CMHC to hike Mortgage Insurance Premiums

The cost of mortgage default insurance is about to go up for most consumers after Canada Mortgage and Housing Corp.’s decision to raise premiums. The federal agency announced today that it is increasing premiums across the board, effective May 1. The change does not impact existing homeowners and is expected to raise up to $175-million for CMHC.

At the top end of the market for someone with a mortgage for 95% of the value of their home, the premium CMHC charges will go from 2.75% to 3.15%. 

On a $450,000 mortgage, the fee — it is charged up front and often tacked onto the mortgage, would rise from $12,375 to $14,175.

CMHC controls about 70% of the mortgage default insurance market in Canada with private players Genworth Canada and Canada Guaranty holding the rest. Genworth announced it too would raise premiums across the board by an average of 15%. Its increases will take effect May 1 too.

Let's get your client's to move in before Wednesday April 30th 2014 to avoid paying extra payments if doing less then 20% down payment.

Thanks

Mihir

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Mihir Oza

647-710-7374
Mortgage Agent (License # M11000672)
The Mortgage Practice (Brokerage # 11156)

 

My Motto: Right Advice. First Time, Every Time.

 

What do you expect from your REALTOR® ?

What do you expect from your REALTOR® ? 

To Home sellers....

I don't give any guarantee to sell your home in 30 days, because it is not me or any REALTOR who dictate the market needs.

Since the current market is a seller's market so any home in current market going to sell in 30 - 60 days, as long as it priced right.


I believe in giving excellent yet affordable real estate services.

1) I always do free CMA (Comparable Market Analysis)

2) I always do open houses. Without any condition.

3) I help stage the property so that your dream home sell for top dollars

4) I make sure for smooth stress less transaction or it's free !!

5) I do advertise your property on following places to maximize the exposure of the property.

- My website (www.riteshjoshi.com), 
- My Facebook page,
- My twiter account,
- My blog (www.riteshjoshi-realtor.blogspot.com),  
- Send Newsletter to all my clients regarding your property.
- Prepare feature sheets
- Prepare estimated proceed to give you an estimate

After doing above, I don't need to guarantee you, whether your home is going to sell or not it has to sell in current hot real estate market.

To Home Buyers .....


I don't buy home for my clients, I want them to buy their home themselves, I believe in educating my clients so they can make their own judgment and make an informed decision.

- I educate my buyer clients about area
- I educate them about the buying process
- I educate them about different type of properties 
- I show them properties until they completely understand the area and market price.
- Help them during home inspection of the property.
- Explain them about mortgage system and advise which mortgage to get using my associate mortgage brokers
- As token of appreciation, I pay for home inspection and lawyer's fee. 


Because of my services, my clients are happy and due to that reason I always get referrals. 

Thank you to my all clients who are great people and appreciate your co-operation.

Ritesh Joshi

Federal Budget Implications on Mortgage Broker Network

There was some great news in the federal budget that could have positive outcomes for anyone looking to purchase a home, refinance or renew their existing mortgage. The Department of Finance expressed their commitment to increasing the competition of mortgage lenders.

Many of the smaller lenders who focus on mortgages, offer us very competitive consumer rates and deal exclusively through Mortgage Brokers.

The increased competition means more mortgage options and choices when dealing with a mortgage broker instead of the banks. CMHC is also considering additional “flexible funding options” for smaller lenders which is great for us!

A recent Bank of Canada survey found that using a broker at the time of your mortgage renewal may result in getting a lower rate and saving money because mortgage brokers have the widest access to mortgage lenders.

The same survey found that loyal customers may not get as good of a deal with their bank as they would if they went to a different institution as a new customer. So dealing with a professional mortgage broker for all your mortgage needs just makes sense.

More choice, more convenience and more great counsel. Maybe we are bigger than the banks?

Mihir Oza

647-710-7374
Mortgage Agent (License # M11000672)
The Mortgage Practice (Brokerage # 11156)

 

My Motto: Right Advice. First Time, Every Time.

 

Fwd: Happy Family Day

Hi Friends,

Here's wishing you and all your loved ones a Very Happy Family Day. Today is the time to reflect on the good times and the not so good times in our Lives. Let's thank God for the beautiful life we have got.

BEST MORTGAGE RATES AS OF 17th FEBRUARY 2014:

• 3 years fixed at 2.59% - 60 days closing (15% pre-payments monthly and 15% annual payments)
• 5 years Variable at Prime - 0.65 or 2.35% - 90 days closing (15% pre-payments monthly and 15% annual payments)
• 5 years fixed at 3.09% - 60 days closing (15% pre-payments monthly and 15% annual payments)
• 5 years fixed at 2.99% - 30 days closing (5% pre-payments monthly and 5% annual payments)

Thanks

Mihir

--

Mihir Oza

647-710-7374
Mortgage Agent (License # M11000672)
The Mortgage Practice (Brokerage # 11156)

 

My Motto: Right Advice. First Time, Every Time.

 

Real Estate market report for the month of Jan 2014 and historical home prices

Home ownership in the Greater Toronto Area remains affordable and there are many people looking to purchase a home.  In January, the number of homes listed for sale was down quite strongly compared to last year, which means that it was difficult for some buyers to find a home.

Greater Toronto Area REALTORS® reported 4,135 sales through the TorontoMLS system in January 2014.  This result was down by 2.2 per cent in comparison to January 2013.  New listings entered into the system were down over the same period by 16.6 per cent to 8,822.

The average selling price for January 2014 sales was $526,528 – up by more than nine per cent compared to $482,080 in January 2013.

