tag:blogger.com,1999:blog-38786170971944820842024-03-19T02:48:26.139-06:00Your Edmonton Mortgage BlogYour source for independent mortgage news in Edmonton...Natalie Wellings, Mortgage Brokerhttp://www.blogger.com/profile/11105435349008716503noreply@blogger.comBlogger338125tag:blogger.com,1999:blog-3878617097194482084.post-1809668134634740402019-03-19T15:30:00.000-06:002019-03-19T15:30:04.937-06:00Breaking: Home buyer incentives just announced in federal budget!<div class="MsoNormal">
<span style="background: white; color: #202020; font-family: "Helvetica",sans-serif;">Details have just been announced on the new federal budget.
There is going to be some sort of loan offered from CMHC to reduce mortgage
size. My initial reaction is that this is an odd incentive. I feel the
government could have eased affordability by bringing back 30 or 35 year
amortizations. The full details on this loan will not be available until the
fall. </span><span style="color: #202020; font-family: "Helvetica",sans-serif;"><br style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;" />
<br style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;" />
<span style="background: white;"><span style="-webkit-text-stroke-width: 0px; float: none; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">In addition, the government will be changing the withdrawal
limits under the </span></span></span><a href="https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan/participate-home-buyers-plan.html" style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-size-adjust: 100%; widows: 2; word-spacing: 0px;" target="_blank"><span style="background: white; color: #007c89; font-family: "Helvetica",sans-serif;">Home Buyer's Plan</span></a><span style="background: white; color: #202020; font-family: "Helvetica",sans-serif;"><span style="-webkit-text-stroke-width: 0px; float: none; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;"> to $35,000 from $25,000. They will also now allow
someone who has had a breakdown in their marriage or common law partnership to
utilize this plan again, which was not previously allowed. </span></span><span style="color: #202020; font-family: "Helvetica",sans-serif;"><br style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;" />
<br style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;" />
<span style="background: white;"><span style="-webkit-text-stroke-width: 0px; float: none; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">Read the full details of the budget announcement </span></span></span><a href="https://www.cbc.ca/news/business/budget-cmhc-home-buyers-1.5063204" style="-webkit-text-stroke-width: 0px; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-size-adjust: 100%; widows: 2; word-spacing: 0px;" target="_blank"><span style="background: white; color: #007c89; font-family: "Helvetica",sans-serif;">HERE</span></a><span style="background: white; color: #202020; font-family: "Helvetica",sans-serif;"><span style="-webkit-text-stroke-width: 0px; float: none; font-variant-caps: normal; font-variant-ligatures: normal; orphans: 2; text-decoration-color: initial; text-decoration-style: initial; widows: 2; word-spacing: 0px;">. </span></span><o:p></o:p></div>
Natalie Wellings, Mortgage Brokerhttp://www.blogger.com/profile/11105435349008716503noreply@blogger.com0tag:blogger.com,1999:blog-3878617097194482084.post-50218104430984080552018-10-24T09:55:00.003-06:002018-10-24T09:55:41.586-06:00<br />
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<span lang="EN-CA" style="mso-ansi-language: EN-CA;">By now you
have likely heard that the Bank of Canada has increased the prime rate. This is
the 5<sup>th</sup> increase since last summer. The prime rate has increased
from 3.70% to 3.95%. When the prime rate increases I find that many consumers
are left a little confused about how this affects them. The prime rate ONLY
affects loans that have a variable rate. If your mortgage or vehicle loan has a
fixed interest rate, this rate increase will have NO affect on you.<o:p></o:p></span></div>
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<span lang="EN-CA" style="mso-ansi-language: EN-CA;">If you have
a variable rate mortgage; a line of credit, or a variable rate loan then you will
experience a payment increase. <o:p></o:p></span></div>
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<span lang="EN-CA" style="mso-ansi-language: EN-CA;">You can
currently obtain a 5-year insured variable mortgage for prime -1.00%. The rate
has gone up from 2.70% to 2.95% as a result of the Bank of Canada announcement.
<span style="mso-spacerun: yes;"> </span>This means a payment increase of $38.09/month
on a $300,000 mortgage or $63.48/month on a $500,000 mortgage. <o:p></o:p></span></div>
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<span lang="EN-CA" style="mso-ansi-language: EN-CA;">In
historical terms, today’s rate is still very low. <a href="https://www.cbc.ca/archives/when-15-per-cent-was-a-good-rate-for-a-mortgage-1.4872597" target="_blank">Here is something to give you a little perspective! </a><o:p></o:p></span></div>
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<br />Natalie Wellings, Mortgage Brokerhttp://www.blogger.com/profile/11105435349008716503noreply@blogger.com0tag:blogger.com,1999:blog-3878617097194482084.post-16326750686755604152018-09-06T13:00:00.004-06:002018-09-06T13:00:58.382-06:00What is your relationship with debt? <br />
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Debt does not have to define you! I heard this on the radio
last week and have been meaning to post it. The burden of debt. It is a real
problem and I see the emotional effects of it when I am speaking with potential
clients. Time to do something about it! Don’t feel alone and depressed. Talk
about it. Reach out. I spoke to someone last week who was almost in tears about
their situation. She was so down on herself and the situation she found herself
in compared to her perception of her peers’ lives. <span style="mso-spacerun: yes;"> </span>We had a long conversation. <span style="mso-spacerun: yes;"> </span>She said she had waited weeks to call me after
getting my phone number from a co-worker. We talked the situation through and
it really wasn’t bad! They had enough equity in their home to refinance and pay
off the debt they had accumulated. The solution was relatively easy. The
conversation really made me feel sad that she felt so alone and ashamed. Her perception
was that her friends were doing so much better in life. Remember, what you see
on social media is not necessarily true! <o:p></o:p></div>
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Instead of feeling alone it’s time to break the stigma of
debt. Reach out to the people you trust, you will find that many people are in
a similar situation. Maybe we can learn something from another and grow instead
of feeling inadequate. <o:p></o:p></div>
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<a href="https://www.cbc.ca/listen/shows/edmonton-am/segment/15589043" target="_blank">Listen HERE! </a></div>
