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Jeff Levasseur
Mortgage Agent #M09002125
Syndicate Mortgages #10846
Tel: (647) 880-4119
Fax:(866) 726-7426
Email: jeff.levasseur@smibroker.com
Web: www.canadianmortgagewarehouse.ca

Buying A Home. Who You Need on Your Team



http://www.canadianmortgagewarehouse.ca/

 A real estate agent will help you find a home, write an Offer of Purchase, negotiate a purchase on your behalf and save you a considerable amount of time. When choosing an agent you want to work with, ask for references and don’t be afraid to ask questions or call your local real estate association for advice.Buying a home is one of the biggest decisions you’ll ever make. So when it comes time to signing on the dotted line, make sure you don’t make that decision alone.

To help you put together the right team of professionals, Canada Mortgage and Housing Corporation (CMHC) offers the following who’s-who list of experts and what they should bring to the table:

•Real Estate Agent. Among other services, your real estate agent will help you find a home, write an Offer of Purchase, negotiate a purchase on your behalf and save you a considerable amount of time. When choosing the agent you want to work with, ask for references and don’t be afraid to ask questions or call your local real estate association for advice.

•Mortgage Agent. Many different institutions lend money for mortgages, including banks, trust companies, credit unions, caisses populaires, pension funds, insurance companies and finance companies. It can be a good idea to shop around and speak with more than one lender before you make a choice. Many Canadians choose to work with a mortgage broker because they don't represent any specific lending institution. They can often help you find a mortgage with terms and rates that will suit your needs. Contact Jeff Today

•Lawyer (or notary in Quebec). You need a lawyer to protect your legal interests by ensuring the property is clear of liens, charges or clean-up orders and will review all contracts before you sign them and your Offer (or Agreement) to Purchase. Make sure your lawyer or notary is a licensed, full-time professional who understands the local laws and regulations, has reasonable fees and can explain things to you in plain language.

•Home inspector. When considering purchasing a home, you should consider hiring a knowledgeable and professional home inspector. He or she will be able to tell you if something in the home is not functioning properly, what repairs need to be done and whether there may have been any problems in the past.

•Insurance broker. An insurance broker can help you purchase property and mortgage life insurance. Your lender can also help you with mortgage life insurance.

•Appraiser. An appraiser will assess your property’s worth and help protect you from paying too much.

•Land surveyor. You may need the services of a land surveyor if the seller does not have a current Survey or Certificate of Location.

•Builder/Contractor. If you are buying a newly constructed home, you will have to hire a builder or contractor. If the house you are buying needs renovations, you may also require a builder or contractor.

**Information provided buy CMHC

For home financing contact:

Jeff Levasseur

Mortgage Agent #M09002125
Syndicate Mortgages #10846
Tel: (647) 880-4119
Fax:(866) 726-7426
Email: jeff.levasseur@smibroker.com
Web: www.canadianmortgagewarehouse.ca

BANK OF CANADA RAISES RATES

OTTAWA- The Bank of Canada raised its benchmark interest rate Wednesday by 25 basis points to 1%, arguing financial conditions remain “exceptionally stimulative” even in the face of a slowing -- but still growing -- economy.

In its accompanying statement, the central bank acknowledged the economic recovery in Canada would be “slightly more gradual” than envisaged it its most-recent economic outlook, due to sluggish private-sector demand in the United States. However, it said domestic demand was expected to be “solid” and business investment to advance “strongly” -- powered by “accommodative” credit conditions that have eased further in recent weeks due to sharp declines in bond yields.

Banks price loans, such as mortgages, based on yields for relatively safe government debt.

The statement provided no suggestion the central bank was set to keep rates on hold for an indefinite period, as some analysts now expect.

“As a result of monetary policy measures taken since April, financial conditions in Canada have tightened modestly but remain exceptionally stimulative,” the central bank said.

For instance, consumers continue to take out loans at a steady pace, with central bank data suggesting household credit expanded at an annualized 7.1% pace for the three-month period ended July 31.

The Bank of Canada said future hikes in its key lending rate, up 75 basis points in the past three months, “would need to be carefully considered in light of the unusual uncertainty surrounding the outlook.”

This decision may come as a bit of a surprise for traders, who have been largely divided as to which way Mark Carney, the central bank governor, and his colleagues would lean toward in the face of slower than anticipated economic growth. Markets had priced in a roughly 60% chance of a rate hike, and those odds increased over the past week from a less than 50-50 chance based on better-than-expected manufacturing and labour data in the United States.

Canadian GDP expanded 2% annualized in the second quarter, well below the central bank’s forecast of 3%. However, analysts have said the economy was stronger than the headline print indicated, as final domestic demand advanced at a robust pace (3.5%). Plus, much of the drag in the second-quarter was from so-called “import leakage,” in which gains in imports -- as firms acquired productivity-enhancing equipment at the fastest pace since 2005 -- outstripped exports.

Of the GDP results, the Bank of Canada said economic activity “was slightly softer” than expected, “although consumption and investment have evolved largely as anticipated.”

The central bank is likely pleased at the turnaround in business investment, which it has argued is required for the recovery to maintain momentum once consumer spending tapers off. Plus, investment from firms in productivity-enhancing technology is required to ensure future growth.

The bank said the Canadian recovery would be “slightly more gradual than it had projected in July … largely reflecting a weak profile for U.S. activity.” The U.S. Federal Reserve has said it was prepared to take further action if required to stoke the recovery, although officials at the powerful central bank are unsure such measures are required.

The Bank of Canada said inflation -- which the central bank aims through rate decisions to hit and maintain a 2% level -- has been “broadly in line” with expectations and “its dynamics are essentially unchanged.”

In terms of the global picture, it said the recovery is proceeding “but remains uneven, balancing strong activity in emerging market economies with weak growth in some advanced countries.” As for the United States, the world’s biggest economy and Canada’s biggest trading partner, the central bank said the recovery in private demand is “being held back by high unemployment and recent indicators suggest a more muted recovery in the near term.”

Economists have scaled back growth expectations for both Canada and the United States, although at the same time boosting the forecast for Europe as its major economies are advancing better than expected following the sovereign debt crisis in the spring.

The central bank is scheduled to provide an updated economic outlook next month, two days following its next rate decision on Oct. 19. Previously, the central bank had forecast 3.5% economic growth this year, followed by 2.9% expansion in 2011. The output gap -- a rough measure of the amount of excess capacity in the economy -- is expected to close by the end of 2011.

Read more: http://www.financialpost.com/news/Bank+Canada+raises+rates/3493842/story.html#ixzz0ywYjqRUM