Red Deer Mortgage Minutes by Tania Grozelle, AMP

Zero Down Mortage

2012-01-19T11:02:00.000-08:00

How does the FREE down payment mortgage work? The lender would provide you with the 5% required to pay the down payment if you qualify. Why would the bank give me a FREE down payment? What’s the catch? The interest rate on the mortgage is not discounted as it would be if you had your own down payment. The rate that you would receive would be the 5 year posted rate which is still very

FREE Money for Home Improvements?!

2011-11-14T10:14:00.000-08:00

The government of Canada is offering home owners up to $5000 to make their homes more energy effecient. Why not access some of the equity in your home for home improvements? There has never been a better time with super low interest rates and government hand outs! Your home will cost less to heat and will also be worth more when you sell. Win win win!!! Ask me how! tgrozelle@regionalmortgage.ca

With a FREE Down Payment Mortgage Option Why Wait?

2011-11-03T09:47:00.000-07:00

Lower your debt payments with rate special of 2.95% 4 year FIXED Mortgage!

2011-09-28T09:54:00.000-07:00

This is just one scenario of how I’ve helped many happy clients save THOUSANDS!! Previous Total Monthly Debt Payments of $2,555.93 Mortgage Payments: $1735.93 Balance $250,000, interest rate of 5.19%, 25 year amortization Credit Card payments of $270, Balance $9000 Line of Credit payment of $150, Balance $5000 Vehicle loan payments of $400, Balance of $20,000 We were able to

Fixed vs Variable Mortgage Question

2011-09-23T10:01:00.000-07:00

This is one of the most well written articles I have seen in a while on this topic. There is no bias one way or another. The authors do an excellent job of outlining the pros and cons of each. Enjoy! http://t.co/6X9lWfpu

14 KEY POINTS EVERY CLIENT SHOULD KNOW

2011-09-21T12:57:00.000-07:00

Many are still not aware of what a mortgage broker does. Many people believe that one would only go to a mortgage broker as a last resort after you have been turned down by their banks. That is simply not true! 1. I shop the best rates and products from 90 different Banks, Credit Unions and Trust Companies including: TD Bank, Scotia, Servus, and many others. 2. My services are free as the

Alberta economic growth among Canada’s leaders: 3.7% hike forecast for this year

2011-09-12T09:18:00.001-07:00

CALGARY — Alberta is positioned as one of Canada’s provincial leaders in growth, according to the latest RBC Economics Provincial Outlook report released Monday. The provincial economy is set to grow at a rate of 3.7 per cent in 2011 and 3.9 per cent in 2012, said RBC. Both years Alberta will be second overall in the country behind nation-leading Saskatchewan’s growth rates of 4.3 per cent

Mortgages for Self-Employed People

2011-09-07T11:55:00.000-07:00

Many smart, enterprising people are unfairly turned down for mortgage financing simply because they chose to be self-employed and are very strategic in their tax planning. Thankfully, I have lenders who use common sense guidelines that will allow our clients to use GROSS income to qualify rather than just the taxable income that is claimed to Canadia Revenue Agency. My services are FREE and you

Economic conditions will help Canada's real estate sector stay healthy: CMHC

2011-08-30T13:24:00.000-07:00

By Mary Gazze, The Canadian Press Canada's national housing agency says it expects home sales and construction activity will cool but remain healthy in the second half of the year, due to favourable economic conditions that push up demand for homes. Canada Mortgage and Housing Corp. said Monday that lower unemployment, a steady level of immigration, and low interest rates are working together to

Fixed Mortgage Rates Predicted to Drop - Again.

2011-08-10T12:06:00.000-07:00

Take a look at this interesting post on Canadian Mortgage Trends Blog. Fixed rates are set to drop while variable rates hold steady. We have already seen one lender go as low as 3.09% which is lower than I have ever seen.http://www.canadianmortgagetrends.com/canadian_mortgage_trends/interest_rate_direction/

Are you ready for home ownership?

2011-07-25T12:42:00.000-07:00

Taking the plunge into home ownership for the first time can be very daunting as well as exciting. The purchase of a home is the single largest financial transaction that most people will ever make in their life time. It is a major commitment that should be considered very carefully. If you are considering buying a home but don't know if you are ready for the responsibilities that come along with

Mortgages for Self-Employed People

2011-07-19T10:28:00.000-07:00

It is not uncommon for self-employed people to be turned down for a mortgage by their bank. There are many mortgage products available and one of them is sure to work for you. A large portion of our clients are self-employed and have come to us after much frustration with trying to work with their bank first. Fortunately, we have lenders who understand that self-employment does not necessarily

Why Use A Mortgage Professional?

