CMHC Housing Forecast Weaker

 

CMHC Housing Forecast Weaker than Originally Thought


We all know there’s a softening going on right now in most Canadian housing markets. Homebuyers know it, home sellers know it, and now, CMHC knows it, too. While the Crown corporation has undoubtedly seen the softening going on for several months, now they’ve come out with a new forecast for the remainder of this year. And it’s not as optimistic as their last forecast was.

 

 

As you can see from the chart above, the numbers in most housing categories have gone down, albeit very slightly, from the previous forecast. Given the fact that most of these categories have to do with prices, it may or may not spell good news for the housing market, depending on your outlook.

• The number of existing homes to be sold this year, according to CMHC, will be about 465,600 – a drop of about 20,000 units from the organization’s forecast this past summer. While home sales being down doesn’t typically spell good news, this will bring demand down, which will also have an affect on prices (which is great!)
• Resale prices will drop by about $3,000 when sales for pre-existing homes fall to an average of $365,100.
• Average mortgages on new homes will also fall to about $370,500, about $6,800 lower than what was estimated. This could be very good news, as prices are simply too high right now and keeping too many out of the market.
• In 2013, CMHC predicts that up to 489,700 units will be sold; that’s up by about 2,100 from their earlier forecast.
• Housing starts for this year will be somewhere in the range of 210,800 to 216,600. That’s slightly higher than the previously forecasted range of 196,800 to 217,000. Next year that range is going to drop from 2012′s number though, as it’s expected to be only 177,300 to 209,900 starts.

Think this bodes bad news? It really all depends on your perspective. If you saw our housing market this past year as being a healthy one, yes, the results are probably a bit disappointing. But truthfully, the drop in numbers is going to help us all. As prices go down, more options are opened up and more people can get back out on the market (such as all those that have been patiently waiting for prices to drop.) It also means that there will be more competition on the market, but this time it could be among sellers trying to get buyers to their properties – which is great for anyone looking to buy!

And there’s also the fact that the housing market isn’t the be-all-end-all of Canada’s economy. Yes it does make up a large portion of it, but we do have other supporting factors we can rely on. Mathieu Laberge, deputy chief economist at CMHC, says, “A weaker outlook for global economic conditions and the waning of the effect of pre-sales from late 2010 and early 2011, which contributed to support multi-family starts this year, will bring moderation in housing starts next year.

He also says, “Nevertheless, employment growth and net migration will help support housing starts activity going forward.”


Kate10 November, 2012, 4:00 pm

The Process Of Home Buying

1) Employ A  Realtor
A crucial and initial step is to choose a real estate expert who would assist you to locate your dream home and adjust your financial anticipations.

2) Call a Mortgage Professional for the best rates and terms
If you call a mortgage professional for mortgage rates, you can get a rate that can really help you save a substantial amount throughout the span of a loan. A small variation of 0.5% can also become significant.

3) Prequalify for a loan
During the early stages, you would wish to become prequalified for a mortgage loan. This gives you the amount that you can afford. ( Be forewarned that a prequalification does not guarantee a loan as most prequalifications are only computer generated. Always when putting in an offer have it subject to financing approval.) This gives you the flexibility to search for the right home, particularly when there are so many keen buyers. The seller also realizes that you are sincere in purchasing the property and can afford it.

4) What are your needs
To make a practical outline of the property that you wish to buy. What are the must haves and what can you live without?  Prepare two lists: one for the essentials and one for leisure. Update your lists as you go on house-hunting. Keep in mind that you can get a Purchase Plus Improvement Mortgage which would get you extra money to make improvements on the house you wish to buy.

5) Visit properties
Now you are prepared to visit properties. Make sure that you get a feature sheet of the properties you come across. Every time you go out to see more houses, update your notes to instantly get rid of any property that does not fulfill your requirements.

6) Understand the aspects that assist or hinder resale
In some locations, a swimming pool really takes away a part from the value of a home and it becomes more difficult to sell it. In areas with attached or two car garages, the future value and home buying potentials might be badly impacted by a single or one car garage. Your realtor can give you more information on these items as it relates to resale values.

7) Rank the houses you visit
Subsequent to visiting every house, jot down what you appreciated and what you did not. Prepare a ranking arrangement that clearly defines the home buying domain.

8 ) Make an offer
As soon as you have identified your dream home, the financial and legal aspect of home buying comes into play. Since the objectives of the home buyer and home seller are not the same, take the help of your agent for arriving at a positive outcome.
Prior to your date of closing, just ensure that you have done all essential deposits and finished the formalities such as title, mortgage , homeowner’s insurance.

