Happy Canadian Thanksgiving

I have so many things to be thankful for, my family, my health and my clients, who give me such joy on a day to day basis, the stories they share, with me. The ups and downs of finding their dream home. How could anyone not love this job.
Thank you.
Happy Thanksgiving.
History of the Canadian Thanksgiving:



The origin of the first Thanksgiving in Canada goes back to the explorer Martin Frobisher who had been trying to find a northern passage to the Pacific Ocean. Frobisher's Thanksgiving celebration was not for harvest but was in thanks for surviving the long journey from England through the perils of storms and icebergs. In 1578, on his third and final voyage to these regions, Frobisher held a formal ceremony in Frobisher Bay in Baffin Island (present-day Nunavut) to give thanks to God and in a service ministered by the preacher Robert Wolfall they celebrated Communion — the first-ever service in these regions.  Years later, the tradition of a feast would continue as more settlers began to arrive in the Canadian colonies.

Oven roasted turkeyIn Canada

The origins of Canadian Thanksgiving are more closely connected to the traditions of Europe

For a few hundred years, Thanksgiving was celebrated in either late October or early November, before it was declared a national holiday in 1879. It was then, that November 6th was set aside as the official But then on January 31, 1957, Canadian Parliament announced that on the second Monday in October, Thanksgiving would be "a day of general thanksgiving to almighty God for the bountiful harvest with which Canada has been blessed." Thanksgiving was moved to the second Monday in October because after theRemembrance and Thanksgiving kept falling in the same week.
The 49th Parallel

Another reason for Canadian Thanksgiving arriving earlier than its American counterparioof remembering Pilgrims and settling in the New World, Canadians give thanks for a successful harvest. The harvest season falls earlier in Canada compared to the United States due to the simple fact that Canada is further north.

The history of Thanksgiving in Canada goes back to an English explorer, Martin Frobisher, who had been trying to find a northern passage to the Orient. He did not succeed but he did establish a settlement in Northern America. In the year 1578, he held a formal ceremony, in what is now called Newfoundland, to give thanks for surviving the long journey. This is considered the first Canadian Thanksgiving. Other settlers arrived and continued these ceremonies. He was later knighted and had an inlet of the Atlantic Ocean in northern Canada named after him - Frobisher Bay.

At the same time, French settlers, having crossed the ocean and arrived in Canada with explorer Samuel de Champlain, also held huge feasts of thanks. They even formed 'The Order of Good Cheer' and gladly shared their food with their Indian neighbours.

After the Seven Year's War ended in 1763, the citizens of Halifax held a special day of Thanksgiving.

During the American Revolution, Americans who remained loyal to England moved to Canada where they brought the customs and practices of the American Thanksgiving to Canada. There are many similarities between the two Thanksgivings such as the cornucopia and the pumpkin pie.

Eventually in 1879, Parliament declared November 6th a day of Thanksgiving and a national holiday. Over the years many dates were used for Thanksgiving, the most popular was the 3rd Monday in October. After World War I, both Armistice Day and Thanksgiving were celebrated on the Monday of the week in which November 11th occurred. Ten years later, in 1931, the two days became separate holidays and Armistice Day was renamed Remembrance Day.

Finally, on January 31st, 1957, Parliament proclaimed...

"A Day of General Thanksgiving to Almighty God for the bountiful harvest with which Canada has been blessed ... to be observed on the 2nd Monday in October.

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

What's in a Title?

What is a Mortgage Professional?

A mortgage professional is a sub-broker. Since the name sub-broker doesn't sound so great, other names used by a sub-brokers are mortgage professional, consultant, agent, specialist and the list grows. We must pass an education program as well as an exam. We also must be licensed in our province.

We are governed by FICOM The Financial Institutions Commission which is a regulatory agency of the provincial Ministry of Finance.
FICOM is responsible for administering nine statutes that regulate the pension, financial services and real estate sectors in British Columbia. The primary focus of this regulation is to ensure that:

• Institutions and pension plans in these sectors remain solvent;
• Market conduct requirements for these sectors are respected;
• Unsuitable individuals do not participate in financial service markets; and
• Through the Credit Union Deposit Insurance Corporation (CUDIC), insure credit union deposits and non-equity shares.

To keep this explanation simple:  A mortgage broker is the company we work for. A mortgage broker over sees the sub-brokers. A mortgage broker in Canada has an overwhelming amount of paperwork, that is why there is more sub brokers then brokers.

Bank representatives are neither mortgage brokers or sub-brokers. They are trained by their bank that they work for.  They could not broker a mortgage as brokering means more than one.  They only sell what their Bank has. They are not unbiased.

A title can be complex to the public as well to the industry that we belong to.   

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

Real Estate Investment Canada Or the US

While economic turmoil has flooded worldwide markets, Canada has become an economic safe haven. International money has been parked for safety and ROI, and has fundamentally became a haven to provide the world what it needs for at least the next couple of decades.

Though Canadians have been programmed to look elsewhere for opportunity, 2011-2020 will be the exact wrong time to be doing so. In fact, Canada is in its first year of what will prove to be Canada’s economic decade, and the best time in history to invest here.

Unfortunately, due to a misguided belief that cheap is good when investing in real estate, many Canadian investors have turned their prospects south of the boarder to the US as real estate prices continue to plummet.

Canadian media has been flooded with the tales of investors chasing the cheap price of US real estate, as well as their deals and steals. However, what these investors failed to consider were the metrics involved in analyzing a market’s potential, such as currency risk, taxation, unemployment rate, vacancy rates, property supply and demand, and have taken the ‘buy cheap’ risk anyways despite the reality.

