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

Why Did Canada Change The Mortgage Rules June 2012?

2012 Announcement on Measures to Support the Long-Term Stability of Canada’s Housing Market

General

Q. Why is the Government making these changes at this time?
A. These measures will support the long-term stability of the Canadian housing and mortgage markets and promote savings through home ownership. They are intended to be timely, targeted and measured. The measures will reinforce the importance of borrowing responsibly and using home ownership as a savings vehicle. The Government actively monitors developments in the housing market and is committed to taking action when necessary.

Q. What will be the impacts of the adjustments to the rules for government-backed mortgage insurance on the Canadian economy?
A. The adjustments to the rules for government-backed mortgage insurance will provide significant benefits to the Canadian economy by supporting the stability of the housing market and promoting savings through home ownership. The short-term impact on the housing market is expected to be manageable, given that the majority of Canadian families are already taking a prudent approach in managing household debts. In the long term, these measures are expected to have a positive impact on the economy through higher savings and a lower number of financially vulnerable households.

Q. When do these measures take effect?
A. The new measures will take effect on July 9, 2012.

Q. Are further measures expected?
A. The Government actively monitors developments in the housing market, consumer debt and the economy, and is committed to taking action when necessary to support the long-term stability of the housing market and protect the investment of Canadian families.

Q. Do these measures apply to multi-unit buildings?
A. These standards apply to mortgages on residential property with four units or less.

Q. Why is the Government lowering the limit on refinancing again?
A. The new measure announced today will reduce the maximum amount on refinancing to 80 per cent from 85 per cent of the value of the home. Limiting the amount of refinancing will promote saving through home ownership and limit the shifting of consumer debt into mortgages guaranteed by taxpayers.

Q. Why is the Government lowering the maximum amortization period again?
A. The new measure announced today will reduce the maximum amortization period to 25 years from 30 years. Limiting the maximum amortization period will reduce the total interest payments Canadian families make on their mortgages, helping them build up equity in their homes more quickly and pay off their mortgages sooner.
For example, reducing the amortization period from 30 years to 25 years on a mortgage would result in a moderate increase in the monthly payment. However, over the life of the mortgage, this modest increase would result in a significant reduction in the total interest payments. For a $350,000 mortgage at 4 per cent interest rate, the interest savings could be over $45,000.

Q. Why is the Government limiting the maximum gross debt service (GDS) and total debt service (TDS) ratios?
A. The GDS ratio is the share of the borrower’s gross household income that is needed to pay for home-related expenses, such as mortgage payments, property taxes and heating expenses. The TDS ratio is the share of the borrower’s gross income that is needed to pay for home-related expenses and all other debt obligations, such as credit cards and car loans.
The new measure announced today will set the maximum GDS ratio at 39 per cent and reduce the maximum TDS ratio to 44 per cent. These debt service ratios measure the share of a household’s income that is required to cover payments associated with servicing debt. Both measures are already used by lenders and mortgage insurers to assess a borrower’s ability to pay. Setting a GDS limit and reducing the TDS limit will help prevent Canadian households from getting overextended and reduce the number of households vulnerable to economic shocks or an increase in interest rates.

Q. Why is the Government introducing a maximum allowable price for insured mortgages?
A. The new measure announced today will establish that government-backed mortgage insurance is only available for a new high loan-to-value mortgage if the home purchase price is less than $1 million. Because homes priced at or above $1 million would not be eligible for government-backed high ratio insurance, borrowers for these homes would require a down payment of at least 20 per cent.
Introducing a maximum allowable price will ensure that government-backed mortgage insurance operates the way it was originally intended: to help working families and first-time homebuyers. This measure is expected to have a negligible impact on working families and first-time homebuyers as the vast majority of these borrowers purchase properties priced below the threshold.


http://www.fin.gc.ca/n12/data/12-070_2-eng.asp


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 The Comox Valley https://www.facebook.com/#!/cvmortgages

TMG- What We Know About You – Mortgage Consumers

The 2012 Mortgage Consumer Survey prepared by Canada Mortgage and Housing Corporation (CMHC) tells those in the mortgage industry a lot about you, the consumer – your buying habits, where you go to look for information, the kind of information you look for, etc.

