at , Victoria, V8S 4T8
Mortgage solutions and financial advice for your new purchase or current home. Specializing in Refinance, Self-Employed, First Time Buyers, New Purchases and Revenue Properties. Over 30 years experience in the Victoria Real Estate and Mortgage industry.
Every single day Invis is making homeowner dreams come true. We’re getting Canadians into their first or next homes, and into vacation and investment properties. And we’re helping homeowners use their equity to power down their personal debt. We believe the right mortgage can build wealth and save our customers thousands of dollars. Our highly trained Mortgage Consultants abide by our tough compliance standards, and they build long- term client relationships, providing ongoing information and advice throughout their clients’ mortgage years. OUR STORY Invis is one of the largest and most respected national mortgage brokerages in Canada, with Mortgage Consultants across the country, in every province, with representation in small and large cities; urban and rural areas. Invis has a strong history of success: Close to 600,000 clients have trusted us with their mortgage With diversified business lines: – Residential Mortgages – Commercial Mortgages In partnership with over 50 lenders, including major banks, credit unions, trust and, and national, regional and private lenders Ten regional offices strategically located in major cities - Halifax, Laval, Toronto, Mississauga, Calgary, Edmonton, Kelowna, Vancouver, Langley, and Victoria Helping Canadians meet their home ownership goals since 1989 Invis has worked diligently to build a solid reputation in the mortgage industry. We’ve earned this reputation by conducting our day-to-day business according to the highest ethical standards and practices. We interact with customers and colleagues alike according to the following guidelines and values: Place the needs of the customer first. Find solutions. Creativity and enthusiasm are essential. Be accountable and responsible Seek Opportunities Desire and pursue opportunities and markets. Anticipate the future. Be innovative and nimble. Value People Respect all stakeholders: employees, consumers, business partners, shareholders, suppliers and communities. Act with trust, fairness and honesty. Listen. Seek and share information amongst all stakeholders. Share rewards with all those who contribute to our success.
76 FB users likes Laurie Anne Faulkner Invis- Wise Victoria Mortgage, set it to 9 position in Likes Rating for Victoria, British Columbia in Bank/financial services category
All Mortgages are not Created Equal Just a quick note regarding BMO's announcement of a 2.99% 5 year fixed rate - Clients should be aware that this is a "Restricted Low Rate Mortgage" with the following terms ( see below for restrictions) - Sometimes the .10% difference for a full feature mortgage might be a much better option for you - make sure you compare the features: BMO’s rate only (officially) applies to its restrictive “Low Rate” mortgage. That product’s limitations include a fully-closed - no pay out before the end of the 5 years (barring bona fide sale or refinance with BMO), a non-discounted penalty calculation, lower pre-payment privileges (10% annually), lower optional payment increases (10% annually), no optional HELOC (ReadiLine), no BMO Cash Account (a great feature), no Skip-a-payment and a 25-year maximum amortization. Call me if you have questions 250-588-2288, Laurie Anne
Working With a Realtor Once you are pre-approved, it is time to obtain the services of a realtor. Engaging a licensed Real Estate Professional is one of the first and most important steps you should take in to finding the best property available. By committing to your realtor, you will insure that you have instant access to every new listing and a skilled negotiator to act on your behalf and protect your best interest during the offer process. You want someone who relates well to you, someone who listens carefully and understands your needs, someone who knows the market and has a reputation for integrity, honesty and results. Choose a realtor who you believe will always put your interests first and is prepared to devote as much time as necessary into helping you reach your real estate goal. Expect that a realtor who commits to working with you will want you to also commit