Is now the time for you to Refinance your Mortgage

I was recently quoted in an article that appeared in The Liberal. The Liberal is a local newspaper in Richmond Hill, Ontario.

To read the entire article online, click here: Is now time for you to refinance your mortgage?

Yes, now can be an ideal time for you to refinance your mortgage. Whether you live in Richmond Hill , or anywhere in York Region, or Toronto, or Ontario!

All it takes is a quick call your lender to find out what your pre-payment penalty is. Then you call me to find out how much you can save on your monthly payments, and how much you'll save in interest for the remainder of your current term.

Today's historically low interest rates are:

Terms Posted Rates Our Rates 1 YEAR 4.20% 2.99% 2 YEARS 4.70% 3.69% 3 YEARS 4.90% 3.50% 4 YEARS 5.14% 3.80% 5 YEARS 5.45% 3.69% 7 YEARS 6.30% 5.15% 10 YEARS 6.70% 5.25% Rates are subject to change without notice. *OAC E&OE

Prime Rate is 2.25%. Greg Barrow, Mortgage Agent 416 807 7123 gbarrow@dominionlending.ca

Genworth Financial Homeowner Assistance Evaluator

Sometimes life delivers an unexpected blow. If you have a Genworth-insured mortgage, their Homeowner Assistance Program can help should you find yourself in financial difficulty. Their Homeowner Assistance Specialists will work together with you and your lender to reach the best solution -- with the goal of keeping you in your home.

The Homeowner Assistance Evaluator will help them better understand your situation and determine one or more solutions that may be available to you.

The Genworth Financial Canada Homeownership Site also has great information for First Time Home Buyers.

A condo in the city. A townhouse in the suburbs. A cottage in the country. Buying your first home is an important (and exciting) decision. For the first time, you'll have a place to call your very own. A place to entertain. A place to decorate. A place to raise a family. It really is a life-changing purchase.

But how do you get there?

Starting the journey to homeownership can be overwhelming. But with a little preparation and the right resources, you can buy a home that best suits your lifestyle. With common-sense advice and information, The Genworth Financial Canada Homeownership Site is your one-stop resource to help you through every step of the journey. Whether you're looking for budgeting tips, expert advice - even if you're new to Canada - this site breaks the homebuying process down in easy-to-understand terms.

Earth Day Technology Ideas from Dominion Lending Centres

Earth Day 2009 - Technology Ideas

Today is Earth Day, and more than six million Canadians join one billion people in over 170 countries in staging events and projects to address local environmental issues.

Here are five tech ideas from your technology team at Dominion Lending Centres detailing how you can help preserve the environment that humans and wildlife depend on.

Technology Ideas

Read the Newspaper Online
Read the daily newspaper online. Virtually every newspaper is now published online and many publications even offer enhanced story features like photo galleries, reader feedback forums and more!

Print & Copy Only What's Needed

Many times we print or make extra copies of documents that end up in the recycling bin five minutes later. Make an effort to print only what's needed, and use e-mail and online document storage as often as possible!

E-mail More, Fax Less
Many mortgage professionals have made their mortgage transactions semi or fully paperless. Homebuyers are becoming increasingly tech savvy and, in many instances, prefer to communicate via e-mail, Facebook, or even SMS. Save ink, toner, electricity and paper at every opportunity you can!

Shut Down Computers
Many people leave their computers on 24/7. Try turning off office and household computers or put them on 'sleep' mode at night or whenever you're not using them. You should notice a savings on your next electricity bill!

Re-Writable Storage
Instead of using one-use CDs or DVDs to store computer data, use a fast, re-writable, low power consumption storage device like a USB thumb drive or external hard drive! These devices last for years and are much more durable than a compact disc.

More Earth Day Info
Earth Day Canada: http://www.earthday.ca/

Earth Day Network: http://www.earthday.net/

CNET on Power Usage: http://news.cnet.com/

Wikipedia on Earth Day: http://en.wikipedia.org/wiki/Earth_Day

Bank of Canada cuts interest rate to its lowest level ever

Bank of Canada lowers overnight rate target by 1/4 percentage point to 1/4 per cent and, conditional on the inflation outlook, commits to hold current policy rate until the end of the second quarter of 2010.

April 21, 2009 Bank of Canada Press Release

Bank of Montreal was first to follow lowering it's prime rate to 2.25%

Royal Bank has also passed on savings by lowering prime to 2.25%

The other majors are expected to lower their prime to match.

Great news for variable rate mortgage holders, enjoy the low rates before they start climbing up, is there really any other way for them to go at this point? The question is when that will occur and how fast will they move. I cant imagine that will happen any time soon and Bank fo Canada signals it wont happen until some time next year.

