Finance Home or Cottage Improvements with your Home Equity

General Mark Goode 7 Apr

 

 

 
Mortgage Man – Dominion Lending Centres | Ph: 705-326-8523 | Fx: 705-326-8645 |  www.markgoode.ca | FSCO# 12254 | 180 Memorial Avenue | Orillia, ON L3V 5X6 | 
    â€¨ All credits and copyrights to their respective owners.  â€¨Article may have been altered or edited from Original Post. 
Corin Payie MMDLC

 Scotchmints.com

Brush up on your homeownership skills and knowledge FREE SEMINAR

General Mark Goode 1 Apr

Homeownership Education Week
Seminar and Live Webcast  April 8, 2014  9:00 a.m. – 11:00 a.m. (ET)

Join us for two-hours of informative and educational insights featuring leading Canadian economic and housing industry experts for a discussion on current homebuyer trends and demographic shifts, and the impact they are having on today’s real estate and financing environments.

http://www.meetview.com/genworth20140408/

This event is being held live for customers in the GTA on April 8 and simultaneously broadcast via webcast for customers across Canada.

Agenda:
 
 The Trends Changing Today Into Tomorrow

  • Linda Nazareth, economist, author, broadcaster

Genworth Canada Annual Homebuyer Survey Results

  • David MacDonald, VP, Environics Research Grou

Industry Panel Discussion

Tara Perkins, Real Estate Reporter, The Globe and Mail, will moderate an engaging discussion among industry experts including:

  • Stuart Levings, COO, Genworth Canada
  • David MacDonald, VP, Environics Research Group
  • Henrietta Ross, CEO, Canadian Association of Credit Counselling Services 
  • Laura Leyser, Sales Representative, RE/MAX a-b Realty Ltd., Brokerage 

This event is being held live for customers in the GTA on April 8 and simultaneously broadcast via webcast for customers across Canada.

To register for the in-person GTA event, please click here.
 
 

Mortgage Man – Dominion Lending Centres | Ph: 705-326-8523 | Fx: 705-326-8645 |  www.markgoode.ca | FSCO# 12254 | 180 Memorial Avenue | Orillia, ON L3V 5X6 |
    
 All credits and copyrights to their respective owners. 
Reposted Articles may have been altered or edited from Original post
~ Corin Payie ~ MMDLC

Scotchmints.com

 

CMHC to Increase Mortgage Insurance Premiums

General Mark Goode 28 Feb

OTTAWA, February 28, 2014 — Following the annual review of its insurance products and capital requirements, CMHC will increase its mortgage loan insurance premiums for homeowner and 1 – 4 unit rental properties effective May 1, 2014.

The increase applies to mortgage loan insurance premiums for owner occupied, self-employed and 1-to-4 unit rental properties, including low-ratio refinance premiums. This does not apply to mortgages currently insured by CMHC.

CMHC’s capital management framework is consistent with international practices and Canadian guidelines for mortgage insurers. Increased capital targets are consistent with Canadian and international industry trends and makes the financial system more stable and resilient.

“The higher premiums reflect CMHC’s higher capital targets” said Steven Mennill, CMHC’s Vice-President, Insurance Operations. “CMHC’s capital holdings reduce Canadian taxpayers’ exposure to the housing market and contribute to the long term stability of the financial system.”

For the average Canadian homebuyer requiring CMHC insured financing, the higher premium will result in an increase of approximately $5 to their monthly mortgage payment. This is not expected to have a material impact on the housing market.

Effective May 1st, CMHC Purchase (owner occupied 1 – 4 unit) mortgage insurance premiums will increase by approximately 15%, on average, for all loan-to-value ranges.

Loan-to-Value Ratio Standard Premium (Current) Standard Premium (Effective May 1st, 2014)
Up to and including 65% 0.50% 0.60%
Up to and including 75% 0.65% 0.75%
Up to and including 80% 1.00% 1.25%
Up to and including 85% 1.75% 1.80%
Up to and including 90% 2.00% 2.40%
Up to and including 95% 2.75% 3.15%
90.01% to 95% – Non-Traditional Down Payment 2.90% 3.35%

CMHC reviews its premiums on an annual basis and, going forward, plans to announce decisions on premiums in the first quarter of each year. The homeowner premium increase follows changes CMHC made to its portfolio insurance product earlier this year.