to working solely with him or her. More and more realtors are now entering into agency agreements with their buyer clients. These agreements clearly set out the obligations of the realtor and the client. Your home is a very important asset; probably the most expensive financial decision you will make in your lifetime -You already know it makes sense to go to a specialist to get the job done, similar to how you consult other expert advisers, such as lawyers, accountants, financial planners or mortgage brokers, a Real Estate Professional is your housing expert. It makes sense to find an experienced professional who can meet your short-term needs and your long-term financial plan. Make the most of it! As a professional working in the real estate industry in Victoria for over 25 years, I would be happy to recommend one of the many excellent Realtors that I have worked with in the past. Laurie Anne Faulkner 250-588-2288
Today CMHC announced they will be increasing their premiums for all high ratio mortgages - this will come into effect May 1st, any approvals before this date even if the mortgage funds after May 1st will still be at the older rate- make sure you have your approval in place and save yourself some $ - Laurie Anne Increase in CMHC Mortgage Loan Insurance Premiums — Key Facts Effective May 1, 2014, CMHC is increasing its homeowner mortgage loan insurance premiums to reflect its increased capital targets. The increase applies to mortgage loan insurance premiums for owner occupied, self-employed and 1-to-4 unit rental properties, including low-ratio refinance premiums. For the average Canadian home buyer requiring CMHC insured financing, the higher premium will result in an increase of approximately $5 to their monthly mortgage payment. This is not expected to have a material impact the housing market. Effective May 1st, 2014, CMHC Purchase (owner-occupied 1 – 4 unit properties) mortgage insurance premiums will be: Loan-to-Value Ratio Standard Premium (Current) Standard Premium (Effective May 1st, 2014) Up to and including 65% 0.50% 0.60% Up to and including 75% 0.65% 0.75% Up to and including 80% 1.00% 1.25% Up to and including 85% 1.75% 1.80% Up to and including 90% 2.00% 2.40% Up to and including 95% 2.75% 3.15% 90.01% to 95% – Non-Traditional Down 2.90% 3.35% *CMHC mortgage loan insurance premium is calculated as a percentage of the loan based on the loan-to-value ratio. The premium can be paid in a single lump sum but more frequently is added to the mortgage principal and amortized over the life of the mortgage as part of regular mortgage payments. **For loans with a loan-to-value ratio of 80% or less, the premium surcharge for every five years beyond the 25 year standard amortization period will increase from 0.20% to 0.25%. CMHC’s new premium rates will be effective for new mortgage loan insurance requests submitted on or after May 1, 2014. In order to be eligible for the current mortgage loan insurance premiums, lenders must submit a request for mortgage loan insurance to CMHC prior to May 1, 2014, regardless of the closing date of the home purchase. As is normal practice, complete borrower and property details must be submitted to CMHC when requesting mortgage loan insurance. Examples: In 2013, the average CMHC insured loan at 95% loan-to-value was $248,000. 95% Loan-to-Value Loan Amount $150,000 $250,000 $350,000 $450,000 Current Premium $4,125 $6,875 $9,625 $12,375 New Premium $4,725 $7,875 $11,025 $14,175 Additional Premium $600 $1,000 $1,400 $1,800 Increase to Monthly Mortgage Payment $3.00 $4.98 $6.99 $8.98 Based on a 5 year term @ 3.49% and a 25 year amortization Frequently Asked Questions: I recently signed a purchase and sale agreement on a home, the closing date is before May 1, 2014, and my mortgage will be CMHC-insured. Will the increase in premiums and surcharges affect me? CMHC’s new premium rates will be effective for new mortgage loan insurance requests submitted to CMHC on or after May 1, 2014, regardless of the closing date of the home purchase. In order to be eligible for the current (lower) mortgage loan insurance premiums and surcharges, your broker will need to submit a request for mortgage loan insurance to CMHC prior to May 1, 2014. As is normal practice, complete borrower and property details must be submitted to CMHC when requesting mortgage loan insurance.
