Looking For A Business Loan?

Have you been turned down by the banks for a business loan?

Ask Angela Kroemer. AMP, Mortgage Professional,  with TMG The Mortgage Group Canada Inc, for information about TMG’s new Merchant Capital Group for business financing. Funds can be used towards whatever you like, doesn’t need to be for the business but helps if it is.

Quick approval times, typically around one week so much quicker than your standard bank business loan approval.

More information click on link:  Merchant Capital Group

Call, text or email Angela at 250.650.4182
 akroemer@mortgagegroup.com
for information and to see if you qualify for a business loan.

Angela Kroemer, AMP

Mortgage Professional

TMG The Mortgage Group Canada Inc.

TMG Sharie Marie Mortgage Team

Local: 1.250.650.4182

akroemer@mortgagegroup.com

www.KROEMERmortgages.com

Your Mobile Mortgage Professional in The Comox Valley TM

for a great mortgage.

Canadians Get Creative To Avoid Renting

More and more Canadians are extending the amortization on their car loans as a way of qualifying for bigger mortgages, according to a new survey -- suggesting that number will increase as first-time buyers look to move beyond renting.

In fact, more than half of those borrowing to finance their vehicles are already opting for 72-month amortizations or longer, representing a nearly 40-percentage point jump from just five years ago, reads a report from JD Power and Associates.

“Consumers today just don’t think of the car as being $28,500,” said JD Ney, with JD Power. “They think of it as being $500 a month. There’s a certain pain threshold – whatever it takes, we’ll try and keep that monthly payment.”

Playing with amortization on car loans is one way mortgage brokers have advised clients looking to prepare for a mortgage application.

Still, most mortgage professionals have counselled borrowers to opt for less expensive auto purchases as a better of preparing to meet debt-service requirements and win home loan financing.
That advice may be increasingly hard to follow, with brokers pointing to mortgage rule changes that have only strained the ability of many borrowers to qualify.

That is a huge increase from just five years ago, when 14 per cent of buyers borrowed for six years or more, said J.D. Ney, an automotive account analyst in the consulting firm’s Canadian office.

Written by Vernon Clement Jones

Thank you to http://www.canadianrealestatemagazine.ca/news/item/1284-canadians-get-creative-to-avoid-renting

Angela Kroemer, AMP

Mortgage Professional

TMG The Mortgage Group Canada Inc.

TMG Sharie Marie Mortgage Team

Local: 1.250.650.4182

 

akroemer@mortgagegroup.com

www.KROEMERmortgages.com

Your Mobile Mortgage Professional in The Comox Valley TM

 

Facebook  page   https://www.facebook.com/#!/akroemer

365 Things to do in The Comox Valley  https://www.facebook.com/#!/cvmortgages

Canadian Renters Freeing Themselves Of Debt

Don’t break open the bubbly quite yet, landlords. A new report from Equifax suggests more Canadian households are getting a handle on the kind of debt that keeps them renters instead of homeowners.

Growth in consumer debt fell 30 per cent in the second quarter, compared to a year earlier, reflecting the single biggest drop since before the recession.

“For the last couple of years we have seen almost double digit growth in some cases, it slowed down a bit last year, but we have never seen it slow down as much as we have (now),” said Nadim Abdo, VP of analytical services for Equifax Canada.

In real terms, consumer indebtedness – not taking into account mortgage debt -- climbed 3.1 per cent year-over-year in the second quarter. That’s down from the 4.4 per cent increase logged a year earlier, according to the Equifax quarterly trend report.

Economists are calling that improved financial footing the most conclusive indication to date Canadians are getting the message about the dangers of household debt levels, now averaging 152 per cent of income.

That rise was a key reason the federal government moved late last month to introduce tighter mortgage rules, a way of discouraging the at-risk consumers from taking on new mortgage debt.
The move is expected to benefit property investors as demand for rental units increases, taking rents with it.

That Canadians are now getting a hold on their spending is likely to salvage the homeownership dreams of many.

The report also found that high-interest credit card debt fell by 3.8 per cent in the second quarter, with bankruptcies down 4.5 per cent from the year-ago period.

http://www.canadianrealestatemagazine.ca/news/item/1281-consumers-get-a-handle-on-debt

Written by Vernon Clement Jones

250.650.4182

Angela Kroemer, AMP
Mortgage Professional
TMG The Mortgage Group Canada Inc.
TMG Sharie Marie Mortgage Team
1.250.650.4182
akroemer@mortgagegroup.com

www.KroemerMortgages.com


Your Mobile Mortgage Professional in The Comox Valley
Facebook Page https://www.facebook.com/#!/akroemer

365 Things To Do In Comox Valley https://www.facebook.com/cvmortgages

Low Rates are Making Reverse Mortgages Attractive

There are many reasons that more Canadians are choosing reverse mortgages as a financial instrument for their retirement. Low interest rates are one of them. In many cases, the interest rate for a reverse mortgage is even lower than a mortgage that someone may have taken out five to ten years ago on their home, making a reverse mortgage a no-brainer way of paying off a mortgage into retirement.