<br />Natalie Wellings, Mortgage Brokerhttp://www.blogger.com/profile/11105435349008716503noreply@blogger.com0tag:blogger.com,1999:blog-3878617097194482084.post-35886110298899926352018-07-23T11:00:00.001-06:002018-07-23T11:00:11.855-06:00CMHC to make financing easier for self employed Canadians...<span style="background-color: #fbfeff; color: #4b4b4b; font-family: "Open Sans", "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 16px;">CMHC has </span><a href="https://www.cbc.ca/news/business/cmhc-self-employed-mortgages-1.4753446" style="background-color: #fbfeff; box-sizing: border-box; color: #73898c; font-family: "Open Sans", "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 16px; text-decoration-line: none;" target="_blank">announced</a><span style="background-color: #fbfeff; color: #4b4b4b; font-family: "Open Sans", "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 16px;"> that they will be making it 'easier' for self employed borrowers to obtain a mortgage. I have not received any concrete information on what this means as of yet. If you have gotten a mortgage lately you know it definitely isn't easy these days! CMHC is only one of 3 insurers in Canada. The other two already have a stated income program which makes qualifying for a mortgage a little easier for self employed people who cannot prove their income in a traditional way. My guess is that CMHC is going to get on board with the other two insurers (Genworth & Canada Guaranty) and match their self employed programs. Hard to say right now but I will report back when I have some more definitive information to share! Self employed mortgage info </span><a href="https://www.youredmontonmortgage.com/index.php/mortgages-selfemployed" style="background-color: #fbfeff; box-sizing: border-box; color: #73898c; font-family: "Open Sans", "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 16px; text-decoration-line: none;" target="_blank">HERE</a><span style="background-color: #fbfeff; color: #4b4b4b; font-family: "Open Sans", "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 16px;">. </span>Natalie Wellings, Mortgage Brokerhttp://www.blogger.com/profile/11105435349008716503noreply@blogger.com0tag:blogger.com,1999:blog-3878617097194482084.post-29239216209322978522018-03-07T15:24:00.000-07:002018-03-07T15:30:12.445-07:00Bank of Canada Interest Rate Announcement<div style="box-sizing: border-box; color: #4b4b4b; font-family: "Open Sans", "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 14px; line-height: 24px; margin-bottom: 11px;">
In an announcement made earlier today, the <a href="http://www.cbc.ca/news/business/bank-of-canada-rate-decision-1.4565579" target="_blank">Bank of Canada</a> left their key lending rate unchanged. Canadian financial institutions have left their prime lending rate unchanged as a result of the announcement. Please see the video below for more details! </div>
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Natalie Wellings, Mortgage Brokerhttp://www.blogger.com/profile/11105435349008716503noreply@blogger.com0tag:blogger.com,1999:blog-3878617097194482084.post-37008898704033835192018-03-02T11:36:00.004-07:002018-03-02T11:36:54.154-07:00How to use your RRSP to pay your mortgage<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjzdhs7im37yfX1Duewe-23MB8dgqkm7ybppYXzn_NkgckFoJxBk0VN2k8g18vZHLsX9aEZBWJgfTsP3QRAa84g1WYP6-vPwfoYYJv1f6MJn6pHKD9mlrUEv9gn0IbDASSFA1lYL_OeffI/s1600/iStock-503766756.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="1065" data-original-width="1600" height="212" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjzdhs7im37yfX1Duewe-23MB8dgqkm7ybppYXzn_NkgckFoJxBk0VN2k8g18vZHLsX9aEZBWJgfTsP3QRAa84g1WYP6-vPwfoYYJv1f6MJn6pHKD9mlrUEv9gn0IbDASSFA1lYL_OeffI/s320/iStock-503766756.jpg" width="320" /></a></div>
<span style="background-color: white; color: rgba(0, 0, 0, 0.87); font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 14px; white-space: pre-wrap;">Did you know you can pay down your mortgage using your RRSP and then earn interest back to your RRSP account? If you have just made a large contribution and are wondering what to do with the funds this could be a strategy!</span><br />
<span style="background-color: white; color: rgba(0, 0, 0, 0.87); font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 14px; white-space: pre-wrap;"><br /></span>
<span style="background-color: white; color: rgba(0, 0, 0, 0.87); font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 14px; white-space: pre-wrap;"><a href="https://www.youredmontonmortgage.com/index.php/blog/post/190/how-to-use-your-rrsp-to-pay-your-mortgage" target="_blank">LEARN MORE...</a></span>Natalie Wellings, Mortgage Brokerhttp://www.blogger.com/profile/11105435349008716503noreply@blogger.com0tag:blogger.com,1999:blog-3878617097194482084.post-27380960430485828772017-12-08T16:54:00.002-07:002017-12-08T16:54:27.840-07:00Mortgage changes are coming- are you ready? <span style="background-color: white; color: rgba(0, 0, 0, 0.87); font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 14px; white-space: pre-wrap;">On January 1st all conventional mortgages will be subject to a stress test. This affects all buyers who are putting 20%, or more down, and are getting an uninsured mortgage. If you are confused about these changes and how they will or will not affect you please drop me a line @ 780-722-6287!</span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQsiRI9RYUM1WkEXmFAZ50o2aavyes8Vhjnuk_34ASZXfdNAwe16x0Tr9EmKOxiwTwe4WC1mwsrvFOUqMNaPS7a1vO6ETXHT6WRJzeYbuG3FTmOspOVNHWr4W-XWwHiLYq_2qKH5HgJus/s1600/B20+Mortgage+Changes+Dec+2017_001.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="792" data-original-width="612" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQsiRI9RYUM1WkEXmFAZ50o2aavyes8Vhjnuk_34ASZXfdNAwe16x0Tr9EmKOxiwTwe4WC1mwsrvFOUqMNaPS7a1vO6ETXHT6WRJzeYbuG3FTmOspOVNHWr4W-XWwHiLYq_2qKH5HgJus/s1600/B20+Mortgage+Changes+Dec+2017_001.png" /></a></div>
<span style="background-color: white; color: rgba(0, 0, 0, 0.87); font-family: Roboto, RobotoDraft, Helvetica, Arial, sans-serif; font-size: 14px; white-space: pre-wrap;"><br /></span>Natalie Wellings, Mortgage Brokerhttp://www.blogger.com/profile/11105435349008716503noreply@blogger.com0tag:blogger.com,1999:blog-3878617097194482084.post-49957095428141509752017-11-24T10:59:00.000-07:002017-11-24T10:59:07.711-07:00How to buy a home in 9 easy steps...<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiX-K5oJpQtAWDJAUtXEvzYg3sdH_QXFMy3iXwPcldwDvWIc1pndHvpDFpB2Mj6mn7MCjaPb_ks0YxgxYm6wojK8qOpf5g6WwzyybImgVIr2FZN_ZxUg6WRdoA2ph5Rabk3UQ_5fc0HkzY/s1600/9+Steps+to+buying+a+home_001.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="792" data-original-width="612" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiX-K5oJpQtAWDJAUtXEvzYg3sdH_QXFMy3iXwPcldwDvWIc1pndHvpDFpB2Mj6mn7MCjaPb_ks0YxgxYm6wojK8qOpf5g6WwzyybImgVIr2FZN_ZxUg6WRdoA2ph5Rabk3UQ_5fc0HkzY/s640/9+Steps+to+buying+a+home_001.png" width="494" /></a></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Download a pdf version <a href="https://gallery.mailchimp.com/3546b177a06a484eb3f734bed/files/c1a736a1-217e-4f93-93a4-d926eb619367/9_Steps_to_buying_a_home.pdf" target="_blank">HERE</a>...</span></div>
<br />Natalie Wellings, Mortgage Brokerhttp://www.blogger.com/profile/11105435349008716503noreply@blogger.com0tag:blogger.com,1999:blog-3878617097194482084.post-42227121604605665622017-07-12T12:25:00.001-06:002017-07-12T12:25:41.426-06:00Why you should not panic about the latest rate increase…<div class="MsoNormal">
<span lang="EN-CA">This should
come as no surprise since the media has been all over this story lately. <o:p></o:p></span></div>
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<span lang="EN-CA">Yes- the <a href="http://www.mortgagebrokernews.ca/news/boc-interest-rate-revealed-228028.aspx" target="_blank">Bankof Canada increased their prime lending rate by 0.25%</a>! It is important to keep
some perspective on this recent announcement. A 0.25% increase is no big deal.
Also, it ONLY AFFECTS VARIABLE RATE MORTGAGES and HOME EQUITY LINES OF CREDIT.
