DLC~Mazuma~Professional Mortgage Solutions-Vancouver's Best Mortgages

Factors That Determine Mortgage Rates in Canada

2011-04-01T19:58:00.000-07:00

Factors That Determine Mortgage Rates in Canada
For many years now, mortgage rates have remained at historically low levels in Canada, and most analysts expect them to increase progressively over the course of 2011 and 2012. Given the significant impact that mortgage rates have on the cost of homeownership and the housing market in general, this article focuses on the key factors that explain mortgage rate fluctuations in Canada.
First, it is important to note that the factors that determine variable mortgage rates are different than those that determine fixed mortgage rates.
Variable Mortgage Rates
Variable mortgage rates are essentially determined by commercial banks’ prime rates1, which are mainly influenced by the Bank of Canada’s key interest rate. Thus, an increase in the key interest rate almost automatically leads to an equivalent increase in variable mortgage rates. The Bank of Canada raises its key interest rate when it wants to fight inflation2.
Fixed Mortgage Rates
Fixed rate mortgage loans are primarily influenced by the yield on Canadian government bonds (bond yields) of corresponding maturity. Chart 1 shows the relationship between five-year mortgage rates3 and the yield on five-year Canadian government bonds. Notice that the correlation between the two is almost perfect. This is because bond rates represent the benchmark for financial institutions’ cost of funds4. The difference between the two rates (mortgage rates and bond yields) represents the yield that financial institutions require to lend the funds out on the mortgage market5.
In order to understand mortgage interest rate fluctuations, we need to understand the factors that influence Canadian government bond yields.
Factors Influencing Bond Yields
There are many factors that influence bond yields. Bonds issued by the Canadian government are among the most liquid and least risky assets, since they are guaranteed by the Canadian government. A significant volume of bonds are traded daily in the market. The supply and demand game in the bond market determines their price, which, in turn, determines their yield6. This yield can be seen as the minimum rate of return required by investors before investing their capital for a determined period. It is influenced by many factors, notably inflationary expectations, exchange rate risk7, and the return on other financial assets.
Here is an example, taken from current events, that helps us to understand the recent movement in bond yields. In the spring of 2010, international investors fled from volatile stock markets, as well as from government bonds issued by certain troubled European countries caught in the midst of a sovereign debt crisis. Thus, many investors flocked to the safety of the Canadian government-bond market, which was considered less risky due to Canada’s economic and financial situation. The increase in demand for Canadian government bonds pushed their price up, which necessarily lowered their yield. The shaded area on Chart 1 shows the decrease in yield on five-year Canadian government bonds that took place during this period. We can see that five-year mortgage rates followed the same trend, decreasing from 6.25 per cent in April to 5.39 per cent in August 2010.
In conclusion, mortgage rates in Canada are determined by many factors that are directly related to domestic economic activity and decisions made by Canadian financial authorities. They are also influenced by foreign economic conditions and investors’ perception of Canada’s financial and economic health.

Source:A word from the Economist~ By Paul Cardinal~Manager,Market Analysis Feb,2011 edition.
Here is the pdf file to down load if interested.

http://www.fciq.ca/pdf/mot_economiste/en/me_022011_a.pdf

Monday, January 17th, 2011 New mortgage rules miss debt management target

2011-03-11T14:18:00.000-08:00

http://www.mbabc.ca/?p=505

Source:MBABC

Mortgage brokers say tightening rules on unsecured consumer debt, not mortgage lending rules is the answer to lowering household debt

January 17, 2011 (Vancouver) – Finance Minister Flaherty’s announcement this morning of tighter mortgage rules continues to emphasize mortgage debt as the culprit for record levels of household debt. However, these changes affect high ratio mortgages only, a very small part of the mortgage market. The real issue says the Mortgage Brokers Association of BC (MBABC) is growing consumer lines of credit, consumer loans, car leases and credit cards, and the unsecured lending practices of these lenders, not what homeowners are doing with secured mortgage debt. The new rules will primarily affect new and younger homebuyers, a demographic which does not typically shoulder high consumer debt.