Moreover, replacement costs mean nothing if demand is non-existent, however it is a wonderful tool to use when selling properties. Investors searching for long-term sustainable wealth also need long-term sustainable economic fundamentals. An economy that shows a downward progression will eventually spillover to the real estate market as well, therefore creating a high-risk real estate market.

GDP growth leads to job growth, with attracts migrations, leading to population growth and increased rental demand. This demand drives rental prices up, pushes people to buy properties, and eventually leads to property price increases.

This is exactly the situation in Canada right now, creating jobs by becoming the world’s safest supplier of four key commodities entering the supply and demand super-cycles – food, fuel, fertilizer and forestry).

Among some of the best Canadian cities to invest in real estate are in Alberta were more jobs are projected to be created in a month than the total jobs created in US over the next 10 years.

Source: Don Campbell – Canadian Real Estate Wealth

Are you Working For An Award Winning Engaged Company?

The 50 most engaged workplaces in Canada

 

Engagement, which describes employees' passion for their work and commitment to the company's vision, isn’t just a buzzword. Taking time to create a fully engaged workforce, where employees go above and beyond their job descriptions, can not only help boost a company's customer relations but also the its bottom line.

 

Companies that focus on employee engagement tend to perform better financially, attract and retain the best talent and enjoy improved customer service and client retention,” says Razor Suleman, founder and chairman of Achievers, a company that offers social recognition and employee engagement solutions to its clients.

The company recently released its third annual survey of the most engaged companies across the country. A panel of five judges, which included Mr. Suleman, evaluated applicants and selected the winners based on the following eight elements of employee engagement: communication, leadership, culture, rewards and recognition, professional and personal growth, accountability and performance, vision and values and corporate and social responsibility.

The 50 most engaged companies, listed below (in alphabetical order), will be honoured on Nov. 14 at Arcadian Court in Toronto.

1. 1-800-GOT-JUNK?
2. 3M Canada Company
3. Access Communications Cooperative Limited
4. Adecco Employment Services
5. All Weather Windows
6. Apex Distribution Inc.
7. Arrow Professional Services
8. Bayer Inc.
9. BC Housing
10. Bruce Power
11. Ceridian Canada Ltd.
12. CIBC Mellon
13. Contingent Workforce Solutions Inc.
14. Crawford & Company (Canada) Inc.
15. Edelman Canada
16. Eli Lilly Canada
17. Empathica Inc.
18. Enflick, Inc.
19. First Canadian Title
20. FIRMA Foreign Exchange
21. Flight Centre
22. G Adventures (formerly Gap Adventures)
23. Genesis Hospitality
24. GoodLife Fitness
25. Haute Culture Consulting Inc.
26. HR Downloads Inc.
27. Hydro Ottawa
28. IQ PARTNERS Inc.
29. Just Energy Corp
30. KPMG LLP
31. Mayhew
32. MD Physician Services
33. Meridian
34. Molson Coors Canada
35. Monsanto Canada Inc.
36. NetSuite Canada Inc.
37. Nurse Next Door
38. PEER 1 Hosting
39. peopleCare Inc.
40. Polar Mobile
41. PowerStream Inc.
42. Rogers Communications Inc. - Customer Support
43. Ryan, ULC
44. Scotiabank Convention Centre
45. Siemens Canada
46. Starwood Hotels & Resorts
47. TeraGo Networks Inc.
48. The Johnson Corporation
49. The Little Potato Company
50. TribeHR

Special to The Globe and Mail

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

Home buying -- A Final Walk-Through Checklist

The final walk-through gives homebuyers an opportunity to inspect a property before closing on the sale of a property.

During the walk-through, buyers can determine if the repair work they requested in the sales agreement has been completed. They can also confirm that the condition of the property has not deteriorated since last seen.
Because the walk-through takes place only a few days or even hours before closing, it’s easy for excited homebuyers to skip taking another careful look at the property. However, being thorough during these final steps can save buyers from unexpected headaches and expense.
Bring this checklist and a copy of your sales agreement to the walk-through to keep you on track. Be sure to discuss any issues you discover with your agent before closing.

Ensure That Requested Repairs Have Been Made

Have all the repairs you requested in your sales agreement been made?	Yes	No
Do you have all warranties and/or bills for repairs made?	Yes	No
Notes:

Check For Items You Purchased With The House

Drapes	Yes	No
Appliances	Yes	No
Lighting	Yes	No
Furnishings	Yes	No
Hot tub or sauna	Yes	No
Play structures	Yes	No
Remote control devices for ceiling fans, alarms, garage doors	Yes	No
Owner’s manuals for appliances and home systems (air conditioning, heating, fireplace units, alarm systems, etc.)	Yes	No
Other:	Yes	No
Notes:

Check Window And Doors

Do the doors open and close properly?	Yes	No
Do the windows open and close properly?	Yes	No
Do the windows latch?	Yes	No
Are any windows missing screens?	Yes	No
Are there any missing storm windows?	Yes	No
Is there condensation in double-panned windows?	Yes	No
Are there any broken windows?	Yes	No
Notes:

Check For Mold And Water Damage

Do the windows have signs of mold?	Yes	No
Are there signs of mold or water damage under the kitchen sink?	Yes	No
Are there signs of mold or water damage in the bathroom?	Yes	No
Are there signs of mold or water damage around the refrigerator area?	Yes	No
Are there signs of mold or water damage around the washer/dryer area?	Yes	No
Are there signs of mold or water damage around the water heater?	Yes	No
Notes:

Note: Mold can begin growing within 48 hours and water damage can occur at any time. So, even if your physical inspector did not find signs of mold or water damage, you should look for these during the final walk-through.

