Ariana Leroux Mortgage Blog

   Thurs April 26, 2012 12:15 PM EDT By Louise Egan OTTAWA (Reuters) - In a further effort to prevent the housing market from getting overheated, Canada's bank regulator will oversee the commercial activities of the federal housing agency under legislation introduced by the government on Thursday. In announcing the legislation, Finance Minister Jim Flaherty said he was giving the bank regulator, the Office of the Superintendent of Financial Institutions (OSFI), the job of making sure that the Canada Mortgage and Housing Corp (CMHC) doesn't stoke an already hot market. "I've been concerned about the CMHC for some time in the sense that it's become an important financial institution in Canada, and it was not subject to the same supervision by the Office of the Superintendent of Financial Institutions," Flaherty told a news conference. "So I think this is an important step forward." Flaherty has tig...

Ok, so this is nothing about mortgages, however with the election I found this great article in the National Post. Jason Fekete, Postmedia news April 20, 2012 Alberta Election, with Campaign Nearing End, Will Have National Implications OTTAWA — The Alberta provincial election campaign heads into its final sprint this weekend, leading up to Monday’s vote, in a race that is as exciting as it is important for the rest of the country. Danielle Smith’s upstart Wildrose party is ahead in the polls and appears on the verge of defeating Alison Redford’s ruling Progressive Conservatives and toppling the 41-year Tory dynasty. At stake are the keys to the premier’s office and control over one of the richest jurisdictions in North America, as two conservative parties battle it out in what’s a messy political civil war. Yet, all Canadians arguably have an enormous amount riding on the results of the election — both politically and economically. “It matters (to Canadians), given...

The Bank of Canada held the line today and left the country’s pace-setting overnight rate at 1%. The news, however, is not what the BoC did, but what it hinted at doing. Governor Mark Carney and co. jostled expectations in their prepared statement , which said: “Overall, economic momentum in Canada is slightly firmer than the Bank had expected in January.” “…The economy is now expected to return to full capacity in the first half of 2013.” “…The profile for inflation is expected to be somewhat firmer than anticipated.” “Europe is expected to emerge slowly from recession in the second half of 2012” “In light of the reduced slack in the economy and firmer underlying inflation, some modest withdrawal of the present considerable monetary policy stimulus may become appropriate.” This last point, in particular, has put the bond market on edge. As of this writing, 5-year yields are up seven  basis points since this news broke, and up 10  bps on the day. (B...

By William Selway on April 10, 2012 from Boomerang business week Canadian Finance Minister Jim Flaherty said he’s planning to make changes to reporting requirements for Canada Mortgage & Housing Corp., the country’s housing agency, particularly with respect to securitization. Flaherty, speaking to reporters in New York, said there has been a moderation in the country’s housing market, adding he would prefer that the market correct itself, if needed. “I would prefer the market itself to correct to the extent that a correction is necessary,” Flaherty told reporters after attending a conference organized by the Bush Center. Policy makers, including Flaherty, have said that parts of Canada’s housing market have become overvalued as households add to record debt levels, encouraged by some of the lowest mortgage rates in decades. Canada’s banking regulator, the Office of the Superintendent of Financial Institutions, said in a planning document last week it will boost supervisio...

How do I get there? Is there a road map? Starting the journey to homeownership can be overwhelming and stressful. But with a little planning, you'll get the home that's right for you. A home that strikes a balance between your "wish list" items and the practical realities of the property, location and the housing market. Before you know it, 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 an exciting time! To help keep you on track, below is a step-by-step guide to buying your first home. STEP 1 - Build a Budget An effective budget will map out your plan to set aside money for your down payment and additional costs. It will also help determine the price of home you can afford. Click here for more information on building a budget. STEP 2 - Investigate Mortgage Options There are many different types of mortgages. If you don't have the 20% down payment ...

This is great motivation for any week! I came across this article and found it inspiring... a good pick me up! :)  Have a read and let me know what you think, www.arianaleroux.com   Million Dollar Habits This week we came across a message from Brian Tracy that we just had to share. How can you not love the title of Brian's message, who wouldn't want to know the habits of millionaires? Well the good ones anyways! Psychologist Abraham Maslow once wrote, “The story of the human race is the story of men and women selling themselves short.” The average person settles for far less than he or she is truly capable of achieving. The truth is we’re all extraordinary. You came into this world with more talents and abilities than you could ever use. You could not exhaust your full potential if you lived 100 lifetimes. Your brain has 20 billion cells, each of which is connected to as many as 20 thousand other cells. The possible combinations and permutations of ideas, though...

By Tina McFadden CALGARY — Leaky faucets, broken water heaters, late rent — these aren’t the only issues that landlords have to deal with. In the 12 years Rod Faulkner’s been renting out properties in Calgary, he’s dealt with unpaid gas and water bills, one physical threat and three trips through the civil court system to sue for damages. “In the 12 years, people have scammed me in just about every way imaginable,” says Faulkner, who owns 12 Calgary revenue properties. “And every time I get scammed, it costs me money, and I learn a new lesson.” Property managers can help landlords head off some of the challenges associated with rental properties. Typically, property management companies advertise vacancies, screen tenants, arrange for any maintenance work, deal with tenancy problems and collect rent. However, they typically charge 10 per cent or more of the monthly rent, as well as a tenant finder fee. “All it takes is one bad tenant and costs go through the roof,” w...

Credit is the other major challenge many new homebuyers face. Securing affordable financing based on applicants credit score, which may be bruised or simply not yet established. The first step to improving your credit score is to understand how your credit is evaluated. In order to determine your credit worthiness a mortgage broker has to take a look at your credit report. A credit report is detailed history of how consistently you meet your financial obligations, such as loan, bill and credit card payments. A “credit score” is a number that is calculated based on personal information from your credit report and other sources – this can include your debt payment history, how often you seek new credit accounts and how much of your credit limit you use. This number represents your overall credit-worthiness or presumed reliability when it comes to meeting financing obligations – the higher the number the better. Credit Health: Borrowers with high credit scores and good ...

Spring market 2012 is heating up with some low-rate no-frills mortgage promotions. They are certainly attention getting but these mortgages often come with restrictions that can cost you in the long run. That’s why it’s important to check the fine print: A  fully closed mortgage means you’re not leaving the lender unless you sell your house , so your options are limited and you have no negotiating power if your needs change in the next 5 years. Low or no prepayments gives you no or limited ability to chip away at your principal to reduce your overall cost. Maximum 25-year amortization can take away important flexibility like taking a 30-year amortization but setting your payments higher using a 25-year or lower amortization, which keeps open the possibility of reducing payments later should you need breathing room for an emergency situation or special need. Who really knows what life might be like a few years down the road? The lack of flexibility associated wit...