Mortgage lending is not creating the problem of record levels of household debt, consumer debt is, according to the MBABC. By the time consumers need to refinance their mortgage, consumer debt already exists. A mortgage refinance can often be a solution to a homeowner’s debt issue, and these new changes reduce the effectiveness of this solution. It does not, however, resolve the main issue of consumer debt, which started the problem to begin with.

“Household debt loads are directly related to these unsecured debt factors, not mortgage lending”, says MBABC President Joanne Vickery. “Further tightening of mortgage rules is not necessarily the right answer. Consumers need to have the discipline to change their financial habits and to not take on debt that they cannot afford.”

“Consolidating household debt and rolling it into a mortgage is a smart option for an initial solution”, says Vickery “provided that any savings are then used to pay down the mortgage or invested into a retirement savings vehicle. Consumers cannot, however, continue to use their home as an ATM; they must change their habits on acquiring consumer debt.”

Vickery advises homeowners and those looking to buy a home to contact a qualified MBABC mortgage broker for assistance with determining home affordability as well as long-term debt planning and debt management.

About MBABC

MBABC represents member brokers in BC and serves as the province’s industry voice with government, regulators and media. The Association strongly supports and facilitates the highest levels of ethical and professional standards and co-operation in the mortgage industry. Each member must abide by the Association’s strict Code of Ethics. MBABC actively supports its members through professional development and networking opportunities. It supports government policy that encourages small business and home ownership, and is committed to raising consumer awareness about the mortgage broker industry. MBABC is governed by an elected Board of Directors and an Executive Director.

New Mortgage Rules are fast approaching...Here are some changes to look for on March 18th 2011

2011-03-10T18:16:00.000-08:00

Below are the new regulations:
Source ~ CBC

~Maximum amortization is decreasing down from 35 years to 30 years.

~Maximum Equity Take out is decreasing from 90% to 85%.
~Government insurance backing on "home equity lines of credit"(HELOCs), has been removed.

FAQ'S

Q: Does the mortgage , either a purchase or refinance , have to close by March 18th ?
A: No, it has to be a firm contract and approved before March 18th, however it can close after.

Q: I have a pre-approval but I haven’t found a home before March 18th, how does this affect me?
A: it has to be a firm contract in place before the 18th, however it can close after the 18th.

Q: I have a 40 year amortization. At renewal will I get a 30 year amortization or 35 year?
A: You will get a 35 year amortization in most cases. **"Depending on the lenders underwriting guidelines at time of renewal."

Q: I’m in a 35 year amortization and would like to refinance/debt consolidate my mortgage?
A: if we get it approved before March 18th 35 year will be available, after the 18th it will be 30 year.

Q: I’m thinking of porting my mortgage over to a new home purchase, what happens?
A: Each lender seems to have a different policy and/or on case by case scenario's, if you are thinking of selling and porting your mortgage please let me know and I would be happy to assist you.

Please note that until you apply to a lender, they have the last word and base their final decisions on each individual application.

**Effective dates may vary depending on the lender, who may exercise to adopt the new mortgage rules prior to the March 18/11 date.

--

Here is the link http://www.cbc.ca/news/business/story/2011/01/17/flaherty-mortgage-changes.html

Please feel free to contact me with any mortgage related questions you may have.
At your service 7 days week. 9am-10pm

604-818-2581

Foreclosure and how it works.

2011-02-23T16:32:00.000-08:00

Foreclosure is an intimidating and unnerving experience for homeowners who are about to lose their homes. If you are facing foreclosure, there are still options available to help you with the process. Let me give you an understanding of what it is and how it works. E&OE

Call me at 604-818-2581

What is Foreclosure?

Foreclosure is a legal action taken by the lender when a mortgagor stops making their mortgage payments. Foreclosure allows the lender to take over the property for the purpose of selling the property. This enables the lender to recuperate outstanding mortgage debt on the property. The lender must first obtain permission from the court prior to proceeding.

What happens if you make a late payment OR miss a mortgage payment?