Check Appliances And Systems

Start the dishwasher when you come in. Can it complete its cycle?	Yes	No
Test the air conditioner. Does the thermostat work? Does the system blow cool air?	Yes	No
Test the heating system work. Does it get hot?	Yes	No
Flip on overhead fans. Do they work?	Yes	No
Test the water heater. Is the water from faucets hot?	Yes	No
Does the doorbell work?	Yes	No
Does the alarm work?	Yes	No
Does the intercom work?	Yes	No
Does the garage door open and close smoothly and quietly?	Yes	No
Does the washer work?	Yes	No
Does the dryer work?	Yes	No
Does the stove work (check all burners and oven)?	Yes	No
Does the built-in microwave oven work?	Yes	No
Does the damper in the fireplace work?	Yes	No
Does the gas come on in the gas fireplace?	Yes	No
Does the fan work in the gas fireplace?	Yes	No
Notes:

Check Interior Floors, Walls, And Ceilings

Are there water stains on the ceiling (especially below bathrooms)?	Yes	No
Have any walls been damaged by movers?	Yes	No
Are handrails in stairways secured?	Yes	No
Have floors been damaged by movers?	Yes	No
Have the floors been damaged by pets?	Yes	No
Notes:

Check For Leaks And Plumbing Problems

Flush all toilets. Do they run, empty slowly, or leak?	Yes	No
Check all faucets. Do they leak?	Yes	No
Fill the sinks. Do they drain properly?	Yes	No
Fill the tubs. Do they drain properly?	Yes	No
Do the overflows on the tubs work?	Yes	No
Do the tub jets work? (spa tubs only)?	Yes	No
Turn on all showers. Do they drain properly?	Yes	No
Check the basement. Look at the floor, walls, and any exposed plumbing. Are there signs of leaks?	Yes	No
Notes:

Check Electric

Turn on all lights. Do they work?	Yes	No
Check plate covers. Are they damaged or missing?	Yes	No
Check the kitchen and bathroom outlets. Are there GFCI outlets next to the sinks and other water sources?	Yes	No
Inspect the circuit breaker box. Are all the circuits labeled?	Yes	No

Notes:

Check Exterior

Is the landscape as you expected it?	Yes	No
Turn on the sprinklers. Do they work?	Yes	No
Notes:

Check Attic And Other Storage

Is it empty?	Yes	No
Do you see signs of pests?	Yes	No
Notes:

Check For Cleanliness

Is the property clean overall?	Yes	No
Is all personal property not included in the sale removed?	Yes	No
Are there signs of bug infestations?	Yes	No
Is all debris removed?	Yes	No
Notes:  Please use this check list. When you are serious about the house, note or take pictures of the appliances.  Also upon buying the home make sure appliances, like the washer and dishwasher, are hooked up properly. Thank you for supplying a great list: http://www.closing.com/learning-zone/article/final-walk-through-checklist/

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

Need a 'Toolkit" to Learn About Your Debt?

Ottawa believes Canadians might need a little help in how they spend and save.

The federal government has released a “Financial Toolkit” that it says can help Canadians make sense of everyday financial questions they face.
The toolkit, which is available online and in printed form, includes worksheets, quizzes, questionnaires, case studies and educational videos to educate Canadians on making rational, responsible money decisions.  Click here for the Tool Kit

The toolkit was created in partnership with the Financial Consumer Agency of Canada, the Investor Education Fund and l’Autorite des marches financiers.

The initiative is part the government’s efforts to promote financial literacy and follows months of warnings from the Bank of Canada as well as the finance minister about the record high levels of consumer debt.

On a national basis, the average household debt stands at 152% of disposable income, just shy of the 160% level that was reached in the U.S. and the United Kingdom prior to the housing market collapse in 2008.

Economists have said that the high levels of consumer debt are a consequence of low interest rates that have been in place since 2008 as part of efforts to stimulate the economy by making it less expensive to borrow and spend.

Junior finance minister Ted Menzies says the toolkit is another way Canadians can acquire life skills.

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

 

Vendor Take-Back Mortgage(VTB)?

But what exactly is a Vendor Take-Back (VTB)? 

This is when a seller offers to lend the buyer funds in order to help facilitate the purchase of the property. The VTB is a legally binding agreement that will represent a secondary lien on the property. The term, rate, payments and fees are all negotiated by the Seller and the Buyer (with help from their real estate agents and lawyers of course).

In other words, think of it as a second mortgage that is being offered by the seller. However, in most cases, take-back mortgages are offered at a rate below traditional market value and do not typically include fees.


What are some of the benefits?

The most obvious benefit to the buyer, is that it helps to facilitate the purchase of a home with a much lower down payment option -- when traditional 'A' high ratio financing is not attainable.

However, there are also many benefits to the seller as well.
When in a buyers market, it can be attractive to offer a vendor take back in order to help sell the property quicker. As lending guidelines continue to tighten up, offering financing to assist in the purchase can often result in a faster sale with more eligible buyers.
There are also tax deferral advantages for capital gains if the property is labelled as an investment for the seller-- but i do suggest speaking with a certified accountant to learn more on this.

When a successful vendor take-back is negotiated up to 90% LTV, with some mortgage companies you can:

 

place as little as 10% down (owner occupied or rental)
-use flexible stated income programs for BFS/Commission/Tips
-use 100% rental offset (subject or non-subject including room and board)
-have a 30 year amortization
-have flexible TDS calculations (no GDS)
-obtain financing that is not focused on beacon score
-use 100% gifted down payment from an immediate family member
-be as little as 1 day discharged from bankruptcy
-and much much more!

Even though Vendor Take-Backs are not for every one or situation, remember that it can be used as an option with some mortgage companies as; Creative Financing ! 

