All About Real Estate, Finance & Mortgages

TORONTO, April 5 /CNW/ - Ten per cent more resale home transactions took place during the month of March than during the same month a year ago, Toronto Real Estate Board President John Meehan announced today. The March total of 8,707 sales was the second-highest ever, bringing the total for the first quarter of 2006 to 19,831 sales, a record first quarter result. "There is a lot to be positive about in this market," Mr. Meehan said. "The year has started very strongly and it shows no signs of slowing as the peak spring market approaches." According to Jason Mercer, Senior Market Analyst for the Canada Mortgage and Housing Corporation, strong economic fundamentals are helping to maintain consumer confidence. "Consumers remain upbeat about home ownership," he said. "Tight labour market conditions with low unemployment and rising real wages, along with very low borrowing costs have kept potential buyers confident in their ability to purchase and pay for

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Most Canadians believe their mortgage rates are manageable, despite recent hikes, according to a recent report released by the Canadian Institute for Mortgage Brokers and Lenders. The information, gathered by Canadian public opinion firm Pollara in a phone survey in February, indicates 42 per cent of Canadian residential mortgage holders polled have not seen their overall standard of living significantly affected by recent mortgage rate increases. 'As the spring home buying season begins, interest rates remain at a historic low and mortgage holders continue to be satisfied with their rates,' said Ron Swift, president of the mortgage brokers institute. 'Our latest survey reveals that Canadians find their current mortgage rates manageable, despite increases over the past eight months. In addition, although mortgage holders anticipate further rises, the study suggests that a majority will be able to tolerate an increase of up to 1 per cent. That's great news for the market

Equity is the difference between your home's value and the balance on your mortgage loan. If your home is worth $100,000 and you owe $75,000 on the mortgage, then you have $25,000 of equity in your home. Borrowing against this equity is currently a very popular method of getting a big chunk of credit, primarily because of low interest rates. Add to that the fact that the interest on most home equity loans is tax deductible and they become an appealing option if you need to make a major purchase. Home equity loans are typically used for consolidating consumer debt or covering a large expense such as a big wedding, college tuition, or home renovations. However, because your home is collateral for the loan, you should be very careful about using home equity loans. The problem is that if you default on the loan, the bank will foreclose on your home. Types of Home Equity Loans There are two types of home equity loans. A traditional home equity loan is also called a second mortgage and i

"QUESTION: My husband and I are retired with a total annual income of $40,000. We owe $145,000 on our home, which is worth $475,000. We don't have any extra to play with. We would like to know whether you would advise us to consider a reverse mortgage. ANSWER: A reverse mortgage could pay off your existing mortgage and eliminate the monthly mortgage payments you are currently paying. This could free up some income for you to play with each month. Here's essentially how it would work. A reverse mortgage would pay off your existing mortgage balance of $145,000. Then, rather than having to make monthly interest and principal payments, the interest charged on the loan would simply add to the balance of the loan. Let's assume your home will appreciate by 4 percent in the coming years, and the reverse mortgage interest rate averages 6 percent. Ten years from now, your home is worth $703,000 and the balance on the reverse mortgage is $260,000. In 20 years, your home is worth

Canadians spent a higher portion of their income on housing in the fourth quarter, as high home prices and utility costs pushed affordability to its worst level in a decade, said a report by the Royal Bank of Canada. That deterioration is coming at the end of ten years of generally 'excellent' affordability conditions, the report by the bank's economics department noted. And, while affordability will likely continue to slide in the first half of this year, rising incomes and steady interest rates and house prices should stop the declines in 2007, economists said. RBC Financial Group's (TSX: RY) latest housing affordability index, measures the proportion of pre-tax household income needed to service the costs of owning a home. Such surveys are a popular promotional tool for Canada's banks and mutual fund companies. Many use public opinion polls to gauge demand for financial products and services, promote specific brand names and learn more about the public's fina