Title Insurance - What is it?

Title insurance is a unique form of insurance. It protects your ownership or title against losses incurred as a result of undetected or unknown title defects, for as long as you own your home. Even if you are the rightful owner of a home, there are instances such as real estate fraud, when your title can come into question. Title insurance continues to protect your ownership from the day of closing to the day you sell your home. Coverage is also extended to heirs who receive your home in the event of your death.

For a one-time fee, some of the covered title risks for residential properties include:

• someone else owns an interest in your title
• existing liens against the title
• violations of municipal zoning by-laws
• encroachments onto an adjoining property (other than fences and boundary walls)
• setback violations
• realty tax arrears
• outstanding municipal utility charges, provided such charges form a lien on title
• existing work orders
• lack of legal access to the property
• unmarketability of the land due to adverse matters that would have been revealed by an up-to-date survey / RPR/ Building Location Certificate
• fraud, forgery and false impersonation to the extent they affect the validity of title

Title insurance premiums
Title insurance is available for a low premium that is paid only once at the time of closing, and coverage is valid for the entire time you own your home. Your lawyer/ notary and his or her staff would be pleased to go over the premiums with you.
The cost of the premium is often offset by the savings from the reduction in the number of searches your lawyer/ notary might have to complete. Additionally, a title insurance policy can be obtained to satisfy lender survey / RPR/ Building Location Certificate requirements, thereby saving you the cost of up-to-date property survey / RPR/ Building Location Certificate. Average survey / RPR/ Building Location Certificate costs can be upwards to $1,200.

You can get more information on title insurance from either of these providers:
Stewart Title Guaranty Company
First Canadian Title

First Time Home Buyers Toronto

Finally!!!!
The nice weather has arrived, what a beautiful day! If you are a first time home buyer this will certainly encourage you to start looking for your new dream home. Before you do be sure to contact a Mortgage Professional so you know everything you need to know to be prepared for one of the biggest purchases you'll ever make.

On Wednesday April 15th, 2009 I held a First Time Home Buyers Seminar in Richmond Hill. We had many first time home buyers attend, as well and many Realtors with their first time home buyer clients.

We covered all aspects of the home buying process including:
1) Is Home Ownership right for you?
2) Are you Financially Ready?
3) Building Your Team of Experts
4) Arranging your Mortgage
5) Making the Offer
6) Closing the Sale

Download a PDF version of our seminar by clicking on the image below

We will be holding more seminars in May, so be sure to subscribe to my blog to be notified of the upcoming dates. If you can't wait for the next seminar, then please call Greg Barrow at 416 807 7123 to arrange a time to meet, where I will go over all of the same information with you in a one on one setting where you can ask all the questions you want!

Have a great weekend!

Golden opportunity to take advantage of a buyers market

[Source - Darin Perrett - HomeLife Vision Realty Inc, Brokerage]

One of the Realtors who I have dealt with over the past few years recently sent out a great article to his clients which I would like to share with you.

As you know prices have fallen in the GTA due to the economic downturn. This is a golden opportunity to take advantage of a buyers market. Some of my clients have taken advantage of lower pricing to purchase a larger home or rental property.

I’m sure most of you, like me, said to yourself from 2002 -2007, I SHOULD HAVE, I COULD HAVE, I DIDN’T, and missed out some amazing returns on profit. As you look at the history of real estate, it’s always been a winner for investors. Yes we have gone through recessions before, and if you look at statistics and charts of years past, you will see that real estate has always bounced back to bigger and better profits. Prices have fallen back to 2006 pricing.

Buyers are now in a position of strength. With prices falling and sales to listing ratio above normal this allows buyers more flexibility, choice and bargaining power. Please take a look at the most recent Market Watch Report from the Toronto Real Estate Board, attached. You will see that March was a fantastic month. The gap of unit sales from 2008 to 2009 is starting to close. This means the trend could soon slow down and we could start turning the corner of more prosperous ways again and of course back to a sellers market.

If you have recently thought about buying or upgrading to a larger home or perhaps thought about buying an investment property there has never been a better time. Unlike stocks, bricks and mortar has been a winner time and time again. You know right now that prices are down; you know it’s a buyers market; and you know that this trend will not stay like this for long. Don’t procrastinate, take advantage of this market and make some money in the next 5-10 years. Don’t say to yourself two or three years from now, I SHOULD HAVE, I COULD HAVE, I DIDN’T.

If you have any questions, concerns or need any info, please do not hesitate to contact me. I would love to help you or any of your friends & family with their real estate needs.

Take care and enjoy your spring!!!!

