What can a CHIP (Canadian Home Income Plan-reverse mortgage) do for You?

CHIP stands for Canadian Home Income Plan. What is the purpose of this plan? This plan is a tool for people 55 years or older to take out equity from their house, without having to sell their home and you get to stay in your home CHIP Eligibility Homeowners 55 and older No medical qualification No income or credit requirements How much can I get? Depending on your age, about 50% of the home's value. Money can be received as a lump sum or over time payments Funds are not taxed as income Interest expense may be used to reduce taxes on investment income Repayment? No repayment is need until the house is sold or both owners move out You have the option to repay the principal and interest in full at any time. Ownership and Title? Owner maintains Title You can move or sell at any time Amount to be repaid is guaranteed not to exceed the fair market value of the home at the time it is sold. Some scenarios in which a CHIP plan may work? -You retire your pension is not as good as you thought it would be, leaving you with very little money to enjoy your retirement. -You retire and still have a small mortgage in which you want the mortgage paid out. Giving you more monthly income -Your spouse passes away cutting your retirement income in half. -Your health needs special attention -you need to hire a nurse for in home care, special equipment -walkers , wheel chairs etc. You can pull money (equity) out of your house to pay a nurse to help you, instead of going into a expensive seniors home. -You and your spouse divorce or separate and you need to payout the spouse for the house -Repair your home with needed updates and retro fits to suit your comfort and safety in your senior years -Cannot qualify for a mortgage because retirement income is too low. - Call me to inquire if a CHIP plan may be useful for you or your senior parents. As you can see there are many reasons why a CHIP is useful. The main purpose of the CHIP plan is to keep you in your home where you want to be. Each person has unique circumstances, Call me to see if a CHIP plan will work for you. 1.250.650.4182One more reason why a CHIP plan may work better for you Seniors' homes are expensive, costing around $3000.00/ month. Many seniors want to stay in their family homes where they are most comfortable. For more information click here Rates Mortgage Tips Resources Credit Blog Categories 365 Things To Do In Campbell River 365 Things To Do In The Comox Valley Comox Valley Tidbits and Other Stuff Mortgage Market Updates and News Real Estate For Sale By Owner Recent Posts What can a CHIP (Canadian Home Income Plan-reverse mortgage) do for You? Comox Valley takes its place in the history book Harvest dinner in Cumberland Sunday Banff Mountain Films return with tale of survival CHARITY YARD HAUNT

Some Comox Valley Workers Have The Best Employers

Some Comox Valley workers have the best employers in Canada.
The annual 'Top 100' list has been published today in the Globe and Mail, putting Vancouver Island Health Authority, Westjet, Shaw Communications and the Bank of Montreal are among the top of the heap.
Employers are evaluated using eight criteria:

• Physical Workplace
• Work Atmosphere & Social
• Health, Financial & Family Benefits
• Vacation & Time Off
• Employee Communications
• Performance Management
• Training & Skills Development
• Community Involvement.

Employers are compared to other organizations in their field to determine which offers the most progressive and forward-thinking programs.
“Fostering a positive work environment is one way we can thank our staff for the compassionate care they provide to our communities each and every day,” said VIHA CEO and President, Howard Waldner, who's set to retire in 2013.
"Being recognized as a Top 100 employer validates our belief that we can only succeed - and attract and keep skilled and passionate employees - if we create a workplace that welcomes diversity, encourages innovation, and provides tools, training and support to equip employees to perform at their very best," said Lynn Roger, Chief Talent Officer, BMO Financial Group.
Though it may not be popular right now, pipeline proponent Enbridge has made the national Top 100 list, for providing generous vacation, great financial rewards, donating one percent of its annual pre-tax earnings every year, offering generous tuition subsidies, in-house apprenticeship and skilled trades opportunities, and helping older employees prepare for life after work with retirement planning assistance.

