Mortgage Check Up?

So why have a Mortgage Check up?
The main reason is so you are not spending money on your mortgage that you do not have to.

Mortgage rates are low - lower than they've ever been. Now is the perfect time to refinance your home so you'll be mortgage free sooner and save thousands of dollars taking advantage of the low rates.

If you have a mortgage of $120000.00 and are paying 3.89%, with 25 year amortization your monthly payment would be $624.08 or close to that.

If your mortgage is $120000.00 and you are paying 3.29% with 25 year amortization your monthly payment would be about $589.50 .

So in a year your savings would be about $415.00, which equals a few nights out in a nice restaurant, or maybe 2 nights in a hotel room. It is money you are giving to your bank when you could take advantage of it and enjoy and have fun with it yourself.

Now if your interest rate that you are paying is more than 3.29% the savings are  higher. You could  afford a small vacation, new furniture or new appliances, without changing anything except for your mortgage rate.

Now is the time to get your Mortgage Check Up , while the rates are low.

Call Today !!!!!!!!!

1.250.650.4182


Thank you
Angela Kroemer, AMP
Mortgage Professional
250.650.4182
1.888.679.0190
akroemer@mortgagegroup.com
www.KROEMERmortgages.com
TMG The Mortgage Group Canada Inc.

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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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

Changes for Borrowers With The New Mortgage Rules

 The Department of Finance has posted this Q&A on its website.

Mortgage changes concerns for borrowers.

Q. I already have an insured mortgage. How will these changes affect me?
A. Mortgage insurance is good for the life of the mortgage. Borrowers renewing their insured mortgages will not be affected by these changes. For example, if a borrower had a 30-year amortization and there are 27 years remaining on the mortgage, the mortgage can be renewed with a 27-year amortization, as long as no new funds are being added to the mortgage.

Q. What is required to qualify for an exception to the new parameters?
A. The new measures will apply as of July 9, 2012. Exceptions will be made to satisfy a binding purchase and sale, financing or refinancing agreement where a mortgage insurance application has been made before July 9, 2012. While the changes come into force on July 9, 2012, any mortgage insurance applications received after June 21, 2012 and before July 9, 2012 that do not conform to the measures announced today must be funded by December 31, 2012.

Q. Will a purchase and sale agreement dated prior to July 9, 2012 be considered binding if there are outstanding conditions that have not been fulfilled prior to July 9, 2012?
A. Yes, if the date on the purchase and sale agreement is earlier than July 9, 2012, and a mortgage insurance application has been made prior to that date, the new parameters will not apply, even if the conditions of the agreement have not been waived.

Q. Will the new refinancing rules allow a borrower with a mortgage above 80 per cent loan-to-value (LTV) to refinance by extending the amortization period?
A. No. Effective July 9, 2012, borrowers will not be permitted to refinance a mortgage above an 80 per cent LTV, unless the borrower has a binding refinance agreement dated prior to July 9, 2012, and a mortgage insurance agreement has been made prior to that date.

Q. I have a written mortgage pre-approval from a lender, dated before July 9, 2012 with a 30-year amortization. Will I still be eligible for a 30-year amortization if I don’t sign an agreement of purchase and sale until July 9, 2012 or later?A. No, a mortgage pre-approval without an agreement of purchase and sale is not sufficient to qualify for a 30-year amortization. You may have a 30-year amortization only if your agreement of purchase and sale is dated before July 9, 2012 and you have made a mortgage insurance application before July 9, 2012. You may wish to discuss with your lender to revise your mortgage pre-approval using the new parameters announced today.

Q. Will the new parameters apply to assignment (“switch” or transfer) of a previously insured loan from one approved lender to another?
A. No. As long as the loan amount and amortization period are not increased, the new parameters will not apply to a switch/transfer/assignment of the mortgage to a different lender.

Q. If I sell my current home and buy another, will the new parameters apply if I transfer the outstanding balance of my insured mortgage to the new home?
A. As long as the outstanding balance of the insured loan, the LTV ratio and the remainder of the amortization period are not increased, the new parameters will not apply when the mortgage insurance is transferred from one home to another.

