Finance Minister Jim Flaherty says it’s been a long road back from the Great Depression but it’s important to balance the books so Canada can weather future economic storms. He also says he knows the books could be balanced in fiscal 2014 but he thinks it’s important to keep back an emergency fund and have a “nice clean” surplus for the following year.

Here are some summarized highlites for you to review

The budget also said it would raise public awareness on high interest rates charged by payday lenders, even though the provinces have jurisdiction to regulate payday loans.

It also promised to protect borrowers who choose a collateral charge mortgage, such as one that includes a line-of-credit, instead of a standard mortgage, noting they may find it hard to switch between lenders.

“….In other words, it’s boosting excise taxes on tobacco that will increase the price of a carton of 200 cigarettes by four dollars.”

The Conservatives say they’ll also crack down on money laundering and terrorist financing, and assert Canada’s claim to the North Pole.

And it says interest rates aren’t expected to rise until the second half of next year. Flaherty says the forecast is based on an average of predictions made by private sector economists.

The government also says it will spend 631-million dollars over two years to advance the construction of a new bridge linking Detroit with Windsor, Ontario. he budget also proposes lowering credit card acceptance costs for merchants, but doesn’t say how.

And it promises unspecified measures to crack down on payday loan operators and to expand no-cost banking to the disabled and vulnerable seniors.

Among the new tools in the Conservatives’ skills-training arsenal is the creation of the Canada Apprentice Loan, an expansion of the Canada Student Loans Program. The fund will provide apprentices in so-called Red Seal trades with access to more than 100-million dollars in interest-free loans every year to help them pay for their training. At least 26-thousand apprentices per year are expected to apply. The federal government is starting from scratch in its attempts to get immigrants with money to invest in Canada.

As part of the federal budget, the government says it will eliminate the Immigrant Investor and Entrepreneur programs.

In their place, the Conservatives are proposing an Investor Venture Capital Fund pilot project that it hopes will encourage immigrants to make real and significant investments in the Canadian economy.

Applications received by the government before today that haven’t been processed are being returned, along with the fees paid by applicants.

Tuesday’s budget, the federal government promised to address the long-standing U.S.-Canadian price gap issue, but it isn’t ordering an immediate lowering of prices or the elimination of certain tariffs.

As well, the government says it will work with financial institutions to expand “no-cost” basic banking services, especially for youth, students and vulnerable groups, though it offered no specifics.

Call us to learn more about mortgages, the services of a mortgage broker and to obtain best mortgage rates in Barrie

Want to avoid the Rent Trap? 100% FINANCING with 5% CASH BACK @ 4.85% If you have excellent credit history and solid job stability – yet have been unable to build savings for a down payment? We can help stop the “Rent Trap”,

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CRITERIA:

 Applicable to income qualifying applicants only, no stated income borrowers  95% financing

 Minimum 650 Beacon Score for each applicant

 5% cash bonus is based on purchase price of home and used directly for the Down Payment

 Minimal consumer debt and a proven ability to build other assets over their working career.

 2 well established trade lines

 Debt Servicing Ratio must be with within 33/43 using contract rate of 4.85%

 No previous bankrupt/consumer proposal

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There are generally two ways to get a mortgage in Canada: From a bank or from a licensed mortgage professional.

While a bank only offers the products from their particular institution, licensed mortgage professionals send millions of dollars in mortgage business each year to Canada’s largest banks, credit unions, trust companies, and financial institutions; offering their clients more choice, and access to hundreds of mortgage products! As a result, clients benefit from the trust, confidence, and security of knowing they are getting the best mortgage for their needs.

Whether you’re purchasing a home for the first time, taking out equity from your home for investment or pleasure, or your current mortgage is simply up for renewal, it’s important that you are making an educated buying decision with professional unbiased advice.

A Type Cottage

• Must Be 4 Season with year round access and permanent heat source

• NO PRE APPROVALS

• 95% Loan to value for purchase

• 80% Loan to value for Refinance

• Max Purchase Price 1M Insured

• Conventional No Limit Provided Within Sliding Scale

• No Stated Income

• Non Insured Requires Potability Testing

• Max Amortization 25yrs

• Min Beacon 650 insured

• Min Beacon 620 non insured

• All fixed and variable rates available

• Heloc (no AIO) Max 65% LTV Prime + 1.00% min beacon 670

B Type Cottage – seasonal access only

• Purchases Only No Refinances

• NO PRE APPROVALS

• Seasonal access, water access ok no permanent heat source must have septic and 3 piece bathroom

• Up To 90% LTV Purchase (Genworth) Insured

• Must Be Insured Regardless Of Loan To Value

• Max mortgage amount 350K Insured

• Conventional No Limit Provided Within Sliding Scale

• No Stated Income

• Max Amortization 25yrs

• Min Beacon 650

• Min Beacon 620 non insured

• All fixed and variable rates available

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What’s a normal house temperature?

