Your Personal Mortgage Shopper

A mortgage professional, in theory, is educated in all aspects of mortgages.   By working closely with one, you access this specialized knowledge and experience.

Imagine if you could turn to an expert when you wanted to make a major purchase. He or she would visit stores, collect the important information about the product and then help you make the best choice. When you’re buying a new home or renegotiating your mortgage, this is what a mortgage professional can do for you.

Basically, we shop around and find you the best deal. When you walk into your bank to discuss mortgage options, the banking officer can only offer you the products from that bank and, depending on your credit history and the product, knock a few points off the interest rate. But a mortgage professional has access to a wide variety of products because he or she can work with any bank, credit union or trust company. They also know who is offering the best rates for the type of mortgage you need and know how to negotiate for a lower posted rate.

A mortgage professional, in theory, is educated in all aspects of mortgage.   By working closely with one, you access this specialized knowledge and experience. This is especially valuable for those who have hard-to-place mortgages—such as the self-employed or people with poor credit history. A mortgage professional will know what banks will be more favourable to the client or be aware of alternative ways to secure a mortgage.

Another benefit is the reduced impact on your credit score.  Every time you go to a bank and they check your ability to get a mortgage, it’s a hit on your credit score. A mortgage professional will check your credit score once and then shop it to five or more banks at once.   If you do plan to comparison shop, this is one way to protect your credit from taking an unnecessary dive.

But how much will all this cost a homebuyer? Brokers are paid a “finder’s fee” — about 0.8 per cent to 1 per cent of the mortgage amount — by the bank or institution, which is not passed on to the person buying the mortgage.  The bank can afford to do that because of the volume they get.   Since they don’t have an in-house person managing the account, answering questions, taking calls and sending paperwork back and forth, they save on costs and pass that on.

With so many mortgage professionals on the market, it can be a challenge knowing which one to pick.  Ask friends and family for recommendations and meet with potential mortgage professionals to see if they are a fit. Follow blogs and websites of mortgage professionals. Ask lots of questions.

For Mortgage Information

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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Published on Thursday August 30, 2012

Leigh Doyle

Chris Young for The Toronto Star

 

 

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!

www.mortgagegrp.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

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.

Mortgage Renewals

Is it that time? You have just received a mortgage renewal notice in the mail?  Read on to see if you should sign and send it back or maybe take another course of action.

When a term is coming to a close, most banks will send a mortgage renewal notice in the mail a few months earlier then your renewal date.  The banks tend to take advantage of our busy schedules to assume that you will sign on with them for another term. At this point the banks take advantage of your customer loyalty and don't even give you a discount, if they do not a great one.  Almost 60 percent of their customers sign this renewal without researching what the competition has to offer.

When you went shopping for your first mortgage you asked questions, did research, talked to any one who knew anything about mortgages and found the best mortgage rates and options. Why should the renewal process be any different? Interest rates are at an all time low, take advantage of the current market.  Get a better mortgage rate that could save you substantially in the long run.

Renewing your mortgage means one term has come to an end and it is time to start another term. Usually it is a 5 year term. At renewal time it is the perfect opportunity to shop and get a lower interest rate or better options that suits your lifestyle better. 

You have already paid 5 years worth of mortgage payments and deserve to get a discount on your mortgage rate.

For more information and a free quote without obligation, send me an email, phone or text.

My website has invaluable information.
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

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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A Collection Of Cool Ideas For your Home

As summer progresses, I have come across some neat ideas for your home that people have posted on the internet. I cannot take credit for any of these ideas.

Turn that outdated coffee table in your basement into a re-purposed beautiful bench!

For your next picnic-- make it pretty and cute. Or for kids who get bored with their lunches.

Now THAT is pretty cute, don't you think? Snap lock bag, a peg and pipe cleaners. Easy.

Not the easiest project, but very effective.

Easy wainscotting! Glue picture frames to bottom of wall, add trim above and paint!

Simple, works and keeps the recipe book clean.

Wow! Isn't this an ingenious and simple idea! Talk about a great idea that works with the Three 'R's' concept of Reduce, Re-use, Recycle!.. Let's add Re-Purpose! Do you have any ideas to 're-purpose' things in your home or business?

Dress up your basic bathroom mirror! Use silicone adhesive to glue pretty tiles around the edges.

A much better use for a rake in my opinion !

Penny Floors.

Floors that use pennies instead of tiles.  Give it a rich copper look.

A very time consuming project , but if you have the time and patience it would be a very beautiful floor.