9) Make arrangements for home inspection
Once the offer is accepted, but before the deal is finalized have the home inspected. That way if any expensive problems arise you can either walk away or renegotiate the price of the home.

10) Closing
Financing has been secured, home inspection went well, you are happy with the house. This is the step that you go to the lawyer and sign final documents, give lawyer cheque. The closing date is usually the same date as possession date, but not always.

11) Get ready to move into your new house
Before moving into your new house, phone hydro, gas company, telephone company, etc to set up a date for hook ups. Check fire alarms to make sure they work.  Do the change of address at the post office for your new address. The best time for renovations is before you move in, try to get them done before by staying an extra month in your old place.

For a great mortgage.

Angela Kroemer, AMP

Mortgage Professional

TMG The Mortgage Group Canada Inc.

TMG Sharie Marie Mortgage Team

Local: 1.250.650.4182

Fax: 1.888.679.0192

akroemer@mortgagegroup.com

www.KROEMERmortgages.com

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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

House Debt or Other Consumer Debt -Will The True Villian Please Stand Up

In the last couple of months, there has been several news worthy stories of house debt and other consumer debt. There are 2 groups lobbing the government to curb the other's debt vehicle.  Debt as a whole can be misused if it is not properly maintained. It just takes one or two life events for your debt to get away on you.

So the 2 school of thoughts lately is that house debt will get people into trouble and on the other side is Other Consumer Debt will be the evil debt getting people into trouble.

Lets take a closer look at each school of thought and see which one is the true villain.

1. House Debt interest rate around 3.29%
House Debt is the amount of money that you borrow to pay for your house. Right now the interest rates are at the all time lows, meaning you can buy a more expensive house with the same income dollars.
How can this be a problem in the world of Debt Villains, some of the problems are:
-if you lose your job you may not be able to make the payments (normal in every case)
-when you renew, the interest rate may be substantially higher and you may not be able to afford the payments,
-housing prices may fall and then again you may not qualify on what you owe to renew your mortgage. If you owe more than what the house is worth, no financial institution will loan you an extra amount of money if they cannot recoup it.

2. Other Consumer Debt interest rate around 23%
Other Consumer Debt is credit card, line of credit,vehicle purchases,buy now pay later, etc. This debt is used by the majority of Canadians to basically buy what they want- when they want it. There usually is very little to show for it except high interest payments.
-credit cards especially have a high interest rate. |Most people buy STUFF with no value after the fact.  If you lose your job you would have nothing to sell to help pay off most of the credit cards.
-many Canadians have a few credit cards  and shuffle payments from one to the other
-easy to get, especially if you are a young Canadian wanting to get into the credit game.
-If you do happen to buy items that you can resale- resale value may be 25-50% of actual cost if you are lucky.

While trying to figure out which  debt is the villain, I looked at the amount of debt. A house costs so much more than an average Canadian can put on a few credit cards. But, a house can be sold to recover most of the cost of the loan. Where as credit card debt, there is nothing to recoup. Average loss with a house or credit card debt on a bad case scenario may be around $30,000-$50,000. So that would be the same loss. But, there is one rule in Canada when a house gets sold by the financial institution and the house is sold at a loss, the loss can be recouped. The ex- owners still owe the outstanding bill. In this case the Other Consumer Debt is the Villain.

One fact that cannot be hid under the rug is there is always a resale value on a house, not so for the credit card debt.

 Another fact is  every person who buys a house with less than 20% down, has to buy default insurance, the House Debt becomes a better bargain then the Other Consumer Debt .

If you take it one step further and look to see which group has the most to lose if the Governmnet made changes to either one, you will quickly see the credit card group has the most to lose, with all their profits in their high interest rates. 4% versus 23%. That would be a whole lot of interest profits lost.

The real losers in this issue are the low to middle income bracket. They will have to save yet even more for a downpayment, plus if the amortization years are lowered they will have bigger monthly mortgage payments. These two points will likely take away any chance of being able to get into their own home.

The next time you come across a news story suggesting that rules on mortgages should yet again be tightened up, ask yourself why credit card companies are allowed to give credit out freely, as well as, gouge the average consumer with abusive interest rates.

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

After Living In The Same Area For 17 years.....

After Living In The Same Area For 17 years.....
This is what I have learnt.

Living in Courtenay BC has been very good for me. It is a small enough town where you can be anywhere in 15 minutes, but big enough to have the variety of small businesses and big box stores.