You will not automatically lose your home. Lenders typically do not want to foreclose if they don’t have to because it is an expensive and time-consuming process. Foreclosure proceeding does not start until 2-3 months of payment arrears. Normally a lender will send out a letter requesting payment. If the mortgagor does not respond, the lender will start to foreclose and sue the mortgagor at the same time.
In cases like a short – term challenges, such a temporary layoff, you may be able to negotiate to make smaller payment for a short period of time, and have the shortfall added to the total mortgage amount of your mortgage. Or you may be able to make smaller payment and then make larger catch up payments once you are back on track.
Most lenders want to work with the mortgagor to bring payments current and up to date rather than starting expensive foreclosure proceedings in court. There are laws in place to help you if you have a good chance of paying the arrears and if you are trying to get your finances in order. Only in the worst-case scenario may you lose your home and any equity you might have built up in it.

When the lender starts foreclosure, what happens first?

The lender applies to the courts for an “ORDER NISI”, which is the first step of foreclosure proceeding. The lender must register with the Supreme Court registry where the mortgagor’s home is located, unless the mortgagor agrees otherwise.
You will receive a "petition for foreclosure", which is the lender's application to the court. At the same time the lender may also sue you for any short fall on the mortgage amount still owed to the bank.

You must file a document called an “Appearance” within seven days of getting the petition.
Here’s how and why.

You can get an "Appearance form" from the court registry. You must file the Appearance at the court address shown on the petition. Once you do this, no one can take any steps in the foreclosure without notifying you. If you don’t file an Appearance, the foreclosure will go ahead without you, and you won’t be able to protect yourself. After you file the Appearance, you will receive a document called a “Notice of Hearing,” this document tells you when the lender will ask the judge for the order nisi to start the foreclosure.

What happens at the hearing?

The court will give the lender an order nisi, but in most cases, it will also give you time to “redeem” the mortgage by paying the full amount you owe, plus interest, costs and taxes. This time is called the “redemption period” and it’s typically 6 months. But sometimes the lender will ask the court for a shorter redemption period. The court can make an order to sell your house at any time, including at the "order nisi" stage.
It is a good idea to attend the court hearing is to ask the judge for as much time as possible to get the money to pay off the mortgage or sell the house. If you need more time, you can ask for an extension. If you ask for a long redemption period or an extension, the court will want to know what you have done to pay off the mortgage and what chance you have of paying the mortgage or selling the house on your own or through your own real estate agent. It is recommended you use a lawyer in this case because a lawyer can advise you on your options, including possible options on where to get refinancing.
When the redemption period ends, the court can give the lender a final order of foreclosure – “order absolute” - Or, the lender can ask the court for the right to have a lender selected real estate agent to list your house for sale. If there are other people or companies with a charge against your house, besides the lender who started to foreclose, they may ask for the right to sell your house. If the court gives the lender or anyone else the right to sell your house, it gives them “conduct of sale.” If this happens, you cannot sell the house yourself. If anyone asks the court for conduct of sale for your house, you should ask the court to give you exclusive conduct instead. This means that only you are in charge of selling it. Or you can ask the court to give you at least joint conduct with the other person or company, so you have some control.

There are two things to consider during the redemption period
1. You can pay off the lender that started the foreclosure. To get the money for this, you can try to borrow from another lender or a relative, at a lower interest rate or over a longer repayment period. That would let you pay off the first mortgage and lower your monthly payments.
2. Your can sell the house, preferably using your own real estate agent. You may then choose the Realtor you trust the most or feel most comfortable with. If you sell the house, you can use the money from the sale, first to pay any tax you owe, and then to pay the mortgage and other charges registered against the title, including court costs. If there’s any equity(money) left over, it is yours to keep. But if the money from selling your house doesn’t completely pay off all of the lenders, you may have to pay them the difference. Meanwhile, if the lender or anyone else with a charge against your house gets an offer to buy your house, they can apply to court for an order authorizing that sale.

What if you have no equity in your home?

