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ARCHIVED ISSUES - JULY 2012


 

FEATURED CLIENT: INTEGRITY MORTGAGE

With over 20 years of experience as a successful mortgage broker, real estate investor, Dale Carnegie trainer and mortgage and credit coach, Kim has found her own way to connect her heart and business.  While creating win/win relationships Kim is able to exercise her talent for helping people develop wealth and their own authenticity in the process.  One of the biggest secrets to Kim's success is that she is always available for her clients. With 5 year rates at 3.09% it is a great time to buy or refinance!

The Federal Government announced four new clampdowns on insured mortgages that came into effect on Monday, July 9th, 2012.

These changes include: 

  • Reducing the maximum amortization period to 25 years from 30 years 
  • Reducing the maximum amount of equity homeowners can take out of their homes when refinancing to 80% from the current 85%
  • Limiting the availability of government-backed mortgages to homes with a purchase price of less than $1 million 
  • Fixing the maximum gross debt service ratio at 39% and the maximum total debt service ratio at 44%

See Kim on Chek News talking about how the new mortgage rules will impact Canadian borrowers.

If you have any mortgage related questions contact Kim for further information.  Please visit her website at www.kimstrynadka.ca or email her directly at kims@telus.net.  You can also sign up for her monthly newsletter!

 


WILL NEW MORTGAGE RULES AFFECT YOU AS A BORROWER?

Mortgage Percentage Rates and New Regulations in CanadaMortgage expert Kim Strynadka shares her thoughts on current mortgage rates and how the new mortgage rules affect borrowers:

You know when mortgage rates go up and then start creeping up and up and up? Then, you say "I wish I had known it was the bottom of the market". Today I am granting you your wish! It is official! Mortgage Rates are at THE ROCK BOTTOM! Don't say I didn't tell you so! 5 years at 3.09% and 4 years at 2.99%? UNREAL!

25-Year Amortization
This was a necesary measure -  as real estate cycles and interest rates trend downward, putting the amortization up helps level out the qualifying ratios for borrowing. When we switch to a 25-year instead of a 30-year period, the actual mortgage payment per month goes up only about $50.00 per $100,000. This means more money goes toward paying down the mortgage faster. Just like in the past, when rates and prices go up, so the amortization and qualifying rate will go down.

For example, if the price of a house was $500k a year ago with a mortgage rate of 4% on a 30-year loan, today you can get the same house for $500k at a rate of 3% with a 25-year amortization period and the payment would still be the same.

80% Loan-To-Value Refinance
In a buyer's market, this new regulation will keep us from over financing. Can you imagine if we had to get appraisals and requalify for our mortgages at renewal time? Here's hoping that the new 80% refiance rule will keep this measure at bay.


NALH REQUIRES CLIENTS' CRA E-FILE LOGIN INFORMATION FOR MANDATORY ELECTRONIC FILING REQUIREMENT

CRA requires tax preparers to efile client returnsA new subsection of the Income Tax Act - Section 150.1(2.3), (2.4) - sets out a regulation that requires tax preparers to file client returns via electronic filing. If this requirement is not met, the tax preparer incurs a $100 per return penalty from CRA.

If we file tax returns for you as an individual or for your business and do not already have your credentials for the CRA web site, we will require you to provide the login information to e-file your return. Please call our office at: 604-412-3885 to discuss the steps you need to take to give us authorization for your CRA account.


A SCORE THAT REALLY MATTERS - YOUR CREDIT SCORE

Credit HistoryCredit is a precious privilege that allows individuals to expand their purchasing power; yet, as an intangible, few think about it on any regular basis. Without credit, purchasers rely completely on cash flow so the ability to accumulate assets is limited to an individual’s ability to save. With credit, the ability to purchase a home or car becomes more achievable in a shorter period of time.

Whether applying for a credit card, car loan, mortgage or cell phone plan, individuals have to demonstrate their ability to make the required payments. The company issuing the credit looks to the individual’s credit score, more commonly known as credit rating, to assess the individual’s financial health. In general terms, it is through the use of credit that individuals acquire a credit score. The credit score is an overall assessment of the individual’s risk profile in terms of ability to handle credit.

CLICK HERE TO READ THE FULL ARTICLE >>


BOOK OF THE MONTH: CREATIVE REAL ESTATE INVESTING FOR CANADIANS

Creative Real Estate Investing for CanadiansReal-Life Canadian "Creative" Real Estate Investors, Dave Dubeau and Ken Beaton have written this NEW book because they want to help as many Canadians as possible to take charge of their own financial futures. They also know that the best way to do this is through investing in Real Estate. Their desire is that you, the reader, by becoming an educated real estate investor, will be able to help a lot of people with clean, affordable housing. And at the same time, enabling you to create the lifestyle you desire and deserve.

CLICK HERE TO PURCHASE FROM DAVE DUBEAU'S WEB SITE >>


FEATURED IPHONE APP: Mortgage Calculator pro

Mortgage Calculator Pro for iPhone, iPad, iPod TouchMortgage Calculator Pro is a quick and easy-to-use calculator for brokers, realtors, and home buyers. Within seconds, you will be able to calculate the monthly payment for a mortgage, car payment, credit card, or other types of fixed rate loans.

Features of the app include:

  • Ability to save loans
  • Large numeric keypad
  • Email quote
  • Fast calculations
  • Amortization table

The app lets you add different adjustments such as insurance, property tax, and monthly costs such as strata fees to see if they would affect the monthly payment.

CLICK HERE TO DOWNLOAD FROM THE APP STORE >>


FREE WEBINAR: SUMMER MARKETING SECRETS

July 19, 2012
12:00pm - 1:30pm


SmallBusinessBC
82 - 601 W. Cordova
Vancouver, BC

Summer has finally arrived. But what does that mean for your business?

Are you wondering how do I keep my marketing going and still enjoy the summer? Then please join presenter Sue Clement for a free webinar on Thursday, July 19th. Sue will show you how you can take advantage of the summer slow down and still power up your marketing results for stellar sales come September.

CLICK HERE FOR MORE INFORMATION >>


DRAGON'S DEN - A LOOK INSIDE

July 31, 2012
6:00pm - 9:45pm

Denman Cinema
1779 Comox Street
Vancouver, BC

If you're a fan of Dragons' Den, you'll want to attend this event to learn about behind-the-scenes stories from 4 recent Dragons’ Den presenters about their auditioning, pitch & other experiences.

You'll hear stories about the amazing things that happened after their pitches were aired and learn tips, tricks and tools to help you build a successful business.

Also take advantage of the opportunity to network with like-minded entrepreneurs and Dragons' Den fans.

CLICK HERE FOR MORE INFORMATION >>

 


YOUNG PROFESSIONALS DEVELOPMENT - IDENTIFY & DEVELOP EMOTIONAL INTELLIGENCE

July 31, 2012
5:30pm - 7:30pm


SFU Segal Graduate School
500 Granville, Room 280
Vancouver, BC

Hear from EQ Expert David Cory as he pulls from over 10 years of experience applying the concept of EQ to performance improvement. David Cory is a leadership development specialist known for his expertise in applying the concept of emotional intelligence to performance improvement.

CLICK HERE FOR MORE INFORMATION >>


 
 
 
       
NALH Business Solutions Ltd.
#112 - 8988 Fraserton Court
Burnaby, BC V5J 5H8
(604) 412-3885

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