Mortgage Agent Blogger

Great Article on Canadian Household Debt! #Globe and Mail#Mortgage Debt# Bank of Canada

2012-02-23T10:19:00.001-08:00

http://www.theglobeandmail.com/report-on-business/economy/bank-of-canada-issu...

Vince Vasco AMP
Mortgage Alliance Agent
P: 519.575.1475
E: vince@vincevasco.com
W: www.vincevasco.com

"Mortgage Advice that's Right For You!"

Bond Yield up! Mortgage Rates might follow. If your looking to book a rate for renewal, purchase, or refinance it's the best time to act!#Mortgage Rates#KW#Purchase#Refinance#Renewal#Canada#Bond Yield

2012-02-22T04:55:00.001-08:00

Vince Vasco AMP
Mortgage Alliance Agent
P: 519.575.1475
E: vince@vincevasco.com
W: www.vincevasco.com

"Mortgage Advice that's Right For You!"

Canada's Inflation Average is at 2.5% in January. Ontario up .4% vs Previous Month. #Canada#Inflation#theglobeandmail

2012-02-17T05:55:00.001-08:00

http://www.theglobeandmail.com/report-on-business/inflation-rates-across-cana...

Vince Vasco AMP
Mortgage Alliance Agent
Direct: 519.575.1475
Email: Vince@VinceVasco.com
Web: www.VinceVasco.com
"Mortgage Advice That's Right for You!"
Purchase - Refinance - Renewal

Looks like a Healthy Real Estate Market! What are you looking for in a Mortgage?#Mortgage#KW#Real Estate

2012-02-17T05:50:00.001-08:00

Vince Vasco AMP
Mortgage Alliance Agent
P: 519.575.1475
E: vince@vincevasco.com
W: www.vincevasco.com

"Mortgage Advice that's Right For You!"

Good News For The Housing Market! #Mortgage #Rates#Housing Market#National Post

2012-02-13T06:30:00.001-08:00

See Article from National Post:

http://business.financialpost.com/2012/02/13/housing-market-expected-to-remai...

Vince Vasco AMP
Mortgage Alliance Agent
Direct: 519.575.1475
Email: Vince@VinceVasco.com
Web: www.VinceVasco.com
"Mortgage Advice That's Right for You!"
Purchase - Refinance - Renewal

Check Out Mortgage Alliance "Acci-Dances" Commercial!

2012-02-10T13:02:00.001-08:00

http://www.mortgagealliance.com/Accidances/index.html

www.VinceVasco.com
vince@vincevasco.com
519.575.1475
"Mortgage Advice That's Right for You!"

As you have heard Banks are pulling bank on Rates! I still have lenders offering great deals!

2012-02-10T06:45:00.001-08:00

Vince Vasco AMP
Mortgage Alliance Agent
P: 519.575.1475
E: vince@vincevasco.com
W: www.vincevasco.com

"Mortgage Advice that's Right For You!"

Met with Rob Dawson today! He's a wizard at Business Card Design and Printing!

2012-02-09T12:30:00.001-08:00

Call Rob Directly at 519.886.5274
To set-up a Meeting.

Vince Vasco AMP
Mortgage Alliance Agent
P: 519.575.1475
E: vince@vincevasco.com
W: www.vincevasco.com

"Mortgage Advice that's Right For You!"

Great Meeting today with @btshomes - Looking forward to doing business with you!

2012-02-09T12:03:00.001-08:00

www.VinceVasco.com

Canada’s 5-year yield to a 6-week high

2012-01-23T09:40:00.000-08:00

Fear gave way to hope in financial markets this week. That led traders to look past recent European downgrades and push Canada’s 5-year yield to a 6-week high.
The 5-year government bond (which typically leads fixed mortgage rates) ended the week at almost 1.40%, up 13 basis points.
Lenders to see if a Rate Reduction is Warrented.

Vince Vasco AMP
http://www.vincevasco.com/

Central Bank Leaves Interest Rate!

2011-12-06T09:15:00.000-08:00

http://www.mortgagebrokernews.ca/news/breaking-news/central-bank-leaves-interest-rate-untouched/107266

Are You Reviewing your budget and overall interest charges monthly?

2011-08-12T04:28:00.000-07:00

I was talking to an associate yesterday and we are impressed what rates are doing lately! As his clients reviewed their financial budget recently they realized it's a good time to consolidate and open up some cash flow and save on interest.
Questions to ask yourself, Do I have a high interest rate on my mortgage compared to today's rates?
Will I need money for some home renovations? Should I consolidate my loan or credit card debt?

Contact me for a mortgage and financial review to help save money.