2011-07-08T17:02:00.000-07:00

Today’s mortgage consumers are faced with more lenders, mortgages, features and rates than ever before. On top of that, current mortgages are often highly complicated and specialized. The only way to be confident you’re getting the mortgage that’s right for you is to rely on the services of mortgage broker.

Zero Down Mortgages

2011-06-16T14:15:00.000-07:00

It is still possible to purchase a home with no money down. Click on the link to find out if you qualify! www.reddeerzeromortgages.com

Are Alberta home buyers overly confident or overly cautious about the housing market right now?

2011-05-26T13:47:00.000-07:00

It seems to be the industry consensus (realtors, builders, mortgage brokers) that home buyers are taking their time and that there is no urgency at all to make a buying decision. Is this because they are fearful that buying real estate is a financial mistake with current economic conditions or are they simply thinking that the current low interest rates and real estate prices will be this way

Fixed Vs Variable?

2011-05-04T13:58:00.000-07:00

The same old debate but new landscape? Home buyers don't always have the option to chose a variable rate since we now have to qualify based on the bank posted rate (currently at time of writing is 5.69%) instead of the 5 year fixed discounted rate (currently around 4.09%). One should understand the potential risks and rewards of both options. If you really can't decide you can always go with a 50

6 Things you should know about your credit.

2011-04-21T22:19:00.000-07:00

Your credit score affects how much money you can borrow, the interest rate, and if you can even qualify for a mortgage at all. This topic is too important not to take the time to get informed.Unfortunately, many of us learn the hard way. 1- Pay your bills on time. Sounds like a no brainer but make sure that you make at least the minimum required monthly payment. Even if it's only $10. Some

Accredited Mortgage Professionals (AMP) Designation. What Does it Mean?

2011-04-17T12:39:00.000-07:00

What does the Accredited Mortgage Professional designation mean? Firstly, members have to have been working as a Mortgage Agent for a minimum of 2 years. That is the minimum tenure required before one can apply for this designation. Also, you know that they are commited to ongoing professional education since there is a minimum of 12 educational credit hour requirements anually in order to keep

Want to buy a home but don't have cash for down payment?

2011-04-11T07:06:00.000-07:00

While 100% Loan-to-Value mortgages may be long gone but there are still ways for you to purchase a home even if you don't have the cash for a down payment: 1. Borrowed down payment: “Flex Down” is a program that lenders offer that allows you to borrow your down payment (something that, otherwise, would not be allowed). Common sources for borrowed down payment for the Flex Down program are

2011-04-10T08:38:00.001-07:00

GoAnimate.com: Tania Grozelle, Mortgage Specialist by tania.grozelleLike it? Create your own at GoAnimate.com. It's free and fun!

How much can I afford to spend on a home?

2011-04-01T07:45:00.000-07:00

There are several factors that determine the mortgage amount that you can afford and would qualify for. However, the general rule of thumb is that your monthly mortgage payments, property taxes, heat, condo fees, and other monthly debt obligations (ie; loans and credit card minimum payments) should add up to no more than 42% of your total gross monthly income. A mortgage professional can advise

Pay off High Interest Debt First

2011-03-30T13:03:00.000-07:00

I have always advocated for keeping your mortgage payment as low as possible so that you can pay off other debts first. You can extend your amortization for up to 30 years. Once you have all of your other debts taken care of then you should bump up your mortgage payments and start working on paying down your mortgage faster. That is because other unsecured debts such as credit cards and loans

5 Reasons to Use a Morgage Professional vs Banker

2011-03-28T11:09:00.000-07:00

1) Licensing Requirements & Education I am a licensed Mortgage Agent for the province of Alberta. This requires an initial licensing exam, criminal record check as well as extensive training. I am also an Accredited Mortgage Professional (AMP) and that requires additional ongoing education and at least 2 years of being licensed in the industry (I have over 5 years). The banks are not legally

Condo Fees & New Mortgage Rules

2011-03-22T13:11:00.000-07:00

Here is a link to a scanned version of the published article in AMBA Matters Magazine Spring 2011 issue. Prior to March 17th, 2011, we only needed to include half of the condo fees into the Debt Service Ratio when qualifying a client for a mortgage. Here is an interesting rant written by Phil McDowell "Amba Director at Large". https://docs.google.com/viewer?a=v&pid=explorer&chrome=true&srcid=0B5_