Mihir's Market Matters Report - February 2014

February 2014 Welcome to the February issue of Mihir's Market Matters Report. On the weekend Wiarton Willie predicted 6 more weeks of Winter however I would like to bring in some good news for all of you.  Mortgage rates have declined over the last week and are now expected to remain steady till March break.  BEST RATES AS OF 4th FEBRUARY 2014 Variable Rate: 5 years @ Prime - 0.65 or 2.35% 3 years Fixed @ 2.59% 5 YEARS FIXED @ 3.19% Pre-Approvals: 3.39% FIXED FOR 5 YEARS Thanks Mihir Oza 647-710-7374 Mortgage Agent (License # M11000672) The Mortgage Practice (Brokerage # 11156) My Motto: Right Advice. First Time, Every Time.   Bank of Canada Interest Rate December 4, 2013 1.00 % January 22, 2014 1.00 % March 5, 2014 Next meeting date Source: Bank of Canada Bank Prime Lending Rate December 5, 2013 3.00 % January 23, 2014 3.00 % March 6, 2014 Next meeting date Source: Bank of Canada Conventional Mortgage - 5 Year Rate* January 15, 2014 5.34 % January 22, 2014 5.24 % January 29, 2014 5.24 % Source: Bank of Canada *Determinant for high ratio mortgage variable qualifying rate US Federal Reserve Board Discount Rate* December 18, 2013 0.00 % - 0.25 % January 29, 2014 0.00 % - 0.25 % March 19, 2014 Next meeting date Source: US Federal Reserve *US Federal Reserve has indicated it will now keep this rate until unemployment reaches 6.5% Exchange Rate $CDN($US) December 31, 2013 0.9402 January 15, 2014 0.9137 January 29, 2014 0.8946 Source: Bank of Canada Government of Canada Bonds Bond Type December 25, 2013 January 8, 2014 January 22, 2014 1 year Treasury Bill 0.97% 0.98% 0.95% 3 year Benchmark Bond Yield 1.20% 1.20% 1.22% 5 year Benchmark Bond Yield 1.90% 1.90% 1.67% 10 year Benchmark Bond Yield 2.72% 2.72% 2.48% Source: Bank of Canada Total New Housing Starts (Seasonally adjusted and annualized)  Source: CMHC Housing Now - January 2013 and January 2014. This seasonally adjusted data goes through stages of revision at different times of the year. Average MLS® Resale Price for Local Markets   Source: Canadian Real Estate Association  Quarterly Household Survey Price Index   Source: Royal LePage, January 2014

 

You have received this e-mail because you or someone who has a personal or family relationship with you, has requested it be sent. If you wish to be removed from the distribution list, simply reply to this email with subject line: UNSUBSCRIBE. Thanks and sorry for the inconvenience caused to you.

Mihir's Market Matters Report - January 2014

January 2014 Welcome to the January issue of Mihir's Market Matters Report. I would like to wish you All a Very Happy New Year. May the New Year bring in more financial prosperity in your lives. Mortgage rates have remained steady over the Christmas and New Year's break.  Do you have Equity in your Home?  Would you like to earn Secured High Interest from your Equity? Are you looking to take your Equity out to re-invest somewhere else? Contact me today for more details on 2nd Mortgages and Private Financing. You can earn more then 10% interest on your investments !!! BEST RATES AS OF 3rd JANUARY 2014 Variable Rate: 3 years @ Prime - 0.55 or 2.45% Variable Rate: 5 years @ Prime - 0.40 or 2.60% 2 years Fixed @ 2.69% 3 years Fixed @ 2.74% QUICK CLOSE SPECIAL - 3.25% FIXED FOR 5 YEARS Regular Rate: 3.39% FIXED FOR 5 YEARS Pre-Approvals: 3.49% FIXED FOR 5 YEARS Thanks Mihir Oza 647-710-7374 Mortgage Agent (License # M11000672) The Mortgage Practice My Motto: Right Advice. First Time, Every Time. Bank of Canada Interest Rate October 23, 2013 1.00 % December 4, 2013 1.00 % January 22, 2014 Next meeting date Source: Bank of Canada Bank Prime Lending Rate October 24, 2013 3.00 % December 5, 2013 3.00 % January 23, 2014 Next meeting date Source: Bank of Canada Conventional Mortgage - 5 Year Rate* November 27, 2013 5.34 % December 11, 2013 5.34 % December 25, 2013 5.34 % Source: Bank of Canada *Determinant for high ratio mortgage variable qualifying rate US Federal Reserve Board Discount Rate* October 30, 2013 0.00 % - 0.25 % December 18, 2013 0.00 % - 0.25 % January 29, 2013 Next meeting date Source: US Federal Reserve *US Federal Reserve has indicated it will now keep this rate until unemployment reaches 6.5% Exchange Rate $CDN($US) November 27, 2013 0.9438 December 11, 2013 0.9440 December 31, 2013 0.9402 Source: Bank of Canada Government of Canada Bonds Bond Type November 20, 2013 December 11, 2013 December 25, 2013 1 year Treasury Bill 1.02% 0.98% 0.97% 3 year Benchmark Bond Yield 1.23% 1.17% 1.20% 5 year Benchmark Bond Yield 1.80% 1.80% 1.90% 10 year Benchmark Bond Yield 2.62% 2.64% 2.72% Source: Bank of Canada Total New Housing Starts (Seasonally adjusted and annualized)   Source: CMHC Housing Now - December 2012 and December 2013. This seasonally adjusted data goes through stages of revision at different times of the year.  Average MLS® Resale Price for Local Markets   Source: Canadian Real Estate Association  Housing Resale Numbers    Source: RBC Economics, December 2013  Home Resales in Canada  Source: RBC Economics, December 2013

   

You have received this e-mail because you or someone who has a personal or family relationship with you, has requested it be sent. If you wish to be removed from the distribution list, simply reply to this email with subject line: UNSUBSCRIBE. Thanks and sorry for the inconvenience caused to you.