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Mortgage Updates
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Mortgage Updates:
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Mortgage Trends
Mortgage rates hit the basement!
Canadians thinking of purchasing a home, just got a compelling reason to do so - the lowest interest rate in history. With rates as low as 2.99% fixed for five years! These rate reductions will help boost the spring market.Buyer clients call Sukhpal Singh,Realtor to begin the Qualifying process and begin your journey to home Ownership!!
Economists are paid handsomely to tell us where interest rates are headed. They have access to every data source, academic study, historical backtest, and analysis tool imaginable. So if you're creating amortization models based on future rate forecasts, the estimates of bank economists can be a useful guide.
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Trends:Real Estate
Trends in United States Housing Market
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Consumer Confidence-Average/Recent Canada
http://www.economywatch.com/consumer-confidence-index/world-wide/
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Consumer Confidence-Back in Action(USA)
http://rismedia.com/2011-11-29/back-in-action-consumer-confidence-on-the-rise/
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Federal Govt. Changes Mortgage rules effective on & after April19,2010 (OFFERS)
February 16, 2010 -- The federal government has announced changes to the rules for government-backed insured mortgages (less than 20 percent down payment) as follows:
1.All borrowers will be required to meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter terms.
2.Reduced maximum amount that can be withdrawn in refinancing a government-backed insured mortgage to 90 per cent from 95 per cent of the value of the home.
3.Require a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner occupied properties purchased for speculation.
NOTE: Borrowers purchasing owner-occupied residential properties will still be able to access government-backed mortgage with a 5 per cent down payment.
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Mortgage Jobs
Mortgage Jobs in Mortgage Industry
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Federal Government Changes Mortgage Financing Rules-Jan 17, 2011
January 17, 2011 -- The federal government has announced changes to mortgage financing rules for government-backed (insured) mortgages (less than 20 per cent down payment), which will affect maximum amortization periods, mortgage refinancing, and home equity lines of credit.
Details
The changes announced by the federal government include:
Reducing maximum amortization period to 30 years, from 35 years.
Lower the maximum amount Canadians can borrow in refinancing their mortgages to 85 percent, from 90 percent, of the value of their homes.
Withdraw government insurance backing on lines of credit secured by homes, such as home equity lines of credit. This change would apply to Home Equity Lines of Credit that do not amortize over time (i.e. borrowers are not required to make regular payments on the principal amount of the loan). However, with established scheduled principal and interest payments, a loan will continue to be eligible for government-backed insurance, provided it meets the underwriting standards set by the mortgage insurer.
The changes to amortization periods and refinancing rules will come into force on March 18, 2011. The withdrawal of government insurance backing on home equity lines of credit will come into force on April 18, 2011. Exceptions would be allowed after the new measures come into force where they are needed to satisfy a binding purchase and sale, financing or refinancing agreement entered into before the corresponding coming into force dates.
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Listings By Map
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Home Worth?
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http://www.brampton2torontohomesforsale.com/For_Sellers/page_2017593.html
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SUKHPAL SINGH, Sales Representative (416)878-3212
HOMELIFE Superstars Real Estate Ltd, Brokerage
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