Anyone else have a great project that they did. Please let me know, as I am always looking for new cool ideas. 

For a mortgage that is right for you.

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

Facebook pages

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https://www.facebook.com/cvmortgages

https://www.facebook.com/campbellriverbc

The Importance of Choosing a Mortgage Professional in the Current Canadian Mortgage Environment

 This current mortgage environment may be the best time to find the most suitable deal with the help of an experienced broker.

Why is that?  Please read on.

Due to low mortgage rates in Canada, banks and brokers are both offering lucrative mortgage deals. With speculations of mortgage rates rising in the future, for Canadians this may be the best time to secure an appropriate deal according to calgaryherald.com.
Keep reading for some long-term advantages of choosing mortgage brokers over banks and the more clear benefits of brokers over banks.

As many borrowers are struggling to find the best deal before the Canadian mortgage rates climb and  while banks will be the first to toughen their policies and increase their rates, this may be the best time for borrowers to secure their chance of finding the right rate by choosing a broker.

The Toronto Real Estate Board thinks that with a stricter mortgage policy in effect, there are some clear advantages of choosing a broker. Brokers offer more choices and open doors to better options and flexible terms. The possible reason behind this is their professional relationship with a wide number of lenders.

 Without the mortgage broker, a borrower is confined to the best deal offered by the particular bank.

On the other hand, a mortgage broker has access to multiple lenders and banks and therefore, is able to find more competitive mortgage rates and deals.

Due to their professional relations, banks and lenders are more likely to offer brokers better rates than they’d offer the individual buyer. Yet, since the brokers are not working for any bank or financial institution specifically, they can offer impartial and unbiased advice to their clients according to torontorealestateboard.com.

Another reason why mortgage brokers will be able to find better deals is that they are more aware and well-informed about the Canadian mortgage market.

When dealing directly with banks, borrowers usually have to carry out all the research, and more importantly, negotiations on their own.

But due to lack of industry and market knowledge, prospective buyers may be unable to negotiate for the best rates. So, bankers may find them an easy target to lure into deals that are more profitable for banks instead of the borrowers.

It seems not all the banks are deceiving in this aspect. As a matter of fact, some banks do offer special rates and deals for their older customers, but a long standing history and flawless credit score plays a crucial role in this aspect.

In contrast to this, mortgage brokers may find an appropriate deal even for borrowers with low credit score issues.  Mortgage brokers take out the time to analyze your credit score in a better way. A low credit score does not always mean that a borrower cannot qualify for a better mortgage rate. In that case, brokers will dig out the best deal for you even when banks won’t.

Another major negative view related to mortgage brokers is that the industry is not regulated and therefore, the risk is higher. But as far as Canada mortgages are concerned, this assumption is false. According to the Canada Mortgage and Housing Society, all reputable mortgage brokers are regulated by federal and provincial financial services regulation agencies.

Like banks and other major institutions, brokers are also required to strictly adhere to the rules and compliance standards. In the case of  British Columbia  mortgage brokers, The Financial Institutions Commission (FICOM) regulates all mortgage professionals and protects borrowers against related fraud and crimes. This can be verified at http://www.fic.gov.bc.ca/.

Rates will  rise. This may be your last chance to find the rates which will allow you to afford to purchase a home. Yet, the best mortgage deal is not just about the best mortgage rates. It is about finding rates that will benefit you in the long run. Only an experienced, knowledgeable and honest mortgage professional can help you find that deal before it is too late.

For a great mortgage rate.

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 TM

 http://www.virtual-strategy.com/2012/08/04/smi-mortgages-experts-stress-importance-choosing-broker-current-canadian-mortgage-environ?page=0,0

Interest Rates And Monthly Payments

So, you have been reading or hearing about rates being lowest in history.  You have been reading or hearing different rates in the news, from banks, from mortgage professionals, from newspapers, etc.  Every week there is a new rate being advertised. It is up , it is down.  It can be just as confusing as the gas prices. 

You may be asking yourself  'where are the best rates'?

Well of course mortgage professionals have the best rates. But, not only the best rates, they have the best products. Our products are the full suite products. Meaning that even if our rates are low, your mortgage comes with many options such as, being able to port your mortgage to another house, if you should want to sell and buy another one.  Each of our Lenders have great products and well as fantastic rates.

If rate is your deciding factor, make sure the rate comes with all the bells and whistles, because you can have both.  The Banks want you to believe that if you are a rate shopper, you do not get the bells and whistles. Not true. That is what most Banks offer, one or the other.  A low rate and nothing else or a high rate and all the bells and whistles.
The Lenders I work with offer one option and that is low rate and all the bells and whistles. 