If you don’t have either then carry on! Fixed rate mortgages are priced on the
bond market, not the Bank of Canada Prime Lending Rate. <o:p></o:p></span></div>
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<span lang="EN-CA">Fixed rate
mortgages move by a quarter of a percent a few times a year normally and you
don’t really hear anything about it in the news so I am not sure why this particular
rate announcement has put the media in a frenzy. <o:p></o:p></span></div>
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<span lang="EN-CA">Yes- it is
the first increase in 7 years but it’s a sign that things are better, not
worse. If you have a variable rate mortgage currently your rate is most likely
still lower than any fixed rate offering out there. <o:p></o:p></span></div>
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<span lang="EN-CA">If you want
to chat about your mortgage please call me anytime! 780-722-6287. <o:p></o:p></span></div>
Natalie Wellings, Mortgage Brokerhttp://www.blogger.com/profile/11105435349008716503noreply@blogger.com0tag:blogger.com,1999:blog-3878617097194482084.post-13229460225736914812017-06-16T11:27:00.001-06:002017-06-16T14:47:39.159-06:00Value that's hard to beat! <div style="box-sizing: border-box; color: #4b4b4b; font-family: "Open Sans", "Helvetica Neue", Helvetica, Arial, sans-serif; font-size: 14px; line-height: 24px; margin-bottom: 11px;">
<span style="box-sizing: border-box;">“Strive not to be a success, but rather to be of value”- Albert Einstein</span></div>
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Mortgage Brokering is extremely competitive. Not only are we competing with our fellow Mortgage Brokers but we are also competing with the big banks, which are HUGE institutions with large marketing budgets and resources. Over here at my office, it’s just me! I am the CEO, Marketing director, accountant, and mortgage underwriter as well as a client service rep. It’s a lot of hats to wear! I often wonder if consumers really understand the value of getting their mortgage through a broker, versus a bank branch employee.</div>
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If I am being completely honest, I am not a huge fan of using social media to constantly self promote my business. I am a pretty low-key person, in general, and I don’t like to boast or brag so it sometimes makes me a little uncomfortable to write social media posts about what I do. But, this is the reality of the business world today and social media must be a part of business promotion. In the spirit of shameless self promotion, here is a working example of what I feel, is a HUGE difference between dealing with a bank employee and a dedicated Mortgage Broker on a mortgage transaction.</div>
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In the vast majority of cases, your mortgage will go through without a hitch. However, in very rare circumstances issues can arise on closing (when your file is at your lawyer’s office ready to fund). Yesterday, I had a typical, busy day at the office, I headed to the gym (my after work stress relief) and when I left I did a quick check of my emails. I had a panicked email from an underwriter at 6pm last night with a big issue on a file that was set to close today. Let me tell you; I went into full-on disaster aversion mode. I immediately hit the phone and email to do what I could to figure out a solution to the problem (not easy to do after business hours are over) so closing would not be delayed. The issue was not one that I had any hand in creating, yet my job, as your Mortgage Broker, is to figure out a solution so your mortgage will fund, on time. In a real estate transaction, there are so many players involved. There is the seller (who just wants their money on possession day) who may have a purchase transaction hinging on the sale of their property, you’ve got two realtors and lawyers on both sides. If a deal falls apart at the last minute you can bet, it’s going to be a huge issue for me, regardless of the reason for the collapse.</div>
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I worked all night on this (who needs to eat dinner!) and by 9pm or so, the client and I had figured out a solution.</div>
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My point of writing this is to ask, have you ever received service like this from a bank branch employee? Someone willing to dispose of the evening they had planned, at the drop of a hat, to solve your problem? I often say, you will never know the value of a good Mortgage Broker until you are in the midst of a problem. If a problem occurs you need someone to jump into the trenches with you and battle it out until the problem is solved, not hide behind their voicemail or email.</div>
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By using me as your Mortgage Broker you get this level of service AT NO COST TO YOU! You do not pay anything for my time, or service! Mortgage Brokers are paid by the institution that funds your mortgage. And, you will find, that brokers often beat the rates offered by the major banks. How can you go wrong with a broker?</div>
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Last night was one of the most stressful nights of my career but my client’s mortgage will close on time. Disaster averted.</div>
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Please consider a reputable Mortgage Broker for your next mortgage; we will work hard for you!</div>
Natalie Wellings, Mortgage Brokerhttp://www.blogger.com/profile/11105435349008716503noreply@blogger.com0tag:blogger.com,1999:blog-3878617097194482084.post-36546351156155227252017-06-06T16:13:00.003-06:002017-06-06T16:25:54.331-06:00Product Spotlight: Reverse Mortgages offered by CHIP<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhxykCuLs5o9OKWIbUojhGHNxWPj8LPxnoDS6ZpvADRRyJ87O2eUqF7g3wjIsbf1xpl9VKlSp7GhPSxdYyFRjN_pr8bTI4cazqDiOIA0FzAi5DuMt3Fl40jq3u4uLWXMGuPKPNZ5-7JqGs/s1600/CHIP+logo.png" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="160" data-original-width="315" height="162" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhxykCuLs5o9OKWIbUojhGHNxWPj8LPxnoDS6ZpvADRRyJ87O2eUqF7g3wjIsbf1xpl9VKlSp7GhPSxdYyFRjN_pr8bTI4cazqDiOIA0FzAi5DuMt3Fl40jq3u4uLWXMGuPKPNZ5-7JqGs/s320/CHIP+logo.png" width="320" /></a></div>
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<span lang="EN-CA" style="line-height: 107%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Do you know a senior who is feeling
anxious about their financial future? I offer CHIP Mortgages, through Home
Equity Bank. Home Equity Bank has been providing quality financial solutions
for seniors for more than 25 years. <o:p></o:p></span></span></div>
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<span lang="EN-CA" style="line-height: 107%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">How does a CHIP Mortgage work? <o:p></o:p></span></span></div>
<ul type="disc">
<li class="MsoNormal" style="color: #222222; line-height: 16.5pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><b>You can access up to 55% of the
value of your home:</b> the amount of equity you can withdraw depends primarily
on your age as well as other factors such as the type of home you own
(condo, single family) and where the property is located. <o:p></o:p></span></li>
<li class="MsoNormal" style="color: #222222; line-height: 16.5pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><b>You always maintain ownership of
your home and never have to move or sell</b>: you DO NOT sign your title over
to CHIP. CHIP will register a mortgage on the title to your house (same as
with a regular mortgage) but you retain ownership of the home. CHIP will
never force you to sell or move. You stay in your house, for as long as
you want (as long as your property taxes and insurance are up-to-date). <o:p></o:p></span></li>
<li class="MsoNormal" style="color: #222222; line-height: 16.5pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><b>There are no payments required:</b> this is the
beauty of the CHIP solution. You never have to make a payment or sell your
home. The interest costs will be added into the mortgage balance, over
time. <o:p></o:p></span></li>
<li class="MsoNormal" style="color: #222222; line-height: 16.5pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><b>You can receive your tax-free cash
over time or one lump sum</b>: you can receive a monthly
payment or a one time lump sum amount. <o:p></o:p></span></li>
<li class="MsoNormal" style="color: #222222; line-height: 16.5pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><b>NO tax implications</b>: One of the
major benefits of a CHIP reverse mortgage is that utilizing the equity in
your home has no tax implications so it can often be more advantageous to
use your home equity before withdrawing funds from your investments or RRSP.<o:p></o:p></span></li>
</ul>
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<span style="color: #222222;"><span style="font-family: "arial" , "helvetica" , sans-serif;">It is a sad reality that there are many seniors in Canada who
own their home and are struggling because they do not know about this product
or do not fully understand the benefits. <o:p></o:p></span></span></div>
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<span style="color: #222222;"><span style="font-family: "arial" , "helvetica" , sans-serif;">This product allows the borrower to stay in the home they
love, while being able to access the equity in their home without having to
make any payments.</span></span></div>
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<span style="color: #222222;"><span style="font-family: "arial" , "helvetica" , sans-serif;">There are many misconceptions about reverse mortgages. Often
this comes from the US, where this type of financing can be quite different. If
you would like more information or clarification on the
process of obtaining a CHIP mortgage please reach out to me. I would be happy
to provide you with more information. </span><span style="font-family: "gothambook"; font-size: 12pt;"><o:p></o:p></span></span></div>
</div>
Natalie Wellings, Mortgage Brokerhttp://www.blogger.com/profile/11105435349008716503noreply@blogger.com0tag:blogger.com,1999:blog-3878617097194482084.post-6636943262790217012017-04-26T15:44:00.001-06:002017-04-26T15:50:02.700-06:00Thank you for the last 10 years! <div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwBDlwUli3CWT4941-9nUIZO-DCtpOw6HnCsfkAIU-WZ2v5610AoVITqLdyiN2lfwHqYwFjhY9RlvKN7ZC8gKlczBQHUEZB1iweTZx_k4tjmuQT4GRx996Ejubdxr7tXH5zkAIV0RimGA/s1600/10+years.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwBDlwUli3CWT4941-9nUIZO-DCtpOw6HnCsfkAIU-WZ2v5610AoVITqLdyiN2lfwHqYwFjhY9RlvKN7ZC8gKlczBQHUEZB1iweTZx_k4tjmuQT4GRx996Ejubdxr7tXH5zkAIV0RimGA/s1600/10+years.jpg" /></a></div>
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<span lang="EN-CA"><span style="font-family: "arial" , "helvetica" , sans-serif;">Today marks
10 years since I became a licensed Mortgage Broker in Alberta. April 26<sup>th</sup>
2007. The date I jumped on the roller coaster of self employment. Things were
so crazy in Edmonton during that time. We were in the midst of a major housing
bubble. Prices were going up month-over-month, mortgage lenders were offering
all sorts of crazy mortgage products and it felt like every apartment building
in the city was being converted into a condo. <o:p></o:p></span></span></div>
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<span lang="EN-CA"><span style="font-family: "arial" , "helvetica" , sans-serif;">I can
remember being scared but excited. I felt like this was something I could excel
at. I was finishing my post secondary education in Finance as a part time,
evening student and I had worked full time in sales, for years. I figured I had this in the bag. I was in for
a very rude surprise. The first few years were marked with many sleepless
nights and worries. The mental shift from being an employee with a regular pay
check to wondering when my next deal would close was a real challenge for me to
overcome mentally. This was not as easy
as I had anticipated. I kept at it, even when my instinct told me that it was
too hard, to just go get a “real” job. My husband supported me throughout this
challenging time, always telling me that I could do this, to just keep at it.