HomEquity Bank now Provides CHIP Home Income Plan
The institution behind reverse mortgages in Canada is a federally registered bank, which means they are able to offer lower interest rates than they have in the past. The cost of borrowing against your home’s equity has never been lower than it is right now.
There are no “gotchas” with a reverse mortgage, and the process of applying for one is regulated so that there never can be. Applying for a reverse mortgage requires legal advice, for one, so you can always be assured that you’ll have a third party looking at the deal for you and ensuring that you are getting the best value for your money.

Use Low Interest Rates to Your Advantage
Pay off your household debt going into retirement. Help family members buy their first homes. Get the money for traveling in retirement that you’ve always wanted but didn’t quite have the ability to put aside. There’s a million ways you can use the money that you could get for a reverse mortgage, and low interest rates mean now is the time to access your home’s equity before they have a chance to go back up.

Use a Reverse Mortgage as a Financial Instrument
If you have a higher-value property that you plan on staying in during your retirement, you may not “need” the money from a reverse mortgage. But think about what you could do with the tax-free money from your home equity on the stock market or in other investments, such as your own small business. A reverse mortgage offers a huge benefit over a home equity line of credit in that you have the option to choose a fixed rate for a period of time with a reverse mortgage. With a home equity line of credit, you are at the bank’s mercy and your interest rates can be increased without your consent at any time. Tap into your home equity that won’t leave you at the mercy of creditors in your retirement with a reverse mortgage.
Want to find out just how low interest rates are on a reverse mortgage? Contact me today for the rates and to answer any questions you have about the application process.

My CHIP Tools

A CHIP Home Income Plan is a reverse mortgage that is the simple and sensible way to unlock the value in your home and enjoy life on your terms. You can use this "My CHIP Tools" section to find out if you and your home are eligible, how much money you could get, and how much equity you would have left in your home after the CHIP Home Income Plan was repaid.
Am I eligible?
Find out right away if CHIP is offered in your area and if you and your home qualify for a CHIP Home Income Plan.

How much money could I get?
The amount you can receive up to 50% of your home's current appraised value. The exact amount available to you will depend upon a number of factors, including your age and the age of your spouse, the value of your home, where your home is located, and the type of dwelling. This tool will show much money you may be eligible to receive.

Future Equity CalculatorFuture Equity Calculator
Use the Future Equity Calculator to determine how much equity could be remaining in your home when your CHIP Home Income Plan is repaid. The calculator predicts future market value of your home based on user-selected home annual appreciation rates.
CHIP provides an interest rate discount if you choose to pay your full annual interest. The interest rate discount is 0.50% and is factored into this calculation.

Angela Kroemer, AMP
Mortgage Professional
TMG The Mortgage Group Canada Inc.
TMG Sharie Marie Mortgage Team
1.250.650.4182

akroemer@mortgagegroup.com
www.KroemerMortgages.com

Your Mobile Mortgage Professional in The Comox Valley

Facebook Page https://www.facebook.com/#!/akroemer

365 Things To Do In Comox Valley   https://www.facebook.com/cvmortgages

Three Home Buying Clauses To Keep

Following Gail Vaz-Oxlade experience and knowledge these are the 3 home buying clauses to keep.

No matter how much you want that home, don’t drop these three important buying conditions.

In some areas of the country the housing market is still sizzling because of low interest rates. Homeownership has always been touted as the sure way to financial security and more than one silly-Billy has jumped into the housing market because they mistakenly thought “everyone else is buying a house, I have to buy a house too.”

No matter how anxious you are to own your own home, don’t rush the transaction. If you’re feeling pressured to make an immediate offer but haven’t taken the time to become familiar with the local market, you won’t know if you’re getting good value for your money. Worse, you may be tempted to do something stupid in your emotional desire to “win” a bidding war. Take a breath.