If you owe more than what the house is worth, you will probably want to get out of the situation with as little expense and trouble as possible. It is recommended that you take action instead of ignoring the problem. You may want to work with the lender to minimize costs by agreeing to the foreclosure. Normally, you would only do this if the lender will give you a full release from your mortgage, meaning you won’t owe the lender any more money. If the lender won’t agree to this, you can just let the foreclosure proceedings go ahead and use the time as a rent-free period to get your finances back in order. If any other people or companies with debts registered against your house are not paid from the money from selling your house in the foreclosure, you will still have to deal with them. Otherwise, they can sue you for any money you still owe them.

The lender can apply to the court for an “order absolute”

The final order for foreclosure is known as an “order absolute,” and it comes after the redemption period ends. If the lender applies for an order absolute and the court grants it, the house then belongs to the lender and you have to leave it. You lose all rights to the house. You will no longer owe the lender any money, but if anyone registered a debt against your house after the mortgage, you’ll still owe that money. In exceptional cases, you can apply to the court for relief from losing your house if you can pay the balance in full. Then the court can order the lender to transfer the house back to you.

If the court calls for an "order absolute", you owe nothing more to the lender
When the lender sells your house after getting an order absolute, but doesn’t get enough money from the sale to pay off the mortgage, you don’t have to pay the difference. But typically the lenders do not ask the court for an order absolute. Instead, they will usually sue you when they start to foreclose and ask the court for an order to sell your house to pay off the loan. If the money from selling your home doesn’t completely pay off the mortgage loan, the lender can try to collect the difference from you.

What happens when there is a second mortgage and/or other charges registered against the property?

Any mortgages or charges registered before the lender’s mortgage continue and are still valid. But any that were registered after the lender’s mortgage are canceled and the holders of those charges lose their security. For example, if you have two mortgages on your house, and the first lender forecloses, the second lender will have to pay off the first lender or lose its security. Then the second lender would have to try to get you to pay its loss.

Summary

A mortgage is a contract to repay a loan, secured with a charge on land. It’s registered against your property in the Land Title Office. If you fail to pay the mortgage, for example, by falling behind in your mortgage payments, the lender may start to foreclose. Then if you can’t pay the mortgage loan in full, either by selling your house or in some other way, the lender can take your property or sell it to pay off the loan.
If you receive a foreclosure petition, get legal advice. It doesn’t cost much to have a first meeting with a lawyer. E&OE

Ellie Beaulieu
604-818-2581

My Specialty~ Sub-Prime Market

2011-02-17T12:11:00.000-08:00

My Specialty~ The Sub-Prime Market

B Lending is also known as a sub-prime lending for people who have trouble getting a home mortgage because the loan request does not fit the conventional lender guidelines.

A sub-prime mortgage can offer financing with less stringent requirements to qualify. The trade off will be some
what higher interest rates and/or fees, and the maximum loan amount may be limited to a lower loan to value.
A sub-prime mortgage is usually made by a lender who allows non-conforming conditions, such as low credit scores,excessive debt,collections,bankruptcy, or even a foreclosure.

*Hard to Prove Income ~ No income documentation is required to qualify. Reasonable down payment required.

*Excessive Debt ~ Sub-prime mortgage guidelines allow for higher debt ratios, where conventional lenders would decline
a loan for too much debt.

*Derogatory Credit ~ Flexible underwriting on a sub-prime mortgage allows for a low credit scores,collection accounts, and other credit problems.

* Bankruptcy or Foreclosure. Extreme bad credit, including a bankruptcy or foreclosures,can be offset with a compensation factors like more equity and/or higher interest rate.

Whether you have perfect credit, or you have experienced some financial bumps along the way, I am certain I have the loan for you!
Call today for great rates/terms and great service!
Ellie 604-818-2581

Bank of Canada holds the overnight target rate @ 1%

2010-12-07T19:10:00.000-08:00

To read more click on the link below:
http://www.cbc.ca/money/story/2010/12/07/money-boc-rates.html

Self Employed and E.I insurance benefits..Is it a good idea?

2010-10-24T13:01:00.000-07:00

Interesting article on unemployment insurance for the self employed that came into effect earlier this year. I myself have been debating the options for sometime now.