For more information on Vendor Take-Back mortgages
call or email me

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

info from hometrust.ca

Retired Now? But your Mortgage Isn't Yet

Everyone looks forward to their retirement days. You have put in 30+ years in the workforce, now it is time for you to do what you want to do.  Travel, ski, golf, fish, take up a hobby, the list is endless.

Lets go back 20 years. You are working and making good money, maybe your partner is working, also making good money. You buy a house. make  monthly payments on the house  and after 10 years you refinance the house. Kids got to go to college, this is a way for them to go.  So now you are back owing the same amount for the mortgage as you did 10 years ago. You may even refinance again for your children's weddings.

Another 10 years have passed and now it is time to retire. Your mortgage is not paid off and you just realized your pension isn't going to be a big as you thought. Your mortgage payments are eating all that disposable income you were going to fill your days with.
Remember the travelling, skiing, golfing, hobbies, that endless list.

So what does one do?

The wrong way to go--- I have seen this and it is tragic to see people do this. What they do is charge up their credit cards, if those get filled up, they go get more credit cards or a line of credit secured to their house.  They live their life for a few years just like they planned to do it, except without the income they thought they would have. They are now living on CREDIT.

After a few years of juggling their credit card payments, mortgage and line of credit payments,  their world comes crashing down on them.  Sadly, their house goes into foreclosure, their credit cards get shut down and they have a pile of debt in their names.  Not a great way to live out your retirement.

The right way to go--  If you recognize at the start that things must change, you will have an easier and happier retirement life, and we all want that.  The good news is there are a few different ways to proceed to succeed.

1. Sell the family home and buy a smaller condo or home.  This way the equity you do have in your family home and the increase in land value from the time you bought your family home may allow you to pay off the mortgage and also pay off the smaller dwelling. Leaving you mortgage free, with disposable income for your retirement. Or at the worst giving you a smaller mortgage payment with some disposable income.

2. Look into the Canadian Home Income Plan.  (CHIP)  Which is a reverse mortgage. With the equity in your family home, you may be able to pay off your mortgage or most of it, leaving you in the family home and increasing your disposable income since the mortgage payment will be paid or made smaller.

3. See if one of your children is interested in buying a house with a in-law suite.  With the sale of your family home you and your child could share the mortgage payment.  Or you could give them a portion of the proceeds of the sale of the family home, to pay for your in-law suite, which in turn will be the down payment your children will need to buy the home.

4.  If your family home is big enough you could divide it into 2 suites. Living in one and renting the other one out.  This will free up some of the disposable income that you want.

Whichever way you proceed make sure that you do make the decisions before you are in financial trouble.  Because, once you are not making the payments on the mortgage, credit cards, or line of credit,  your options because increasingly less.

If you need more information, give me a call or email me. You can check out my website by
Clicking Here

 

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

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#1 Tip for Consumers Looking to Get a Mortgage

Work with an AMP. 

Accredited Mortgage Professionals

 CAAMP (Canadian Association of Accredited Mortgage Professionals)  requires that all members with the AMP designation receive ongoing education on industry best practices, government rules and changes, and etc. to help you navigate the mortgage process with integrity, responsibility and ease.

 

How do I know if my mortgage person is an AMP?

 

Usually they have AMP beside their name.

You can ask them.

You can go on CAAMP's website and search their name.

 

http://www.naylornetwork.com/caampdirectory/SearchResult.asp?Lang=&con=angela+kroemer&mem=AMP

 

By clicking on the link above you will find my name, my phone number and my website.

 

Above my name you will find a header search by person, then type the person's name and scroll to AMP.

 

Similarly,  you can find out if  your mortgage person is a member of CAAMP, or if they are a AMP Residential Specialist or an AMP Commercial Specialist.

 

CAAMP also has a wealth of information for you, the mortgage consumer.

http://mortgageconsumer.org/index.php

 

For More Information On Mortgages, Click here.

 

 

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

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https://www.facebook.com/#!/cvmortgages

https://www.facebook.com/#!/campbellriverbc

 

 

 

What Documents Are Needed For Your Mortgage?

So you  have decided  to buy a home and you know that documents are needed.
But, what documents are needed for the mortgage.

Every mortgage is different. 

From the onset you may think a mortgage is just a mortgage, but it is not quite that easy.
Your mortgage is unique to you.  That is why a mortgage professional will tailor a mortgage just for you.

As a general rule, before you start looking for your home, it is a good idea to get these documents organized and in a safe place.  Also, talk with a mortgage professional (me), to know the amount you will qualify for.

 Your mortgage professional may ask for documents, before she/he can send your approval to the Lender.

  You will not need all of the documents listed below, it just depends on your circumstance.
Also, addtional documentation may be asked by the Lender when your mortgage approval gets sent in for the approval.

At this point, your mortgage professional may ask for the addtional documentation.   You can get a faster commitment finalized if all the documentation is in order.

Below are the most common documents asked for but not all are usually needed:

If you are a salaried or hourly worker you need:
Letter of employment--Salary--  Position, salary, start date
                                     Hourly-- Position, Start date and hours worked in a week
Current pay stub
T4 slips from the last two years
T4A slips from the last two years if it applies to you
Canada Revenue Assessment from the last two years


If you are self employed you need:
T4A slips from the last two years
Tax returns from the last two years pages 1-3
Statement of Income and Expenses from the last tax return
Financial Statements if the company is joint partnership or incorporated.

Proof of Down Payment:
This section is really important because of the laws of money laundering.  There must be a paper trail that the government can follow.

