The Harper Government Takes Prudent Action to Support the Long-Term Stability of Canada’s Housing Market

The Honourable Jim Flaherty, Minister of Finance, and the Honourable Christian Paradis, Minister of Natural Resources, today announced prudent adjustments to the rules for government-backed insured mortgages to support the long-term stability of Canada’s housing market and support hard-working Canadian families saving through home ownership.

“Canada’s well-regulated housing sector has been an important strength that allowed us to avoid the mistakes of other countries and helped protect us from the worst of the recent global recession,” said Minister Flaherty. “The prudent measures announced today build on that advantage by encouraging hard-working Canadian families to save by investing in their homes and future.”

“The economy continues to be our Government’s top priority,” continued Minister Paradis. “Our Government will continue to take the necessary actions to ensure stability and economic certainty in Canada’s housing market.”

The new measures:

•Reduce the maximum amortization period to 30 years from 35 years for new government-backed insured mortgages with loan-to-value ratios of more than 80 per cent. This will significantly reduce the total interest payments Canadian families make on their mortgages, allow Canadian families to build up equity in their homes more quickly, and help Canadians pay off their mortgages before they retire.

•Lower the maximum amount Canadians can borrow in refinancing their mortgages to 85 per cent from 90 per cent of the value of their homes. This will promote saving through home ownership and limit the repackaging of consumer debt into mortgages guaranteed by taxpayers.

•Withdraw government insurance backing on lines of credit secured by homes, such as home equity lines of credit, or HELOCs. This will ensure that risks associated with consumer debt products used to borrow funds unrelated to house purchases are managed by the financial institutions and not borne by taxpayers.

Our Government’s ongoing monitoring and sound underlying supervisory regime, along with the traditionally cautious approach taken by Canadian financial institutions to mortgage lending, have allowed Canada to maintain strong and secure housing and mortgage markets.

The adjustments to the mortgage insurance guarantee framework will come into force on March 18, 2011. The withdrawal of government insurance backing on lines of credit secured by homes will come into force on April 18, 2011.

c/o Dept of Finance

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DID YOU KNOW...? NEW WAYS TO USE OLD PRODUCTS

Have you noticed all of the "amazing new" products that will remove sticker residue, unclog the drain, prevent mildew, remove rust, degrease the garbage disposal, and get rid of toilet bowl ring? Of course there is a special product for every little situation-and none are cheap!

You can use steel wool to:

*Fill a screw hole that has become too big for the screw. Stuff the hole with steel wool and re-insert the screw.

*Make an instant pincushion. Stuff an old sock with steel wool and tie tightly for a pincushion that will keep pins and needles rust free.

*Repel kitchen pests, by placing steel wool around the pipes under the sink.

You can use nail polish remover to:

*Remove sticker residue from glass objects.

*Unstick your fingers after a superglue mishap.

*Remove marker and ink from appliances, glass, and stainless steel.

You can use olive oil to:

*Revitalize leather shoes and baseball gloves.

*Clean greasy hands.

*Repel moles in the yard. Soak a cloth in olive oil and stuff it into the mole hole. Moles hate olive oil!

You can use pop to:

*Remove grease stains from the garage floor.

*Clear a sluggish drain.

*Loosen a bolt that is rusted on.

*Remove stubborn stains from the toilet. Pour in the pop and wait one hour before scrubbing.

But before you go shopping, take note of some of the uses you can get from common products already in your home. I hope these tips come in handy very soon. And remember, if you need help with any mortgage matters, I'm just a phone call away :)

Have a great day!

JEFF LEVASSEUR

Mortgage Agent
License #M09002125

Syndicate Mortgages (License #10846)
Tel: (647) 880-4119
Toll Free Fax: (866) 726-7426
Email: jeff.levasseur@smibroker.com
Web: http://www.canadianmortgagewarehouse.com/
Blog: http://www.canadianmortgagewarehouse.blogspot.com/

SAVE TIME AND MONEY SEARCHING FOR A MORTGAGE

Do you go from bank to bank, trying to find the best rate and the best product that will meet your financial goals?  Are you aware that the more inquiries you have on your credit, the more it bruises your credit? On top of hurting your credit score in the process, do you really have the time to be doing all this searching and running around?  We have the solution for you. 

At Canadian Mortgage Warehouse (powered by Syndicate Mortgages#10846),  We understand how precious your time is, and how important it is to find the best product to reach your financial goals.  Let's put things into perspective for you.  We understand that it may be habit to think of your bank first when needing a mortgage but let's shed a bit of light on the mortgage broker channel and why a mortgage agent will work on behalf of the borrower, and not the lender (bank).

A mortgage agent typically has access to 40+ DIFFERENT lending institutions including your local banks.  What does that mean to you?  You will have access to a wider range of products to choose from, rather than the limited amount of products that the banks want to sell you. (Example, does your bank offer you up to 8% cash back on your home purchase or refinance? That 8% could be handy for a downpayment or paying off some credit card bills on a refinance, even perfect for a 1st time home buyer!)

Some may think that the mortgage channel is only for individuals with bruised credit and only offer higher interest rates than what the bank may offer you.  WRONG, in fact the mortgage agents can offer discounted rates that are lower than your local bank, plus because of the vast amount of lenders mortgage agents use, they can offer products for ALL credit types, excellent, good, bad, and also ugly.

Another great benefit of a mortgage agent is how simple and easy the financing process is.  Here at Canadian Mortgage Warehouse we have made our process so simple for the borrower.  Literally, we take one application from you, we pull one credit check, and we shop your mortgage using that one application and credit check to all our 40+ resources to find you the best product for your financial goals.  You will be amazed at how much time and money we can save you.  You are able to recieve up to four different quotes on your mortgage with one application.  You just pick the best one.  Look at what our past clients have said about our service:

 "Please put us on your schedule/rotation for when the renewal is due you have made this the simplest mortgage process that I have ever gone through.  We received better terms than expected.  We are very impressed and would gladly recommend you to anyone." Kindest Regards, Henry and Vanessa, Newfoundland

 "We are extremely pleased with the service we have received from Jeff, he has been great. He made mortgage financing a simple and efficient process; as well as taking the hassle and stress out of buying a home" Annmarie and Brad Hill, Thunder Bay, ON.

See for yourself.  Fill out this quick form HERE and have up to four different quotes to choose from in as little as 24hrs.  You will be happy you did. Save yourself some money, save yourself some time.  Here at Canadian Mortgage Warehouse, we "Bring The Solution Home"

Phone: 1.647.880.4119
Fax: 1.866.726.7426
Email: info@canadianmortgagewarehouse.ca
Web: http://www.canadianmortgagewarehouse.com/
Web: http://www.canadasbestmortgagequotes.com/