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Tighter mortgage rules might be ‘insufficient’ to curb household debt by Erica Alini on Tuesday, February 12, 2013 7:00am - 0 Comments Targeted rules are often a better way to deal with a buildup of risk in the economy than monetary policy, BoC Deputy Governor Timothy Lane said in his prepared remarks for a speech he gave today at Harvard University. So, for example, if households have gone on a borrowing binge and house prices are inflated, you’d be better off tightening mor...tgage regulations than raising interest rates. Tougher mortgage rules target the housing market specifically; an interest rate hike would also hit exporters by causing your home currency to appreciateunless other countries rein in their monetary policy as well (which ain’t happening any time soon in the real world). This is a well-known policy stance of the BoC. Governor Mark Carney just told all this once again to British MPs last week: Canada is better off curing its household debt problem with a healthy dose of mortgage-rule tightening rather than an rate raise, which would come with serious side effects. And yet, if the more sophisticated, light-touch treatment doesn’t do the trick, the BoC might have to use its rougher, heavier medicine, Lane told his distinguished Harvard audience today: If such targeted prudential measures turned out to be insufficient, monetary policy could also be used, within a flexible inflation-targeting framework, as a complementary instrument to address financial imbalances. Canadians have slowed down the pace at which they’re taking on new debt and there’s plenty of evidence the residential real estate market is cooling. But, Lane noted, that could still turn out to be a temporary improvement: it is possible that household spending could regain momentum After all, if interest rates stay at rock bottom, borrowing will stay cheap. See more

I am grateful for my recent extraordinary customer service experience. Hodge took care of all the paper work, phone calls, details, and stress involved. I showed up, I signed and the process was smooth and stress free for me. I am not hearing the same experiences from my friends who arranged their mortgages with someone else! I definitely recommend calling Hodge at Mortgage Architects FIRST for anyone seeking to obtain mortgage financing! Michelle ... See what other satisfied clients are saying at www.jimhodge.ca !!! See more

Just a heads up for everyone!!! Data Release: The Bank of Canada surprises markets with an interest rate cut The Bank Canada surprised markets by cutting its overnight rate by 25 basis points to 0.75%. This decision is in response to the recent sharp drop in oil prices, which will have a negative impact on both growth and underlying inflation in Canada. ...Continue reading

Jim Flaherty on home sales dive: ‘I don’t mind prices coming down a bit, too’ TARA PERKINS AND SEAN SILCOFF TORONTO/OTTAWA The Globe and Mail Published Tuesday, Jan. 15 2013, 11:25 AM EST The way Jim Flaherty sees it, his July changes to Canada’s mortgage rules are having the desired effect on the housing market....Continue reading

Just an update on some new rules that are going to take affect on MAY,30,2014. C.M.H.C. Will no longer insure 2nd homes for people or Stated income for business for self clients. I have attached an article below explaining the changes. CMHC Discontinues "Second Home" Financing and BFS "Declared/ Stated" Income Financing Effective May 30, 2014...Continue reading

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Canada’s financial regulator will release new guidelines for mortgage insurers early next year, including the government’s Canada Mortgage and Housing Corp. but they won’t drag down the housing market as much as the guidelines for banks have, says the country’s banking watchdog. The Office of the Superintendent of Financial Institutions will outline what standards it expects the country’s three mortgage insurers to follow when they underwrite a policy on a home. Ottawa has...Continue reading

Markets enjoyed a nice rally yesterday as buying kicked in after the recent bout of weakness, but the gains are being handed back this morning amid some tepid earnings reports. Yahoo! reported after last nights close that first quarter revenue was lower than forecasts. Intel reduced its outlook for the current quarter, forecasting an 8% slide in revenue. Bank of America also missed both top and bottom line estimates. Continued weakness in commodity prices arent helping matt...ers. The Bank of Canada kept their benchmark interest rate on hold this morning, while maintaining its bias to tighten monetary policy despite lowering its growth outlook for the Canadian economy. The Bank expects GDP growth of just 1.5% this year, while pushing its forecast for our economy to reach full capacity out to 2015. The TSX is down 170 pts. The Dow is down 185 pts. The Canadian dollar weakened on weaker commodity prices, off 80 bps to US$0.9719. The five-year Canada bond yield has dropped to 1.16% while the ten-year is steady at 1.70%. Oil is down $1.78 to US$86.97/barrel. Natural gas is up a nickel to US$4.21/mbtu. Gold is up $2 to US$1389/oz.