I bought my house on top of Ryan Road Hill.  Ryan Road was basically a thru way for people getting to the Base from other parts of Courtenay.  There was lots of bush to walk through and lots of deer to see.

Looking out my window, I noticed, I now have a mountain view. In the winter when all the trees had no leaves on them, I had mountain glimpses if the winds were blowing the right way. With  all the building down the hill on the left side of Ryan Road, it gave me a view. Bonus when I sell.

 I now can walk to stores within 5 minutes. This part of Courtenay has built up- not in a fast pace though but none the less I have almost anything I need in walking distance now.  Across the street we have the College and Swimming Pool.  Down the street  Home Depot, Costco and soon to be Thrifty's.  Our bus system has been updated, now they do not do the round Courtenay and Comox circuit. Any time I used to use the bus it would take a hour to get where I was going and a 20 minute walk to not use the bus. I usually chose the walk unless I had heavy items I did not want to lug.

 I chose my house in a good area and luckily it continues to be a good area. It was not skill, it was by chance. Unfortunately, other people who chose their houses were not so lucky.  Even though they knew industrial type of building would happen I believe they thought there would be more of a area between their houses and the businesses. All night long they listen to either Home Depot trucks or Costco Trucks and soon to be Thrifty's Foods trucks. Lots of complaints to City Hall. In the day time people behind the College listen to the trades building all day.  Welding, hammering and the likes, can be very hard to drown out. These houses were there before the businesses and they were not cheap.  While the businesses have bent over backwards to cut down on the noise, there is still noise in the middle of the night. 

I am lucky, except for some increased traffic on Ryan Road, everything built up here is a bonus when I sell my house. None of them are in my back yard.  Mountain views, short walking distance to College, Pool, Grocery Stores, Golfing, Home Depot and Costco, Church services at the College or School on Sundays.

So the important lesson I learned when choosing my next home is when buying a home be careful especially if the area is not built up already.  In all cases check with the city to see what zoning  is around the area of your home-to-be, check for long term plans, or you may  get a Costco or Thirfty's  literally in your back yard.


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

 Face Book Page : https://www.facebook.com/#!/pages/Angela-Kroemer-AMP-Mortgage-Professional-12506504182/174796809243771

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CMHC--Buying a House

http://www.cmhc.ca/en/co/co_007.cfm

A video on buying a house and what to expect going through the buying process. The video is very general, so if you have any questions give me a call.




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

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

Busy Time of Year-- You Still Need to Switch Over Your Mortgage

Some say it is the busiest time of the year, getting ready for Christmas. Not too much time to do anything else.

Also, if you are like many with a mortgage either fixed or varible you have been reading that there are great sales on interest rates. You have been meaning to look into these rates but just have not had the time.

OR

You just saw your dream house and now is the time to buy.

Good news is here.

Phone up a mortgage broker. Also known as mortgage professonal and mortgage consultant.

Why?

A mortgage broker does all the work. They work with your schedule. The first consultation takes about 1 hour. Can be done over the phone, or you can ask the mortgage broker to email you an application and you can fill it out and send it back.

The next phase is any questions the mortgage broker has about your application. Probably 15 minutes.

The mortgage broker will let you know which documents that they will need and can pick up at your place of work,home, or you can fax or email them. 15 mins

Next, the mortgage broker sends in your application and documents. Gets back to you about any other documents the lenders are requesting. Probably another 15 mins.

You send your paperwork to the mortgage broker or the mortgage broker drops by your place of work or home and picks up paperwork. Maybe 15 mins for that transaction.

Mortgage broker sends in the paperwork. If all looks great, the mortgage broker will email or call you and let you know it is time to make an appointment with a Lawyer or Notary Public.

You make an appointment with a Lawyer or Notary Public to sign the final paperwork. That would be about 15-30 mins for that appointment.

You are done. All the work has been done for you and you have a mortgage with great rates. The time it takes you is less than 3 hours to save money on your mortgage.


Thank you
Angela Kroemer, AMP
Mortgage Professional
1.250.650.4182
1.888.679.0190
akroemer@mortgagegroup.com
www.ComoxValleyMortgagesToday.com
TMG The Mortgage Group Canada Inc.

Buyers Market

On my last Blog writing I mentioned the subject Buyers Market. This blog will explain what a buyers market is and what terms you can ask for.

Buyer's Market is when there are more houses up for sale than there are buyers. The buyers have choice in what they choose and have time to ask for terms since the house will probably not be sold under them. The homes are slow to get sold and the sellers who really want/need to sell will listen to what the buyer is asking for. The sellers will negotiate to get their house sold.