Canadian Institute of Mortgage Brokers and Lenders releases report on mortgage choices and perceptions in a changing market TORONTO, March 28 /CNW/ - A majority of Canadians believe their current mortgage interest rates are manageable, despite recent hikes, according to a report released today by the Canadian Institute for Mortgage Brokers and Lenders (CIMBL). The information, gathered by Pollara in a phone survey in February and analyzed in conjunction with Canadian housing analyst and CIMBL economist Will Dunning, indicates that 42 per cent of Canadian residential mortgage holders polled have not seen their overall standard of living significantly affected by the recent mortgage rate increases. 'As the spring home buying season begins, interest rates remain at a historic low and mortgage holders continue to be satisfied with their rates,' said Ron Swift, President of the Canadian Institute for Mortgage Brokers and Lenders. 'Our latest survey reveals that Canadians find th

Many consumers assume that “mortgage companies” are banks that lend their own money. In fact, a company that you deal with may be either a mortgage banker or a mortgage broker. A mortgage banker is a direct lender; it lends you its own money, although it often sells the loan to the secondary market. Mortgage bankers (also known as “direct lenders”) sometimes retain servicing rights as well. A mortgage broker is a middleman; he does the loan shopping and analysis for the borrower and puts the lender and borrower together. Many of the lenders through which the broker finds loans do not deal directly with the public (hence the expression, “wholesale lender”). Using a mortgage banker can save the fees of a middleman and can make the loan process easier. A mortgage banker can give you direct loan approval, whereas a broker gives you information second-hand. However, many mortgage banks are limited in what they can offer, which is essentially their own product. In addition, if you present yo

Controlling debt... : "Mar 24, 2006 Mike Lacey - More from this author Managing personal finances is among the biggest challenges facing Canadian households. Personal debt continues to climb as people seem either unable, or unwilling, to effectively manage their money. This time of year is when the giving of the Christmas season comes home to roost, says Steve Wesley, manager of the credit counselling program at the Community Counselling and Resource Centre. He explains many of those unable to meet the credit card bills that pile up after the holiday season are facing collection agencies. Many people don't know where to turn as they're swallowed up by debt. Mr. Wesley and others with his organization provide free credit counselling services to those in need, helping to set up personal budgets and provide tips on ways to get rid of debt. He says there are some simple, common sense steps people can make to ensure they don't end up in financial trouble. 'The first thi

The Rediff Interview/David Wyss, chief economist, S&P 'The real threat is global imbalance'Sunil Jain March 24, 2006 Standard & Poor's Chief Economist David Wyss predicts that 2007 will be a reasonably good year as well (4 per cent global growth as compared to 4.5 this year), but sees increasing global imbalances as the problem area. Excerpts from a conversation with Business Standard: Despite the risks associated with the twin US deficits, you're projecting pretty robust growth in not just this year, but also in 2007. We're looking at 4.5 per cent this year and 4 per cent in 2007. The Eurozone is looking better and the good thing about Japan's growth (this is the third year it's over two per cent) is that it is now driven by domestic demand and not exports as in the past. Asia and Latin America continue to do well and account for half the world's growth. The twin deficit is not just a US problem. France, Germany and the UK have sizeable fiscal

TheStar.com - Man finds house was secretly sold : "Man finds house was secretly sold Owner discovers new family living in house Police say estranged wife made own deal Mar. 22, 2006. 10:15 AM STAN JOSEY STAFF REPORTER A Toronto man got a shock when he tried to return his children to his estranged wife at their matrimonial home in Ajax after a weekend visit and found another family living there, police say. Durham Region police allege that the man's wife sold the home on Delaney Dr. without his knowledge and bought a larger home in Ajax with the $200,000 proceeds from the sale � a situation known as title fraud. 'I've never heard of a case quite like it,' said Det. Jack Haze. Since their separation, the man usually returned the children to his wife at a specified location. However, on one day in January 2005, the man missed the appointment with his wife and decided to take the children back to what he thought was their home in Ajax. 'He got the shock of his life