The online survey was completed over February and March of 2012 by more than 3500 mortgage consumers who had completed a mortgage transaction in the previous 12 months. Here are few highlights of that survey:

Online Activity

• When researching mortgage information, 71% of consumers went online; this is up from 65% in 2011.
• Facebook was the most popular social media network used to gather information, especially among first time home buyers.
• The two most actively searched items were interest rates at 86% and mortgage options at 73%.
• And not surprisingly, 38% of 18 to 24-year-olds used mobile mortgage apps.

Using Professionals

• Consumers are turning more to mortgage professionals to help them with their mortgage decisions.
• Consumers are asking a lot more questions about mortgages – 71% asked about differences between mortgage products; 67% wanted information about mortgage loan insurance; and 67% asked about penalty clauses.
• Consumers like referrals and most referrals come from a family member or a financial planner.

The Mortgage Process

• Before making a decision about a mortgage, consumers spend about five weeks doing research; first time home buyers spend about eight weeks.
• Consumers are now more prepared when meeting with their mortgage professional and come armed with a list of questions and the necessary documentation.
• Eighty per cent of consumers felt confident they made the best decision with their mortgage product.

Mortgage Free

• Thirty-one per cent of mortgage holders made lump-sum payments or increased their regular payments to pay off their mortgage sooner.
• Nearly half of all buyers set their monthly payment higher than the minimum to pay off their mortgage sooner.

The survey findings are positive indicators that consumers are increasing their knowledge about financial matters. Four in ten home buyers went online and did a financial self-assessment. And a whopping 80% felt they had a good understanding about how much they could afford and what options were available to them.

Consumers who educate themselves about the financial options available will learn how to make consistent, informed financial decisions and that will help them to achieve their goals. This survey shows that Canadian consumers are on the right track.

The survey also makes clear that mortgage professionals are in a unique position to help educate consumers about their mortgage options and ways to pay off that mortgage sooner.

Thanks to CMHC for conducting the survey and TMG for putting results in a blog.

CMHC
http://blogger.mortgagegroup.com/2012/05/what-we-know-about-you-mortgage.html






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

Comox BC, Allowing Secondary Suites

http://comox.ca/hall/latest-news/2012-05-18-secondary-suites/secondary-suites

Comox BC, has allowed home owners to put in a secondary suite into their detached single family homes.
What are the benefits of this:
- families that could not afford a mortgage will now have help in paying their mortgage
-seniors who want to stay in their home will have increase income.
-affordable rent for seniors
-affordable rent for small families

The Comox Valley is notorious for low wages. This will help as rents will be more in line with the low wages.

There are rules to follow to make your house into 2 suites, but as long as you follow those rules you will be able to get help in paying your mortgage by having renters in part of your home.

For mortgage options:

1. Purchase Plus Improvements-- you want to buy a home in Comox and you want to build a secondary suite.  This program will allow you to borrow 10% of the purchase price up to a maximum of $40,000.00 to do the additional upgrades to make your home 2 suites.
2. Refinance Plus Improvements- If you have equity in your home but do not have the cash to do the improvements to make your home into 2 suites. You can refinance your home to do the improvements.

Both of these programs offer the same low interest rate as a mortgage. This way you do not have to deal with expensive credit cards or lines of credit.
For more information give me a call or email .
www.KROEMERmortgages.com


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

No downpayment-- read on

Stop Paying Your Landlord’s Mortgage! Own Your Own Home

The thousands of dollars in rent you’ve paid to your landlord may be a staggering figure— a figure you don’t even want to think about. Until now, buying a house hasn’t seemed possible; it didn’t seem to be in the financial cards for your foreseeable future. Or is it? This situation is common: countless people feel trapped their home rental, pouring thousands of dollars into a place that will never be their own—they think they’re unable to produce a down payment for a home in order to escape the rental dilemma. However, putting the buying process into motion isn’t as impossible as it may seem. No matter how difficult you believe your financial situation to be, there are a few key facts that can help you make the step from the renter’s rut, to your own home-owning paradise!

Initially, of course, the most daunting factor involved in buying a house is the down payment. You know you’ll be able to handle the monthly payments—you’ve done this, and possibly more, for years as a renter. The hurdle, instead, seems to be accumulating the capital needed to put money down. Here’s the good news - this hurdle may be smaller than you think. Take a look at the following points and explore whether any of these scenarios may be possible for you:

1. Find a mortgage broker to assist you with your options for accessing different lenders.

Mortgage brokers have access to more than just one lender, usually they deal with over 40. Some of those lenders will work with clients to get them into a house with various options available for down payment and closing costs.

2. Buy a home even if your credit isn’t top-notch

.