Mortgages for the Self-Employed

2011-03-14T11:54:00.000-07:00

Have you been turned down by the banks because the income you report for income-tax purposes is too low? I have lenders who understand that you have many business "write offs" and will allow you to use your gross income to qualify. I can help you buy a home or access some equity in your home. Perhaps you require some cash to grow your business, renovate, or invest. By the way, do you need new

First Time Home Buyers Window of Opportunity

2011-03-10T11:37:00.001-08:00

First Time Home Buyers should act now for a few reasons. Firstly, Finance Minister, Jim Flaherty has recently announced that the maximum amortization for mortgage qualification purposes has been reduced from 35 years to 30 years. That can mean a significant difference in the amount of money that one can borrow. For example, let's suppose that John Doe can qualify to purchase a home for a maximum

Fixed Vs Variable?

2011-03-10T11:22:00.001-08:00

The decision to choose a fixed or variable rate is not always an easy one. It should depend on your tolerance for risk as well as your ability to withstand increases in mortgage payments. You can sometimes expect a financial reward for going with the variable rate, although the precise magnitude will ebb and flow depending on the economic environment.Fixed rate mortgages often appeal to clients

Mortgage Rates Still at Historical Lows

2010-12-08T08:44:00.000-08:00

I came across this article that reiterates the fact that this is still an excellent time to be a home buyer. I don't think we'll see these finds of favourable conditions again for a very very long time, if ever. Fixed rates are still unbelievably low when you look at it from a historical stand point. As stated in the article, even though fixed rates have increased a little recently, they are

Should I Refinance My Mortgage?

2010-10-21T11:58:00.001-07:00

The decision of wether or not the refinance your current mortgage deserves careful thought and consideration. Mortgage rates are at an all time low so you could save a significant amount of money. There are 5 year fixed rates available for as low as 3.49% and we are not likely to see these kinds of rock bottom rates again. Therefore,even if you are currently locked into a mortgage at a higher

*Free Vacation and rates as low as 3.59% for 5 years!!!!

2010-09-20T14:40:00.000-07:00

*Free 1 week Vacation at a luxury Resort in the Rockies and beyond to first 50 people who complete a mortgage with us!!!!!This promotion only runs from September 15, 2010 to October 31, 2010, or whenever the packages are gone! We have already given out many and it’s only been 5 days since we launched.My Colleague Jean-Guy Turcotte wrote about what he learned at the AMBA conference last week:Last

No Money Down Mortgages

2010-08-30T13:48:00.000-07:00

It is still possible to purchase a home with no money down!!! There are still a few lenders out there that are willing to provide 5% cash back on a mortgage for down payment for very reasonable terms. This may be a good option even if you do have enough money tied up RRSPs because right now is probably not the best time to redeem them in if you don't have to. Besides the Cash Back mortgage, there

Credit Reports - 5 things you should know

2010-08-24T13:41:00.000-07:00

Your credit report is one thing that has the power to significantly affect your quality of life. Unless, of course, you are one of the lucky few who do not require a loan to buy a home or other big ticket items like a car. Your credit report could be the deciding factor in determining your quality of life and financial health. Will you be a renter or a home owner? What would your prefer? Protect

Little cause to panic about rate hikes...

2010-07-27T09:08:00.000-07:00

Those who currently have a variable rate mortgage may be questioning wether it would be wise to lock in to a fixed rate mortgage at this time. The answer may be different for everyone depending on circumstances and comfort level. That being said, here is an article that argues for sticking with the variable rate mortgage at least for now. It makes sense to me.Mortgage rates still affordableBy

Prime Rate Creeping Up Again

2010-07-19T11:08:00.000-07:00

The bank of Canada is planning to increase the Prime rate by another .25% bringing it up to 2.75%. It's still a very low rate but this is the 3rd increase over a short period of time. Take a look at the link to finacial post article below. http://www.financialpost.com/news/Week+Ahead+Rate+hike+cards/3288001/story.html#ixzz0u7tLcQoZ

First Time Home Buyers in Alberta - More Conservative than Ever?