As Canada’s national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable, and affordable housing solutions that will continue to create vibrant and healthy communities and cities across the country.

For additional highlights please see attached backgrounder and key fact sheet.

Information on this release:

Charles Sauriol, Media Relations
613-748-2799
csauriol@cmhc-schl.gc.ca

Follow CMHC on Twitter @CMHC_ca

Backgrounder

  • Mortgage loan insurance helps protect lenders against mortgage default and enables consumers to purchase homes with a minimum down payment of 5% with interest rates comparable to those with a 20% down payment. Mortgage loan insurance is typically required by lenders when homebuyers make a down payment of less than 20% of the purchase price.
  • CMHC mortgage loan insurance premium is calculated as a percentage of the loan based on the loan-to-value ratio. The premium can be paid in a single lump sum but more frequently is added to the mortgage principal and amortized over the life of the mortgage as part of regular mortgage payments.
  • CMHC reviews its premiums on an annual basis and has adjusted them several times since being commercialized in 1998. Adjustments have included both increases and decreases to the premiums.
  • CMHC’s new premium rates will be effective for new mortgage loan insurance requests submitted on or after May 1, 2014. The current mortgage loan insurance premiums will apply for applications submitted to CMHC prior to May 1, 2014, regardless of the closing date. As is normal practice, complete borrower and property details must be submitted to CMHC when requesting mortgage loan insurance.
  • The increase applies to mortgage loan insurance premiums for residential housing of 1-to-4 units. This includes owner occupied, self-employed and 1-to-4 unit rental properties, including low-ratio refinance premiums.
  • In 2013, the average CMHC insured loan at 95% loan-to-value was $248,000. Using these figures, the higher premium will result in an increase of approximately $5 to the monthly mortgage payment for the average Canadian homebuyer. This is not expected to have a material impact on the housing market.
95% Loan-to-Value
Loan Amount $150,000 $250,000 $350,000 $450,000
Current Premium $4,125 $6,875 $9,625 $12,375
New Premium $4,725 $7,875 $11,025 $14,175
Additional Premium $600 $1,000 $1,400 $1,800
Increase to Monthly Mortgage Payment $3.00 $4.98 $6.99 $8.98

Based on a 5 year term @ 3.49% and a 25 year amortization

*Premiums in Manitoba, Ontario and Quebec are subject to provincial sales tax — the sales tax cannot be added to the loan amount.

85% Loan-to-Value
Loan Amount $150,000 $250,000 $350,000 $450,000
Current Premium $2,625 $4,375 $6,125 $7,875
New Premium $2,700 $4,500 $6,300 $8,100
Additional Premium $75 $125 $175 $225
Increase to Monthly Mortgage Payment $0.37 $0.62 $0.87 $1.12

Based on a 5 year term @ 3.49% and a 25 year amortization

*Premiums in Manitoba, Ontario and Quebec are subject to provincial sales tax — the sales tax cannot be added to the loan amount.

For more information visit http://www.cmhc.ca/en/hoficlincl/moloin/moloin_013.cfm

If you would like to avoid these additional charges. Apply online here and get approved before May 1 2014

Mortgage Man – Dominion Lending Centres | Ph: 705-326-8523 | Fx: 705-326-8645 |  www.markgoode.ca | FSCO# 12254 | 180 Memorial Avenue | Orillia, ON L3V 5X6 |  All credits and copyrights to their respective owners.  â€¨Article may have been altered or edited from Original Post. 
Corin Payie MMDLC

Scotchmints.com

Still time to get your picks IN to WIN!

General Mark Goode 29 Jan

FIND OUT AND REGISTER HERE

Register now for the Nation’s Largest Hockey Pool and you could win 100,000 cash among other prizes. 
AND IT IS ALL FREE!

 

Like 
Our Rates
Contact us
Facebook Share
Online Application
Mortgage Calculators

www.MarkGoode.ca

We want to know! Tweet us @GoodeMortgages  Post to our Facebook 

If you want a chance to win $100,000 Register Here Today and join our team as we pit ourselves against the nation in the Largest FREE Hockey Pool in all of Canada.

