Mortgage Ontario Reports on Canada Mortgage Debt exceeding 1 Billion Dollars

Because of the strong Canadian housing market, the overall residential mortgage debt was reported to exceed a record $1 trillion for 2010.

According to the chief economist of Canada's mortgage industry association, the housing market should show more moderate growth going forward.

Compared to last year, the total sum of outstanding Canadian mortgages has climbed 7.6 per cent.

There are many reasons why there is a current mortgage boom in Canada. Climbing real estate prices allow for the financing of large and one time expenses. Attractive record low interest rates mean lower financing costs on home equity loans and lines of credit.

The new HST rules on new homes may favor the home resale market, especially as builders have already scaled back in recent years.

Recent hikes in the lending rate by the Bank of Canada may serve to help moderate real estate price growth. The rise in interest rates in Canada is also sparking a higher Canadian dollar value versus the Greenback.

Recent preference to fixed rate mortgages should have more Canadians comfortable in the face of rising interest rates, at least over the next five years.

A healthy mortgage market, stable real estate prices along with increases in commodity prices for a nation that is driven by commodities, and a vibrant economy
has helped Canada emerge as one of the stablest countries in the face of global economic uncertainty. This in part is contributing to the recent
rise of the Loonie now at parity with the U.S. dollar.

Although the Bank of Canada seems to be taking a more wait-and-see approach instead of marching forward with more interest rate increases in the short term,
the Canadian real estate market is still doing surprising well and has weathered the recent storm with flying colours.

For home equity loans, home equity lines of credit or other Ontario mortgages contact the Mortgage Medics.

Canada Immigrant Mortgage - New to Ontario Canada Mortgages

Canada Immigrant Mortgage

How is a mortgage different for those new to Ontario, Canada in relation to longer time residents of Canada? Much has to do with the requirements of Canadian mortgage lenders and the increased documentation they require as part of their updated risk management profiles.

What all this means it that lenders lend money in a very low interest environment, so they need to attach a lower cost risk premium to making mortgages. It means they need better documentation or a larger down payment to assure they are not at risk for mortgage default.

How do you qualify for a Canada Immigrant Mortgage ?
How then to prove to Canadian lenders, that you are worthy of a mortgage loan? Leave that to Your Mortgage Options in Ontario Canada, specializing in the placement of mortgages for immigrants and those new to Canada.



Your Mortgage Options mortgage leader Claire Drage was herself an immigrant to Ontario Canada and understands the challenges new immigrants face when moving to a new country and requiring a home loan mortgage. The best part is that Your Mortgage Options finds the best lender for new immigrants to Canada at no cost to the borrower, so get the help you need and start off the new chapter in your life the right way. Call Claire at Your Mortgage Options (905)330-9488 for further details or visit http://www.yourmortgageoptions.ca

GTA Mortgage Broker

Need a Mortgage Broker in the Greater Toronto Area?

The Mortgage Medics team specializes in finding you the lowest possible mortgage rates at the best terms. No matter what your financial situation, the Mortgage Medics team has a mortgage expert in your area to help you determine the best mortgage for your needs.

Everyone's financial situation is different. Some are self-employed individuals, others are first time home buyers or new to Canada. Still others are remodelling basements, adding pools or other home renovations and need additional funding.



Buying your home or financing for additional cash needs through a home loan is a very important decision. Small differences in interest rates or fees can have a huge impact over the life of your loan. Don't leave one of the biggest financial decisions to chance, get an expert on your side to navigate the mortgage process, help you find the best lender for your particular needs and rely on an expert team with years of mortgage experience in the GTA.

Mortage Medics mortgage agents have an excellent reputation in the Toronto area and understand the suburb markets from Oakville, Burlington, Mississauga, Peterborough and other towns and cities to Barrie and beyond.

If you just rely on the rate and terms your bank hands you, you have not fully discovered mortgage options that can save you thousands of hard earned dollars.

The best part about using a mortgage agent from the Mortgage Medics team is that it costs you not a penny.

Basement Finishing Toronto Ontario

One great use of low interest rate mortgage funds it to remodel or refinish your basement. Especially living in the Greater Toronto Area in Canada where we get a cold winter season, the basement becomes the winter sanctuary in place of the back yard.

Having a finished basement makes your home feel bigger and gives kids a place to get away from the adults. (and lets the adults enjoy a peaceful conversation without constant loud interruptions). Each family or basement need will be different.

Some will remodel the basement with an eye toward a private home office or other home based business. Others will want an open entertainment area, and still others will want a multi-use basement with a play area for the kids, or even a home recording studio.



JC Carcone Construction in Toronto is your go-to contractor for quality basement finishing in Toronto. With decades of experience, Carcone Construction can help you solidify the layout you have in your mind, provide quality construction crews and oversight until completion to your satisfaction.