2010-07-05T12:44:00.000-07:00

Here is an interesting article from TD Canada Trust about First Time Home Buyers in Alberta. It seems people are looking to put more money as a down payment than ever before. I wonder if this is a reaction to the stabilizing of home prices over the past few years. Some who have purchased a home with no money down at the peak of the market in 2007 are now in a difficult situation. These home

Alberta's Economy to Lead the Nation

2010-06-16T12:56:00.000-07:00

After a few years of a less than ideal economic climate, it can be easy for even the most optimistic person to lose faith that things will improve. The fact is that they already are! It simply takes time to recover from the period of lower income levels. It is predicted that Alberta will be stronger than ever due to the gas and oil industry. So, if you are at all concerned that real estate may

Debt reduction vs a larger down payment?

2010-05-26T12:44:00.000-07:00

Is it better to pay down my debts or put more money towards my down payment? This is a question that often comes up with first time home buyers. I have published this post before but I feel that it worth an encore.That is a great question and one that is difficult to answer without knowing exactly what your debts are and how much extra money you have to put down to either debts or down payment.

Rental properties and new mortgage rules - Not so bad afterall.

2010-05-06T11:24:00.000-07:00

In my previous post, I wrote about how the new rules are going to make it tough for people who own rental properties to qualify for a new mortgage. It turns out not to necessarily be the case. If you are wise in ensuring that your rental properties generate positive cash flow each month you will be fine. As long as you have owned the property for at least 2 years and the expenses vs the costs are

Changes as of April 19th -bad news for property investors.

2010-04-12T12:26:00.000-07:00

As I have written about before, our Finance Minister introduced some new mortgage rules for insured (CMHC) mortgages. This is an attempt to prevent Canadians from over extending themselves financially with mortgage debt when rates move up.Rental PropertiesIf you were thinking of purchasing a rental property now would be the time to do it. That is because after April 19th....1) You will be

Is buying a home really an Investment?

2010-03-17T09:58:00.001-07:00

I came across this article that argues that buying a home is not a good investment. It asserts that an investment by definition is an asset that puts money into your pocket each month and a home does just the opposite. It is a liablity that takes money out yor pocket each month. Well, if you define an investment in that black and white way, then, yes, buying a home is a liability. The author

The Cost of Waiting

2010-03-03T11:30:00.000-08:00

We've all been hearing about how now is the time to buy since it is a buyer's market. We've been hearing this for quite some time now and it is only common sense that interest rates will only go up. If you are not yet convinced of the urgency of getting into a house sooner rather than later, allow me to illustrate with an example scenario:Joe Blow earns an annual income of $65000 per year and has

New Home Contruction Mortgages

2010-02-24T09:18:00.000-08:00

Those who purchase a new home through a reputable builder have the advantages of...-Minimal repairs and maintenance for many years to come. -New home construction is often more energy efficient than the homes that have been built even a few years ago. This could save around 30% off your energy bills and improve resale value.-Getting to chose the floor plan and decor that is suited to your tastes,

I didn't know the sky was falling -New Mortgage Rules

2010-02-18T11:08:00.000-08:00

There have been three changes to the rules for mortgage financing in Canada. Overall, I do not think that there will be any significant impact - good or bad. 1) Rental properties - buyers are now required to put up the full 20% down payment. We can no longer as of April 19th purchase a non owner occupied property with a CMHC/Genworth/AIG insured mortgage. I think that there may have been an

Variable or Fixed? Get the best of both worlds with a 50/50 mortgage.

2010-02-11T09:08:00.001-08:00

With interest rates being historically low, it is hard to know what option to take. It is a fact that those who take a variable rate usually do better over the term of their mortgage in that they end up paying less interest. Right now with prime rate being only 2.25% and with the 5 year variable rate mortgage being prime -.10% or better, it is an attractive option. It is predicted that prime will

Is it better to pay down my debts or put more money towards my down payment?

2010-02-03T12:35:00.000-08:00

That is a great question and one that is difficult to answer without knowing exactly what your debts are and how much extra money you have to put down to either debts or down payment. Lets assume that you have the minimum down payment of 5%. Putting more money down will make little difference unless you can get up the the 10%mark. Once you get up a 10% down payment, you can reduce your borrowing

Mortgages for Self-Employed People

2010-01-27T10:23:00.000-08:00

Are you self- employed and/or a 100% commissioned sales person and can’t qualify for a mortgage under the restrictive traditional bank lending guidelines?Regional mortgage has partnered with a quality lender that offers a unique program available to meet your mortgage financing needs. Often Stated Income, Business-for-self programs exclude commissioned sales people. This program does not and