Q. What if I need to increase the amount of my insured loan when I sell my current home and buy another?
A. In this situation, the new parameters will apply for any insured loan.

Q. If I bought a condo that is not expected to be built for another two years, will the new parameters apply?
A. If you bought a condo and have made a mortgage insurance application on or before June 21, then the new parameters would not apply. If you buy a condo and make a mortgage insurance application after June 21, the new parameters will apply if the mortgage loan is not funded by December 31, 2012.

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

Gifts For Mom- Mother's Day- Sunday May 13 2012

While Mom may not be getting a house for Mother's Day, here is an interesting survey on what Canandians do get mom for Mother's day.
Gifts for mom: Are you as generous as the average Canadian?

TORONTO— The Canadian Press

Published Wednesday, May. 09, 2012 6:00AM EDT

Seventy-three per cent of Canadians are getting mom a gift this Mother’s Day, according to BMO’s 2012 Mother’s Day survey. The average amount we’re willing to spend on mom: $84.16.
Men are true momma’s boys, planning to spend $105 on their mothers. Women, on the other hand, are only willing to shell out $62.

The most generous province? Ontario, where the average spent on a gift is $93.61. The Atlantic provinces spend the least, with a budget of $70.41.

Of course, a bigger gift doesn’t mean a bigger heart.
“The difference in spending is more likely a measure of practicality than it is of love,” said Jennifer Weisman, director, BMO Bank of Montreal.

Mother’s Day is bigger than Valentine’s Day and second only to spending leading up to the Christmas holidays. It typically generates the second highest volume of weekend shopping in the year as measured by dollar value.

So what kind of gifts can mom expect this year? Canadians say they plan to:
– Take mom out to a restaurant (28 per cent). If you plan to take her out for a meal, be sure to make a reservation. Mother’s Day is one of the busiest days of the year for dining out. There was a 22 per cent spike in restaurant spending from the same period the previous month last year.
– Bring her flowers (27 per cent). No surprise here. With spring buds blooming across the country, May is the perfect time to show your love and appreciation with flowers. Last year there was a 237 per cent increase in spending on flowers during the Mother’s Day weekend compared with the same period in the previous month.
– Make her a home-cooked meal (18 per cent). Whether it is breakfast in bed or full-on Sunday dinner, it’s all good, as long as mom doesn’t have to make it.
– Give other gifts or cards (3 to 4 per cent). Aesthetic services, candy and chocolate, jewellery, cards and other gift ideas all trailed far behind the top three choices.
– No gift (15 per cent). Respondents didn’t offer reasons for foregoing a gift, but the numbers were surprisingly high. This could be due to the mother being out of town on holidays, or simply that families celebrate their moms every day and don’t make a practice of observing these types of occasions.

The survey was completed from April 23-26, 2012, using Leger Marketing’s online panel, with a sample of 1,500 Canadians. A probability sample of the same size would yield a margin of error of 2.5 per cent 19 times out of 20.
The Canadian Press

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 -- Check out the special deal on my website.
Your Mobile Mortgage Professional in The Comox Valley now with an Office.

Did the bank decline your mortgage application?

If the bank has declined your mortgage application, please come talk to me. I have a several lenders to choose from and usually I can find a lender to work with almost any situation. My service is mobile , or I can meet with you in my office when it is convenient for you. 1.250.650.4182.

Check out my sweet deal on my website  www.KROEMERmortgages.com

Angela Kroemer, AMP

Mortgage Professional

TMG The Mortgage Group Canada Inc.

TMG Sharie Marie Mortgage Team

Local: 1.250.650.4182

TFP: 1.888.679.0190

Fax: 1.888.679.0192

akroemer@mortgagegroup.com

www.KROEMERmortgages.com

Your Mobile Mortgage Professional in The Comox Valley with an Office TM

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

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.

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.