If using RRSP's as a down payment then the most recent statement.
If using chequing account amount then the last 3 months if chequing account statements
If using investment account then the most recent statement
If using a gift then a gift letter with the exact amount stated. Also a photocopy of gift cheque and deposit slip.

Paper work for the Property being Purchased (if you have decided on a property)

Full appraisal - your broker should be able to order that
Recent tax assessment from assessment authority
Copy of real estate contract of property being purchased
Copy of property condition disclosure statement
MLS listing sheet
If Strata a copy of the last 6 months meetings minutes and annual general minutes

Particulars of the Lawyer you are using
The name and address of Branch where your down payment is
Copy of Void cheque for your mortgage payments
A completed pre authorized cheque form for your mortgage payments.

Other Income

You may be able to use child support or spousal support as income as long as it is documented in a court document.

You may be able to  use Child tax Benefit as income providing the child is 12 years or younger.

You may be able to use Universal Child Care Benefits as income providing the child is 1 year old or younger.


If you are not sure if you are able to qualify for a mortgage at this time, give me a call or email me,  We can go over your particular situation.

This is a no fee service whether you do qualify for a mortgage or not.
Apply Now !

Angela Kroemer, AMP

Mortgage Professional

TMG The Mortgage Group Canada Inc.

TMG Sharie Marie Mortgage Team

Local: 1.250.650.4182----- phone or text me

TFP: 1.888.679.0190

Fax: 1.888.679.0192

akroemer@mortgagegroup.com

www.KROEMERmortgages.com

Your Mobile Mortgage Professional in The Comox Valley TM

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Credit Reports-- Do Not Fear Them

Credit reports can have a major impact on your life, but many Canadians do not know much about them.

 

"Our recent survey on Canadians' knowledge of their rights and responsibilities found that knowledge of credit reports was particularly low," says FCAC Commissioner Ursula Menke. "The vast majority of people—90 percent—do not know that they can obtain a credit report free by mail, while 62 percent do not know how to dispute an entry in their credit report."

 

Credit reporting agencies track how you use credit products, such as credit cards and loans, and pay your bills. This information is used to create your credit report and credit score. Lenders may use this information when they decide whether they will lend you money, and how much they will charge you to borrow it. Employers and landlords may also check your credit report when you apply for a job or rent housing.

 

"It's a good idea to check your credit report at least once a year, and doing so will not hurt your credit score," says Commissioner Menke. "Think of it as an annual checkup for your financial health."

 

To help Canadian consumers, the Financial Consumer Agency of Canada (FCAC) has updated and added to the free, unbiased information it provides consumers about credit reports.

 

Credit report and score basics

FCAC's enhanced publication, Understanding Your Credit Report and Credit Score, provides tips and information:

How can I benefit from a good credit history?

• You may be able to get a lower interest rate on loans, which can save you a lot of money over time.

How long does negative information stay on my credit report?

• The exact amount of time varies by type of information and by province or territory. For most negative information, the maximum is six or seven years.

How can I improve my credit score?

• Always make your payments on time even if you can only manage the minimum amount. If you think you will have trouble paying a bill, contact the lender to see if you can work out a special arrangement.

Will shopping around for a car or mortgage hurt my score?

• You may reduce the impact if you shop around within a two-week period. All inquiries related to auto or mortgage loans made during this time are usually combined and treated as a single inquiry.

Is my mortgage included in my credit report?

• Your mortgage information and your history of mortgage payments may appear in your credit report and may count toward your credit score. This depends on the practices of each credit reporting agency.

Order your free credit report

You have the right to see your own credit report. FCAC's tip sheet, How to Order Your Credit Report has details on how to get your credit report free of charge:

• You may order your free report by mail, fax, telephone or in person.
• You must receive it by mail or in person.
• If you choose to access your report online, you will have to pay a fee.

Correct any errors and check for fraud

Ensure the accuracy of your credit report by checking carefully for errors. Your credit report will also show if you have been a victim of fraud. FCAC's tip sheet, Protecting Your Credit Report: How to Correct Errors and Check for Fraud, outlines the steps to take if you have any questions about the information in your report, and also what to do if you are a victim of fraud.

 

FCAC has also posted two Tip Clips on its YouTube channel to help consumers find out more about credit reports and how to protect themselves from fraud.

 

About FCAC

With educational materials and interactive tools, the Financial Consumer Agency of Canada (FCAC) provides objective information about financial products and services to help Canadians increase their financial knowledge and confidence in managing their personal finances. FCAC informs consumers about their rights and responsibilities when dealing with banks and federally regulated trust, loan and insurance companies. FCAC also makes sure that federally regulated financial institutions, payment card network operators and external complaints bodies comply with legislation and industry commitments intended to protect consumers.

FCAC celebrates its 10^th anniversary!

Follow @FCACan on Twitter
Subscribe to FCACan on YouTube

 

 

Got your Credit Report?

Need help understanding it?

Ready for a Mortgage?

Want to know if your credit score is good?

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

 

 

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OTTAWA, Sept. 14, 2012 /CNW

Paying Your Mortgage Off Faster

Some people are happy with their mortgage payments and the terms in years for paying off their mortgages, and that is fine.

While other people want to get their mortgage payments done with and their home paid off.
There are a variety of ways of getting your mortgage paid off faster and by paying off the mortgage faster, you are saving a ton on interest payments.

 Look at your mortgage, what is the interest rate you are paying?  Are there better interest rates on the market?

Next,  look at the terms of your mortgage. Does it allow you to prepay an amount monthly, yearly? Are the prepayment terms too high of an amount you would never prepay, anyway.

If you are paying too high of an interest rate and your prepayment terms are too impossible, your next step may be to switch your mortgage to a different Lender to have the flexibility to prepay and to get a lower rate. Just getting a lower rate will take off a few years of your mortgage payments.