Darin Perrett can be contacted at:
416-802-4492 (Direct)
416-383-1828 (24 Hour Pager)
416-383-1821 (24 Hour Fax)
www.darinperrett.com
dperrett@trebnet.com

Ontario Mortgage Rates are Low - Now is the time to Refinance

This edition of Ontario Mortgage Rates Weekly Rate Minder has the latest, best rates for Canadian mortgages. At Dominion Lending Centres, we work on your behalf to find the mortgage that suits your needs. Best of all - our service is "free".* It's the selected lender that pays us and YOU get the best rate. *(O.A.C., E.&O.E.)

• Explore Mortgage Scenarios with Helpful Calculators on Ontario Mortgage Calculators

Terms Posted Rates Our Rates 1 YEAR 4.20% 3.00% 2 YEARS 4.70% 3.69% 3 YEARS 4.90% 3.80% 4 YEARS 5.14% 3.90% 5 YEARS 5.45% 3.74% 7 YEARS 6.30% 5.15% 10 YEARS 6.70% 5.25% Rates are subject to change without notice. *OAC E&OE Prime Rate is 2.50%.

Variable rate mortgages from as low as Prime + .75% Rates are subject to change without notice. Fixed mortgage rates shown in table above and quoted variable mortgage rates are available nationally to qualified individuals. Some conditions may apply. Lower rates may be available in certain regions, or to those with higher credit scores or higher net worth – check with your Dominion Lending Centres Mortgage Expert for full details. *O.A.C., E.& O.E.

With interest rates this low, now is an ideal time to Refinance your existing mortgage. At the very least contact Greg to see how much money you can save on your monthly payment, not to mention the thousands you will save in interest payments. Call 416 807 7123 or email gbarrow@dominionlending.ca and SAVE YOUR MONEY!

Ontario Mortgage & Real Estate News Headlines

Local real estate market shows signs of recovery
“Despite the economic downturn it appears that a number of buyers and sellers are taking advantage of the increased affordability the current market has to offer” said Jim Kovacs, president of the Chatham-Kent Real Estate Board. - Chatham Daily News

It's a buyer's market
According to the Sudbury Real Estate Board, a total of 350 homes changed hands locally through the Multiple Listings System in the first three months of 2009 - The Sudbury Star

Mortgage rates unlikely to fall further: Brookfield
Mortgage rates in Canada, which have plunged by almost 50% in the last year, aren't likely to fall further, said Phil Soper, chief executive of Brookfield Real Estate Services Fund. - Financial Post

First Time Home Buyers Seminar - FREE to attend

What: Learn from experts why now is an ideal time for First Time Home Buyers to purchase a home, how to put together a team of experts to assist with your purchase, and general information on the process for purchasing a home - what you need to know.

When: Wednesday April 15th, 7:00pm to 8:00pm

Where: Rexall Health Centre - 9625 Yonge Street (Yonge & Weldrick)
view map and get directions

To Register for this FREE Mortgage Seminar, please call Greg at 416 807 7123 or by emailing gbarrow@dominionlending.ca

For First Time Home Buyers in Richmond Hill, Thornhill, Vaughan, Markham, Aurora, Newmarket, King City, Oak Ridges, Toronto, North York, Stoufville, Georgina....

Housing prices down less than expected - Royal Lepage says

[canada.com - April 9, 2009]

House prices in Canada were down during this year's first quarter, but not as much as expected, according a report released Wednesday.
Royal LePage Real Estate Services said the average price of a two-storey home during 2009's first three months was $379,636, down 6.5% from a year earlier. The average condominium price was down 3.4% to $232,877.
"We expected a sharper decline in house prices across Canadian markets during the first quarter," Phil Soper, the real estate firm's president and CEO, said in a statement.

Dominion Lending Centres Mortgage Industry News

[Source - Dominion Lending Centres - April 8, 2009]
CMHC reports that the seasonally adjusted annual rate of housing starts increased to 154,700 units in March from 136,100 units in February.

“Higher multiple starts in Ontario and Quebec were the main contributors to the rise in new construction activity in March,” said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre. “While the multiples segment experienced the largest increase, the overall boost in starts was broad-based, encompassing the singles segment as well.”

The seasonally adjusted annual rate of urban starts increased 17% in March. Urban multiple starts increased 28.3% while urban single starts moved up by 1.3% in March.

March’s seasonally adjusted annual rate of urban starts increased by 35% in Ontario and by 23.3% in Quebec. Urban starts declined by 17.3% in British Columbia, by 7.9% in Atlantic Canada, and by 7.5% in the Prairies.
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Canada still faces big job losses but it is also well poised to emerge quickly and strongly from recession when recovery begins, Prime Minister Stephen Harper said in an interview broadcast Friday.