This article gives you a real understanding on how it works.

http://www.cbc.ca/money/smallbusiness/story/2010/08/24/f-small-business-ei-benefits.html

BANK OF CANADA OVERNIGHT RATE TARGET REMAINS UNTOUCHED @ 1%

2010-10-19T10:56:00.000-07:00

READ M0RE HERE:
http://www.cbc.ca/politics/story/2010/10/19/money-boc-rates.html

DOMINION LENDING DELTA EQUITIES RATE UPDATE FOR OCTOBER.19TH 2010

Terms Our Rates
Bank Prime 3.00%
1 year closed 2.44%
3 year closed 2.90%* QC
4 year closed 3.40%
5 year closed 3.45% **90-day rate holds available
5 year VIRM closed 2.35%
10 year closed 4.95%

Rate Update for Sept. 15th 2010

2010-09-15T10:31:00.000-07:00

Terms Our Rates
Bank Prime 3.00%
1 year closed 2.44%
3 year closed 2.90%* QC
4 year closed 3.69%
5 year closed 3.55% **90-day rate holds available
5 year VIRM closed 2.35%
10 year closed 5.19%

Rate Update for Sept 13th 2010.

2010-09-13T10:45:00.000-07:00

Good morning,

Fall is upon us and the kids are back to school. Yea! :)

Most of us have been to busy to research mortgage options available in today's market place. Variable rates rose last week to 3% and the Bank of Canada is expected to raise the interest rate again in Nov. Fixed rates remain below 4% and there are some great money saving opportunities available.

If you are in a variable rate mortgage now is the time to investigate your options.

Have you been to busy to discuss mortgage options available to you? Give me a call for a free consultation on a variety of mortgage options,rates and terms available to you.

Here are today's rate update and feature for September 13th 2010.

We have a 3yr @ 2.90% That is less than prime which is currently at 3%
Must fund by Oct. 28th 2010

Terms Our Rates
Bank Prime 3.00%
1 year closed 2.44%
3 year closed 2.90%* QC
4 year closed 3.69%
5 year closed 3.75%
5 year closed 3.60%* Quick close
5 year VIRM closed 2.35%
10 year closed 5.19%

BOC Prime Up by .25% basis points Bank prime goes to 3.00%

2010-09-08T07:58:00.000-07:00

Good morning,
The bank of Canada raised interest rates by another .25% basis points. Read more @ http://money.ca.msn.com/investing/news/breaking-news/article.aspx?cp-documentid=25497399

Ellie Beaulieu, AMP
604-818-2581

Rate Up date for September 1st 2010

2010-09-01T23:32:00.000-07:00

Hello Everyone,

Thank you for visiting Vancouver's Best Mortgages, where you will find Professional Mortgage Solutions for all credit types. If you are having a challenge getting approved put me to the test. I am always up for the challenge and I would be happy to assist.

Here are today's mortgage Rate up date for September 1st 2010.

Our Lending Rates
Term Our Rates
Bank Prime 2.75%
1 year closed 2.44%
3 year closed 3.45%
4 year closed 3.89%
5 year closed 3.75%
5 year VIRM closed 2.10%
10 year closed 4.65%

Thank you for your time. Have a fantastic day.

Build your credit in 10 easy steps

2010-09-01T23:20:00.000-07:00

Sept. 1st 2010
10 easy ways to build a credit history

by Gail Vaz-Oxlade, for Yahoo! Canada Finance
I am constantly astounded at the number of people I meet who are in a bind because they have no credit history and can’t borrow money. This is something we used to associate with older, widowed women who have been cared for by loving, controlling spouses. But that’s just part of the story. Not having a credit history isn’t the domain on slightly out-of-touch women; there are men out there who haven’t got a clue because their wives do EVERYTHING. And it isn’t the exclusive territory of our elders; there are young, professionals who haven’t bothered to establish their own credit identities.

Everyone needs to have the ability to borrow money. That’s true whether you’ve just found yourself in the new role of single parent without an emergency fund or you’re a young adult starting out.

1. Get a Secured Credit Card. The fastest, cheapest and easiest way to establish a credit history is with a secured credit card. Since there’s no risk to the lender because you’ve put up the cash to cover your balance, secured cards are great for new borrowers or people trying to re-establish credit after a bankruptcy.