So now, you have taken the necessary steps to make paying off your mortgage a reality.
Now What?

There are different ways you can pay off your mortgage faster. You can do it all or in part and you will still get your mortgage paid off faster.

1. Switch from monthly to accelerated bi-weekly or accelerated weekly payments.

2. Pay an extra $100.00 bi-weekly or weekly.

3. Make a lump-sum payment of just $1000.00 or more per year for the life of the mortgage.

If you combine all 3 steps by the minimum amounts you could be mortgage-free as much as 8 years faster based on a $200,000.00 mortgage.



The difference Accelerated Bi-weekly
payments make











Need more information?  Be sure to contact me.

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

 

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Renovate Or Sell?

Are more people hunkering down and fixing up existing homes rather than moving?

In some areas of Canada home resales are falling and the new housing price index slipping, people appear to be staying put a bit longer and renovating their existing homes instead of moving.

If you are entertaining the thoughts of renovating your home, will you use credit cards to pay for the renovations?  There are other ways to finance your renovations, one is Refinance Plus Improvements.  This will give you the money needed for renovations, at the same low interest rate of your mortgage.

a few things to think about when looking into Refinance Plus Renovations is:
--how much will your penalty be to Refinance
--how much your interest rate is now
--how much equity you have in the house
--how much will you save by Refinancing opposed to using credit cards at 20-29% interest
--how much you will need for renovations

 

Renovation Tips:

Peter Simpson, president and CEO of the Greater Vancouver Home Builders Association, said he spoke with several renovators and very few are fixing up homes for resale.

“Some clients have moved in and want to renovate. The others are folks who have lived somewhere for a number of years and want to stay in the same neighbourhood. They’re renovating for their own use,” Simpson said. “They’re not nervous about spending the money either.”

With year-to-date resales down 18 per cent in Vancouver compared to a year ago, it’s no longer the smoking hot sellers’ market it was a year ago. In fact, the Real Estate Board of Greater Vancouver reported that July sales were the lowest since 2000, with sales 31.2 per cent below the 10-year July sales average.

The new housing price index slipped 0.9 per cent in Vancouver in June 2012 compared with June 2011, according to Statistics Canada, while the MLS Home Price Index composite benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 0.6 per cent to $616,000 and declined 0.7 per cent in July 2012 compared to the prior month.

New mortgage rules introduced by the federal government in July shortened the maximum amortization to 25 years from 30, which is also expected to dampen the market.

Business is definitely strong this year for Jeff Bain, owner of JKB Construction, who said renovations always pick up when sales of new homes fall off.

“Everybody seems to be keen now to spend money,” Bain said. “It’s been good all year long.”
He said kitchens, bathrooms and basement suites continue to be the most popular renovations, but people are also renovating their entire homes.

“People are staying in their homes longer than they ever have in the past. They want to stay where they are comfortable,” Simpson said.

The amount spent on renovations has gone up every year for the past several years, Simpson said, but added that he isn’t sure if that’s because more people are doing renovations or because they’ve become more expensive.

Canada Mortgage and Housing Corp’s third-quarter Housing Market Outlook, released in August, said renovation spending in 2011 was $61.7 billion in Canada. CHMC says that amount will moderate in 2012, growing to $63.3 billion, but is expected to strengthen in 2013 to $65.6 billion.
In B.C., spending on renovations in 2011 was $7.6 billion. Spending is expected to remain stable in 2012 and grow to $7.8 billion next year.

For the most part, business is good for contractors, even in this year’s moderate market, Simpson said.
“One contractor I talked to said he’s having his best year ever,” Simpson said. “He said one client bought a home and they’re spending money to update it, but most clients want to stay where they are and bring their homes up to date.”

Another contractor told Simpson he’s had some customers having a harder time borrowing money from the bank, which may be a result of new mortgage refinancing rules. “Some people seem to be getting a little push back from the banks, or they might not be able to borrow as much as they want,” Simpson said. “If they can’t obtain the financing, they just have to scale it back a bit. With a renovation, you don’t have to do it all at the same time.”
 

In May, the Greater Vancouver Home Builders Association held one of its twice-yearly renovation seminar for 300 homeowners. Attendees were asked to complete a survey and Simpson shared some of the results with The Vancouver Sun.

Fifty-six per cent of respondents said they plan to renovate within the next year, while 26 per cent said within 12 to 18 months, Simpson said.

“There’s a sense of urgency. They want to renovate soon.”

Homeowners were also asked if they would need financing — 59 per cent said no and 41 per cent said yes.

Next year, when the province reverts back to the goods and services tax and the provincial sales tax, it is possible that labour on renovations will not be taxed because it was not taxed under the old provincial sales tax.

Simpson said that while it’s not known exactly what will happen when the tax reverts, the transition does not appear to be causing people too many concerns when it comes to renovating.
In his survey, he asked if people were putting their renovation plans on hold until the provincial sales tax is back and 35 per cent said yes, while 65 per cent said no.

“They’re doing renovations because they want to do them,” Simpson said. “Interest rates are still really low. People are going ahead and renovating. They want to have their new kitchen regardless of the tax.”

Simpson urged homeowners to verify that a contractor is compliant with WorkSafeBC before contracting with them for any work. It’s something that Port Moody homeowner Jan Jasienczyk wishes she had done when she needed a new roof two years ago.

The contractor she hired had documents showing that he was insured and a member of various organizations, but Jasienczyk didn’t independently verify that they were accurate. She ended up taking the contractor to small claims court when it turned out she had to redo the entire roof and her garage was damage by leaking. She eventually recovered most of the money she had paid the contractor, but she says it caused her a lot of stress and heartache.