That it would all work out. <o:p></o:p></span></span></div>
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<span lang="EN-CA"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></div>
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<span lang="EN-CA"><span style="font-family: "arial" , "helvetica" , sans-serif;">While the
last 10 years have not necessarily been easy, they have been rewarding. I have
learned so much about perseverance and myself. About being too stubborn to quit
even when it was my instinct to do so. It has taught me that hard work pays off
and the most important path to success is consistency. This business is all
about relationships. If you do good honest work, treat your customers and
referral sources right, and stay disciplined with your routine your business
will thrive!<o:p></o:p></span></span></div>
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<span lang="EN-CA"><span style="font-family: "arial" , "helvetica" , sans-serif;">I can’t
believe that it’s been 10 years. I have helped hundreds of people purchase a
home, or refinance one to make things easier financially. It has been a
pleasure and I have learned so much along the way!</span></span><br />
<span lang="EN-CA"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></div>
<span data-offset-key="4pdmm-0-0"><span style="font-family: "arial" , "helvetica" , sans-serif;"><b>Thank you to my fabulous clients, referral sources, mentors, friends and family for being the driver of my success. I would not be here without you! Here’s to another 10! </b></span></span><br />
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Natalie Wellings, Mortgage Brokerhttp://www.blogger.com/profile/11105435349008716503noreply@blogger.com0tag:blogger.com,1999:blog-3878617097194482084.post-71174850858640963522017-04-12T16:08:00.000-06:002017-04-12T16:08:13.094-06:00No change to key interest rate- Bank of Canada<div dir="ltr" style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8px;">
Once again, the Bank of Canada <a href="http://www.cbc.ca/news/business/bank-canada-poloz-interest-rates-1.4067184" target="_blank">announced</a> that it is maintaining its target for the overnight rate at ½ percent, despite stronger-than-expected global and domestic economies.</div>
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<div dir="ltr" style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8px;">
While the global economy is exceeding the Bank's January expectations-and the US is similarly experiencing solid growth-the Bank believes there is still an element of uncertainty around the global outlook. Similarly, Canada's economic growth has been faster than predicted back in January, something the Bank attributes to a boost in spending in the oil and gas sector as will as increased consumer spending resulting from the Canada Child Benefit. While the Bank finds this increase in GDP "encouraging", it isn't prepared to declare the country on a "sustainable growth path".</div>
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With CPI inflation currently at the Bank's target of 2 percent, the Bank expects it to dip in the months ahead before returning back to 2 percent later in the year.</div>
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Because of all this-and the fact much of this good news could be "temporary"-the Bank has opted to maintain its current rate. If you have any questions regarding interest rates-or any questions regarding your mortgage at all-please feel free to drop me a line at 780-722-6287.</div>
Natalie Wellings, Mortgage Brokerhttp://www.blogger.com/profile/11105435349008716503noreply@blogger.com0tag:blogger.com,1999:blog-3878617097194482084.post-87922449301958798262017-03-01T09:35:00.002-07:002017-03-01T09:35:42.983-07:00Variable rate holders- no change to your mortgage rate! <div style="background: white;">
<span style="color: #222222; font-family: "Arial",sans-serif; font-size: 9.5pt;">The Bank of Canada is keeping the target for the overnight rate
at ½ percent. In a rather brief interest rate announcement, the Bank noted
that, while there are "significant uncertainties" that could impact
the outlook of the Canadian and global economies down the road, for now things
are consistent with the Bank's January projections, so it's staying the course.</span></div>
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<span style="color: #222222; font-family: "Arial",sans-serif; font-size: 9.5pt;"><br /></span></div>
<div style="background: white;">
<span style="color: #222222; font-family: "Arial",sans-serif; font-size: 9.5pt;">The
Bank did note that CPI inflation rose to 2.1 percent in January-something the
Bank says reflects higher energy prices due, in part, to new carbon pricing
measures in two provinces. Because of this, the Bank believes the increase in
inflation is temporary.</span></div>
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<span style="color: #222222; font-family: "Arial",sans-serif; font-size: 9.5pt;"><br /></span></div>
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<span style="color: #222222; font-family: "Arial",sans-serif; font-size: 9.5pt;">Overall, the Canadian economy performed a little above
expectations in the fourth quarter of 2016-thanks in part to higher housing
indicators. That said, Canadian exports continue to face strong competition
and, while there was growth in employment, wages and hours work remain rather
subdued. These two factors are contributing to Canada's persistent economic
slack, and preventing it from keeping pace with the rebounding United States.</span></div>
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<span style="color: #222222; font-family: "Arial",sans-serif; font-size: 9.5pt;"><br /></span></div>
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<span style="color: #222222; font-family: "Arial",sans-serif; font-size: 9.5pt;">If
you have any questions about the most recent interest rate announcement, feel
free to reach out to me. Alternatively, you can view the full release here:<span class="apple-converted-space"> </span><a data-saferedirecturl="https://www.google.com/url?hl=en&q=http://mailer.myaxiom.ca/tl.php?p%3D19z/15v/rs/16h/rt/rs//http%253A%252F%252Fwww.bankofcanada.ca%252F2017%252F03%252Ffad-press-release-2017-03-01%252F&source=gmail&ust=1488471704586000&usg=AFQjCNEh-4x2cCD7l0y09G8CEMBvDqos1A" href="http://mailer.myaxiom.ca/tl.php?p=19z/15v/rs/16h/rt/rs//http%3A%2F%2Fwww.bankofcanada.ca%2F2017%2F03%2Ffad-press-release-2017-03-01%2F" target="_blank"><span style="color: #1155cc;">http://www.bankofcanada.ca/<wbr></wbr>2017/03/fad-press-release-<wbr></wbr>2017-03-01/.</span></a><o:p></o:p></span></div>
Natalie Wellings, Mortgage Brokerhttp://www.blogger.com/profile/11105435349008716503noreply@blogger.com0tag:blogger.com,1999:blog-3878617097194482084.post-13978552222851787392017-02-17T18:04:00.001-07:002017-02-17T18:04:11.535-07:00Money talk<div class="MsoNormal">
<span lang="EN-CA">This time
of the year there is lots of <a href="http://business.financialpost.com/personal-finance/rrsps-or-tfsas-save-or-pay-down-debt-what-the" target="_blank">chatter </a>going on out there about investing, since the deadline to
contribute to RRSP’s for the 2016 tax year is March 1<sup>st</sup>. Naturally, all of
this talk about investing leads to other discussions about financial planning,
in general. Here are some of my random
thoughts, ideas, and rules of thumb when it comes to money: <o:p></o:p></span></div>
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<ul>
<li><b><span lang="EN-CA">Plan ahead. </span></b><span lang="EN-CA">It’s always best in life to hope for the best,
but plan for the worst. While that may sound negative it is always best to live
on less than you earn and save some money for the future. No one knows where
life will take you. Having savings not only provides you with a plan B should
something go wrong but, more importantly, having some money gives you options
in life whether it be in making an investment or starting a business. Who knows
what opportunities will come your way. Having some money in the bank gives you
the option to seize them! </span>One of the fascinating
aspects of the work I do is to be able to see how my clients approach money. I
have been absolutely amazed at the saving abilities of some of my clients who
are in lower income brackets. Saving is their mindset and it doesn’t matter how
much or little they earn, saving is just what they do. The ability to save is
definitely not about how much money you do, or don’t make. It is about your
habits and mindset and the conscious decision to live under your means so you
have some money left over to save.</li>
<li><b><span lang="EN-CA">Investing in an RRSP or TFSA?*</span></b><span lang="EN-CA"> If your income in retirement will
be similar to your income right now then it may not make sense to contribute to
an RRSP. RRSP’s are great for tax shifting in the sense that any contributions
you make now will lower your current taxable income. When you withdraw the
funds from your RRSP, in retirement, you will be taxed at whatever your income
level is at that time. So, if you are in a high tax bracket now, but will be in
a lower one in retirement it makes sense to contribute to an RRSP in your
higher earning years. If your current income tax bracket is not high, then it
may make more sense for you to save into a TFSA. While there is no tax
deduction for contributions to a TFSA, any investment gains made within your
TFSA grow completely tax free and there are no tax implications for
withdrawals. Speak to your financial planner for more information on retirement
strategies.</span></li>
<li><b><span lang="EN-CA">Pay extra on your loans</span></b><span lang="EN-CA">. On mortgages and installment
loans, it’s a great idea to get into the habit of paying extra, every month.