“We all know that we have a massive and growing employment problem,” he told the Business News Network. “We’ve seen dramatic drops in output, dramatic rises in unemployment in the last four months... We anticipate more big job losses.”

He said, however, that Canadian statistics are better than other members of the Group of Seven leading industrialized nations, with real underlying strengths that should enable a strong recovery. – Reuters
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The G20 will stand together to engage in additional stimulus plans aimed at creating jobs, cleaning up financial institutions and stimulating emerging market economies, according to the communiqué released on Thursday.
“We face the greatest challenge to the world economy in modern times,” reads the document, which pledges to “do whatever is necessary” to restore confidence, growth and jobs.
The G20 member nations have also vowed to repair the financial system in order to restore lending, strengthen financial regulation that will rebuild trust, and fund and reform international financial institutions to overcome the crisis and prevent future ones. The communiqué said actions will also work to promote global trade and investment, and reject protectionism.
The communiqué says that by 2010, member nations will have pumped $5 trillion in stimulus measures and will add an additional $1.1 trillion in global stimulus through the IMF and other international agencies. The efforts should raise global output by 4%, said the communiqué. – CEP News
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With the US unemployment rate at a 26-year high and home sales still in the dumps, a growing number of homebuilders and even some real estate agents are trying to coax buyers with a kind of mortgage unemployment insurance.

Builders can pay anywhere from $450 to $900 per customer for the coverage. Some absorb the cost as they would any other sales promotion, while others pass it on to buyers. – Associated Press

Ontario Mortgage Rates

This edition of Weekly Rate Minder has the latest, best rates for Canadian mortgages. At Dominion Lending Centres, we work on your behalf to find the mortgage that suits your needs. Best of all - our service is "free".* It's the selected lender that pays us and YOU get the best rate. *(O.A.C., E.&O.E.)

• Our Best Rates • Explore Mortgage Scenarios with Helpful Calculators on gregbarrow.ca

Terms Posted Rates Our Rates 1 YEAR 4.50% 3.25% 2 YEARS 5.00% 3.80% 3 YEARS 5.20% 3.90% 4 YEARS 5.44% 4.05% 5 YEARS 5.55% 3.99% 7 YEARS 6.80% 5.15% 10 YEARS 6.80% 5.25% Rates are subject to change without notice. *OAC E&OE Prime Rate is 2.50%.

Variable rate mortgages from as low as Prime + .75% Rates are subject to change without notice. Fixed mortgage rates shown in table above and quoted variable mortgage rates are available nationally to qualified individuals. Some conditions may apply. Lower rates may be available in certain regions, or to those with higher credit scores or higher net worth – check with your Dominion Lending Centres Mortgage Expert for full details. *O.A.C., E.& O.E. About Dominion Lending Centres We are Canada's premier online mortgage lender, and one of the fastest growing mortgage companies nationwide! Our Brokers are Experts in their field and many are ranked amongst the best nationally. We close loans in all 10 provinces and 3 territories. We can process your mortgage in as few as 7 days. We have more than 100 mortgage programs making it easy to choose the best fit for your situation. We are the preferred mortgage lender for several of Canada's top companies. Dominion Lending Centres' Mortgage Experts are available anytime, anywhere, evenings and weekends — we'll even come to you!

Mortgage Basics

Choosing the right mortgage can be very challenging process. Below are some basic features to consider when selecting the right mortgage for you

DOWN PAYMENT: How much of a down payment you have will determine if you will apply for a conventional or high-ratio mortgage loan.A conventional mortgage is a loan for no more than 80% of the appraised value or purchase price of the property, whichever is less. The remaining amount required for a purchase (20%) comes from your resources and is referred to as the down payment. If you have to borrow more than 80% of the money you need, you'll be applying for what is called a high-ratio mortgage.

Here's how a high-ratio mortgage works:
You only require a down payment of 5% when you buy a home. Any purchase where the down payment is less than 20% is considered a high-ratio mortgage, and the mortgage must be insured by a mortgage insurance provider such as Canada Mortgage and Housing Corporation (CMHC) or Genworth Financial Canada (Genworth). The insurer will charge a fee for this insurance. The amount of the fee will depend on the amount you are borrowing and the percentage of your own down payment. Typical fees range from 1.00% to 3.50% of the principal amount of your mortgage. This amount can be paid up front or added to the principal portion of your mortgage. I can help you determine the exact amount.