“When you get an estimate, verify everything. Are they members of the roofing association? Do they have Worksafe?” Jasienczyk said. “Do all of those things before you commit to any kind of a contract. Do your due diligence.”

Jasienczyk ended up getting her roof re-done entirely by Penfolds Roofing, which recently announced it is launching a warranty corporation to support its roofing warranties.

Simpson said cash deals are always a bad idea, but he estimates that about 30 per cent of renovations are done under the table.

“It’s rampant. People want to avoid the harmonized sales tax or any taxes,” Simpson said. “There’s about $7.6 to 7.7 billion to be spent on home renovations in B.C. this year; I believe with that much at play there is a lot of opportunities to deal with the underground economy.”
 

He says people are at risk of being sued if a contractor gets injured if they are not covered by Worksafe.

“Unless homeowners want to put the contractor’s kid through university, they better make sure their contractor is fully compliant with Worksafe.”
He said it is easy to check if a contractor is compliant with Worksafe, and renovators can even request a no-cost compliance letter

How do I know whether my contractor or subcontractor is insured?

You can request a clearance letter that tells you whether a firm, contractor or subcontractor is complying with our registration and payment requirements.
http://www.worksafebc.com/help/faqs/default.asp?section=Insurance#Whoneedsworkplaceinsurance?6

tsherlock@vancouversun.com

Refinance Plus Improvement Mortgage

 

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

 

Feng Shui-Can It Help to Sell or Buy Your Home

 

For a realtor trying to survive the currently sluggish market, there might be no sight as disheartening as that of the unyielding feng shui master who shows up with the buyer to assess the property.
The master, is, after all, probably going to get the last word.

The ancient Chinese practice of feng shui, which is, roughly, about creating a harmonious environment, can have a major impact on a sale in the Lower Mainland. Feng shui master Johnson Li knows all about that, having shot down many a potential purchase.

Mr. Li has been a feng shui master since arriving in Vancouver 20 years ago. He divides his time between the Lower Mainland, Hong Kong, China, and places like Victoria and Seattle, where he’s called upon to assess homes for occupants or would-be buyers.

Feng shui got plenty of media attention in the late 1980s, when a wave of Taiwanese buyers was purchasing and renovating properties based on the system. Today, it’s still alive and well and has spread beyond the Chinese demographic, with devotees from other cultures opting to let feng shui guide their choices.

Mr. Li acknowledges that he is one of the most expensive feng shui masters in Vancouver, but his rate is even higher when he works in China. Here, he charges $8,800 to assess commercial properties; $3,800 to assess houses, and $2,800 to assess apartments. His fee is not to assess only one property for a client, but rather, as many properties as necessary until he finds one with good feng shui. He says that he once rejected more than 100 listings until he settled upon an appropriate house, which must have been an interesting situation for the buyer’s realtor.

The practice is not limited to Chinese buyers, says Mr. Li. He has clients who are Caucasian and East Indian. In Surrey, a Polish family requested his help when they couldn’t sell their house after six months without action. After his recommended changes to the house, he says they sold two months later.

Patricia Coleman is a feng shui practitioner who caters mostly to a non-Chinese demographic in Vancouver. She has guided homebuyers and has “feng shui’d” houses to make them easier to sell.
“I have a lot of western clients,” she says. “It’s not just about trying to sell a house, but making the right decision. It’s a huge purchase. You need to ask, ‘Is it the right one?’

“Every culture has an understanding of placement and energy.”

Faustina Kwok, who lives in Richmond with her naturopath husband Martin, says their new house was built according to feng shui principles that she believes will increase its value. They also “feng shui’d” her husband’s clinic. However, when it came to the house, she wasn’t willing to forgo a good floor plan and flow for feng shui, Ms. Kwok says. She’d been inside “feng shui’d” houses that felt odd because the flow was off. But she was willing to move the driveway, and add a partial wall so that the master bedroom wasn’t in direct view of the front door.

“We just did the big modifications, like where the toilet shouldn’t be,” she says. “You don’t want to flush your fortune away. At least I take comfort knowing my toilet is not in the wrong place,” she says, laughing.

Although growing in popularity, it’s still a largely misunderstood practice, says Mr. Li. Some people think that the popularity of an address that includes the number eight is feng shui, but that’s more about superstition. Feng shui grew out of something far more practical, he explains.

“It is the art of looking at places that are safe or not, gauging whether they are a habitable place,” he says, seated in his Kingsway office, surrounded by his extensive library, a translator at his side. “Feng shui means the study of surroundings.”

Mr. Li has stopped the sale of many houses, and he’s witnessed attempts at feng shui by builders who were shrewdly, or naively, anxious to appease the Chinese market. Mr. Li explained how he once kiboshed the sale of a newly built home in West Vancouver. The builder had hired another feng shui expert to help design the house, which included a giant vertical aquarium as well as an indoor Koi fishpond. Mr. Li took one look at the aquarium and pond and gave a thumbs-down on the pricey property. His clients took his advice and walked. The builder was so furious, he says, that they asked him to put his reasons in writing.

As he poured another round of green tea, he explained that it’s a basic feng shui principle that you don’t want water above your head. As well, a Koi pond inside a house is not a good thing, he added.
When asked to explain, Mr. Li chuckled and said, “Because it will smell like fish.”

As for the feng shui practitioner who’d allowed such missteps, he explained that unfortunately, because so many consumers want instant and easy answers, there are a lot of unscrupulous practitioners who don’t know what they are doing. He doesn’t like doing assessments for developers and realtors because “they use him to make money.”

He recalls a realtor slipping him a red envelope as he was doing his assessment. The envelope was stuffed with a substantial amount of money, which he later turned over to his clients.