You’ll be surprised at how much faster you pay off this debt (especially on
your car loan). Set up the extra payments so they come out automatically and
you won’t see it as optional. If anything goes wrong in your life (sickness,
job loss etc), you can always revert to your original lower payment. My rule, when
it comes to cars is, if you feel like you cannot comfortably afford the payment
within a 5-year term (or less) then you are buying too much car. Time to check
yo’ self and look for something more affordable!</span></li>
<li><b><span lang="EN-CA">Create healthy money habits when you are young
to set yourself up for the future!</span></b><span lang="EN-CA">. Getting in the habit of saving and spending less than you earn when
you are younger will help you immensely as you get older. If saving is a
regular habit when you have little money you will not even think twice about
saving as your income grows.</span></li>
<li><b><span lang="EN-CA">What is your relationship with money?</span></b><span lang="EN-CA"> Mindset is a game changer when it
comes to finances. Consider your relationship with money. Is it a healthy one?
Is it positive or negative? Our thoughts can create our reality and if you
treat money as a difficulty I believe it will be one. It’s important to treat
the money we have with a healthy level of respect and to save for the future
but to also enjoy life sometimes too.</span></li>
<li><b><span lang="EN-CA">Have some fun with your money.</span></b><span lang="EN-CA"> I firmly believe that you should
leave some room for fun money in your budget, regardless of your financial
situation. Every week pay yourself a cash allowance, which you set based on
your budget. Allow yourself the freedom to do whatever you want with it, with
no guilt attached. Depending on the amount you give yourself you could use it
to go to a movie, eat out, buy fancy coffees, or clothes etc. Having cash is
key in this exercise because it’s tangible and once it’s gone, it’s gone. We
have been doing this in my house for years and it has worked very well for us.
We take our money out every Friday, without fail, and it must last the week.
Once it’s gone it’s gone but we allow ourselves to have fun and enjoy whatever
we spend it on. We have kept this habit up through tough financial times and
abundant ones and it has always helped keep us accountable but also allowed us
to have some fun at the same time. It’s a great budgeting exercise!</span></li>
<li><b><span lang="EN-CA">If you can’t pay for it now, you can’t afford
it</span></b><span lang="EN-CA">. Yes, there are
some exceptions to this rule for big ticket items like an education, and buying
houses, or cars. Consumer debt is at an all time high. Many of us are living
beyond our means and it’s time to get back to basics and start paying for
things the way our parents generation did, by saving for things before
purchasing them. Being in debt is optional and not a given. Allow yourself the
freedom of being debt free. You deserve it!</span></li>
<li><b><span lang="EN-CA">Buy life insurance when you are young*</span></b><span lang="EN-CA">. The<a href="http://business.financialpost.com/personal-finance/rrsps-or-tfsas-save-or-pay-down-debt-what-the" target="_blank"> article </a>doesn’t agree
with me on this. But, here me out. You buy life insurance for the future. If
you are young and single right now you may think that buying life insurance is
a silly expense. My philosophy is to buy it when you are as young as possible
because the premiums are usually so cheap it’s a joke! As you get older (when
you naturally start thinking about buying insurance), you will find that it’s
often more complicated to get due to health reasons and it’s typically much
more expensive. I say “set it and forget it”. Buy as much as you can possibly
afford when you are young and you won’t need to think about it again as you get
older!</span></li>
<li><b><span lang="EN-CA">Pay off debts while saving at the same time.</span></b><span lang="EN-CA"> if you spend all of your money
tackling debt you will only get into debt again if the car breaks down and you
need to pay the mechanic to get it back on the road. In my mind, it makes more
sense to pay down debt but to also set aside some savings, at the same time. It
will help as a mental exercise in saving and getting into a healthy savings
habit. You will also be able to see your bank account grow and this will help to create a mental shift to
abundant thinking, as opposed to focusing on lack.</span></li>
<li><b><span lang="EN-CA">Be kind to yourself when it comes to money. There</span></b><span lang="EN-CA"> are lots of things we should or shouldn’t
be doing when it comes to money and it is easy to place the blame on yourself
if you aren’t financially where you’d like to be. The reality is that wages
don’t often keep up with the cost of living your life and raising a family. So,
don’t be too tough on yourself! But, do take the time to ask as many questions
as you can so you can work within your means to create a better financial
future for you and your family.</span></li>
</ul>
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<span lang="EN-CA">*While I
have lots of ideas and thoughts on money, I am a Mortgage Broker, not a financial
planner or life insurance agent. If you would like information on financial
planning or purchasing life insurance I can refer you to some great people that
would love to help you. If you have some general questions about money or
budgeting or mortgages I’d be happy to chat so feel free to drop me a line! <o:p></o:p></span></div>
Natalie Wellings, Mortgage Brokerhttp://www.blogger.com/profile/11105435349008716503noreply@blogger.com0tag:blogger.com,1999:blog-3878617097194482084.post-85009762342918339922017-02-06T15:56:00.000-07:002017-02-06T15:56:03.692-07:00HOW MUCH ARE YOUR GRANDCHILDREN COSTING YOU?<div style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8px;">
Although Millennials are waiting to have children until they're a little older (and more financially secure), a new <a data-saferedirecturl="https://www.google.com/url?hl=en&q=http://mailer.myaxiom.ca/tl.php?p%3D19v/15s/rs/16h/rt/rs//http%253A%252F%252Fs1.q4cdn.com%252F959385532%252Ffiles%252Fdoc_downloads%252Fresearch%252F2017%252FMillennial-Parents-Survey-Key-Findings.pdf&source=gmail&ust=1486502458676000&usg=AFQjCNHB4yGiJdjTu03c8W0K5OreF9XmKA" href="http://mailer.myaxiom.ca/tl.php?p=19v/15s/rs/16h/rt/rs//http%3A%2F%2Fs1.q4cdn.com%2F959385532%2Ffiles%2Fdoc_downloads%2Fresearch%2F2017%2FMillennial-Parents-Survey-Key-Findings.pdf" style="color: #1155cc;" target="_blank">study </a>from TD Ameritrade reveals they're still receiving quite a bit of help from their parents, both financially and otherwise.</div>
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<div style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8px;">
The study reveals that, on average, grandparents spend US$2,383 per year on such things as toys (58%), clothing (55%), non-cash gifts (39%), cash gifts (42%) and school expenses (27%). On top of that, over half of Millennials said their parents provide at least one hour of child care or help running the household per week, with many saying their parents go all-out-spending 48 hours helping out per week.</div>
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The study cites stagnant Millennial incomes and exorbitant student debt as potential reasons for this trend. What do you think?</div>
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Natalie Wellings, Mortgage Brokerhttp://www.blogger.com/profile/11105435349008716503noreply@blogger.com0tag:blogger.com,1999:blog-3878617097194482084.post-88542079879871817002017-01-17T10:25:00.000-07:002017-01-17T10:25:02.712-07:00BREAKING: CMHC announces increase to insurance premium rates<div class="MsoNormal">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjAYA-D4THKw182a45BvFW2_kKJ1GrurXb0LdGFHC_90rNCCquqZCfIoKbLDDHh_P8G2bCFTrbmQqXQQPMcF54-b0NTxePKrbu5bbtD-HUTMlFlweSdT3I1_TEKIZNxXzhAR2db6lwsFdI/s1600/PiggyBank2.JPG" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="" border="0" height="158" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjAYA-D4THKw182a45BvFW2_kKJ1GrurXb0LdGFHC_90rNCCquqZCfIoKbLDDHh_P8G2bCFTrbmQqXQQPMcF54-b0NTxePKrbu5bbtD-HUTMlFlweSdT3I1_TEKIZNxXzhAR2db6lwsFdI/s200/PiggyBank2.JPG" title="CMHC announces premium increase" width="200" /></a><span lang="EN" style="color: #333333; font-family: "Arial",sans-serif; font-size: 9.0pt; line-height: 107%; mso-ansi-language: EN;">In an