2013 WINNERS:

3M Canada Company
Aboriginal Peoples Television Network Inc.
Accenture Plc
Aecon Group Inc.
Agriculture Financial Services Corporation
Agrium Inc.
Alberta-Pacific Forest Industries Inc.
AMEC Americas Limited
Bank of Canada
Bayer Inc.
BC Public Service
Bennett Jones LLP
BMO Financial Group
Bombardier Inc.
Business Development Bank of Canada
Cameco Corporation
Canadian Imperial Bank of Commerce / CIBC
Canadian Security Intelligence Service
Carswell, div. of Thomson Reuters Canada Ltd.
Catholic Children's Aid Society of Toronto
Cementation Canada Inc.
Ceridian Canada Ltd.
Certified General Accountants Association of Canada
College of Physicians and Surgeons of Ontario, The
Dalhousie University
Deeley Harley-Davidson Canada
Desjardins Group / Mouvement des caisses Desjardins
DIALOG
Diavik Diamond Mines Inc.
Digital Extremes Ltd.
EllisDon Corporation
Enbridge Inc.
Fairmont Hotels & Resorts
General Motors of Canada Limited
Georgian College
Goldcorp Inc.
Golder Associates Ltd.
Great Little Box Company Ltd., The
Hospital for Sick Children, The
HP Advanced Solutions Inc.
ISM Canada
Ivanhoé Cambridge Inc.
Johnson Inc.
Knight Piésold Ltd.
KPMG LLP
L'Oréal Canada Inc.
Ledcor Group of Companies
Loblaw Companies Limited
Manitoba Hydro
Manitoba Lotteries Corporation
Manulife Financial Corporation
Mars Canada Inc.
McCarthy Tétrault LLP
Medtronic of Canada Ltd.
Molson Coors Canada
Monsanto Canada Inc.
National Ballet of Canada, The
National Energy Board
Northwest Territories, Government of the
Nuance Communications Canada Inc.
OpenText Corporation
Ottawa, City of
PCL Constructors Inc.
Pfizer Canada Inc.
Potash Corporation of Saskatchewan
PricewaterhouseCoopers LLP
Procter & Gamble Inc.
Rescan Environmental Services Ltd.
SAS Institute (Canada) Inc.
Saskatchewan Government Insurance
SaskTel
Shaw Communications Inc.
Shell Canada Limited
Shoppers Drug Mart Inc.
Simon Fraser University
Solvera Solutions
St. Joseph's Healthcare Hamilton
Stryker Canada Inc.
Suncor Energy Inc.
Sunnybrook Health Sciences Centre
TD Bank Group
Technip Canada Limited
TELUS Corporation
Toronto Hydro Corporation
Toronto International Film Festival Inc. / TIFF
Toyota Motor Manufacturing Canada Inc.
Trican Well Service Ltd.
Union Gas Limited
University of New Brunswick
University of Toronto
Vancouver City Savings Credit Union
Vancouver Island Health Authority
Vancouver, City of
West Fraser Timber Co. Ltd.
WestJet Airlines Ltd.
Winnipeg Airports Authority Inc.
Workers' Compensation Board of Nova Scotia
World Vision Canada
Xerox Canada Inc.
Yellow Pages Group Co.

Carney Pledges Clear Signal

Bank of Canada Governor Mark Carney speaks in Nanaimo, B.C., on Monday. (Chad Hipolito /The Canadian Press)

Carney pledges clear signal if household debts warrant rate hike

Bank of Canada Governor Mark Carney says that if the central bank opts to raise interest rates to deter households from taking on more debt, he would “clearly declare” what the central bank is doing.

“If we were to lean against emerging imbalances in household debt, we would clearly declare we are doing so and indicate how long we expect it would take for inflation to return to the 2 per cent target,” Mr. Carney said in prepared remarks for an audience in Nanaimo, B.C.