What should you be doing in a buyers market while looking for a home.

1) Choose and have a Realtor you like and trust. When it comes time for negotiating for a house you want your Realtor to be there for you.

2) Have your Realtor send you updates. Especially updates on price changes.

3) Make a list of what you must have in your future home. Make sure your Realtor knows this list so both of you are not wasting your time. If you don't know what you like then go to several "open houses" to find out. ( http://www.comoxvalleyopenhouses.com ). The more clear and concise you can be to your Realtor the better chance they will only show you what you want , or a close enough choice from the range of homes on the market.

4) Go to homes that have been on the market for 30 days or more. These sellers are looking for a sale and you may get what you want for less. Renovations may be affordable to get you exactly what you want. Make sure you are realistic on what renos you can do and what renos would have to be jobbed out.

5) If you are interested in a house make sure your Realtor has the comparables for that nieghbourhood. These are the dollar amounts that the houses sold for in that nieghbourhood in the last 6 months to a year.

6) Ask for a credit. Don't lowball on the price, people just get annoyed at that and shut down. If you don't like the carpets, paint color or the appliances then just ask for a credit since you will need to change that to make it your home. Be realistic in the cost of replacing and negotiate with the sellers. If your offer is fair, then they usually will have no problems with the offer.

7) Ask for things that are already in the home. If the window treatments are not included but you like them , then ask that they stay. Appliances are usually negotiable. Go through the list to see what is staying with the house. Then if you like something ask if it can stay with the house. Everything is negotiable and the sellers will think you are serious in buying and will be open to new ideas.

8) Closing costs. Ask that the seller pay for your part of the property taxes for the rest of the year or any other costs associtated with you buying that house.

9) Building Inspection. If you are serious then you will probably have a building inspection. If the inspection comes up with some minor things and the building inspector has a money figure to back it up, ask for a credit on that money figure or ask that those minor repairs be done by the time you take over the house.

10) Short acceptance period. Just because the housing market has slowed down doesn't mean you can't ask for a fast reply on your offer. A 24 hour limit should be plenty for the sellers. Their house has been on the market for awhile and they should be ready to deal. If not they may not be ready to sell and you are wasting your time negotiating with them.

These are just some of the ways to get a house plus extras in which a seller does not feel "lowballed". Each house is unique. Your realtor may have more suggestions for credits or a lower price. Be open to ideas that will get the house price lower and you closer to owning the home.

Thank you

Angela Kroemer, AMP
Mortgage Professional
1.888.679.0190
akroemer@mortgagegroup.com
www.ComoxValleyMortgagesToday.com
TMG The Mortgage Group Canada Inc.

The "After Summer Motivated Housing Market" is Open

The weather has changed from hot to cool.  The mountains have gotten their first sprinkling of snow around here,

With the cool weather, the "after summer motivated housing market" opens up.  What is this market?
It is those houses that did not sell in the summer time.  Usually the house price has an
advertised price drop in the Fall and the house owners are motivated to sell.
Why are they motivated?

If you do your homework  you may find out:

- they have bought another house and have already moved in to new house
- they have secured a job outside of the Comox Valley and need to move this house now
- there was a break up of the relationship and they want to move on with their lives
- they can't afford to keep their house because of their own personal economic conditions

A price drop does not necessarily mean there is some thing wrong with the house.
The owners just need to sell it.

This year it has been a buyer's market -- which means the buyer stipulates the terms and it is up to the seller to accept or not.  If the seller is motivated they will consider all terms.

Also , this year our Lenders are motivated.  They are willing to go above and beyond to get our clients a mortgage.

With this mix of a Buyers Market and Motivated Lenders it is a very good mix for people who may not qualify for a mortgage in "good times" to qualify for one now.

If you want to know if you qualify and for how much, contact me.  There is no obligation and it is a free service.  It takes about an hour to fill out an application. It can be done over the phone.  That hour spent could get you in a place of your own by Christmas.

Remember our Lenders are Motivated.
Run anything by me and I will see what I can do.

Thank you
Angela Kroemer, AMP
Mortgage Professional
1.888.679.0190
akroemer@mortgagegroup
www.ComoxValleyMortgagesToday.com
TMG The Mortgage Group Canada Inc.

Why Have Mortgage Brokers If We Have Banks?

The questions below are the questions I get asked most frequently about being a mortgage broker. 

Why have mortgage brokers if we have banks?
Don't the banks do a great job on mortgages?
What is the difference between a bank and a mortgage broker?
I have always had my mortgage at a bank what can you do for me that is different?