CMHC randomly surveyed Canadian households. Thermostat settings in the winter tend to be quite closely grouped around 20°C – 21°C (68°F – 70°F). Summer temperatures range much more widely, depending upon whether the house has air conditioning.

Where should I set the thermostat?

The more you reduce the thermostat setting, the greater the possibility for savings. Generally, a drop of 2°C (3.6°F) will lead to some savings and little risk. Some householders reduce temperatures 4°C – 6°C (7°F – 11°F). But, temperature differences this large create potential comfort and moisture problems.

• We are Canada’s largest and fastest-growing mortgage brokerage!

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How do I ensure my credit score enables me to qualify for the best possible rate?

There are several things you can do to ensure your credit remains in good standing. Following are five steps you can follow:

1) Pay down credit cards. This is the #1 way to increase your credit score. 2) Limit the use of credit cards. If there’s a balance at the end of the month, this affects your score – credit formulas don’t take into account the fact that you may have paid the balance off the next month. 3) Check credit limits. Ensure everything’s up to date as old bills that have been paid can come back to haunt you. 4) Keep old cards. Older credit is better credit. Use older cards periodically and then pay them off. 5) Don’t let mistakes build up.

Always dispute any mistakes or situations that may harm your score by making the credit bureau aware of each situation.

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The Business for Self (ALT A) product is unique in that the income stated by the borrower cannot be confirmed using traditional methods (previous years Notice of Assessments). As such, the product guidelines require that we assess the stated income for reasonability in relation to all other characteristics on the application such as borrower age, credit profile, LTV, etc. In order to provide a better understanding on how to evaluate these applications, the following are elements to consider in making the assessment: 1) Based on the type and nature of the business, is there an opportunity for the borrower to generate additional income? • What type of business is it? What field? Research the business via the internet. • How long have they had this business? Location? Number of employees? Website? Is there an opportunity for cash? • Is the nature of the company business-to-business (B2B) or business-to-consumer (B2C)? B2C businesses have a greater likelihood for a cash component. If there is a significant difference between net income and stated income, the difference should be associated to cash transactions. If the spread between reported and stated income is large, it should be justified through expenses. These types of applications would typically fall under “provable” income with the 15% gross up, however if the application makes sense, we may still be able to proceed under ALT A. 2) Ensure the rest of the borrower’s profile can support the level of income: • Credit Profile – do trades and limits reflect the typical profile for that income level? • Does the net worth seem reasonable based on the stated income? • Is there a significant increase in shelter payments? • Consider the GDS / TDS ratio? • Does the borrower’s age seem reasonable for the number of years in industry and business type? • Are they first time home buyers? Understanding the “whole picture” is the key to determining the reasonability of stated income and ensuring this program best suit your client’s needs. for your self employment mortgage home financing needs call us at www.darick.ca

ulti-unit rental properties, also known as triplex, four-plex and five-plex’s, are the more sought after properties by the average real estate investor and want-to-be real estate investors. When purchasing rental properties the more you put down the easier it is to make a profit and to qualify for the mortgage. However, at the same time the more you put down the less properties you will be able to purchase — it’s a catch-22. Down payment requirements Depending on the lender used, the down payment required to purchase a multi-unit rental property is between 20-25%. I give a range on this because it will depend on how many units are in the property being purchased. Although it is possible to purchase a multi-unit rental property with less than 20% down (as little as 12%) — this is on a case-by-case basis. Finally, if you are looking at purchasing a multi-unit rental property and will be occupying one of the units yourself, then it is possible to get that property for 10% with most lenders and as little as 5% down with others.

With USA Mortgage Help Desk, as a DLC mortgage agent you are in the very unique position to help your client obtain financing secured on a property in the USA. Even if your client was to look up the very same lender themselves, they would be required to set up a formal bank account PRIOR to having their mortgage request looked at and then have to coordinate, on their own, all documentation for the loan request. All communication would be up to them and most people do not have the time or skill set to handle this as it is a lot of work.

Your clients don’t know where to start – up until now not many people did (just ask around). USA Mortgage Help Desk can get your client formally pre-approved (and eventually APPROVED) BEFORE they have to set up a bank account with the bank, saving them a lot of time and hassle and making the dream a reality.

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Not all Variable Mortgages are created equal. Here are some terms that I have found to fluctuate from lender to lender:

Will they set the payment at the actual discounted rate or a higher rate to compensate for fluctuations in Prime?

Will they allow you to break the mortgage with a standard 3 month interest penalty? Will they permit a 5 year term?

Will they use the 5 year benchmark rate to qualify the mortgage? Will they use actual payments on unsecured debt or compensate for 3% minimums.

Each one of the above can make the difference of being approved for a mortgage and/or cost you thousands in extra fees down the road. Using our services ensures you receive the best terms and conditions to suit you.

For the best mortgage rates for your home financing Call today