Vince Vasco AMP
Mortgage Alliance Agent
519.575.1475
vince@vincevasco.com

Bond Yield Comes Down....Fixed Rates to Follow.

2011-08-03T03:53:00.000-07:00

This is positive news for people considering a fixed rate mortgage. Bond yield at this level should bring down fixed rates very soon. One lender has brought down there 5 year fixed rate 10bps already.

To book your fixed rate today contact me at 519.575.1475 / vince@vincevasco.com / http://www.vincevasco.com/

Vince Vasco AMP
Mortgage Alliance Agent

Source: http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2011/08/yields-crash-lower-fixed-mortgage-rates-coming.html#more

Is your Mortgage Flexible Enough for Your Budget?

2011-06-16T12:35:00.000-07:00

Contact me to discuss your Mortgage Options!
Direct 519.575.1475 or vince@vincevasco.com

Mortgage Minute: B2B Trust Extends it's Line of Credit Offering!

2011-06-16T05:38:00.000-07:00

B2B Trust, a division of Laurentian Bank of Canada (LBC), has extended its prime + 0.25% HELOC promotion. At 3.25%, it’s currently the lowest widely-available HELOC rate in Canada.

Source: CanadaMortgageTrends

Banks Are Making Money!

2011-06-09T11:09:00.000-07:00

Good sign that banks are making money! Shows Canadians our banking systems are in good order and economy is moving in the right direction. Rates are staying at a low level. Great opportunity for people looking to complete some outdoor projects to get some really low financing through a home refinance.

Let your equity shine this summer!
If you or anyone you know is looking to refinance there mortgage?
Give me a call.
Vince Vasco AMP
519.575.1475
vince@vincevasco.com

Mortgage Market Statistics 2011

2011-06-02T13:13:00.000-07:00

Did you know:

Of those who renewed their mortgage in the twelve months, 65 per cent are paying lower rates than previously
The average down payment for a home purchased in the last 12 months was 30%, up from 26% for homes purchased two years ago
Canadian appetite for home buying has returned to pre-recession levels, following a slide over the past three surveys. Almost 60 percent respondents thought that now was a good time to buy!
Among all borrowers, 63% have fixed rate mortgages, 30% have variable rate mortgages and 6% have a combination of both

Statistics and content retained in the May 2011 "Stability in the Canadian Mortgage Market Report" download the full report at http://www.caamp.org/

Posted Rates are Falling!

2011-05-30T10:34:00.000-07:00

Good news one of the big five banks is reducing posted rates for the second time in nine days, RBC has led the banks in dropping fixed rates.

This is a good sign heading into a busy summer for new home construction and resale applications for people looking to buy real estate!

If your looking to get a Pre-Approval or Purchasing home please call directly!
Vince Vasco AMP 519.575.1475 or E-Mail at vince@vincevasco.com

First Time Home Buyers!

2011-05-26T12:37:00.000-07:00

It's true the real estate market needs you! As 1st time home buyers you are buying new and used homes. This translates to new furniture, materials for renovations, use of professionals for representation, hiring trades people to complete projects, or buying flowers for the garden. As the real estate makets moves so does the number of first time home buyers entering the marketplace.

Are you a first time home buyer looking for a plan to become a home owner? I would be happy to help and make home ownership a reality!

Vince Vasco AMP
Mortgage Alliance Agent
519.575.1475
vince@vincevasco.com

Erase your Mortgage!

2011-05-10T13:26:00.000-07:00

I recently had a conversation with a client that wanted to aggressively paydown down her mortgage. I quickly mentioned to increase her payment! Every extra dollar goes directly to principal and pays down her overall mortgage balance.

Harper visits Governor-General, says he's ready to form government - Globe & Mail

2011-05-04T14:25:00.000-07:00

http://www.theglobeandmail.com/news/politics/harper-visits-governor-general-says-hes-ready-to-form-government/article2009833/

Quality over Quantity

2011-04-28T05:37:00.000-07:00

I recently read that most mortgage brokers are stating different numbers of lenders they have access to on there network. But, we know it comes down to the lenders that make the best sense for clients needs.
It's essential to know and understand the roster of lenders available, But the programs and terms is where the match making starts. Quality advice is the key in any client interaction to understand clients needs short-term and long-term!

Real Estate Investment Seminar

2011-04-19T08:07:00.000-07:00

Tonight at 7pm in Kitchener
E-mail me to register!

vince@vincevasco.com

Interesting Article from Don R Campbell on Real Estate

2011-04-19T07:40:00.000-07:00

http://www.donrcampbell.com/the-latest-research-has-changed-my-position-on-real-estate

Bank of Canada keeps the Lending Rate alone until next Meeting on May 31st.