Hope everyone is having a great day, news of lower interest rates seem to bother the government, Call me to see how low rates are, and get a locked in rate to SAVE YOU MONEY.

Five year rates continue to drop , might be a good time to look at renewing now, CALL ME TO SEE if YOU can benefit from these low rates!!!!

If you have a renewal of your mortgage comig up, call me and lets work out a plan to pay out your mortgage years earlier and save you thousands in interest. CALL ME TO SHOW YOU HOW !!!!

Tighter mortgage rules might be insufficient to curb household debt by Erica Alini on Tuesday, February 12, 2013 7:00am - 0 Comments Targeted rules are often a better way to deal with a buildup of risk in the economy than monetary policy, BoC Deputy Governor Timothy Lane said in his prepared remarks for a speech he gave today at Harvard University. So, for example, if households have gone on a borrowing binge and house prices are inflated, youd be better off tightening mor...tgage regulations than raising interest rates. Tougher mortgage rules target the housing market specifically; an interest rate hike would also hit exporters by causing your home currency to appreciateunless other countries rein in their monetary policy as well (which aint happening any time soon in the real world). This is a well-known policy stance of the BoC. Governor Mark Carney just told all this once again to British MPs last week: Canada is better off curing its household debt problem with a healthy dose of mortgage-rule tightening rather than an rate raise, which would come with serious side effects. And yet, if the more sophisticated, light-touch treatment doesnt do the trick, the BoC might have to use its rougher, heavier medicine, Lane told his distinguished Harvard audience today: If such targeted prudential measures turned out to be insufficient, monetary policy could also be used, within a flexible inflation-targeting framework, as a complementary instrument to address financial imbalances. Canadians have slowed down the pace at which theyre taking on new debt and theres plenty of evidence the residential real estate market is cooling. But, Lane noted, that could still turn out to be a temporary improvement: it is possible that household spending could regain momentum After all, if interest rates stay at rock bottom, borrowing will stay cheap. See more

This a must read if you are looking for a mortgage or getting ready to renew!!!! By Don Horne Brokers are applauding CBCs Marketplace for its investigation of collateral charges at a major Canadian bank. Its about time this was brought to light, says David OGorman, president and principal broker of MortgageLand. We have sent a letter to (Federal Finance Minister Jim) Flahertys office about collateral charge mortgages this was around the last election ... and it was only weeks later that we got shuffled off to the Consumer Agency of Canada. Ultimately, that complaint went nowhere, although thats not the case with the CBC investigation. TD Canada Trust, which only sells collateral charge mortgages, was caught on camera when an undercover reporter went into a TD branch with a hidden camera, asking the mortgage rep what made their mortgages different from other lenders. Only after repeated questioning from the reporter did the TD rep disclose that the banks mortgage was a collateral charge, saying in the Friday episode: This could be considered a con for clients who want flexibility to have the choice of transferring out (to another lender). In a perfect world, says OGorman, one of the industrys most vocal critics of the growing use of collateral charges, we would not deal with closing houses, but use lawyers and always spell out clearly what kind of a mortgage and charges are involved, A thorn to brokers, collateral charges are tripping up the home resale market as well. It also screws up real estate agents when they try to sell a house, when they suddenly see there is a lien on the house, he points out, as the collateral charges are effectively a lien on the home for 100 per cent of the homes value, or sometimes more. While readvanceable mortgages allow clients to re-borrow the principal theyve paid off on their mortgage up to 80 per cent of the value of the property and to avoid upfront legal costs they also allow the lender to register a collateral charge on the home usually for 100 per cent of the value. That effectively means the mortgage must be entirely discharged in order for a borrower to transfer it to a new lender at renewal or for refinancing. Most mono-lines and banks as well as private lenders refuse to accept the transfer of collateral mortgages, forcing homeowners to pay additional fees to register a new conventional or collateral mortgage in order to move the loan from the lending institution. You can have someone put $40,000 down on a home with a remaining balance of $200,000, but with a collateral mortgage you can have a lien greater than the total value of the house, says OGorman. TD corporate had no comment to the CBC on camera about collateral mortgages. Current TD approvals disclose that their mortgages are a collateral charge, but it is concerns over how clearly the rep explains the ins and outs of that mortgage that sparked the Marketplace investigation.