Save a Fortune in Interest with an All-In-One Morgage

2010-01-20T14:16:00.000-08:00

If your goal is to become mortgage free as soon as possible, consider switching to a mortgage that pays off the principal faster without costing you anything more out of pocket. Increasingly popular All-in-one mortgages combine a line of credit mortgage (a home equity line of credit) with a chequing account to reduce interest costs thereby allowing you to pay off your mortgage in as little as

7 Ways to Get Cash for a Down Payment

2010-01-13T08:38:00.000-08:00

It is still possible, in some cases, to purchase a home even if you do not have cash saved for a down payment. This may be a good option for some. However, it is still much better to have at least 5% down or more. This will help you qualify to borrow more money which can make the difference between being able to buy a home or not. In the Red Deer market, the average home price for a single family

Happy New Year!!!!

2010-01-07T13:55:00.001-08:00

The start of a new year usually brings hope and plenty of renewed optimism. I think this time it is especially true. That is because 2009 has been a such challenging year for many. However, along with hardship comes lessons learned. Many have decided that they will become more conservative with their finaces so that they can better weather periods income instability. That means using less credit

What is the the difference bewtween a Mortgage Pre-qualification and a Pre-approval?

2009-12-17T14:22:00.000-08:00

I often have clients say to me that they have already been pre-approved at their bank when, in fact, they have not. There seems to be confusion or misunderstanding about what this actually means. One client had not even had his credit bureau pulled and he thought he had a pre-approval and was all ready to go shopping. Well, there is a little more to it than that. What he actually had was a

The Benefits of Using a Realtor

2009-12-10T18:14:00.000-08:00

There are a number of reasons why it is in your best interest to use a Realtor when you are shopping for a home. Here are just a few:A good Real Estate Agent is Resourceful – Sometimes the specific property that you are seeking may not be shown on MLS. In this case, he or she may be privy to unadvertised properties for sale or can investigate on your behalf.Your Realtor can Provide Objectivity -

Why not Consider a Condo as a First Time Home Owner

2009-12-03T15:43:00.000-08:00

I often hear from First-Time home buyers that they want that big dream home immediately and they want to be in a desirable location as well. They don't want to sacrifice location, square footage, garage or anything. They want it all! When I ask about more affordable options that may better fit their price point such as a condo, they often have a negative reaction. I find this attitude confusing.

Why it is a Great Time to Buy Now!

2009-11-27T12:33:00.000-08:00

1. Less competition. This means no bidding wars so you are more likely to be able to negotiate a better price.2. More Inventory - results in better selection. Therefore, you have a better chance of finding the perfect home rather than having to settle for house that doesn't quite meet your needs.3. Better Mortgage Rates. Lower rates mean that you can afford more house for your dollar.4. The most

7 Things to consider when building a “Green “ Home.

2009-11-19T19:29:00.000-08:00

1. Hire a builder that is committed to building Green. Make sure that they use a designer that understands built “green”. Don’t just go for the cheapest quote. Realize that it’s not only what you can see that matters but also the things that you can’t see that are important in the construction of a home.2. Make sure the home is located close to your work and/or amenities. A shorter commute

Don’t pay for renovations, let them pay for themselves.

2009-11-12T13:00:00.000-08:00

Chances are you already have enough equity in your home to pay for renovations. But before you increase your debt, consider whether it’s good debt or bad debt. While bad debt is used to make a purchase that depreciates, good debt is used to make an investment that rises in value.In the case of renovations, bad debt would fund improvements that have no value to future buyers. Whereas good debt

Historical Rates

2009-11-05T12:02:00.000-08:00

This is a very interesting graph that clearly illustrates how variable rates and fixed rates relate since 1985. The green line represents the fixed rates and the orange line represents variable rates. In my opinion, this makes a good case for variable rate mortgages. More times than not the variable rate mortgage results in less interest paid over the term of the mortgage. This may not

Buying a Home or Investment Property?

2009-10-29T17:59:00.001-07:00

Here are 15 Buyer Traps To Be Aware Of Before Signing on The Dotted Line!Buying a home is a major investment no matter how you look at it. But for many home buyers it’s even more complicated than it needs to be because they're not receiving the valuable education they need. Home buyers are making the biggest investment in their financial future without knowing a few basic steps. In response to

Good Debt Vs Bad

2009-10-22T22:40:00.000-07:00