If you have saved more than the minimum for a down payment, or can secure the loan against other equity, many lending institutions will still consider you for a mortgage, despite a poor credit rating. And working with a mortgage broker we only obtain one credit bureau to save you rating from multiple inquiries.

3. Find a seller to assist you in buying and financing the home.

Some sellers may be willing to bear a second mortgage as a seller take-back. The seller then assumes the role of the lending institution, and you pay him/her the monthly payments, rather than paying the price of the home in a lump sum. This is an additional option if you have a poor credit rating.

4. Federal Government First Time Home Buyers Plan (HBP).

Canada Revenue Agency now allows first time home buyers to withdraw up to $25,000 from your RRSP contributions to put towards your home purchase. There are specific guidelines for this program which can be found at cra-arc.gc.ca.

5. Create a cash down payment without going into debt.

You may borrow the down payment from a loan or a line of credit. As long as you can service the repayment amount this is a viable option. You may also be gifted your down payment from a family member as long as it is genuinely a gift and it is in your account 15 days prior to the closing date. You may also have a co-signer on the application to increase the strength of your application for approval.

You now know, there are options. The next step is to educate yourself on what your own personal possibilities might be and how to follow through with this goal. You should be pre-approved for your mortgage before searching for a home. The process is free and doesn’t place you under any obligation. Its simple, you can be pre-approved over the phone! Once a credit application is submitted, you’ll receive a written pre-approval, which will guarantee you to a specific dollar range or mortgage amount. When you have the pre-approved mortgage amount, you’ll know the price range to look in. Make a commitment to break out of the renting rut. Start today! Call Angela to get started on buying your home!!!!!

www.mortgagegrp.com

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

Headlines About Mortgages- Google Alerts

About a month ago, I learned about Google Alerts. It is a very handy tool to have.

Monitor the Web for interesting new content
Google Alerts are email updates of the latest relevant Google results (web, news, etc.) based on your queries.
When using google alerts you go to http://www.google.com/alerts

It can also be used as a security measure. Many Realtors listings' have been hijacked. These guys take the listings and advertise  the house is for rent for a great price. Almost too good to be true. Renters pay them rent and of course the house is not for rent and the renters have lost their money. T
For google alerts, you can put in as many alerts you like. So in the Realtors case, they would put the address of the house listings and their name. So if anyone on the web is advertising any of those items the Realtors would get an alert that the address is being used or their name is being used.

So for me of course, I have an alert for Mortgages In Canada. Comes to my email box once a week.
Mortgages are big news. The headlines sell papers. Articles get read especially the doom and gloom articles. Below are a few headlines I read this morning from just 1 google alert:

Mortgage market tiptoes toward subprime
Canada home prices fall in March, sales up-CREA
Be very afraid of the Canadian housing bubble
Vancouver weighs on market as average Canadian home sale price falls
Canada Home Resales Rise 2.5% M/M in March, Up 1.6% Yr/Yr

The great news is there is news. You can read several articles with a different opinions, helping you educate yourself in the subject of mortgages. Or you can be like some and be afraid of these headlines, and not think about going for a mortgage when the rates are at a all time low.

What a lot of these articles are trying to articulate is this :

Interest Rates are Low= Low Mortgage Payments
Interest Rates are Low=You can buy a more expensive house with the same earned dollars
Property values are high which means that property values may decline for a few years
Interest Rates can only go up or stay the same depending on the economy
Interest Rates will go up and you won't be able to requalify for a new mortgage at the end of your 5 year term

Now depending on your situation, it may have a good outcome or a bad outcome.

If you bought your house and rates are the same but property values drop, this would only affect you if you wish to sell short term. The housing market corrects itself. 

The big one that most are writing about is that Interest Rates will go up and when it is time to renew, the mortgage payments will not be affordable or you will not qualify. Plus if property values take a dive you will be in double jeopardy of losing your house. You will owe more than what your house is worth and you will not be able to afford the new higher interest rate payments. Yes, just like in the United States.

I have a solution for that. It is called a low interest rate term of 10 years. Most people take out terms of 5 years and in the next 5 years no one knows what will happen with rates, property values,job security, etc. The market may not have enough time to correct itself.