Bank Of Canada rate unchanged, could be there awhile, read the post below. Bank of Canada holds rate steady again Central bank keeps rate at 1% for the 19th consecutive policy meeting CBC News... The Bank of Canada kept its benchmark interest rate steady at one per cent today, the same level it has been at for more than two years. It marks the 19th consecutive time that Canada's central bank has opted to stand pat. Although it didn't see fit to tinker with lending rates, the bank on Wednesday lowered its expectations for how much it thinks the economy will expand by to two per cent for 2013. Bank of Canada governor Mark Carney Mark Carney will comment later Wednesday on the bank's decision to hold interest rates steady. See more

Jim Flaherty on home sales dive: I dont mind prices coming down a bit, too TARA PERKINS AND SEAN SILCOFF TORONTO/OTTAWA The Globe and Mail Published Tuesday, Jan. 15 2013, 11:25 AM EST The way Jim Flaherty sees it, his July changes to Canadas mortgage rules are having the desired effect on the housing market....Continue reading

If you would like to know more about your mortgage or If you want a second opinion, Feel free to contact me and lets sit down and discuss. Hodge

5 Year rates hiked up 5 basis points yesterday evening, now best rate is 2.99% on a five year fixed. maybe time for peopleto get in and see me about mortgage options.

The secret to financial success in 2013? Baby steps Preet Banerjee Special to The Globe and Mail Published Friday, Jan. 04 2013, 6:00 AM EST Your landlords send you a letter informing you that rent is going up $50 per month. Do you move? Probably not. Instead, you suck it up and curse them under your breath.... Over time, we adjust to gradual price increases but only because they come in baby steps. When I was a kid, I remember $2.50 Tuesdays at the movies. Today, you can pay almost $20 for a single adult admission. Had the jump been instantaneous from $2.50 to $20, I would have stopped going to the movies. But because it took place over time, I saw Skyfall multiple times. Baby steps. They dont sound like much but they can be key to your financial success . When I was a financial adviser, I would ask clients if they wanted to increase their automatic monthly contributions by $10, or 10 per cent, or whatever, every New Year. After getting used to the initial drain on their cash flow when setting up the original contribution, a small subsequent increase was no big deal. But consider this: Two investors contribute $1,200 per year to a portfolio that grows at 5 per cent per year for 20 years, except one increases his contributions by 5 per cent every January 1st. By doing so, he ends up with more than 50 per cent more money ($63,679.14 vs $41,663.10). That first 5 per cent increase is only an extra $5 per month. The 5 per cent increase in year 20 is only an extra $12.03 per month. Turns out, those baby steps really add up. This doesnt apply exclusively to investing. Many people are too frustrated with the markets to invest, but they could apply the same principle to paying off their mortgage. Or saving up for a vacation. And with just over 360 days until Christmas 2013, inflation alone would dictate an increase in the cost of presents next year versus this year. As the New Year begins, think of the various ways you could increase your financial position with various baby steps. You wont feel it much, if at all, today, but the difference over the long haul could make you curse yourself under your breath for not doing it. See more

Is your Mortgage up for renewal or are you looking to pay out some high interest debt?Let me show you how YOU can save money . 2.94% Rate available on a five year term !!!

Canadas financial regulator will release new guidelines for mortgage insurers early next year, including the governments Canada Mortgage and Housing Corp. but they wont drag down the housing market as much as the guidelines for banks have, says the countrys banking watchdog. The Office of the Superintendent of Financial Institutions will outline what standards it expects the countrys three mortgage insurers to follow when they underwrite a policy on a home. Ottawa has...Continue reading

TSX +7.55 to 12,296.72 DOW -35.71 to 13,135.01 Dollar -0.11 to 101.48 Oil -0.01 to 86.72 Gold -2.70 to 1,694.30...Continue reading

3.66% five year mortgage rate , fully qualifying, how good is that .

Refinancing may be a good option , rates are still very good on a five year fixed.