Emily Lo says she trusts Mr. Li for all her real estate purchases, even if it irritates the realtors, who often try to persuade her to use Mr. Li’s report as one of the subjects to sale. However, she’d prefer to get his opinion upfront, after the initial walk-through.

“He has the power of veto, and if you are paying that amount of money, you are going to trust what he says.”

Gastown realtor Ian Watt says the issue of feng shui comes up about once a month.
“A lot of my Chinese clients are really big into that,” he says. “It’s amazing, because it does affect real estate for a certain demographic. Everybody over 50 cares for sure.”

He has a client with a condo on Pacific Boulevard currently on the market, and the client refuses to let him close the window during showings.

“It’s on Pacific Boulevard, which is very noisy. The traffic sounds don’t help,” he says. “They want the window open all the time, and it’s something to do with feng shui.”

Anna Chen, who co-owns the unit with fiancé Dan, can explain. Her uncle is a feng shui master who visits from Taiwan, and he told her to keep the window open in order to sell the unit. Ms. Chen, who is 32, said that she was reluctant to believe in feng shui throughout her 20s, but now that she’s older, she’s starting to see its value.

“I think it helps. I’ve seen it help. So that’s why I asked my uncle to help me to sell the place, and also to help us buy the next place. Now, when we go to a new condo listing, sometimes I ask him to come with me. He told me the direction of the entrance and everything will affect health and fortune, how much you can make, or are you going to lose.”

An Excellent article by Kerry Gold
Special to the Globe and Mail September 8 2012

For information on mortgages

 

 

 

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

 

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Business Financing? Yes, We have It With TMG Merchant Capital Program

TMG Merchant Capital Group

I am excited and pleased to announce a new division that The Mortgage Group Canada Inc has opened up and it is TMG Merchant Capital Group, powered by Merchant Advance Capital (MAC) is a Canadian owned and operated company headquartered in Vancouver, British Columbia. The founders of the company have significant financial and business experience, including owning and operating a variety of businesses.

TMG Merchant Capital Program is a purchase of your future debit/credit card sales for a discount today. The obligation is paid back through a small percentage of all of your debit/credit card transactions (this percentage ranges between 5-15% for the TMG Merchant Capital Program).

Since day one, Merchant Advance Capital (MAC) have been providing easy access to capital to Canadian small and medium sized businesses by:

• Advancing capital based on future debit/credit card sales;
• Being able to work with any payment processing company;
• Saying 'yes' to more businesses; and
• Using a consultative approach and providing exceptional customer service!
 

Merchant Advance:
A Merchant Advance is not a loan; it is a discounted purchase of future debit/credit card receivables for cash now. It has been designed to provide growth capital to small-medium sized businesses with no collateral required.

How It Works
The advance is a lump sum of cash in exchange of a lump repayment amount. The repayment amount is paid down a little bit each day through sales made on your credit card machine. Each day a percentage of your card sales automatically go towards chipping away at your balance until the repayment amount is $0.00.

A TMG Merchant Capital Program can be used for any business purpose, such as purchasing inventory, renovations, acquisitions, advertising & marketing, expenses etc.

Example:

An owner of a restaurant which processes approximately $30,000 of debit/credit card sales per month receives a TMG Merchant Capital advance of $24,500 in exchange for $32,400 of future debit/credit card sales collected using a 12% withholding. TMG Merchant Capital withholds 12% of all debit/credit card transactions until it receives $32,400 which in this example would take approximately 9 months. Once the restaurant owner has repaid the majority of the payback amount, he is eligible for a renewal.

The Benefits-There is no interest rate – the amount owed will never grow, so you know exactly how much the funds will cost from day one.

 -No fixed payments -repayment is made on a daily basis, through a percentage of your debit & credit card sales. If you sell $200 one day in debit & credit sales, and your daily withholding is 10.0 % then $20 will automatically go to chipping away at your balance.
- No collateral required – Merchant Advances have been designed for fund small- medium sized businesses, no collateral is needed to qualify.
- No changes to your existing hardware – Merchant Advances are compatible with any Merchant Service provider. You do not have to change who you process your debit & credit cards with.
- No delay on your sales – the no-delay debiting system ensures that you receive your sales right away so you never have to wait.
- Receive funding quickly – your business is able to receive funding in 7 business days. In comparison a bank could take 4-8 weeks.
- Repaid quickly – Merchant Advances are modeled to be repaid within a year so your business does not become burdened with long term debt.
-Does not report on your credit bureau – as a Merchant Advance is not a loan, it does not report to the credit bureau.

Our differentiator: TMG Merchant Capital, we want to be a part of your success. Many merchant cash advance companies offer larger up-front advances, but their programs have high withholding percentages which can severely impact a your cash flow. They also increase the discount at which the future sales are purchased in order to cover the increased risk of having merchants that are not as healthy during their program.

 We believe in offering a cost effective service that makes financial sense for you, our clients, and we wish to build long-standing relationships for your financing needs.

The Process:Day 1:

 Application forms and merchant processing statements submitted.
Day 3: 
 Conditional offer is made to the applicant, subject to satisfactory review of remaining documents.
Day 5:
  Final agreement sent out and executed after one day of review of remaining documents.
Day 7:
 Account is funded after banking environment is set up.

 
Contact me and see how much you qualify for today!

Angela Kroemer, AMP
Mortgage Professional
TMG The Mortgage Group Canada Inc.
Local : 1.250.650.4182
T.F.P:  1.888.679.0190
T.F.F:  1.888.679.0192
Email :akroemer@mortgagegroup.com
Website : www.KROEMERmortgages.com


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