With a 10 year rate it is long term. You will have 10 years of equity in your home. If you have made the maximum prepayments each year you will be farther ahead. You will have 10 years of the same low payments. Right now under 4%.  After 10 years of payments- you will not owe more than what the house is worth, you will have equity in your home, you will qualify for another mortgage with higher interest rates.(assuming you earn the same or more). It is a good situation to be in. So if you are not a gambler, and want a more secure , stable long term payments, give me a call or email me and we can sit down and talk about the 10 year mortgage term. Also for those that have a home and want to refinance to a 10 year term, give me a call and lets work out the numbers.



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

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

Reverse mortgages an income lifeline for some seniors

Reverse mortgages an income lifeline for some seniors

A great article. For more information, 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
www.KroemerMortgages.com
Your Mobile Mortgage Professional in The Comox Valley

St Patrick's Day in Canada

St Patrick's Day is a public holiday in the Canadian province of Newfoundland and Labrador on the nearest Monday to March 17 each year.
This event commemorates the life of St Patrick, a missionary who worked in Ireland and is said to have died on March 17 in the fifth century. He played an important role in converting the inhabitants of Ireland to Christianity. Now, his feast day is an opportunity to celebrate Irish culture.

The most widely-seen St Patrick's Day symbols are the colors green, and sometimes orange, and the shamrock. The shamrock is a symbol of Ireland and a registered trademark of the Republic of Ireland. It is the leaf of the clover plant, which grows on the ground, often among grass and an Irish Catholic symbol of the Holy Trinity. It is sometimes confused with the four-leaf clover, which is a variety of the three-leaf clover and is thought to bring good luck.

If you are looking for a home in the Comox Valley and are hoping for the Luck of the Irish to help you out today, you may want to go to  www.comoxvalleyopenhouses.com .

Good Luck on your search and call me for all your mortgage needs.



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

Shucking Corn-- Clean Ears Everytime

I know, this has nothing to do about mortgages. But it is amazing all the same. How many ways have you tried to shuck corn and still got all those silk threads hanging on to your corn. In this video, the silk threads will be gone with no work involved. No running an elastic band up down the corn cob bruising the corn or what ever method you saw last. This method looks like it works.
I have not tried this method but Ken looks like a guy you can trust. Just look at him.
If you have tried this method, let me know how it works for you.
Here in BC it is March, so fresh corn won't be here for awhile

http://www.youtube.com/watch?v=YnBF6bv4Oe4&feature=share

right click and open in new tab.

Thanks Ken.


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

10 Great Reasons For Using A Mortgage Professional

Thanks for viewing.


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

Comox Co-op makes ‘significant donation’ to Wheels for Wellness

Comox Co-op makes ‘significant donation’ to Wheels for Wellness

Wheels For Wellness helps 10000 people a year from the Comox Vally. They have a fleet of 15 vehicles.
There are 26 volunteers helping all year long.

What a caring organization.

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

CHIP Home Income Plan - Reverse Mortgage

Living in the Comox Valley is truly wonderful. So many things to do, so many things to see.
The downside to living here is everything is so expensive. It is okay while you are working and can make a decent wage, or for many people work extra hours to make extra money to do the activities they want.

But once you retire, well that is a different story.

Pensions don't increase at the speed that everything else increases. Was listening to the news the other day and medical went up, property taxes are going up, gas tax going up. Just how does a person on a fixed income make do if they cannot earn anymore money?

The other downside to living here is the medical. If you get sick, the reality is that you have to travel to Victoria to see a specialist, to get medical treatment that they do not do in the Comox Valley. The travelling can be several times a month or several times a year. That extra money for traveling eats into the cash the pensioner may have.

Also, our medicare is cutting down on the items it provides. Now everyone is faced with extra bills for the medical items that medicare will not cover anymore. Even if your doctor says you have to have them.

Stock market -- Thinking that your returns will be at least 5% and finding out that it is only 1%, if you had anything left after all those crashes. So much for that extra income in your retirement years.

The solution can be a CHIP Home Income Plan - Reverse Mortgage if you own your own home. It allows you to stay in your home while getting income from your home to help with all those extra expenses. In the last couple of years there has been an increase of pensioners looking to the CHIP program to get them extra income to live on.


SOME HIGHLIGHTS of the CHIP Home Income Plan - Reverse Mortgage are:



A CHIP Home Income Plan is a reverse mortgage secured by the equity in your home. Unlike a traditional mortgage in which you make regular payments to someone else, a reverse mortgage pays you.

The big advantage with CHIP is that you do not have to make any payments – principal or interest - for as long as you or your spouse live in your home.

A CHIP Home Income Plan is designed exclusively for homeowners age 55 and older. This age qualification applies to both you and your spouse.

