Rick Bossom AMP Bayfield Mortgage Professionals
1450 Larsen Road V9N 8Y9 Courtenay, BC, Canada

The Bank of Canada announced today that, yet again, it's maintaining the target for the overnight rate at percent. The Bank gave a number of reasons for its decision, including: inflation continues to remain below its two percent target (which is in line with the Bank's April projection); ... various economic uncertainties continue to cloud the global and Canadian outlooks; and export growth remains subdued in the face of ongoing competitiveness challenges. The Bank also mentioned in its announcement that macroprudential and other policy measures have not yet cooled their targeted housing markets, but they have contributed to more sustainable debt profiles. Robust consumer spending, and improved labour market and increased business investment are all signs the Canadian economy is looking "encouraging". If you have any questions about how this announcement could impact your mortgage decisions in the near future, please feel free to give me a call.

The role of a mortgage broker is not always fully understood by the general public but to make things clear... A mortgage broker works to get you the best mortgage for your situation, period. We facilitate mortgages whether it’s the best rate on your dream home when times are good; or a private mortgage that saves you from a foreclosure when times are bad. Yes, we get great rates for good credit/income borrowers and yes, we get private mortgages that take into account the g...reater risk when borrowers have bad credit or no provable income. We even have access to stated income mortgages for business owners who, by choice have reduced their income through business write-offs. These examples are real life situations and we have the ability to find the lender that best suits you. Call me to see what your options are, It doesn't cost you anything. See more

With Mortgage Insurance premiums increasing in March I thought I would share 10 benefits of mortgage insurance. Call me if you have any questions.

Down Payment Assistance from BC Government for First Time Home Buyers!.... New program released helps first time home buyers with the down payment up to $37,500 contact me for more details but here are some highlights: -Must reside in the home... -Be a first time home buyer -Lived in BC for a year -combined income of less than $150,000 a year - Must have saved half of minimum down payment required This program starts January 16th 2017, contact me for more details!

Mortgage brokers are working to make the Government’s new insured mortgage regulations fair for all Canadians: CMBA (Canadian Mortgage Brokers Association) has asked the Government to take another look at the insured mortgage regulation changes announced on October 3, 2016, to better align Canadians with homeownership opportunities. The following recommendations have been proposed to the Department of Finance: 1. Exempt all insured mortgages with terms greater than 7 years fr...om the requirement from qualifying borrowers at the Bank of Canada's posted 5 year fixed rate (currently 4.64%). 2. Permit first time home buyers a one-time exception to amortize insured mortgages over 30 years, instead of 25 years. 3. Modify the requirement of limiting amortizations on insured mortgages to 25 years, by enabling borrowers with a loan to value ratio of 70% or less to amortize up to 30 years. 4. Exempt all insured mortgages with principal amounts of $499,000 or less from the requirement to qualify borrowers at the Bank of Canada’s posted five-year fixed rate (currently 4.64%) and permit qualification at the true contract rate associated with a 5 year fixed term. The new Government regulations try to address the issue of some Canadian’s who to have taken on too much debt in hot Real Estate markets of select areas of Canada. This should be a concern to all but I feel what CMBA is recommending is a moderation of a direction taken by the Department of Finance to reduce the perceived (or real) threat of adverse economic conditions in Canada. The Government’s new regulations may lead to increased interest rates, less mortgage lender competition and reductions in home prices all over Canada. In an attempt to stabilize the market, this could in fact be the self-fulfilling prophecy of a market correction we want to avoid.