Lenders usually want twice the credit card limit. So if you want a $500 credit limit, you’ll have to ante up $1,000. Once you’ve established your ability to manage the card – anywhere from six months to a year – you can ask for the security requirement to be dropped and your deposit returned.

2. Get a gas or department store card. Gas or department store credit cards are often easier to get and can be good ways to establish credit. You must pay your bills in full and on time because the interest rates on these cards are often astronomical. But as long as you don’t miss a payment – which you never will, right? – it makes no difference what the interest rate is. Use these cards wisely and they can be a great toe-hold.

3. Borrow for an RRSP. Borrowing money to contribute to an RRSP is a great way to establish a credit history. While the RRSP cannot officially be used as collateral for the loan, lenders know where to find their money so approvals come more easily and the interest rate won’t be horrendous. Make sure you only borrow as much as you can afford to repay in six months. How much you borrow doesn’t mean much; repaying the loan quickly without a misstep does. Don’t let anyone talk you into more. Once the six months are up, use the amount you were using to repay the loan as your month retirement savings contribution. Now you’re building up your assets, which will be good for your credit history too. 4. Get a co-signer. While I’m not a big proponent of signing on for other people’s debt, if you can find someone who loves you enough to put their credit history at risk for you, do it. Make sure the loan history is being reported in your name and not the co-signer’s.

5. Put up collateral. If you have someone a lender can sell to get back his money, you’re more likely to get credit. Collateral comes in all sorts of forms: from the car you’re buying to those GICs you’ve got stashed away, if you have something a lender values, you’re in the money.

Of course, getting credit is only the first step to building a credit history. How you use that credit will be the real test.

1. Pay all your bills on time. Yes, including your cell phone bill, since some cell providers report to the credit bureau. Setting up pre-authorized payments is a great way to ensure payments are made on time.

2. Avoid applying for credit too often. Since repeated requests for credit may be interpreted as a sign that you’re in trouble and need a way to cover your butt, this will adversely affect your credit score.

3. Charge regularly and pay off in full. Responsible on-going use of credit will produce a good credit rating. Just having your card sit in your wallet does nothing to add positively to your record.

4. Don’t over-expose yourself. Having multiple forms of credit with small balances can add up quickly and become unmanageable.

5. Don’t use credit to pay off credit. Taking cash advances on one card to make payments on another means you’re in over your head. Cut back on your spending, pay off your debt and get back to the business of using credit to keep your record active and healthy, not to spend money you haven’t yet earned.

http://ca.finance.yahoo.com/personal-finance/article/yfinance/1800/10-easy-ways-to-build-a-credit-history

Rising Interest Rates and new home buyers....feeling the pressure of home buying

2010-07-13T14:32:00.000-07:00

"Where ever you are in the home ownership cycle, it's important to remember that your mortgage is probably the largest debt you will ever have, and it's important to take the time to be sure you get the mortgage that's right for you."

To read more click on the link below:
http://www.cbc.ca/cp/Money/YM1619.html

DLC DELTA EQUITES

Rate Up date

1yr Variable @ 2.30%

1yr@ 2.64%

3yr VRM @ prime minus .70%

3yr @ 3.75%

5yr@ 4.09% Pre-approvals available

5yr VRM Prime minus .60%

Prime @ 2.50%

CRA Addresses Tax Free Savings Account Confusion .

2010-07-13T13:56:00.000-07:00

There seems to have been some confusion on TFSA rules and regulations.

"Apparently many Canadians treated the program like an ordinary bank account, taking money out and putting it back in, thinking that as long as the account did not exceed $5,000 for the year, they were within the rules.

They were mistaken. While account holders can withdraw funds as they wish, they can not re-invest what they take out until the following year if that pushes total annual contributions above $5,000 in any single year."

To read more click on the link below:

http://www.cbc.ca/cp/Money/TB8806.html

Self Employed Tax deadline June 15th

2010-06-11T20:34:00.000-07:00

Just a quick reminder to all Self Employed individuals out there that the tax deadline to file your year end taxes are June 15th. To find out more see the link below:

http://www.cbc.ca/money/story/2010/06/11/con-tax-deadline.html

A different Topic other than Mortgages-WORLD CUP SOCCER 2010 starts in 29 days...but who is counting? not me... ;S

2010-05-13T00:04:00.000-07:00

Hello and Welcome.