announcement made earlier today, the cost of <a href="https://www.cmhc-schl.gc.ca/en/corp/nero/nere/2017/2017-01-17-0830.cfm?utm_source=facebook-main&utm_medium=link&utm_campaign=mli" target="_blank">CMHC insurance will increase</a>,
starting on March 17th 2017. For buyers with the minimum 5% down
payment, the premium will rise from 3.60% to 4.00% of the total loan amount. It
is assumed that Canada's other two insurers, Genworth and Canada Guaranty,
will likely also follow suit. If you are currently pre-approved and
looking for a home, you will need to write an offer on a property prior to the
March 17th deadline to avoid the premium increase. <o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN" style="color: #333333; font-family: "Arial",sans-serif; font-size: 9.0pt; line-height: 107%; mso-ansi-language: EN;"><br /></span></div>
<span lang="EN" style="color: #333333; font-family: "Arial",sans-serif; font-size: 9.0pt; line-height: 107%; mso-ansi-language: EN; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">If you
have any questions, please drop me a line!<br />
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<span lang="EN" style="color: #333333; font-family: "Arial",sans-serif; font-size: 9.0pt; line-height: 107%; mso-ansi-language: EN; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;"><br /></span>Natalie Wellings, Mortgage Brokerhttp://www.blogger.com/profile/11105435349008716503noreply@blogger.com0tag:blogger.com,1999:blog-3878617097194482084.post-77086700834682350162017-01-11T14:05:00.005-07:002017-01-11T14:51:43.784-07:00Resolve to pay your mortgage off faster<span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: 12.8px;">With the New Year just beginning, there's no better time to set some goals for the year ahead. But while health and fitness tend to be top-of-mind these days-particularly after the food-fest known as "the holidays"-it’s important to show your mortgage some resolution love as well.</span><br />
<br style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8px;" />
<span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: 12.8px;">One way to do this is to simply pull out that mortgage contract, blow off the dust and figure out when it's time to renew. If you're up for renewal in 2017, get the ball rolling early by locking down one of today’s low rates as early as possible-usually 120 days before your mortgage expires. </span><br />
<br style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8px;" />
<span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: 12.8px;">If you're not up for renewal, there are still ways to save some money (at least, in the long run) by paying down more principal. You can do this by making a lump-sum payment, or increasing your monthly payments. These payments don’t have to break the bank! Rounding your payment up to the nearest even number-or putting a portion of your bonus towards it-can save you hundreds of dollars over the life of your mortgage.</span><br />
<br style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8px;" />
<span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: 12.8px;">With rates expected to increase in response to recent mortgage rule changes, chances are the low rates you're used to today-whether they’re variable or fixed-won’t last forever. To prepare yourself-and pay down some extra principal-why not set your payment to mirror today’s "stress test” rate, which is typically two percentage points higher than the posted five-year fixed rate.</span><br />
<br style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8px;" />
<span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: 12.8px;">There are countless other steps you can take this year to shorten the length of your mortgage. If you’d like to hear more, feel free to give me a call or send me a note.</span>Natalie Wellings, Mortgage Brokerhttp://www.blogger.com/profile/11105435349008716503noreply@blogger.com0tag:blogger.com,1999:blog-3878617097194482084.post-31614316131038444382016-12-23T12:01:00.003-07:002016-12-23T12:22:19.585-07:00Merry Christmas and thank you!!!<div class="MsoNormal">
<div style="color: #565353; font-family: Sintony, sans-serif; font-size: 16px; margin-bottom: 20px;">
The best part of the Christmas season is that work slows down enough that I can take some time to reflect on what has happened in the last year. 2016 was a great one, despite the rough times in Alberta’s economy. I feel so blessed!</div>
<div style="color: #565353; font-family: Sintony, sans-serif; font-size: 16px; margin-bottom: 20px;">
I want to take a moment to thank everyone that has contributed to my success in 2016. I am truly grateful for the people I have the privilege of working with every day, including those behind the scenes that work so hard to make my job look easy! My clients never get to speak with the underwriter or lender rep who dedicates so much effort into getting their loan approved. Let me tell you, I could not do it without their amazing service and expertise!</div>
<div style="color: #565353; font-family: Sintony, sans-serif; font-size: 16px; margin-bottom: 20px;">
In the spring of 2017 it will be 10 years since I started out in this crazy business. Over the years, I have had the privilege of getting to know some truly dedicated and hard working Realtors who work tirelessly, at all sorts of crazy hours, for their clients. They do not have an easy job but the great ones make it look that way. Thank you to my Realtor partners for your many referrals in 2016!</div>
<div style="color: #565353; font-family: Sintony, sans-serif; font-size: 16px; margin-bottom: 20px;">
This can be a stressful job but I love it. I am humbled to be part of such an important time in my clients' lives, helping them to buy a home and navigate the often-complicated process of obtaining a mortgage. I count my many, many blessings. This is an amazing job! Thank you to my clients for trusting me with this huge purchase.</div>
<div style="color: #565353; font-family: Sintony, sans-serif; font-size: 16px; margin-bottom: 20px;">
Merry Christmas and a very Happy New Year!</div>
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Natalie Wellings, Mortgage Brokerhttp://www.blogger.com/profile/11105435349008716503noreply@blogger.com0tag:blogger.com,1999:blog-3878617097194482084.post-67951375349640271852016-11-23T16:44:00.003-07:002016-11-23T16:46:24.765-07:00Your relationship is over and you want to keep the house. What happens now? <div class="MsoNormal">
<span lang="EN-CA"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: x-small;">Fortunately,
there is a program offered by Canada’s mortgage default insurers (CMHC,
Genworth & Canada Guaranty) to help you buy out your partner and move on
with your life. <o:p></o:p></span></span><br />
<span lang="EN-CA"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: x-small;"><br /></span></span></div>
<div class="MsoNormal">
<span lang="EN-CA"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: x-small;">Mortgage
qualifying rules have changed so it’s best to contact me, right away, to ensure
that the numbers will work for you to qualify to take over the house, using
only your income. We’ll complete a mortgage application and see how things
look.<o:p></o:p></span></span><br />
<span lang="EN-CA"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: x-small;"><br /></span></span></div>
<div class="MsoNormal">
<span lang="EN-CA"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: x-small;">I will need
to know what your house is worth today. If you aren’t sure, this is a good
opportunity to contact your Realtor and ask them to estimate what it might be
worth. A requirement of the new mortgage
will be an appraisal on your property, which will happen later. To start, I
just need a realistic estimate of the value of your home.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<span lang="EN-CA"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: x-small;">Take the
value of your home and multiply it by 0.95. This is the maximum amount you can finance
through the new mortgage.<o:p></o:p></span></span><br />
<span lang="EN-CA"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: x-small;"><br /></span></span></div>
<div class="MsoNormal">
<span lang="EN-CA"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: x-small;">If
everything looks good, you’ll need to provide me with a signed separation
agreement that clearly outlines who pays who (child support, spousal support,
buy out amounts etc). The marital home needs to be addressed in the agreement.