Now what about rates and payments?

Today is August 1 2012. Today I can offer you 2.99% on a 5 year term. The rate that most Lenders are offering is 3.19% and the Banks are offering 5.24%. Big difference for sure.

I would like to show you the difference in your monthly mortgage payment, to give you an idea of how much you can save.
So imagine you want to buy a house for $300,000.00.
5% down would be                                      15,000.00
                                                                 ------------------
Mortgage is                                               285,000.00    
 I used 25 year amortization as per new Canadian guidelines.

----------------------------------------------------------------------------------------------------------------------
                          Unadvertised                    Advertised                            Posted Rate
                          Rate (Lender)                   Rate (Lender)                       Bank
--------------------------------------------------------------------------------------------------------------------------
LOAN                2.99%                                3.19%                                 5.24%
$285,000.00
--------------------------------------------------------------------------------------------------------------------------
Monthly
Payment             $1347.28                           $1376.68                             $1696.72
--------------------------------------------------------------------------------------------------------------------------

So, you can see the difference on payments for the same mortgage with the same bells and whistles.
Why would you pay more?
You could save almost $4200.00 per year. That would be a nice vacation during our most darkest, wet and coldest month on Vancouver Island.  A little sun vacation would be good for the soul and family life.

So you think, Wow, I am hooked. But who are these Lenders?
Our Lenders are called Mono Lenders. Why, because all they do is Mortgages. They follow the same rules as our Canadian Banks.  They are regulated by Canada.  They are safe and here to stay.  Also our Lenders can be Credit Unions and Banks, depending on which is the best fit for  your situation.

One thing Canada does have is the best regulated Mono Lenders, Private Lenders, Credit Unions and Banks, probably the best in the world.

My friend got a mortgage with a mortgage professional and the mortgage is with a Bank and a good rate, why can't I get that same rate with the same Bank?  The Banks have a few programs going on. If you are a Bank client, they will offer you their best rate which is today around 5.24%.  But, if you go through a mortgage professional we get better rates. Why? Because the Banks still have to compete with the Mono Lenders.  It doesn't seem fair that you are a client of the Bank, pay lots of service charges just to bank with that Bank and then they give you a higher rate for a mortgage? 

If you have any questions, send me an email at akroemer@mortgagegroup.com
                                                              Phone or text me at  1.250.650.4182

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

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

Looking For A Business Loan?

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

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

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

More information click on link:  Merchant Capital Group

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

Angela Kroemer, AMP

Mortgage Professional

TMG The Mortgage Group Canada Inc.

TMG Sharie Marie Mortgage Team

Local: 1.250.650.4182

akroemer@mortgagegroup.com

www.KROEMERmortgages.com

Your Mobile Mortgage Professional in The Comox Valley TM

for a great mortgage.

Canadians Get Creative To Avoid Renting

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

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

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

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

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

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

Written by Vernon Clement Jones

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

Angela Kroemer, AMP

Mortgage Professional

TMG The Mortgage Group Canada Inc.

TMG Sharie Marie Mortgage Team

Local: 1.250.650.4182

 

akroemer@mortgagegroup.com

www.KROEMERmortgages.com

Your Mobile Mortgage Professional in The Comox Valley TM

 

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

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

Canadian Renters Freeing Themselves Of Debt

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

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

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

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

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

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

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

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

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

Written by Vernon Clement Jones

250.650.4182

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

www.KroemerMortgages.com


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

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

Low Rates are Making Reverse Mortgages Attractive

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

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

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

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

My CHIP Tools

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

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

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

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

akroemer@mortgagegroup.com
www.KroemerMortgages.com

Your Mobile Mortgage Professional in The Comox Valley

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

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Three Home Buying Clauses To Keep

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

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

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

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

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

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

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

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



For more mortgage information

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

1.250.650.4182

akroemer@mortgagegroup.com

www.KroemerMortgages.com

Your Mobile Mortgage Professional in The Comox Valley

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

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

CHIP's New Lower Rates

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

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

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

Call or Text  250.650.4182





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

1.250.650.4182
akroemer@mortgagegroup.com
www.KroemerMortgages.com

Your Mobile Mortgage Professional in The Comox Valley

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

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

Got 15 Minutes?

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

1.250.650.4182

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

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

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

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

Good reasons to use a mortgage broker

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

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

Visual Look at The Mortgage Changes July 2012

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

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

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


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

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

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

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