2011-04-13T05:11:00.000-07:00

The Bank of Canada surprised few today by keeping its Lending Rate at 1.00% for the fifth consecutive meeting. Now that the Prime Rate holding at 3.00%, yesterday's news is yet another positive for variable-rate mortgage holders and new ones.

Good time to explore some variable rate options and reduce your overall debt and cash flow expenses.

Vince Vasco AMP
Mortgage Alliace Agent
P: 519.575.1475
E: vince@vincevasco.com

Bond Yeild Affecting Mortgage rates!

2011-04-12T06:05:00.000-07:00

Since January the bond yeild ahs been on the riase and now has finally made its impact on mortgage rates!

U-Turn in the Lending Rates! -

2011-04-04T10:11:00.000-07:00

http://www.canadianmortgagetrends.com/

April 04, 2011

Rate U-Turn

It was fun while it lasted. Three weeks after fixed rates dropped, Canada’s second largest bank is leading the move back up.
TD is lifting 1- to 5-year fixed rates as much as 35 basis points.
The 5-year posted rate is rising from 5.34% to 5.69% and TD’s “Special” 5-year rate is moving to 4.44%.
Other banks shouldn’t be far behind.
The change takes effect tomorrow, April 5th. TD says its decision reflects “rising bond yields and the subsequent increase in the cost of funds.”
If you need a pre-approval for a purchase in the next 180 days, get it done today or tomorrow just to be safe.

Joe Pinheiro - Mortgage Alliance VP Sales & CAAMP Chairman

2011-03-28T08:11:00.000-07:00

March 28, 2011

Interview--CAAMP’s Joe Pinheiro

There is always something changing in the mortgage brokerage industry. As Chairman of the Canadian Association of Accredited Mortgage Professionals (CAAMP), Joe Pinheiro is keenly aware of how change is shaping our business.
We had the pleasure of chatting recently with Joe about a variety of current industry topics.
Below is that interview…

********

CMT: Joe, in your view, what is the biggest edge brokers can offer consumers today?
JP: Our biggest edge is that we offer information and guidance. We have knowledge and experience and we should be positioning ourselves as mortgage professionals who can offer true counsel to our clients. By being able to look at a client’s whole financial situation and offer the best solutions, then it’s easier for us to retain them in the long term because we have become valuable advisors.
CMT: If you could wave a magic wand and change one thing about brokers, what would it be?
JP: I would want them to focus on the relationship with clients and not just the transaction. Too often, we just complete the deal and it’s over. We have to continue to develop and enhance our relationships with them so they recognize our value, not only as mortgage professionals, but as trusted advisors. We need to send the right message and stay in touch with them so that when the time comes to renew, they still see the benefits of working with us.
CMT: What are two things CAAMP will do to help brokers better compete with banks in 2011?
JP: The first thing we need to do is make clear to mortgage professionals the importance of the AMP designation. Our market share is 25% -- only British Columbia’s market share is higher at 35%. We don’t own a name like Realtors, so as individual professionals we need to make consumers aware that having the AMP designation differentiates us from other mortgage originators and that we meet high standards of industry performance, which adds to our credibility.
Secondly, as an association we will be heavily promoting the importance of the AMP designation through public advertising. The research shows that consumers are becoming more aware of the AMP designation so will continue our efforts to promote it through a media campaign that starts in April. The campaign is financed through AMP dues -- 90% gets directed back into promotion.
CMT: Brokers have always offered wider choices to consumers than banks and credit unions. Is there a threat to the industry if lender status programs compel brokers to deal with fewer lenders and limit consumer choice?
JP: Lenders have a business model that allows them to stay competitive and allows them to stay in the market, which I understand. And of course, the problem is that consumers have access to these lenders, sometimes on a daily basis. This is something we have to accept and meet the challenge.
We have to send a different message to consumers. Not that we have access to 30 or 40 lenders - because realistically we only work with four or five - and not that we shop for the best rate, but that we work in the best interests of our clients. The real threat is putting clients into products that don’t suit them because that speaks to our integrity as a profession.
CMT: What progress is being made to standardize broker licensing and educational requirements across the provinces?
JP: CAAMP has taken a leading role in working with standardizing licensing requirements in Saskatchewan, Manitoba and the Atlantic provinces. We work closely with AMBA and MBABC as well. As far as education is concerned we are creating cohesiveness inter-provincially and changes are coming.
CMT: In the Internet age, is it necessary for consumers to meet face-to-face with a mortgage broker? How much growth do you foresee in online mortgage planning over the next few years?
JP: Using the Internet is not necessarily in the best interest of both brokers and clients. First of all, there is greater potential for fraud. Secondly, technology separates us from people and people want to be with people. I think we’ve evolved to the point where we’re going to put greater emphasis on sitting down with clients and establishing relationships with them. This is added value for them and strengthens our position as advisors.
CMT: What do you see in terms of market share growth for brokers?
JP: Our industry is not the healthiest. We have to get our house in order and to grow. Our channel has to make sense for lenders, for agents and for consumers.
CMT: Okay. One last question about CAAMP. How does CAAMP plan to deliver more value to broker members this year?
JP: We’ve made changes to the AMP requirements that will ensure brokers continue to educate themselves. We’ve also become more broker-focused and are listening more to what brokers want from us. There will be a lot more education available online. We’ve also created two broker focus groups to engage the brokerages.
We would like our industry to grow organically. No one wakes up one day and says I’m going to school to become a mortgage broker, but that’s the awareness we are working towards creating.