It should state who is keeping the house and what happens if you cannot qualify
for the mortgage by a certain date (house will be sold etc). <o:p></o:p></span></span><br />
<span lang="EN-CA"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: x-small;"><br /></span></span></div>
<div class="MsoNormal">
<span lang="EN-CA"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: x-small;">Your file
will be sent to a lender for approval. The maximum amount you can finance is
95% of the value of the home. The new mortgage will pay off the existing
mortgage on the house, as well as the buy out amount and possibly some marital
debts (they must be detailed in the separation agreement). Typically, legal fees
cannot be included in the new mortgage. <o:p></o:p></span></span><br />
<span lang="EN-CA"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: x-small;"><br /></span></span></div>
<div class="MsoNormal">
<span lang="EN-CA"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: x-small;">So, as an
example: <o:p></o:p></span></span><br />
<span lang="EN-CA"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: x-small;"><br /></span></span></div>
<div class="MsoNormal">
<span lang="EN-CA"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: x-small;">Your house
is worth $400,000. 95% of $400,000 is $380,000. This is the maximum amount you
will be able to borrow. <o:p></o:p></span></span><br />
<span lang="EN-CA"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: x-small;"><br /></span></span></div>
<div class="MsoNormal">
<span lang="EN-CA"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: x-small;">You
currently owe $330,000 on your existing mortgage and the penalty to pay the
mortgage is $5,000. Typically, couples will split the penalty amount. Your
portion of the penalty can be included in the new mortgage; if it is outlined
in the separation agreement. <o:p></o:p></span></span><br />
<span lang="EN-CA"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: x-small;"><br /></span></span></div>
<div class="MsoNormal">
<span lang="EN-CA"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: x-small;">You have
agreed to split the equity in your house, with your ex. Your equity is the
difference between what your home is worth and what you owe. <o:p></o:p></span></span><br />
<span lang="EN-CA"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: x-small;"><br /></span></span></div>
<div class="MsoNormal">
<span lang="EN-CA"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: x-small;">$400,000
value of marital home<o:p></o:p></span></span></div>
<div class="MsoNormal">
<span lang="EN-CA"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: x-small;">-$330,000
Mortgage balance<o:p></o:p></span></span></div>
<div class="MsoNormal">
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: x-small;"><u><span lang="EN-CA">-$5,000</span></u><span lang="EN-CA"> mortgage early pay out penalty<o:p></o:p></span></span></div>
<div class="MsoNormal">
<span lang="EN-CA"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: x-small;">$65,000
equity/ 2 people =$32,500 each<o:p></o:p></span></span><br />
<span lang="EN-CA"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: x-small;"><br /></span></span></div>
<div class="MsoNormal">
<span lang="EN-CA"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: x-small;">Based on
the above example, we would set your mortgage up for $365,000 ($330,000
mortgage + $2,500 your portion of the penalty + $32,500 buy out to your ex).
This loan works out to 91.25% of the value of your home which falls within the
allowable amount (under 95%). <o:p></o:p></span></span><br />
<span lang="EN-CA"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: x-small;"><br /></span></span></div>
<div class="MsoNormal">
<span lang="EN-CA"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: x-small;">I hope that
helps to clarify this program. Separating from your spouse can be extremely
stressful and convoluted. My best advice is to make sure your agreement covers
the amounts that need to be paid in clear detail. If it isn’t included in the
agreement, then my lenders will not allow me to add it to the new mortgage. It
is important to also make sure that your agreement explains what will happen if
you are not able to obtain the mortgage. <o:p></o:p></span></span></div>
<br />
<div class="MsoNormal">
<span lang="EN-CA"><span style="font-family: "arial" , "helvetica" , sans-serif; font-size: x-small;">If you are
currently going through a separation, and are thinking of keeping the home, or
purchasing a new one, please contact me at 780-722-6287! </span><o:p></o:p></span></div>
Natalie Wellings, Mortgage Brokerhttp://www.blogger.com/profile/11105435349008716503noreply@blogger.com0tag:blogger.com,1999:blog-3878617097194482084.post-24903923850714311382016-11-03T10:15:00.004-06:002016-11-03T10:18:56.980-06:00Confused about the new mortgage rules?<div style="margin-bottom: .0001pt; margin: 0in;">
<span style="background: white; font-family: "arial" , sans-serif;">As per my previous blog posts; new housing
policies have recently come into effect wich will greatly affect mortgage
qualification. </span><span style="font-size: 13.5pt;"><o:p></o:p></span></div>
<div style="margin: 0in 0in 0.0001pt;">
<span style="background: white; font-family: "arial" , sans-serif;"><br style="box-sizing: border-box;" />
Do these changes affect you? In order to clear the fog on the new regulations,
I have prepared the following Fact Sheet.</span></div>
<div style="margin: 0in 0in 0.0001pt;">
<span style="background: white; font-family: "arial" , sans-serif;"><br style="box-sizing: border-box;" />
Please <a href="https://gallery.mailchimp.com/3546b177a06a484eb3f734bed/files/Mortgage_Changes_FAQ_October_2016.pdf" style="box-sizing: border-box;" target="_blank">download it
here</a>, and do not hesitate to contact me if you have any questions or
concerns. Remember, as your Edmonton Mortgage Broker, I am the professional
with the expertise and advice that can help you navigate these changes.</span><span style="font-size: 13.5pt;"><o:p></o:p></span></div>
Natalie Wellings, Mortgage Brokerhttp://www.blogger.com/profile/11105435349008716503noreply@blogger.com0tag:blogger.com,1999:blog-3878617097194482084.post-36661066449273572292016-10-07T11:11:00.002-06:002016-10-07T11:17:19.695-06:00Big banks win, alternative lenders lose with new mortgage rules: First National Financial CEO<div class="MsoNormal">
<span lang="EN-CA">The CEO of
one of my favourite mortgage lenders, <a href="https://www.firstnational.ca/" target="_blank">First National,</a> explains the recent mortgage
changes and the effect these will have on the industry and consumers to BNN.
First National is the largest non-bank mortgage lender in Canada and has been
providing mortgages to Canadians for 25 years. They offer great rates and
amazing service to Mortgage Brokers.</span></div>
<br />
<div class="MsoNormal">
<span lang="EN-CA">If you have
any questions, or concerns, regarding the upcoming mortgage changes please drop
me a line at 780-722-6287.<o:p></o:p></span><br />
<span lang="EN-CA"><br /></span></div>
<iframe allowfullscreen="true" frameborder="0" height="270" mozallowfullscreen="true" scrolling="no" src="https://bmplayer-a.akamaihd.net/shareable/embedssl.html?dc=bnn_web&cid=967389&col=766&w=480&h=270&pl=0&plh=0&adSite=ctv.bnn&adZone=&omniAcct=ctvgmtvebnndesktop,ctvgmtvebnnglobalsuite&section=video&site=video&shareUrl=http://www.bnn.ca/video/big-banks-win-alternative-lenders-lose-with-new-mortgage-rules-first-national-financial-ceo~967389&v7=video&v8=&v9=&v10=" webkitallowfullscreen="true" width="480"></iframe>
Natalie Wellings, Mortgage Brokerhttp://www.blogger.com/profile/11105435349008716503noreply@blogger.com0tag:blogger.com,1999:blog-3878617097194482084.post-57102066787361182672016-10-03T11:39:00.005-06:002016-10-03T11:59:49.817-06:00Breaking news: Government of Canada changing mortgage qualifying rules<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-CA">In an announcement
earlier today, the Department of Finance outlined new measures to maintain the stability
of the housing market. They announced that there will be a stress test required
for ALL insured mortgages in Canada, beginning October 17<sup>th</sup> 2016. <o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-CA"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-CA">Under the
current set of rules, a stress test must be implemented for all insured
mortgages where the mortgage term is LESS THAN 5 YEARS, or where there is a
VARIABLE RATE MORTGAGE in place.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-CA"><br /></span></div>
<div class="MsoNormal">
<u><span lang="EN-CA">The
stress test requires that mortgage lenders must qualify you at the Bank of
Canada benchmark rate, not the rate you are paying. The Bank of Canada benchmark rate is currently 4.64%. <o:p></o:p></span></u></div>
<div class="MsoNormal">
<u><span lang="EN-CA"><br /></span></u></div>
<div class="MsoNormal">
<span lang="EN-CA">Let’s look
at an example; say you are purchasing a home and wish to take a 1-year mortgage
term at 2.29%. Despite the fact that you
are paying 2.29%, I have to ensure that you qualify for the mortgage at the
Bank of Canada Benchmark Rate of 4.64%. <o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-CA"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-CA">Up until,
now there was one big exception to the stress test. Anyone taking out a 5-year
fixed mortgage DID NOT have to pass the stress test. So, that meant that I
could qualify you at the rate you were paying (currently 2.44%). But, this
exception only applied to a 5-year fixed term mortgage. <o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-CA">On October
17<sup>th</sup> the rules are going to change BIG TIME. All insured mortgages
will HAVE to pass this stress test, regardless of what mortgage term is chosen.