Mortgage Brokers have been available to clients for over 30 years. It has changed and evolved in those years to become one the most economical, efficient, flexible way of getting a mortgage.

The History of The Mortgage Broker

When mortgage brokering started in Canada it was primarily for those who only had bad credit. The mortgage broker was able to secure a lender for the mortgage at higher interest rates because of the risks involved with dealing with clients that had bad credit. The Banks would not lend to these clients.
About 20 years ago if someone said that they went through their broker for a mortgage it would be the tell tale sign that they had bad credit. So it was normal to associate mortgage brokers with bad credit.

Fast forward to 2011.

Mortgage Brokers Are Now For Everyone.

Many changes have taken place in the broker channel (network).
The growth of Canada spurred the need for more housing which meant more mortgages. The Banks primarily were the ones lending money for mortgages but without too much competition they could name their rates, policies and the Canadian client was at their mercy.

A basic understanding of what a Lender is:

The term "Lender" means the Lender is a Business that lends money to clients through mortgage brokers. They use mortgage brokers as their sales force, paying the mortgage broker a finders' fee, thus reducing their overhead, allowing for lower interest rates.
The federal government regulates these Lenders the same way they regulate the Banks. Which in Canada is very strict and structured.

As the demand for mortgages grew the Lenders saw the need for improved programs and more choices for the clients that wanted a mortgage. That was the start of what is known as “today's mortgage broker” . With the competition of the Banks and Lenders , the Canadian consumer has a choice like no other choice in history for their mortgage needs.

While the Banks are still pretty rigid on whom they deal with, the Lenders on the other hand have programs in place that just about cover everything imaginable in the world of mortgages. With the Lenders, the better the credit rating and stability of the client the lower the interest rate is charged. Thinking outside the box is one of the great qualities of these Lenders.

Why would a client choose a Mortgage Broker instead of a Bank?

more programs to choose from so the mortgage is tailored to you
fast approvals
usually lower interest rates
flexibility
constant evolving programs to suit you and your needs
peace of mind
mobile service
efficient handling of the mortgage
the choice in not dealing with a loan officer in a bank
over 50 lenders to choose from
friendly and informative advice
we want you to get your mortgage and will work very hard to facilitate that


Thank you
Angela Kroemer, AMP
Mortgage Professional
1.888.679.0190
1.250.650.4182
akroemer@mortgagegroup.com
www.ComoxValleyMortgagesToday.com
TMG The Mortgage Group Canada Inc.

More Property Tax Deferment Programs

Property Tax Deferment – 55 & older, surviving spouse, Person with a Disability

In the last couple of years taxes, gas, groceries and everything else has taken a huge jump and there is less money at the end of the month.

If you find that you are unable to come up with the money to pay your property taxes then one avenue you can follow is to defer them until you can make payments or until you sell your house. As always interest is added to the amount you owe. Below is more information:

http://www.sbr.gov.bc.ca/individuals/property_taxes/property_tax_deferment/about.htm

Property Tax Deferment – 55 & older, surviving spouse, Person with a Disability

The British Columbia Property Tax Deferment Program is a loan program that allows you to defer your annual property taxes on your home if you meet certain criteria.

To qualify, you must meet certain criteria as outlined below:


You are a Canadian citizen or permanent resident who has lived in British Columbia for at least one year immediately prior to applying for tax deferment benefits and be:
55 years or older during that calendar year (only one spouse must be 55 or older),
a surviving spouse, or
a person with a disability as defined by regulation:
To be considered for eligibility as a person with disabilities you are required to provide either:


a copy of either a recent letter confirming your Persons with Disability designation or your Release of Information Form from the Ministry of Social Development confirming you have the designation OR
a Physician Certification Form, completed and signed by your physician. The form explains the disability eligibility criteria for the Property Tax Deferment Program. The definition of "spouse" includes:


a marriage partner
a person who has lived with the owner as common-law husband or wife, including same-sex partners, for a continuous period of not less than two yearsYou must have, and maintain, a minimum equity of 25% of the current BC Assessment value (other appraised values are NOT accepted), after deducting the UPPER limit of all outstanding mortgages, lines of credit and other charges on your home.

There is a one-time administration fee of $60 for a new approved agreement and a $10 annual renewal fee for approved renewals. You do not need to send payment with your application - these fees are added to the deferment account.

Thank you

Angela Kroemer, AMP

Mortgage Professional

1.888.679.0190
akroemer@mortgagegroup.com
www.ComoxValleyMortgagesToday.com

TMG The Mortgage Group Canada Inc.