TORONTO — About 17 per cent of Canadian homeowners say their homes will be their primary source of retirement income, according to a survey released Wednesday. The survey, by RBC Royal Bank, also found that 32 per cent of respondents 55 and over hold a mortgage, and suggested that Canadians are increasingly comfortable with housing debt following the rise in house prices over the last few years. ‘‘There’s definitely a trend among aging baby boomers that they are very comfortable in holding debt later in their lives, and so I think that a reverse-mortgage, or at least leveraging the equity in their homes, is something they’re comfortable with,’’ Catherine Adams, RBC’s vice president of home equity financing, said in an interview. Another recent study by the bank found that 48 per cent of Canadians do not believe it’s necessary to retire debt free. Wednesday’s 13th annual Homeownership Survey also found that 60 per cent of Canadian homeowners currently hold a mortgage, up from 56 per cen

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TheStar.com - Lenders eye off-prime market

Years ago you had to go to the bank on the corner to apply for your mortgage. Basically beg the banker for a house. If you didn't fit the bank's criteria you didn't get approved. Sorry about your luck. NO! And there really wasn't anywhere else to go. Until now... These days there are more lenders, more banks and more mortgage options. One product we specialize in is the Non-Conforming Mortgage Loan. Specifically those mortgages for clients that have past credit issues (including bankruptcy) or are buying a unique property that doesn't fit into portfolio of the major banks or CMHC. Our Non Conforming Mortgage Loan program helps people who... Need a sub prime mortgage Have less than perfect or bad credit Have no established credit Have tarnished credit Have a previous bankruptcy Are in consumer proposal Are in credit counselling Are recent landed or non-landed immigrants to Canada Are recently self employed and can't verify their income Are foreigners investing in

The following describes mortgage options that may be available to you, individually or in combination. Low Interest Rate Mortgage Generally the best way to find the lowest rate is to shop around. But every time you go to a bank they pull your credit bureau and applying too many times can lower your beacon score. Going to a mortgage broker is the best way to find your best rate and terms. They pull your credit bureau once and will shop a wide variety of banks for you, determining the best rate and terms. A broker may also know of smaller lending institutions which offer much more competitive rates than a large bank or finance company. Adjustable Rate Mortgage With an adjustable rate mortgage (sometimes called ARM) your payments will change over time to reflect any current interest rate fluctuations. The interest’s rates are adjusted semi-annually or on an annual basis. If the rate goes down your mortgage payments will go down and if the rate goes up so do your payments. The initial adju

The Bankruptcy Nightmare and How to Re-establish your Credit The Bankruptcy Nightmare Maybe you lost your job due to downsizing, or a maybe you’ve gone through a recent divorce or split that made it impossible to pay back the debt you owe? Someone in your family might have got ill and you didn’t have insurance to cover the lost income. Even if you have lost a loved one and didn’t adequately plan for it, what ever your circumstance may be this can be the beginning of a long tiresome journey and will require some hard work to recover on your part. Creditors on Your Back There are many situations in which we find ourselves falling behind on our payments, not being able to even pay the minimum payment amount each month. We get so far behind that there is no way to catch up. It’s not a good feeling. Then the creditors start calling demanding their money when you just don’t have it, especially when they don’t seem to care or don’t even try to understand your situation, they just want their m

We will help you Consolidate debts & lower your payments Buy a new home, a second home or a vacation home Achieve your financial goals so you can retire early Take control of your largest asset. Your home! We have a wide variety of mortgages from over 50 of Canada’s top lenders. Banks, trust companies, private lenders and more. Your mortgage approval is just a phone call away! 1-877-590-1961 Even if you have been turned down by the bank before do not hesitate to call. We are experts at creative finance! Our non-conforming mortgage program can help if you have bad credit , a prior bankruptcy or other difficult situation. Fill out our short questionnaire to see if you qualify for a mortgage today.

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