Thank you for visiting Professional Mortgage Solutions-Vancouver's Best Mortgages!

Today's topic............................WORLD CUP SOCCER!!!!!

I am a huge soccer fan. It is really crazy but I can not say enough of how much I love soccer.... Played soccer for a good portion of my life, although not professionally...AND DEFINITELY NOT A super STAR....LOL :P

World Cup Soccer is being held in Africa. Only 29 days left before their debut.

The group line ups are as follows:

Group A

South Africa
Mexico
Uruguay
France

Group B

Argentina
Nigeria
Korea
Greece

Group C

England
United States
Algeria
Slovenia

Group D

Germany
Australia
Serbia
Ghana

Group E

Netherlans
Denmarks
Japan
Cameroon

Group F

Italy
Paraguay
New Zealand
Slovankia

Group G

BRAZIL......yeah!
Korea
Cote Ivoire
Portugal

Group H

Spain
Switzerland
Honduras
Chile

Fixed Rates on the Run way?..... Or Running away? Have you been pre-approved?

2010-04-26T21:23:00.000-07:00

Hello and Welcome to Professional Mortgage Solutions-Vancouver's Best Mortgages!

D.O.B.- Dominion Lending Delta Equites located in Vancouver, BC

We specialize in ALL types of mortgages. Take us to the challenge!
We can do ALL types of mortgage financing.

Triple AAA clients? We CAN do it.
Business for Self/Self employed? We CAN do it.
.
Less than perfect credit? We CAN do it!

DLC- Delta Equities have been doing mortgages since 1972.

Why use us? We have a minimum of 38 yrs of mortgage experience behind us.

We're the Can DO Dominion Lending Delta Equities mortgage professionals.

Call us for Purchases, Renewals, Refinances, Debt Consolidation, Equity Take Out & much, much more. "We are your CAN DO mortgage professionals!"

We have GREAT success in ALL types of mortgage financing.

Call today...for "GREAT service and the MOST competitive rates!"

604-818-2581 and ask for Ellie.

Here are what the bank rates look like for April 26th 2010

Terms of 1yr-4yrs "Bank of Canada Bench Mark" Qualifying rate 6.10%

1 yr @ 2.65%

3 yr @ 3.85%

3 & 5yr @ 1.75** Variable Rate

4yr @ 4.19%

5yr @ 4.34%* 30-day quick close

6yr @ 5.05%

7yr @ 5.25%

10yr @ 5.59%

Bank of Canada Key over night rate decision for April 20 2010

2010-04-20T14:34:00.000-07:00

Our Rates
1yr @ 2.49%
3yr @3.85%
4yr @ 4.19%
5yr @ 4.64%
10yr @ 5.34%

5yr 30-day Quick close 4.34%

Bank of Canada has kept the over night rate of .25%. Borrowers can expect an increase of .50 basis points when June comes around.

Please read the link below for more info.
http://www.cbc.ca/money/story/2010/04/20/bank-rate-fixing.html

Rate Up date for March 31st 2010

2010-03-31T11:20:00.000-07:00

1yr open @ 6.45%
1yr @ 2.65%
1yr VRM @2.05%
3yr @ 3.70%
3yr VRM @ 1.75%
5yr @ 3.84%
5yr VRM @ 1.75%
Prime @ 2.25%

Call today for GREAT service and the most competitive rates!
Ellie Beaulieu, Amp
604-818-2581

Congrats to Canada! Won Against Italy in Hockey Paralympics. :)

2010-03-14T09:46:00.000-07:00

Way to go boys!

Clock Springs forward this Saturday ...wee hrs of Sunday morning. :)

2010-03-12T20:09:00.000-08:00

WOW! I can not believe spring is just around the corner. Looking forward to the nice weather it brings with it. It also puts us a season closer to SUMMER! Where does the time go. It does not seem to long ago when we were celebrating New Years!