Call Carcone Construction for further details and get the most out of your home this winter.

Mortgages Ontario Canada

Mortgages in Ontario Canada

Many Canadians are still living paycheck to paycheck with little hard cash in savings. Getting a mortgage in Ontario when cash is tight requires the help of a professional mortgage broker who can help you assess your situation and determine your mortgage options.

Mortgages in Ontario Canada are available to qualified home buyers at extremely low rates, so having verifyable savings and income can lock in the lowest possible mortgage rates.

A full one fifth of all Canadians incomes goes toward paying down some form of debt. This type of leverage cannot be helped with any further expected declines in interest rates, since rates have already arrived at record lows.

For those contemplating a home purchase down the road, it is best to start saving now in order to present a more favourable picture when the mortgage application is due. Having credit and finances in order will reflect positively on your credit score. This in turn can help you get the lowest possible interest rates potentially saving you thousands of dollars over the lifetime of a mortgage loan.

Sales of existing home in Canada for August, 2010 actually increased. The nationwide statistic showed an increase across Canada of the sale of existing homes excluding new construction up over 4%. The average price of a home in Canada remained about the same as it was this time last year. Some are expecting the Canadian housing market to cool somewhat in the months ahead as interest rates are poised to rise in a tightening job market.

However, it is anyone's guess as to how the housing market will behave in the traditionally strong Spring market. One thing is for certain, if you are thinking about buying a home and need a mortgage, current mortgage rates are still near record lows which makes home ownership more affordable.

Yourmortgageoptions.ca is a Canadian Mortgage Specialist serving Southern Ontario, Canada.

Waterlogged Hot Tub Cover - Time For a New Spa Cover

Do you have a waterlogged hot tub cover?

If you discover the problem at an early stage, the simply open the spa cover zippers and remove both of the foam insert elements to let them dry out.

You can dry out your inserts every 3-4 months to make sure they are not getting waterlogged due to tears in the vapour barrier, a protective layer around the actual foam core inserts.

There are 1 1/2 pound foam cores and 2 pound foam cores. The reason you cannot just replace these with foam panels from the local Home Depot is because they have a sealed vapour barrier around them to keep moisture out of the core and prevent the cover from becoming waterlogged.

Having a waterlogged cover not only makes the cover much heavier and more difficult to remove, but also is a breeding ground for bacteria and mold. Once the mold gets to the inside of the cover elements, it is best to just replace the spa cover rather than trying to kill all of the mold. If you only have a mild case of mildew buildup with condensation, you can try drying out the inserts, spraying the affected area with an anti-mold agent and making sure it is completely dry before finding and sealing the hole in the vapour barrier.

Replacement hot tub covers are lower in price due to high competition and also free shipping instead of shipping that could cost over $100 on such a big item. For replacing waterlogged hot tub covers that are too heavy, show signs of damage, mold or mildew, order a replacement spa cover online at Canada's TheHotTubSuperstore.com and get it shipped to you free of charge.

Make sure to buy your hot tub cover from a reputable source, because some sources put their big promotional logos all over their replacement hot tub covers, and that would not look nice in your personal oasis. Canada's trusted The Hot Tub Superstore to deliver quality replacement spa covers at exceptional prices, and with free delivery to your door.

Expect to replace your Canadian hot tub cover every 5-7 years depending on spa useage in our climate.

Hot Tub Accessories Canada - Canadians find hot tub parts online

Canadians are finding Hot Tub Parts and Spa Accessories in Canada.

For the Great White North, finding hot tub accessories and spa parts is sometimes difficult and expensive as online sources are routinely from the States. Usually when a spa part goes bad, Canadians will want to find a source in Canada that has thousands of hot tub parts in stock for immediate shipment and at discounted prices without wasting a lot of time searching around on the internet.

Enter TheHotTubSuperstore.com, Canada's Hot Tub Superstore. They make every effort to stock as many spa parts and accessories as possible in Canada and ship to all provinces and territories. Knowing a spa pump or spa heater is only a click away can help get a part faster and more cost effective.

Some parts that can go bad on a hot tub include the main jet pump - especially if the water chemistry is not kept up which can erode seals. Sometimes a heater may fail, or short circuit because of build-up on the heater element in the flow-through heater type of design.

When a heater element touches the outer tube, a short circuit can occur and the breaker goes off.

Troubleshooting spas is usually an exercise of reducing the problem to the component level. Some spa technicians use a technique where they unplug all of the components from the spa pack and then observe it the spa still has a short circuit. If not, they proceed to plug in one component at a time such as a pump, ozonator, light etc.. until the faulty component is isolated. Then it is a matter of identifying the part that failed and having a replacement part swapped out.
When in doubt, leave hot tub repairs to local spa professional or your neighborhood electrician because it is better to be safe than sorry when it comes to dealing with electricity and water together. In any case, the electricity should be shut off to the spa and the breaker also shut off while disassembling and swapping out components.