You can receive up to 50% of the value of your home.

You can choose how you want to receive the money. CHIP gives you the option of receiving all the money you're eligible for in one lump sum advance, or you can take some now and more later, or you can receive planned advances over a set period of time. You can even combine a lump sum advance at the beginning with ongoing advances over time.

You receive the money tax-free. You can use the money any way you wish.

No payments are required while you or your spouse live in your home. The full amount only becomes due when your home is sold, or if you move out.

You maintain ownership and control of your home. You will never be asked to move or sell to repay your CHIP Home Income Plan. All that's required is that you maintain your property and stay up-to-date with property taxes, fire insurance and condominium or maintenance fees while you live there.

You keep all the equity remaining in your home. In our many years of experience, 99 out of a 100 homeowners have money left over when their CHIP Home Income Plan is repaid. And on average, the amount left over is 50% of the value of the home when it is sold.

Your estate is well protected. We guarantee that the amount to be repaid will never exceed the fair market value of your home at the time it is sold. If your heirs want to keep your home, they can repay the CHIP Home Income Plan from other funds.



If you would like to know more about the CHIP Home Income Plan - Reverse Mortgage, give me a call or email me.



Thank you
Angela Kroemer, AMP
Mortgage Professional
1.888.679.0190
akroemer@mortgagegroup.com
www.ComoxValleyMortgagesToday.com

TMG The Mortgage Group Canada Inc.

Small Business Saturday

Today is small business saturday. A day to shop locally to boost the sales of the small businesses in your town, which in turn will boost our economy. This is the 2nd annual Small Business Saturday.

Time to shop.

Thank you

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

Purchase PLUS Program

A purchase plus program is designed for the person who has found a house and wants to make improvements.
The house could be at a lower cost because of the repairs it may need to make it liveable to you.

Right now there is a great special going on, but you need to move fast because the house must close by December 31 2011.

Can't find a home that is exactly what you want. Purchase a home and plan to make inprovements and you can still get this low rate. 5 year fixed quick close special is available for purchase plus improvements at 3.29% o.a.c., must close on or before December 31, 2011, owner occupied homes, there is no premium to the rate for this purchase plus program.

Please don't delay if you would like to take advantage of this deal.


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

TMG- The Mortgage Group Canada Inc.

TMG- The Mortgage Group Canada Inc.

I have written alot about mortgages, how to get them, interest rates, etc. But, I don't think I have written enough about the company I am affiliated with. I don't want to say company I work for because it just doesn't feel that way, in fact sometimes it feels like they are working harder for me then I am for them. It is more of a partnership with TMG giving awesome and never ending support in information, ideas and learning then I would ever have imagined. Every week to furthur our education they have an online real time web/TV program in which we learn about different areas about the mortgage broker business. The support is just outstanding. All this so we as mortgage sub brokers will flourish and be successful. Then if we are successful our Company TMG will be successful. As you read more you will see they are very successful.

The next time you see the TMG logo you will know that there are only professional mortgage brokers working for the best interest of their clients and supported by the TMG company, all obtaining the best for each client.
Truly a company that cares.

The background history of TMG is as follows:


WHO IS TMG?
A Canadian Mortgage Company Legacy

Canadian owned and operated since July 29, 1990
British Columbia company, based in Vancouver
TMG The Mortgage Group has helped a quarter million Canadians get the right mortgage solution to suit their financial needs, earning a respected reputation with lenders and clients as leading-edge mortgage experts that deliver on the company’s Vision and Values.

National team of over 700 qualified and accredited Mortgage Professionals and brokers providing residential and commercial mortgage services.

Access to over 50 Mortgage Lenders
TMG The Mortgage Group has a large Network of Lenders, including Banks, Credit Unions, Financial Institutions and Lenders, products and the lowest rates.
Access to this Network allows TMG’s Mortgage Professionals to help almost a quarter million Canadians find the mortgage that best suits their financial needs

Leaders in mortgage innovation and technology
TMG has developed proprietary tools and software to quickly and efficiently source and manage financing solutions.

Providing Mortgage Education across the country
From Global TV appearances and up-to-the-minute industry news to informative introductory videos, TMG is widely considered a mortgage education resource.

Operating with the highest levels of professionalism, ethics and integrity

Won the CMP Award for National Mortgage Brokerage of the Year, 2011


Thank you
Angela Kroemer, AMP
Mortgage Professional
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.

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.