 

                          ~Mark Goode AMP

 

 

 

      


Mortgage Man – Dominion Lending Centres
| FSCO# 12254 | 180 Memorial Avenue | Orillia, ON L3V 5X6
Ph: 705-326-8523 | Fx: 705-326-8645 |  www.markgoode.ca

 Friend Mark on Facebook | Like our page MortgageManDLC | Connect your professional profile on LinkedIn  | Follow us on twitter @GoodeMortgages

You can still get your Hockey Picks in to WIN!

General Mark Goode 29 Jan

Mortgage Man – DLC

 

There is still money and prizes pouring out as week 19 gears up for the MMDLC Hockey Pool. A national Competition that hasbeen ongoing throughout the Hockey season. Click here now to register or sign up your picks.
Each and every week 26 people are picked at random for a prize!

Next Deadline 7:00 PM EST on Monday, Feb. 3, 2014

 

Second Half Prizes

  • 1st Place (x1)
    Awarded to the contestant who finishes with the best rank over the course of the Contest from January 6, 2014 to April 13, 2014. $2,500 CDN cash
  • 2nd Place (x1)
    Awarded to the contestant who finishes with the second best rank over the course of the Contest from January 6, 2014 to April 13, 2014. $1,000 CDN cash
  • 3rd Place (x1)
    Awarded to the contestant who finishes with the third best rank over the course of the Contest from January 6, 2014 to April 13, 2014. $500 CDN cash
  • 4th Place (x1)
    Awarded to the contestant who finishes with the fourth best rank over the course of the Contest from January 6, 2014 to April 13, 2014. $300 CDN cash
  • 5th Place (x1)
    Awarded to the contestant who finishes with the fifth best rank over the course of the Contest from January 6, 2014 to April 13, 2014. $200 CDN cash

Weekly Prizes

    • 1st Place (x26)
      Awarded to the contestants who finish with the best rank during each Week. $250 CDN cash ($6,500 CDN total)

Each weekly winner will also qualify for participation in the exclusive Playoff Bonus Game
for the chance to win $100,000.

    • Random (x26)
      Awarded to one randomly selected contestant each Week, regardless of rank. All contestants that have submitted picks (not carried over) for the applicable Week are eligible for the random drawing. $100 Gift Card

Playoff Bonus Game Prizes

    • Playoff Bonus Game Grand Prize
      A bonus prize of $100,000 will be awarded if an eligible entrant correctly predicts the answers to all X questions about the final series of the 2014 playoffs during the Playoff Bonus Game, held exclusively for the N qualifiers from the Regular Season and Playoff pools. A maximum of one (1) $100,000 bonus prize is available to be won. In the event that more than one eligible entrant qualifies for the bonus prize, the prize will be split evenly amongst the winners. $100,000 CDN cash
    • Playoff Bonus Game Consolation Prize
      In the event the Playoff Bonus Game Grand Prize is not awarded, one consolation prize will be awarded to the entrant with the most correct picks in the Playoff Bonus Game. In the event of a tie, the tie-breaking question(s) will be used to determine the consolation prize winner. $1,000 CDN cash

The total approximate retail value of all prizes is $119,100 CDN. Details on registration site

Resolve to acheive your goals!

General Mark Goode 22 Jan

According to a recent TransUnion survey, 47% of Canadians are committing to at least one financial resolution this year. That being said, 37% did not reach their goal in 2013.

Resolutions are easy to make, hard to keep. Goals can more attainable if you have a coach in your corner. So let us help you tackle your financial resolutions for 2014.

‘Resolve the make your kids more financially savvy than you were’

Motivational quote for your fridge: “Teaching kids sound financial habits at an early age gives all kids the opportunity to be successful when they are an adult.” —Warren Buffett

Pep talk: Sure, we all want our children to be happy. But let’s be honest — what we’d rather be saying is: we all want our children to be rich. Well, you can point them in the right direction. Warren Buffett says his greatest inspiration was his father who taught him about the value of saving. This is your chance to give your kids something better than money. Teach them to fish, so to speak.

Peer support: When Naomi Mesbur’s son, Ciaran, was born, she was in debt.

She had helped fund her first husband’s business and supported them when he became ill. When he died, she had $40,000 worth of debt.