********

Banks, Short Term vs Long Term, Payments on a Mortgage, and How about Variable!

2011-03-23T09:54:00.000-07:00

Banks, Short Term vs Long Term, Payments on a Mortgage, and How about Variable!http://www.theglobeandmail.com/globe-investor/personal-finance/rob-carrick/fixed-rate-mortgages-find-few-friends-among-brokers/article1944593/

Mistakes made when people are looking for a Home!

2011-03-15T06:02:00.000-07:00

For People Looking for a Home!

News on Debt Management by Canadians!

2011-03-10T08:24:00.000-08:00

Canadians feel they doing a good job paying down their mortgage: RBC

Nearly nine in 10 Canadians feel they are doing a good or excellent job of paying down their mortgage, according the annual Homeownership Study from RBC.

The report also revealed that an overwhelming majority of Canadians (90 per cent) are confident about real estate in Canada as an investment and almost three-quarters of Canadians (73 per cent) believe that they or their family are well-positioned to weather a housing drop.

“Canadians believe in the long-term benefits of owning a home including the value it can provide, both personally and as a long term investment,” said Marcia Moffat, RBC head of home equity financing. “Last year’s survey showed that people were looking to buy ahead of rising costs. This year marks a return to more normal levels of purchase intentions and recent housing data reflects this move to a more balanced market.”

Interest in purchasing a home over the next two years has declined slightly but remains high overall, as 29 per cent say it’s likely they will buy. This is down two points from 2010 yet higher than any other year since 2006. Compared to last year, fewer Canadians are saying it’s better to buy now (55 per cent, a drop of 12 points) than wait (45 per cent, up 12 points). Among those likely to buy, over half (57 per cent) are looking to buy within 18 to 24 months while almost one-quarter (24 per cent) are planning to buy in the next year.

The poll found that 40 per cent of Canadians feel the current housing market is balanced equally between buyers and sellers, a rise of five points over 2010. Homebuyers list rising home prices (26 per cent) as their number one concern about purchasing a home followed by rising mortgage rates (22 per cent).

Confidence is high when it comes to housing payments, as with 69 per cent saying that the value of their home has increased in the last two years, a rise of five points over last year.

No Changes with Bank of Canada Rate!

2011-03-08T05:49:00.000-08:00

This is a sign that the prime rate will remain intact until the next meeting in the spring. All variable rate mortgage holders can breath a sign of relief for now! It's also a sign that the Bank of Canada is ok with market conditions at this point in time!

Most Banks Move To 30-year Conventional Amortizations

2011-02-16T05:50:00.000-08:00

Most Banks Move To 30-year Conventional Amortizations

Lenders making it tough to create financial flexibility
Makes it harder to qualify for pre-approvals
Contronl and focus on day to day debt load more important now!

Current Qualification Rate 5.44%

2011-02-15T11:59:00.000-08:00

New rate moved from 5.19% to 5.44% for mortgage term from 1-4 years and variable rate mortgages.
Signs from the times of it being a little tougher when it comes to mortgage qualification.

Banks Cut Down Max Amortization!

2011-02-15T11:56:00.000-08:00

Conventional Mortgages will be allowed to go to a maximum amortization of 30 Years! Scotiabank, Laurentian Bank, TD, and BMO all confirming this today! More lenders considering this move.

Reason to have your Mortage Review ASAP to HELP Cashflow.

2011-02-11T07:32:00.000-08:00

Canadian household debt high, but still manageable, banks conclude “the high debt number ignores the fact that thanks to a "near-miraculous" recovery in stock prices, along with rock-solid house prices, household assets are also at near record levels. Assets to income rose to 420 per cent in the third quarter of 2010 and are still rising”

Just a Thought.