Never try to do an electrical repair with full voltage running because it only takes a fraction of a second to get shocked.

Need a hot tub pump, hot tub filter, spa steps, hot tub cover, spa fragrances or a cover lifter in Canada?You know who to call! (just in case you don't it's TheHotTubSuperstore.com :) )

Canada Mortgage Rates Direction

Which direction are mortgage rates headed in Canada?

As of late summer, 2010 the economic recovery has stalled a bit. Banks had over-anticipated rates going up sooner, so they pared rates back a bit in August, 2010 by 0.10% or more. RBC and BMO were among banks to quietly lower short and mid-term rates.

Scotiabank, TD Canada Trust and the CIBC also followed suit lowering rates on fixed rate mortgages from 1 to 10 years out. Some lowered as much as 0.20%.

Banks are preparing for what is traditionally a good fall home buying season.

A qualified mortgage broker can help you navigate the ups and downs of mortgage rates and not only find you the best mortgage rate in Canada at any given time, but also help lock in lower rates for 90 days or more. Even a small additional savings in securing a mortgage rate can pay big dividends over the long run.

A mortgage pre-approval is the vehicle for locking in a low rate while you shop for your next home.

Canada Mortgage Rates – What the Experts Predict

Many Canadians were able to buy or refinance a home at historically low rates, making home ownership more affordable. The recent low rates were a major factor in driving sales in the Canadian real estate market. However, with the economic recovery, the Canada mortgage rates are expected to rise. The question is how much and how fast?

Experts at Canadian banks have made their predictions for interest rates through the end of 2011. The general consensus is that both variable and fixed interest rates will rise. The rates are tied to the overnight rate, which some banks, like the CIBC, believe will rise to 2.5% by the end of next year. The Toronto Dominion bank and the Royal Bank of Canada predict the rate will go even higher – up to 3.5%. By the end of 2011, many borrowers with good credit will be looking at mortgage rates of 5.5% or more.

With added housing inventory, the real estate market is coming into more of a balanced situation. Homes are expected to sell at good prices, not but at the records we were seeing the first half of 2010. This means there may be more housing bargains to be found.

Before you start shopping for your next home, call the experts at Mortgage Medics. With one simple online application, the Mortgage Medic team can tap into the best Canada mortgage rates from banks, trust companies, financial companies, credit unions and even private lenders. Mortgage Medics shops your mortgage to get you the best deal for your needs. We can pre-qualify you and lock in your mortgage rate for up to 120 days while you shop for a home. We work for you – not the bank – so call us today.

Cottage Mortgages Ontario

Mortgages for cottages can involve different strategies than conventional mortgages for your primary home. A second home can take into account the equity in the first home toward total assets needed to compute net worth. Depending on the amount of down payment available, there are many different mortgage options that can be applied to vacation homes in Ontario.

Whether you are in Muskoka or the Niagara region, a cottage mortgage specialist can help you sort out the options and apply for the best possible mortgage rates in our current low rate environment.

Cottage Mortgages Ontario require a knowledgeable, local mortgage specialist.

Changes to Mortgage Qualifying in Ontario Canada 2010

Changes to Mortgage Qualifying

How it Effects You and Your Clients Effective April 19th, 2010!

--Feb. 16, 2010
Good morning
As I am sure you have heard on the news that Jim Flaherty, the Minister of Finance was to announce today some changes to be made to mortgage qualifying. This announcement has now been made and below is a snapshot as well as what it will look like for our mutual clients in the future and how it REALLY impacts us all.

So Jim Flaherty said "Canada's housing market is healthy, stable and supported by our country's solid economic fundamentals. However, a key lesson of the global financial crisis is that early policy action can help prevent negative trends from developing."
The Government will therefore adjust the rules for government-backed insured mortgages as follows:

• Require that all borrowers meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term. This initiative will help Canadians prepare for higher interest rates in the future.
  


• Lower the maximum amount Canadians can withdraw in refinancing their mortgages to 90 per cent from 95 per cent of the value of their homes. This will help ensure home ownership is a more effective way to save.
  


• Require a minimum down payment of 20% for government-backed mortgage insurance on non-owner-occupied properties purchased for speculation.




"There's no clear evidence of a housing bubble, but we're taking proactive, prudent and cautious steps today to help prevent one. Our Government is acting to help prevent Canadian households from getting overextended, and acting to help prevent some lenders from facilitating it," said Minister Flaherty. "If some lenders aren't willing to act themselves, we will act. These measures demonstrate the Government is committed to taking action when necessary to support the long-term stability of a sector that is so vital to our economy and the financial well-being of Canadian families."


