Lowest Rate 1.99% Mortgage

The Best Mortgage to have is No Mortgage at all.  Romy's Mortgage Minute 5.2014



The offering of 1.99% Mortgage is enticing but is very strict to qualify for. There are penalties to exit early, should you need to or your circumstances change.

Why not meet, in the comfort of your residence and everything can be explained to you.

Romy Alegria
416 278 2540

New To Canada 2014 update

Mortgage news:

Risk fee plus 10 basis points extra on the low-ratio bulk insurance will be charge to CMHC and Genworth by the federal Government starting January 2014.  Apparently there will be no impact on the cost of buying a house or the cost of mortgage funding

Product ”NEW TO CANADA”, qualified homebuyers who have immigrated or relocated to Canada within the last 5 years are eligible under Genworth's/CMHC New to Canada program to purchase a property with as little as a 5% down payment

Borrower Qualification:

• Must have immigrated or relocated to Canada within the last 60 months
• 3 months minimum full time employment in Canada (borrowers being transferred under a corporate relocation program are exempt)
• Must have a valid work permit or obtained landed immigrant status
• For 95% LTV, down payment must be from own resources. For LTV's less than 95%, the remainder may be gifted from an immediate family member or from a corporate subsidy
• All debts held outside of the country must be included in the total debt servicing ratio(Rental income earned outside of Canada is to be excluded from the GDS/TDS calculation)
• Guarantors are not permitted
• Foreign Diplomats who do not pay tax in Canada are ineligible for this program

Rates:  2.99% 3Y FIXED MORTGAGE

From TD Economics

The Canadian economy turned out a decent performance in the third quarter of the year. Real GDP grew by 2.7% annualized – the fastest pace of growth in over two years.

• Some of the strength in the quarter can be attributed to temporary factors, including a rebound in oil and gas production following supply disruptions during the first half of this year and a sharp inventory build.

• Still, there were some encouraging underlying details in the GDP report released today. Household and business spending moderately supported economic activity. While net trade was a drag on growth, improvements in exports towards the end of the third quarter spell good news for economic growth in the fourth quarter.

• The Q3 performance is unlikely to move the Bank of Canada’s monetary policy stance. We expect the

Bank of Canada will be on hold at least until the end of 2015

Home Equity Line of Credit - HELOC

HELOC - Customer Level Pricing (CLP)

• CLP is being introduced to provide customers with a competitive HELOC (Home equity line of credit) variable interest rate.
• The CLP Rate is generated by evaluating a number of attributes that incorporate customer relationship, credit worthiness and HELOC application details such as appraised property value, collateral charge position, Equity Lending, credit worthiness etc.
• If client is not satisfied with the CLP Rate, we still can submit a HELOC Pricing Exception Request.
• Heloc is a good option for an equity take out for future investments. Send your inquiries now. 

From TD Economics
Housing starts fell to 180K units on an annualized basis in August, a 6.6% decrease from the month prior. Yet, the six-month moving average remained steady at 187K units. 

• Home prices rose for the sixth consecutive month as the 11-city Teranet House Price Index (HPI) increased by 0.6% month-over-month in August. 
•  Household leverage, as measured by household credit market debt to disposable income, increased to 163.4% in Q2, up from 162.1% in Q1. The showing snapped the streak of two consecutive quarterly declines, but in level terms, the ratio has stabilized over the past year. 
• The National Household Survey (NHS) release confirmed what we had previously observed only anecdotally – one-quarter of Canadians devote more than 30% of their total income to shelter costs, surpassing the threshold at which housing becomes unaffordable. 

Romy Alegria | Manager, MMS | TD Canada Trust
P: 416.278.2540 | F: 1-866.222.5708
E: Romy.Alegria@td.com
W: http://mms.tdcanadatrust.com/romy.alegria/