2011-02-11T07:29:00.001-08:00

Lifestyle and expenses determine how much money is needed in retirement “Your current lifestyle may impact your retirement more than you think whatever vehicle you choose to invest in for the future, in the end it will need to produce enough to match your expectations”.

Mortgage News!

2011-02-11T07:28:00.001-08:00

Flaherty warns of even higher mortgage rates after this week's jump Flaherty doesn’t give any concrete reasons for this statement other than rates are currently low….

Mortgage Facts: Did you know!

2011-02-09T08:51:00.000-08:00

Did you know that in the 12-months ending November, 2010:
-  24% of Canadian homeowners renewed or refinanced their mortgage; 
-  18% of mortgage borrowers took equity out of their home, for an average amount of $46,000

Rates are on there way up! Its'good time to consider refinancing or a early renewal.

Rates on the Rise!

2011-02-08T10:33:00.000-08:00

If you haven't considered a mortgage review its definatley time now! Rates are on the move and it's important to get your hands on a low rate while you can. Save yourself some money moving forward.
The article link below explains rates are on the rise.

"Window Closing"on utra-low mortgage rates

Next Bank of Canada Meeting Set for March 1st.

2011-02-07T06:21:00.000-08:00

It's interesting to see where the bank of Canada goes from here! Bonds rates are moving and the pressure on fixed rates are coming! Talk to your mortgage professional to discuss your options and plan your next mortgage move.

Mortgage Agent Blogger
Vince Vasco AMP
Mortgage Alliance Agent
vince@vincevasco.com

Real Estate Stats!

2011-02-04T08:29:00.000-08:00

The following information was sent to me by Jim Reitzel from Keller Williams.

KITCHENER-WATERLOO, ON (January 6, 2010) –The 6,388 homes sold by REALTORS® through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Real Estate Board (KWREB) last year marked the second highest total annual sales in the association’s history. Last year’s activity was strongest in the first half of the year, particularly March and April when the sale of residential properties were setting monthly records. According to George Patton, President of the KWREB, a number of factors contributed to the early spring surge. “The federal government announced tighter mortgage rules, buyers were rushing to beat the introduction of the HST, and the central bank was forecasting higher interest rates.” Dollar volume of all residential real estate sold last year jumped 9.3 percent to $1.8 billion compared with 2009, reflecting continued confidence in the local real estate market. The year finished on a strong note, with 326 home sales last month, a 4.1 percent decrease compared to December 2009, but still well above the previous 10 year average of 225. Sales of homes in all price categories above $250,000 were up in 2010 compared to 2009, with the greatest rise occurring in the number of homes selling above $750,000, which experienced triple-digit increases. “The explosion of sales in the highest price ranges was reflected by the 9.3% increase in the average sale prices of detached homes,” says Patton. The average sale price of detached homes was $329,797 last year, whereas the average sale price of all residential real estate sold for $289,338, an increase of 8.6 percent. The 2010 year was marked by continued consumer demand for condominium style homes, with a total of 1,221 sales, an increase of 8.6 percent relative to year-end results in 2009, and representing nearly 20 percent of the overall residential market share in terms of unit sales by type. Other housing types showed small decreases relative to the previous year: 4,127 detached homes (down 0.3 percent from 2009), 506 semis (down 1.9 percent from 2009), and 474 townhouses (down 6.1 percent from 2009).

First Time Homebuyers Tax Credit.

2011-02-04T06:58:00.000-08:00

Calling all First Time Home Buyers!

I was doing some research and wanted to pass on a link on how to get a tax credit from the government for 1st time home buyers. It's a great to get some cash from the government when you have made the largest purchase of your life!
1st Time Home Buyers Tax Credit Link

Mortgage Agent Blogger

Are you looking to Improve your Mortgage Rate?

2011-02-03T07:10:00.000-08:00

It's mortgage renewal time again!
If your mortgage is coming due in the next 60-90 days and you want to reduce your rate it's important to make the call and have me shop for the best rate available.

I have multiple lenders offering competitive rates that can save you lots of money over time.

Vince Vasco AMP
Mortgage Alliance Agent
vince@vincevasco.com

Good Time of the Year to Review Your Mortgage Plan

2011-02-02T12:09:00.000-08:00

As everyone works to clean off the snow and shovel the driveway! It's nice to come back into your warm home and review your mortgage plan for 2011. Canada Finance Minister, Jim Flaherty announced changes in the mortgage industry, that will take effect March 18, 2011.

It's important to sit with an accredited mortgage professional to see how these changes affect you and review your options!

Mortgage Agent Blogger