It’s become pretty standard in hot markets for real estate professionals to suggest that a buyer put in an offer to purchase that is free of conditions. One of the conditions that’s quickly excised is the “financing condition.” Hey, you got a pre-approval, right? You don’t need that conditional on financing clause, right? Wrong! No matter how much you want that home, no matter how sure you are that everything will be fine, don’t do it.
Pre-approvals come with the proviso that they are financing approvals in principal only; they can be revoked by the lender if they are perceived to be a bad decision—if your circumstances change, or if the house appraisal is lower than the purchase price. And that’s why the “conditional on financing” clause is important.

Another clause you should always include is the “conditional on sale of existing home clause,” which eliminates the likelihood that you’ll end up desperate to find a buyer for your home because you’re having to carry two mortgages since your old haunt hasn’t sold yet. If you have to carry two mortgages for three or four months, you’ll be motivated to accept less than your house may be worth.

And don’t skip the “conditional on inspection” clause or you might end up with a house that’s falling down around your ears. Don’t let desperation to buy that house overcome your good sense. Ignoring the potential problems inspections are designed to ferret out can be horribly expensive.
Buying a home is a complex process. Don’t rush into it and don’t rush through it. You’ll likely have to live with your decision for a long, long time. Talk to some friends and family who have bought recently and try to get a feel for the process. Pay attention to the details. And ask lots of questions. The more you know, the better a homebuyer you’ll be.

From Gail Vaz-Oxlade
http://www.moneysense.ca/2012/07/19/three-home-buying-clauses-to-keep/



For more mortgage information

Angela Kroemer, AMP
Mortgage Professional
TMG The Mortgage Group Canada Inc.
TMG Sharie Marie Mortgage Team

1.250.650.4182

akroemer@mortgagegroup.com

www.KroemerMortgages.com

Your Mobile Mortgage Professional in The Comox Valley

Facebook Page https://www.facebook.com/#!/akroemer

365 Things To Do In Comox Valley https://www.facebook.com/cvmortgages

CHIP's New Lower Rates

CHIP's New Lower Rates
-55 years and up
-want equity out of your house to live, travel, investments, etc.
-rates start as low as 4.25% for new customers
-til August 31 2012
-APR 5.29%

My CHIP Tools A CHIP Home Income Plan is a reverse mortgage that is the simple and sensible way to unlock the value in your home and enjoy life on your terms. You can use this "My CHIP Tools" section to find out if you and your home are eligible, how much money you could get, and how much equity you would have left in your home after the CHIP Home Income Plan was repaid. Am I eligible? Find out right away if CHIP is offered in your area and if you and your home qualify for a CHIP Home Income Plan. How much money could I get? The amount you can receive up to 50% of your home's current appraised value. The exact amount available to you will depend upon a number of factors, including your age and the age of your spouse, the value of your home, where your home is located, and the type of dwelling. This tool will show much money you may be eligible to receive. Future Equity Calculator Use the Future Equity Calculator to determine how much equity could be remaining in your home when your CHIP Home Income Plan is repaid. The calculator predicts future market value of your home based on user-selected home annual appreciation rates. CHIP provides an interest rate discount if you choose to pay your full annual interest. The interest rate discount is 0.50% and is factored into this calculation.

 For more information  http://comoxvalleymortgagestoday.com/custom1.asp

Call or Text  250.650.4182





Angela Kroemer, AMP
Mortgage Professional
TMG The Mortgage Group Canada Inc.
TMG Sharie Marie Mortgage Team

1.250.650.4182
akroemer@mortgagegroup.com
www.KroemerMortgages.com

Your Mobile Mortgage Professional in The Comox Valley

Facebook Page https://www.facebook.com/#!/akroemer

365 Things To Do In Comox Valley https://www.facebook.com/cvmortgages

Got 15 Minutes?

Angela Kroemer, AMP
Mortgage Professional
TMG The Mortgage Group Canada Inc.
TMG Sharie Marie Mortgage Team

1.250.650.4182

akroemer@mortgagegroup.com
www.KroemerMortgages.com
Your Mobile Mortgage Professional in The Comox Valley