The pledge is significant because Bay Street investors and economists are at odds over the Bank of Canada’s forward guidance on borrowing rates. The central bank has held its benchmark rate at an ultra-low 1 per cent for two years, reflecting tepid economic growth at home and abroad.
Yet for several months, policy makers have indicated that they would like to raise interest rates at the earliest possible moment.
Tiff Macklem, the No. 2 at the Bank of Canada, reiterated that stance earlier this month, isolating Canada’s central bank as one of the few in the world that is leaning toward higher interest rates. At the same time, revised Statistics Canada figures released Monday show Canadians’ debt-to-income ratio reached 163.4 per cent in the second quarter, a heavier burden than U.S. households carried ahead of the housing crash.

Mr. Carney’s comment on the conduct of policy comes as he and his deputies gather this week to reassess interest rates and complete the central bank’s third-quarter report on the economy.
The Bank of Canada’s next interest rate announcement is scheduled for a week from Tuesday; it is set to release its latest Monetary Policy Report the next day. Mr. Carney said the central bank’s revised economic forecasts will take into account the impact of a pervasive sense of uncertainty, which the central bank chief said has paralyzed economic actors around the globe.
“We must take care not to allow uncertainty to dominate our actions, letting profitable opportunities slip away and, more generally, compounding the very real, but still manageable, challenges facing the global economy,” Mr. Carney said.
Mr. Carney urged European policy makers to act quickly and decisively to diminish uncertainty by setting in place a realistic three- to five-year plan for reforming the euro zone, including creating a banking union and closer fiscal union.
And U.S. politicians must act to avoid the fiscal cliff in 2013, when trillions of dollars in tax increases and automatic spending cuts would automatically be triggered if policy makers don’t reach a settlement. Without action, the U.S. economy would take a hit amounting to roughly 4 per cent of gross domestic product, Mr. Carney said.
“If authorities do not change these provisions, this massive fiscal drag will likely push the U.S. economy back into recession next year,” he warned. “That is not what we expect, but like others, we cannot be sure.”
With files from The Canadian Press

For more 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

Do credit settlement agencies really deliver?

Global News investigation re debt settlement firms

Global TV 's "16 x 9" show ran an investigative story regarding how "debt settlement" firms are misleading Canadians coast to coast. Creditors do NOT have to work with these firms who are taking fees from consumers with no guarantees. Only Alberta and Manitoba currently regulate the firms following a ban on upfront fees for debt settlement firms by the FTC in the US in 2010 .

Bad Debt: Do credit settlement agencies really deliver?

You’ve heard the commercials before – credit settlement agencies promising big reductions in the debt you owe. But do they deliver? 16x9 investigates a controversial industry and speaks to two men who say they never got what was promised.

 

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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       click to go website

Mortgage Calculators

Want some mortgage calculators you can play around with?

Payment calculator-- how much will my payment be?

Affordability---          how much can I afford?

Rent vs Buying----     should you rent or buy?

Amortization schedule--- what are the interest and principal payments month by month?

Bi-weekly vs monthly payments--what would you save by changing to bi-weekly payments?

Early Renewal Calculator----should you be renewing your mortgage earlier at a lower rate?

Mortgage qualifier-----how much income do I need to afford this house?


Here are some calculators you can play around with.
If you have any questions give me a 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

click here
website

Know The Sources of CO in Your Home

Carbon monoxide has taken the lives of entire families, left scores of people with debilitating physical and mental handicaps, and, sent hundreds more to hospital. So why do so few of us have the one inexpensive safety device in our homes that protects us from this deadly gas?

Carbon monoxide safety comes down to awareness and education. First realize the danger is very real. Second, you need to know the potential sources of CO in your home. Many people think they don’t need a carbon monoxide alarm because they have electric baseboard heaters. But they may have a gas water heater or stove, a gas or wood fireplace, or a garage or carport attached to their house. All these are potential sources of CO.

So long as carbon monoxide is vented outside, there is no danger. But if appliances or heating systems are not properly maintained, or chimneys and vents become blocked or cracked, deadly CO can seep back into your home…and you won’t even know it.