It’s a family cycle of negative behaviour that you want to stop for your children

“I don’t want to leave debt for my kid,” the 43-year-old Toronto legal assistant says. “I also want to teach him so that he doesn’t end up in this mess.”

piggy-bank

She looks for teachable moments. She talks to Ciaran who is seven, about prices at the grocery store. They play Monopoly. She brings him to dollar stores for treats. “[I tell him,] ‘You can get one thing…but it can’t be more than $1.50.’ So he chooses something and looks at the prices.”

Every week, his school has pizza day. They go to his piggy bank for the money to purchase a $2 slice and a $1 drink. If he wants an extra slice, he can help around the house for more money.

“It’s a family cycle of negative behaviour that you want to stop for your children,” she says. “I’m a single mother. To set new economic standards for the future, we have to teach the kids now.”

Expert advice: “You don’t have to talk to kids about derivatives,” says Gary Rabbior, president of the Canadian Foundation of Economic Education. “Don’t be fearful if you’ve made mistakes and you haven’t necessarily been perfect in your own life. Often mistakes are the best lessons.”

“Money is becoming much more important in people’s lives today and they’re involved in so many more decisions. If they’re going to make those decisions, they should have the basic understanding to be able to make good ones. If you don’t help them, the consequences of the mistakes they can make are having greater impact on their lives. If you make mistakes early, it can leave a legacy for a long time that you have to overcome.”

Checklist:

  • Involve your kid in your everyday finances. This doesn’t mean making them calculate your taxes. Talk to them while grocery shopping. Show them that you’re comparing prices.
  • Don’t lecture. Your money lesson has to be fun and engaging. You want to talk about savings? Paint a piggy bank or decorate a change jar to accumulate money.
  • Consider giving them an allowance. Some believe that children should not be paid for chores, but it’s up to you. Offer them an opportunity to earn extra income – maybe doing stuff no one wants to do such as vacuuming the car or massaging grandma’s feet.
  • Count the money in their piggy banks regularly. Tell them how close they are to their goals. Tell them how awesome that is.
  • By the time that your savvy kid is in elementary school, they may be ready for their own bank account. Your financial institution may require documents to open the account, including a SIN card, a birth certificate or passport; ask if they have a no-fee account for children 12 and under.
  • Teach them that every decision involves a trade-off. “Whenever you do something, buy something, there’s something you’re giving up to either buy with that money or do with that time,” Mr. Rabbior says. If your child wants a new bike, for example, ask if he’s willing to spend his savings on the bike now or continue saving for the video game consul to get it sooner. “Help your kids value the future versus the here and now.”
  • If you budget and keep track of your expenditures, let your kid in on it. Talk to her about why daddy is walking empty-handed out of the electronic store.
  • Help them set up a business. (And maybe explain to them that their lemonade earnings need to cover your initial investment of lemons and sugar.) Mr. Buffett started his first business when he was six. He bought a six-pack of pop for 25 cents and sold each one for a nickel.
  • If you volunteer or donate money, explain why you do it. Encourage them to donate old toys, books and clothing to others. Let them put money in charity boxes. Get their help picking out canned foods during food drives.
  • Talk to your mini-consumer about smart consumerism. Look at ads in the media and talk to them about strategies the company uses to try to convince shoppers to buy their product. If they’re buying a product, help them look at different options and compare prices.
  • Figure out what you spend on your teen’s wardrobe and give it to them to budget. Remind them that the money is finite for the year.
  • Movies about money to watch with the family: Richie Rich, Toy Story 2, Field of Dreams
  • Children’s books to read about money: Something Good by Robert Munsch, A Chair for my Mother by Vera B. Williams, Rock, Brock, and the Savings Shock, by Sheila Bair
  • Games to play: Monopoly, Exact Change, The Game of Life, Payday

 
Mortgage Man – Dominion Lending Centres | Ph: 705-326-8523 | Fx: 705-326-8645 |  www.markgoode.ca | FSCO# 12254 | 180 Memorial Avenue | Orillia, ON L3V 5X6 | 
  

 â€¨ All credits and copyrights to their respective owners.  â€¨Article may have been altered or edited from Original Post. 
Corin Payie MMDLC 

Scotchmints.com