Facebook Page https://www.facebook.com/#!/akroemer

365 Things To Do In Comox Valley     https://www.facebook.com/cvmortgages

More .......Good Reasons To Use A Mortgage Broker

Good reasons to use a mortgage broker

Owning a home is usually on a list of lifetime goals. And new home buyers usually have a lot of questions. Some worry about coming up with the down payment, some aren't sure about their credit scores, others are self-employed, and already know that it can be challenging to get credit at all. These concerns and any other questions home buyers have can be answered by mortgage brokers. In fact, mortgage professionals are valuable resources who are often overlooked simply because they are not connected to a bank. In some regions, there is still a perception that brokers are last resort lenders. In fact, mortgage brokers have access to most lenders, including the banks, and are uniquely qualified to assist clients get into the best mortgage products. Angela West, a first time home buyer in the North Bay area in Ontario decided to use a mortgage broker with her purchase, initially to get a better rate, but it turned out to be more than she expected. "The process was very easy, much easier than dealing with the bank. My self-employment wasn't an issue, where it would have been with the bank. My partner has also made very different amounts of money in the past three years, even though last year was a really good year for him salary-wise, so that may have been an issue with the bank as well." West also said it was clear to her that the broker took the time to get the best deal - the best product and the best rate. "I liked the fact that someone was on my side." The whole experience was a positive one despite the perception some consumers may have. "I can see where some people may be concerned that a mortgage broker is less "legit" since they aren't working with established financial institutions, but it wasn't the case. I would definitely recommend using a mortgage broker." Bud Jorgenson, Vice-President, Prairies Region for TMG The Mortgage Group said mortgage brokers have an edge with first time home buyers because of their knowledge about the home buying process. "We fully understand every aspect of the deal, from Purchase and Sale Agreements, working with lawyers, home inspectors, and lenders, to closing processes and the costs associated with that, "he said. We understand title insurance, default insurance, mortgage protection insurance and we are knowledgeable about legal requirements for a variety of different properties. And because we fully understand it, we are there to help guide our clients throughout the whole process." For Ian Syphus, who refinanced his home in Niagara Falls, Ontario to consolidate debt, the process was surprisingly easy and stress-free. "The Broker did everything, --she prepared the paper work, found the best rates, clarified any concerns -- I just needed to sign," he said. Syphus also liked that the broker went to his home. This is a big plus according to Gord Appel, Vice-President, Alberta Region for TMG. Using mortgage brokers save valuable time for clients by eliminating the need to visit a variety of lenders and fill out multiple applications. Our hours are generally the client's hours and we can be mobile, which can certainly benefit busy families." Follow up after financing was also an important factor for both West and Syphus. "I like the fact that I am always updated on rates via e-mail newsletters," Syphus added. "And there is constant contact even after the papers are signed - that's much more personable than banks." This is a key reason clients will benefit from working with mortgage brokers, according to Gerald Krahn, Vice-President, and Ontario Region for TMG. "Brokers take time to listen to a client and do what's in their best interest, not only for the short term but will look at the whole picture 5, 10 years down the road. For example, when some banks came out with a 2.99% fixed rate, what consumers didn't know was there were certain restrictive conditions attached to those rates. When brokers quickly countered that with the actual facts, the result was a stronger relationship with clients." Mortgage broker are continually focused on the industry and keep up-to-date on changes. "We are truly experts on all things mortgage-related," added Dan Pultr, Director of Sales, B.C. "However, our expertise is not limited to mortgages. We understand our local real estate markets. We also understand credit issues and ways to improve credit scores, with the end result of helping clients achieve their dream of home ownership. Think Outside the Branch and visit us at www.mortgagegroup.com for more information. Credit for this article goes to www.mortgagegroup.com The Mortgage Group Canada Inc.

Angela Kroemer, AMP
Mortgage Professional
TMG The Mortgage Group Canada Inc.
TMG Sharie Marie Mortgage Team
1.250.650.4182
akroemer@mortgagegroup.com
www.KroemerMortgages.com
Your Mobile Mortgage Professional in The Comox Valley
Facebook Page https://www.facebook.com/#!/akroemer
365 Things To Do In Comox Valley--    https://www.facebook.com/cvmortgages

Visual Look at The Mortgage Changes July 2012

A visual look at the changes in mortgages July 9 2012.

On June 21, 2012, Ottawa tightened rules on mortgage lending in Canada, reducing the maximum amortization period to 25 years, down from 30.  Here's a visual look at how these changes (effective July 9) would affect one homeowner's mortgage payments using a five per cent sample interest rate.

Sources: Canada Mortgage and Housing Corporation mortgage calculator,
Canadian Real Estate Association, CBCNews.ca
[Infographic by Ruby Buiza/CBC]


Angela Kroemer, AMP
Mortgage Professional
TMG The Mortgage Group Canada Inc.
TMG Sharie Marie Mortgage Team

1.250.650.4182
akroemer@mortgagegroup.com
www.KroemerMortgages.com
Your Mobile Mortgage Professional in The Comox Valley

Facebook Page https://www.facebook.com/#!/akroemer
365 Things To Do In Comox Valley     https://www.facebook.com/cvmortgages