Canada's housing market remains healthy and stable. According to the International Monetary Fund, our housing market is fully supported by sound economic factors, such as low interest rates, rising incomes and a growing population. Moreover, mortgage arrears—overdue mortgage payments—have also remained low.
SO WHAT EXACTLY ARE THE CHANGES……. How will it affect your Ontario Mortgage

QUALIFYING AT A FIVE-YEAR RATE INSTEAD OF 3 YEAR RATE
Current interest rates are at record low levels, which has improved the affordability of housing for Canadians. This change is in order to ensure that Canadians borrow prudently and are able to manage their debt loads when interest rates rise. As you know, lenders and mortgage insurers use two key ratios to assess the ability of the borrower to make payments - Gross Debt Service (GDS) ratio—the ratio of the carrying costs of the home, including the mortgage payment, taxes and heating costs, to the borrower's income and Total Debt Service (TDS) ratio—the ratio of the carrying costs of the home and all other debt payments to the borrower's total income. Currently, the interest rate used to determine the mortgage payment for these calculations is either the rate fixed for the term of the mortgage or, in the case of a variable-rate mortgage and mortgages with terms of less than three years, the three-year fixed rate.

IMPACT FOR YOU AND ME: Right now we have to qualify on the current 3 year rate of around 3.50% so with this change, we simple have to qualify all clients at nearer 4.00% instead. So here is an example :
Purchase Price of $250,000 with 5% Down Payment 35 Year Amortization and clients household income is $45,000
Now: Client can qualify for this mortgage and property
April 19th: Client will need income to qualify of $47,500 OR with income of $45,000 now qualifies for a maximum purchase price of $235,000

LIMIT THE MAXIMUM REFINANCING AMOUNT TO 90% OF THE LOAN-TO-VALUE RATIO INSTEAD OF 95%
Borrowers seeking financial flexibility can currently refinance their mortgage and increase the amount they are borrowing on the security of their home up to a limit of 95% of the value of the property. The adjustments today will lower the maximum amount of the mortgage loan in a refinancing of a high ratio mortgage loan to 90% of the value of the property.

IMPACT FOR YOU AND ME: This is not a bad move at all and to be honest, we will unlikely see any impact on this change at all.

MINIMUM DOWN PAYMENT OF 20% FOR NON-OWNER-OCCUPIED PROPERTIES
This measure will require a minimum down payment of 20% for non-owner-occupied properties purchased for speculation. Currently, borrowers may purchase a residential property with a 5% payment. Today's change will require a 20% for small (i.e., 1- to 4-unit) non-owner-occupied residential rental properties. Borrowers purchasing owner-occupied residential properties which also include some rental units (e.g., borrowers purchasing a duplex to live in one unit and rent out the other) will still be able to access with a 5% down payment.

IMPACT FOR YOU AND ME: This will certainly effect our clients that wish to purchase rental properties. Although a majority of investors prefer to purchase rental properties with 20% down payment to AVOID paying the higher insurance premiums.. as of April 19th it will be mandatory! So all your investor clients out there should get their offers in PRIOR to April 19th if they only want to put 5% down payment!

EFFECTIVE DATE
These adjustments are intended to come into force on April 19, 2010. Exceptions would be allowed after April 19 where they are needed to satisfy a binding purchase and sale, financing, or refinancing agreement entered into before April 19, 2010. So bottomline, any Purchase Agreements signed prior to April 19th although funding after this date, will be able to use the existing guidelines. HOWEVER, be prepared that some lenders will make up their own deadline on this particular issue e.g. deal must FUND or CLOSE within 30 days of April 19th.. this is just my opinion and not official yet but we saw this type of rule put into place back in October 2008 when we saw the last set of changes.

So this is it in a nutshell and feel free to call if you wish to chat about this and/or forward this to your clients.
Please note change of email address to claire@yourmortgageoptions.ca effective immediately
Claire Drage
Mortgage Agent (FSCO License No.: M08007610)
Dominion Lending Centres Home Capital Solutions Inc. (FSCO No.: 10844)
Tel: 905.847.6611
Cell: 905.330.9488
Fax: 1.866.755.3750
Email: claire@yourmortgageoptions.ca

With all the mortgage options out there, is looking at just one.. Your Best Choice? Call me for ALL your Mortgage Options. I help people feel the freedom of planning their own "Mortgage Burning Party"

All About Mortgages in Ontario Canada

Mortgages Ontario Canada

Welcome to our new mortgages blog for updated information about getting a mortgage in Ontario Canada. Canadian mortgages have different requirements than those in the U.S. and elsewhere.

Because of the global economic problems of 2008 and 2009, 2010 mortgages are receiving increased scrutiny and legislation in Canada. Find out all about the latest here in our blog.

Real estate prices in Ontario have recovered considerably from the depths of the uncertain global meltdown and are heading higher again thanks in part to record low interest rates. We hope to update this blog regularly to inform you of the latest on Ontario Mortgages.