And since exposure to CO mimics the flu, many people make the mistake of thinking the symptoms they are experiencing will just “go away” in time. So they stay home from work or school hoping to get better, when exactly the opposite happens.

Installing protection is easy and inexpensive. You can find CSA-approved carbon monoxide alarms in any hardware store that cost on average about two cents a day to operate over their lifespan.
Installing one CO alarm per floor is recommended by the National Fire Protection Association but, at a minimum, install one outside all sleeping areas. Canadians seem to prefer models that feature a continuous digital readout.

A digital readout shows you any level of CO in your home so you can take action before the gas reaches dangerous levels. Look for models where the display is continuous, not models where you need to physically push a button to get a reading. That way you get instant peace of mind every time you glance at the alarm and see its zero reading.

What are some common sources of carbon monoxide in the home or workshop?

Most carbon monoxide produced in homes comes from combustion of fuel for heating and cooking.
 CO may accumulate in the home when a blocked chimney, broken chimney flue, or damaged furnace heat exchanger allows gases to enter the home. It can also enter the home from the garage when an automobile, lawn mower, or other engine is in operation. Backdrafting chimneys and flues (common when ventilation fans are used in tightly sealed homes) may allow combustion gases, including carbon monoxide, to enter the home.
Gas stoves and ranges can produce CO, which can present problems if the appliances are used for prolonged periods or if they are not operated properly. Gas ranges are not intended to be used to heat the home. Some other common sources of carbon monoxide include unvented fuel burning space heaters and indoor use of charcoal for heating or cooking. (Note: charcoal should NEVER be burned indoors.)
Never run a generator in the home.

Posted on September 1, 2012 in Safety Updates

more blog info

Market Growth Beats Naysayers

The unsinkable Canadian real estate market appears to be just that, with new numbers pointing to continuing price growth in the country’s biggest market, despite fears of a correction. but not so fast, brokers, that may not be good for business.
Numbers released by Statistics Canada this morning reveal prices of new homes were up 0.2 percent in August, the 17th month in a row prices have increased. The numbers come as a surprise to some, surpassing the .01 per cent growth projected by market analysts. Still, the report did not include condominiums, which have seen prices fall, not rise this summer.
Outside that key segment of the market, Toronto and Calgary showed particular strength; the Toronto-Oshawa metropolitan region was up 0.3 percent in August from July, as was Calgary. While the increase was attributed to market conditions in the Toronto region, increased construction, material and labour costs were the cause of Calgary’s spike, said local builders.
Still, the continuing rise in home prices isn't necessarily good news for brokers, many now sitting on a mountain of preapprovals as clients wait for prices to drop. These new numbers indicate that the wait will likely continue for many of those mortgage professionals as sellers hold off on price drops.
For August, price increases were recorded in 10 metropolitan areas, and were 2.4 percent higher in August 2012 year-over-year. Quebec saw the biggest increase, with prices up 0.6 percent. Prices fell in Victoria and Charlottetown (0.4 percent and 0.1 percent respectively), and remained steady in nine of the areas surveyed.

via CMP

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

How To Improve Your Credit Score

  
Are you being denied for all types of credit? Has that cell phone bill come back to haunt you? Now is the time to finally face it head on and deal with your credit score.  A very daunting task but a task that must be done.

 First you need to know what is in your credit score is all about:
payment history
amount owed
length of credit history
new credit
types of credit used

What can you do to improve it?

Whatever you do it will take some time. It will take patience as you plow away at those credit cards, getting them down to a much lower balance.  All that money just disappearing into those credit cards.  But, in the end you will see it will be worth while and no one will deny you a car loan  or even a mortgage ever again.

A little secret that not many people do not know is that whatever your limit is on your credit card, you should not owe more than 50% of that limit.  So if your limit is $1000.00, the card should never have more of a balance than $500.00. In fact it is better to have 2 credit cards with no more than 50% owed on them than have 1 credit card maxed out.  Go figure.

 What else can you do?