RATES: Fixed rate or variable rate?
When you take out a fixed-rate mortgage, your interest rate will not change throughout the entire term of your mortgage. As a result, you'll always know exactly how much your payments will be and how much of your mortgage will be paid off at the end of your term.

With a variable-rate mortgage, your rate will be set in relation to your Lender’s Bank Prime at the beginning of each month. In other words, it may vary from month to month. When rates change, your payment amount remains the same. However, the amount that is applied toward interest and principal will change. If interest rates drop, more of your mortgage payment is applied to the principal balance owing. This can help you pay off your mortgage faster. Historically, variable-rate mortgages have tended to cost less than fixed-rate mortgages when interest rates are fairly stable.

MORTGAGE TERM: Short Term or Long Term?
The term is the length of the current mortgage agreement. A mortgage typically has a term of six months to 10 years. Usually, the shorter the term, the lower the interest rate. A short-term mortgage is usually for two years or less. A long-term mortgage is generally for three years or more. Short-term mortgages are appropriate for buyers who believe interest rates will drop at renewal time. Long-term mortgages are suitable when current rates are reasonable and borrowers want the security of budgeting for the future. The key to choosing between short and long terms is to feel comfortable with your mortgage payments. After the term expires, the balance of the principal owing on the mortgage can be repaid, or a new mortgage agreement can be established at the then-current interest rates.

Open or Closed?
Open mortgages can be paid off at any time without penalty and are usually negotiated for very short terms. They are suited to homeowners who are planning to sell in the near future or those who want the flexibility to make large, lump-sum payments before maturity. Open mortgages usually have a slightly higher interest rate for this privilege.

Closed mortgages are commitments for specific terms. If you want to pay off the mortgage balance, you will need to wait until the maturity date or pay a penalty. Most closed mortgages do offer options for prepayment options.

Richmond Hill Centre for the Performing Arts

Recently the curtain rose for the first time at the Richmond Hill Centre for the Performing Arts. The much anticipated first night Gala was a great introduction of what the theatre will offer residents of York Region. Many diplomats were in attendance at the event such as the Honorable David C. Onley, Lieutenant Governor of Ontario, Bill Fisch York Regional Chair and CEO, Richmond Hill Mayor David Barrow Canadian Idol judge Farley Flex, Prima Ballerina Chan Hon Goh and York Regional Police Chief Armand LaBarge to name a few. The evening that was hosted by Mayor David Barrow and Council, also included dancers, the Richmond Hill Philharmonic Orchestra, Bayview Secondary School Choir and performances by Broadway performer and Tony-nominated Canadian artist Louise Pitre. The whole evening was truly magical and as expected was a great introduction a wonderful part of history.
I attended opening night and it truly was a great evening. Somehow I made it on the front of SNAP Richmond Hill who was at the event taking pictures. To see more pictures from the night - click here.
For more information on the Richmond Hill Centre for the Performing Arts - click here

Dominion Lending Centres Mortgage Industry News

[DLC Weekly Bulletin - April 1, 2009]

All financial activities that pose a “systemic risk” must be regulated to prevent future financial crises, Bank of Canada Governor Mark Carney said on Monday.

Acknowledging that global leaders face a mammoth task in directing financial reform, Carney called on G20 countries to construct a “robust financial order” that supports long-term economic prosperity during a speech at the University of Alberta.

He noted that it was “an era of self-absorbed finance” that caused the current calamity, adding the financial system ought to be “the servant” of the real economy.

Leaders from G20 countries will meet in London tomorrow to work toward an overhaul of the ailing financial system, while also tackling the global recession. – Toronto Star

The heads of Canada’s largest provincial securities regulators say they must be part of a high-powered new committee being designed by Ottawa to protect the financial sector from systemic risks – but they disagree on how they should be represented at the table.

The Harper government is drawing up plans for a committee of regulators to oversee the financial sector at the highest level, including representatives from the Bank of Canada, the Office of the Superintendent of Financial Institutions (OSFI), CMHC and the Canadian Deposit Insurance Corp.

Last Friday, the chairmen of several of Canada’s provincial securities commissions said they should also be part of the systemic risk committee, arguing they regulate a part of the capital markets where products or practices can emerge that imperil the stability of the financial sector. – Globe and Mail

Rates on 30-year mortgages in the US fell late last week to the lowest level on record after the Federal Reserve launched a new effort to assist the staggering US housing market.

Mortgage finance giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages dropped to 4.85% last week from 4.98% the previous week. These rates are the lowest in the history of Freddie Mac’s survey, which dates back to 1971, and were down a full percentage point from a year ago.

Rates fell last week after the Fed said it will pump $1.2 trillion into the economy in an effort to lower rates on mortgages and loosen credit. – Associated Press