows your best side. By observing the following guidelines, you can influence your credit worthiness for the better:

  1. Be punctual - Pay all your bills on time. Late payments, collections, and bankruptcies have the greatest negative effect on your credit score.
  2. Check your credit profile regularly and take the necessary steps to remove inaccuracies - Don't let your credit health suffer due to inaccurate information. If you find an inaccuracy on your credit profile contact the creditor associated with the account or the credit reporting agencies to correct it immediately.
  3. Watch your debt - Keep your account balances below 50% of your available credit. For instance, if you have a credit card with a $1,000 limit, you should try to keep the balance owed below $500.
  4. Give yourself time - Time is one of the most significant factors that can improve your credit score. Establish a long history of paying your bills on time and using credit responsibly. You may also want to keep the oldest account on your credit profile open in order to lengthen your period of active credit use.
  5. Avoid excessive inquiries - A large number of inquiries occurred over a short period of time may be interpreted as a sign that you are opening numerous credit accounts due to financial difficulties or overextending yourself by taking on more debt than you can easily repay.
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