 Make sure you make your payments on time.  Credit companies record when you have late payments.  This is very important. Set up payment reminders.

 Don't close your unused credit cards.  If you must close a credit card close the one that is the newest. It is all about having and managing long term credit is what the lenders want to see,

Check your credit report.  They do make mistakes. Birthdates seem to be a popular one that they input wrong. If you are being denied credit and you believe your credit rating is great order a free report, go over it, making sure all the information is correct.

Store credit cards are not as good as mastercard,visa or american express.  Also store credit cards usually charge you a higher interest. To get a mortgage the lenders/banks like to see at least 2 credit lines in good standing.

Remember , it is all about managing your credit.  Everyone hits a point in their life when for whatever reason the credit managing slides. Could be a divorce, job loss, moving, marriage, etc.

Do you have questions about your credit score. Contact me and I will help you sort it out.


    

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

 

My Favorite Turkey Recipe- Brine Turkey

For years I cooked my turkey just like MOM did, but was never very happy about they way it turned out. It was just a turkey.
I know this may be a fad for alittle while, just like the deep fryer turkey (which I never did), but I have to say, I will never cook a turkey any other way.


This is not my recipe, My family raves about the brined turkey because it gets flavored all throughout and stays moist. Even if you over cook it.


Ingredients Recipe courtesy Alton Brown, also featured in Food Network Magazine

• 1 (14 to 16 pound) frozen young turkey

For the brine:

• 1 cup kosher salt
• 1/2 cup light brown sugar
• 1 gallon vegetable stock
• 1 tablespoon black peppercorns
• 1 1/2 teaspoons allspice berries
• 1 1/2 teaspoons chopped candied ginger
• 1 gallon heavily iced water

For the aromatics:

• 1 red apple, sliced
• 1/2 onion, sliced
• 1 cinnamon stick
• 1 cup water
• 4 sprigs rosemary
• 6 leaves sage
• Canola oil

Directions

2 to 3 days before roasting:
Begin thawing the turkey in the refrigerator or in a cooler kept at 38 degrees F.
Combine the vegetable stock, salt, brown sugar, peppercorns, allspice berries, and candied ginger in a large stockpot over medium-high heat. Stir occasionally to dissolve solids and bring to a boil. Then remove the brine from the heat, cool to room temperature, and refrigerate.
Early on the day or the night before you'd like to eat:
Combine the brine, water and ice in the 5-gallon bucket. Place the thawed turkey (with innards removed) breast side down in brine. If necessary, weigh down the bird to ensure it is fully immersed, cover, and refrigerate or set in cool area for 8 to 16 hours, turning the bird once half way through brining.
Preheat the oven to 500 degrees F. Remove the bird from brine and rinse inside and out with cold water. Discard the brine.
Place the bird on roasting rack inside a half sheet pan and pat dry with paper towels.
Combine the apple, onion, cinnamon stick, and 1 cup of water in a microwave safe dish and microwave on high for 5 minutes. Add steeped aromatics to the turkey's cavity along with the rosemary and sage. Tuck the wings underneath the bird and coat the skin liberally with canola oil.
Roast the turkey on lowest level of the oven at 500 degrees F for 30 minutes. Insert a probe thermometer into thickest part of the breast and reduce the oven temperature to 350 degrees F. Set the thermometer alarm (if available) to 161 degrees F. A 14 to 16 pound bird should require a total of 2 to 2 1/2 hours of roasting. Let the turkey rest, loosely covered with foil or a large mixing bowl for 15 minutes before carving.

You can change the brine as long as you keep the salt and the vegetable stock or you can use chicken stock. I use a package of fresh poultry seasonings instead of the ginger and the rest of the spices.
For the aromatics I use the package of fresh poultry seasonings found in the fresh veggie isles.

If you try it , I hope you and your family enjoy it as much as my family does.
Note: I cook my stuffing in a seperate container and not in the turkey

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

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

Facebook Pages

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

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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

Facebook Pages

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

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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