<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-CA"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-CA">This means
that if you are looking to purchase a home, after October 17<sup>th</sup> 2016,
you will have to qualify for the mortgage at the benchmark rate (currently
4.64%). This is going to GREATLY affect some borrowers. <o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-CA"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-CA">If you are
currently pre-approved, please contact me to discuss how this change will
affect the mortgage amount you qualify for as it will be reduced! If you are
currently approved for a mortgage and have not taken possession of the house
yet, do not worry, this will only affect new applications so you will not be affected.
If you have questions, please get in touch and I will explain this change in
more detail. If you currently have a mortgage, and are up for renewal with your
mortgage lender, this should not affect you. No need to panic. <o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-CA"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-CA">Here is the
official wording on the change from the Department of Finance’s <a href="http://www.fin.gc.ca/n16/data/16-117_1-eng.asp" target="_blank">website</a>: <o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-CA"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "courier new" , "courier" , monospace;">To help ensure new homeowners can afford their mortgages
even when interest rates begin to rise, mortgage insurance rules require in
some cases that lenders “stress test” a borrower’s ability to make their
mortgage payments at a higher interest rate. Currently, this requirement only
applies to a subset of insured mortgages with variable interest rates or fixed
interest rates with terms less than five years. </span><b><span style="font-family: "courier new" , "courier" , monospace;">Effective October 17, 2016, this requirement will apply to <em>all insured mortgages</em>, including
fixed-rate mortgages with terms of five years and more. Homeowners with an
existing insured mortgage or those renewing existing insured mortgages are not
affected by this measure.</span></b></div>
<br />
<div class="MsoNormal">
I will be posting more information as it becomes available…<o:p></o:p></div>
Natalie Wellings, Mortgage Brokerhttp://www.blogger.com/profile/11105435349008716503noreply@blogger.com0tag:blogger.com,1999:blog-3878617097194482084.post-4196813220343749512016-10-03T11:39:00.004-06:002016-10-03T11:50:16.175-06:00Breaking news: Government of Canada changing mortgage qualifying rules<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-CA">In an announcement
earlier today, the Department of Finance outlined new measures to maintain the stability
of the housing market. They announced that there will be a stress test required
for ALL insured mortgages in Canada, beginning October 17<sup>th</sup> 2016. <o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-CA"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-CA">Under the
current set of rules, a stress test must be implemented for all insured
mortgages where the mortgage term is LESS THAN 5 YEARS, or where there is a
VARIABLE RATE MORTGAGE in place.<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-CA"><br /></span></div>
<div class="MsoNormal">
<u><span lang="EN-CA">The
stress test requires that mortgage lenders must qualify you at the Bank of
Canada benchmark rate, not the rate you are paying. The Bank of Canada benchmark rate is currently%. <o:p></o:p></span></u></div>
<div class="MsoNormal">
<u><span lang="EN-CA"><br /></span></u></div>
<div class="MsoNormal">
<span lang="EN-CA">Let’s look
at an example; say you are purchasing a home and wish to take a 1-year mortgage
term at 2.29%. Despite the fact that you
are paying 2.29%, I have to ensure that you qualify for the mortgage at the
Bank of Canada Benchmark Rate of 4.64%. <o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-CA"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-CA">Up until,
now there was one big exception to the stress test. Anyone taking out a 5-year
fixed mortgage DID NOT have to pass the stress test. So, that meant that I
could qualify you at the rate you were paying (currently 2.44%). But, this
exception only applied to a 5-year fixed term mortgage. <o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-CA">On October
17<sup>th</sup> the rules are going to change BIG TIME. All insured mortgages
will HAVE to pass this stress test, regardless of what mortgage term is chosen.
<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-CA"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-CA">This means
that if you are looking to purchase a home, after October 17<sup>th</sup> 2016,
you will have to qualify for the mortgage at the benchmark rate (currently
4.64%). This is going to GREATLY affect some borrowers. <o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-CA"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-CA">If you are
currently pre-approved, please contact me to discuss how this change will
affect the mortgage amount you qualify for as it will be reduced! If you are
currently approved for a mortgage and have not taken possession of the house
yet, do not worry, this will only affect new applications so you will not be affected.
If you have questions, please get in touch and I will explain this change in
more detail. If you currently have a mortgage, and are up for renewal with your
mortgage lender, this should not affect you. No need to panic. <o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-CA"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-CA">Here is the
official wording on the change from the Department of Finance’s <a href="http://www.fin.gc.ca/n16/data/16-117_1-eng.asp" target="_blank">website</a>: <o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-CA"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "courier new" , "courier" , monospace;">To help ensure new homeowners can afford their mortgages
even when interest rates begin to rise, mortgage insurance rules require in
some cases that lenders “stress test” a borrower’s ability to make their
mortgage payments at a higher interest rate. Currently, this requirement only
applies to a subset of insured mortgages with variable interest rates or fixed
interest rates with terms less than five years. </span><b><span style="font-family: "courier new" , "courier" , monospace;">Effective October 17, 2016, this requirement will apply to <em>all insured mortgages</em>, including
fixed-rate mortgages with terms of five years and more. Homeowners with an
existing insured mortgage or those renewing existing insured mortgages are not
affected by this measure.</span><o:p></o:p></b></div>
<div class="MsoNormal">
<b><br /></b></div>
<br />
<div class="MsoNormal">
I will be posting more information as it becomes available…<o:p></o:p></div>
Natalie Wellings, Mortgage Brokerhttp://www.blogger.com/profile/11105435349008716503noreply@blogger.com0tag:blogger.com,1999:blog-3878617097194482084.post-51908674026212508842016-08-22T16:06:00.004-06:002016-08-22T16:06:45.407-06:00Talking to college bound kids about credit<div style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8px;">
If you have a child bound for university or college this fall, now may be the time to sit them down and have "the talk". The credit version, that is.</div>
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Because along with an abundance of frosh week activities chances are, this September, they'll also be faced with<a data-saferedirecturl="https://www.google.com/url?hl=en&q=http://mailer.myaxiom.ca/tl.php?p%3D198/157/rs/16h/rt/rs//http%253A%252F%252Fwww.theglobeandmail.com%252Fglobe-investor%252Fpersonal-finance%252Fgenymoney%252Fcredit-card-crash-lesson-for-students-bound-for-university-college%252Farticle31375695%252F&source=gmail&ust=1471988883626000&usg=AFQjCNEpnmFNidHvUsdK4_VeoXp-XfX6aQ" href="http://mailer.myaxiom.ca/tl.php?p=198/157/rs/16h/rt/rs//http%3A%2F%2Fwww.theglobeandmail.com%2Fglobe-investor%2Fpersonal-finance%2Fgenymoney%2Fcredit-card-crash-lesson-for-students-bound-for-university-college%2Farticle31375695%2F" saprocessedanchor="true" style="color: #1155cc;" target="_blank"> the opportunity to acquire credit cards</a>-cards that will come with plenty of free swag, like t-shirts, and booze coolers and other amazing incentives, in exchange for signing up. The thing is, without a thorough understanding of how credit cards work, these little pieces of plastic have the potential to destroy an individual’s credit rating-before they even have a chance to establish one.</div>
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So take this time now to sit down with your child and talk to them about credit cards. If they're going to have a job in that first year of school, it might not be a terrible tool to have to build their credit rating-provided they keep their credit limit to a minimum (which can be done with a quick phone call) and they pay their balances off every month. Make sure they fully understand both the pros and cons of this financial tool, and the dangers of falling behind on their payments. In some cases, it may even make sense to set them up with a prepaid card, to help them get the hang of it.</div>
Natalie Wellings, Mortgage Brokerhttp://www.blogger.com/profile/11105435349008716503noreply@blogger.com0