On another note Paralympics have started. Opening Ceremonies tonight.
Let's show our support and enthusiasm for the Athletes.

I welcome the world to the most BEAUTIFUL place on earth....Vancouver,BC. Proud to be Canadian.

Go Canada GO!

New Self Employed Policy Changes-Effective April 9th 2010

2010-03-10T12:08:00.000-08:00

Hello and Welcome to my Blog of the day,

So here we have it again, yet another policy change and this time it is touching on Self Employed Commission People. Starting April 9th 2010.

Purchases and Portability Transactions:

-Maximum Loan to Value is reduced from 95% LTV to 90% LTV.
-For refinances the maximum LTV is being reduced to 85% LTV from 90% LTV.

The Self Employed Program is for borrowers who are unable to provide 3rd party verification of the Self Employed income. This applies to borrowers who have recently become self-employed.

Self Employed borrowers who have been in the same line of business for more the 3yrs will not be eligible for the Self Employed stated income program.

CMHC requires a min of 2 yrs experience in the same line of business.
This can include time spent as a non-self employed worker in the same line of business.

Borrowers with commission income will no longer be eligible for the Stated income program without 3rd party verification. Proof of commission income becomes easily sustained.

Qualifying for a mortgage after April 19th 2010.

The “qualifying rate” changes ONLY apply to mortgages greater than 80% LTV CMHC insured. ***However the lenders may at their discretion apply the same qualifying rate policy across the board. (insured and conventional mortgages).***

Fixed-Rate & Variable-Rate Mortgages
For loans with a fixed-rate term of less than five years and for all variable-rate mortgages, regardless of the term, the qualifying interest rate is the greater of:
• The benchmark rate
• The contract interest rate
For loans with a fixed-rate term of five years or more, the qualifying interest rate is:
• The contract interest rate
Mortgages with Multiple Interest Rates (eg, Multi-Component Mortgages)
Each component must be qualified using the applicable criteria defined above.

CMHC defines the benchmark rate as the Chartered Bank – Conventional Mortgage Five-Year rate that is the most recent interest rate published by the Bank of Canada in the series V121764 as of 12:01am (ET) each Monday, which can be found at: http://click.icptrack.com/icp/relay.php?r=17446506&msgid=299036&act=7A4V&c=191858&destination=http%3A%2F%2Fwww.bankofcanada.ca%2Fen%2Frates%2Finterest-look.htmlwww.bankofcanada.ca/en/rates/interest-look.html

Bank of Canda Key Interest Rate target Announcement

2010-03-02T13:55:00.000-08:00

Bank of Canada will continue with the overnight rate of .25% for another four months.
Bank Prime 2.25%.
http://www.cbc.ca/money/story/2010/03/02/interest-rate-decision-bank-of-canada.html
Fixed rates remain steady at 3.64%* for a 5yr term.
New mortgage rules to take effect starting April 19th 2010. What does that mean to you?
here is a link for your review.
http://www.cbc.ca/canada/story/2010/02/16/mortgage-flaherty.html

Canadian Olympic Hockey

2010-02-21T22:59:00.000-08:00

Hello and welcome.

What fantastic weather for the Olympics. Watching Canada and USA play hockey tonight was very exciting. I watched the game at home with my 2 boys. I unfortunately barely have a voice from yelling and screaming with excitement. I never realized I was that much of a hockey fan. :)(I am a soccer nut...love to watch and play the sport) Too bad the boys couldn't pull it together for a win tonight. Oh well, they still have a chance to win the gold metal. I think out of any Olympic sport I want to see the Canadian hockey to win gold. No pressure boys. Go Canada Go!

Feb 20th 2010

2010-02-20T17:44:00.000-08:00

Hello and Welcome.
There has never been a better time for getting a mortgage than right now. Refinance,Renewal and or purchase. 3 yr rate @ 3.15%, 5yr @ 3.64% and 5yr Variable @ prime -.30%. Call to day for great service and the most competitive rates.
I work with Dominion Lending Centres Mazuma Financial in Vancouver. call to discuss your mortgage needs. 604-818-2581