Posting an article from the Wall Street Journal with the BOC 2014 forecast on rates - with no hint of any rate increases in the near future- great news for variable rate holder. The key question for the Bank of Canada in 2014 is whether it will cut interest rates to counter low inflation. Gov. Stephen Poloz has noted that inflation is running below the 2% target and said recently the risks of inflation running too low “appear to be greater” than the risks of it rising too high. Since taking the reins, Mr. Poloz has shown he’s intent on returning the central bank to its traditional laser focus on inflation. Mr. Carney had championed flexible inflation targeting. Inflation in Canada as measured by the consumer price index has languished below 2% for a year and a half, and fell below the lower bound of the Bank of Canada’s 1% to 3% target range in October, rising just 0.7% from a year before. The closely watched core inflation measure, which strips out eight volatile components, including some food and energy costs, has been below 2% for almost as long. “We are inflation targeters first,” Mr. Poloz said in a recent interview with The Wall Street Journal. An inflation rate well below 2% “makes us feel uncomfortable,” and “more worried about downside risks” to prices, he said. The Bank of Canada has left interest rates unchanged for the longest period since the 1950s, with the benchmark overnight rate holding at 1% since September 2010. Some economists suggest the recent shift to a greater concern about low inflation may be a prelude to rate cuts. Mr. Poloz hasn’t yet tipped his hand. “We’ve expressed our neutrality on that question, which is to say that we are even-handed on the two sides of it at this stage,” he said at a press conference Dec. 12. Mr. Poloz said the base-case scenario is that “we’re okay where we are,” with risks to the economy balanced between low inflation and housing imbalances—Bank of Canada speak for Canada’s record household debt levels and strong housing market. He said those risks are diminishing and projected it will take about two years for inflation to get back to the 2% target. “At this stage, we think that interest rates will stay where they are for quite some time,” he said. • By Nirmala Menon economic insight and analysis by the Wall Street Journal
First-time home buyers’ average budget rises to $316,000: A Bank of Montreal report on first-time home buyers says the average budget has increased to $316,100. That’s up nearly six per cent from an average of $300,000 in last year’s report on first-time home buyers. The BMO study says a sample of prospective buyers in Vancouver, Toronto and Calgary had even higher budgets for their first home. About one-third (30 per cent) of the 513 Canadians interviewed online for the study said they expected assistance from parents or family. Nearly two-thirds (61 per cent) said they have made cuts to their lifestyle to save for their first home. Pollara conducted the online interviews for BMO between Jan. 24 and March 6. The polling industry’s professional body, the Marketing Research and Intelligence Association, says online surveys cannot be assigned a margin of error because they do not randomly sample the population. Source: The Canadian Press
Good News for 1st Time Buyers First Time Buyers Plan Property Tax exemption increases to $475,000 Effective February 19, 2014, the threshold for the property transfer tax exemption was increased for first-time buyers to a $475,000 purchase price, up from $425,000. This means that if you qualify for the First Time Home Buyer Plan and your purchase price is $475,000 or under, you will not have to pay any property transfer tax. If the purchase price of your home is $500,000 or under, partial exemptions may apply. That means a savings of up to $7,500! If you or someone you know would like to learn more about the First Time Home Buyers’ Program or about saving for a down payment, get in touch. I’d be happy to review the program with you, and answer any questions you may have about buying your first home. Call me 250-588-2288, Laurie Anne
Good News for Variable rate holders - Prime 3% -.45% is available or 2.55% on a 5 year closed variable . Bank of Canada Maintains Overnight rate Target at 1 per cent For immediate release 22 January 2014 The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent. Inflation in Canada has moved further below the 2 per cent target, owing largely to significant excess supply in the economy and heightened competition in the retail sector. The path for inflation is now expected to be lower than previously anticipated for most of the projection period. The Bank expects inflation to return to the 2 per cent target in about two years, as the effects of retail competition dissipate and excess capacity is absorbed. Global growth is expected to strengthen over the next two years, rising from 2.9 per cent in 2013 to 3.4 per cent in 2014 and 3.7 per cent in 2015. The United States will lead this acceleration, aided by diminishing fiscal drag, accommodative monetary policy and stronger household balance sheets. The improving U.S. outlook is affecting global bond, equity, and currency markets. Growth in other regions is evolving largely as projected in the Bank’s October Monetary Policy Report (MPR). Global trade growth plunged after 2011, but is poised to recover as global demand strengthens. In Canada, growth improved in the second half of 2013. However, there have been few signs of the anticipated re-balancing towards exports and business investment. Stronger U.S. demand, as well as the recent depreciation of the Canadian dollar, should help to boost exports and, in turn, business confidence and investment. Meanwhile, recent data have been consistent with the Bank’s expectation of a soft landing in the housing market and a stabilization of household indebtedness relative to income. Real GDP growth is projected to pick up from 1.8 per cent in 2013 to 2.5 per cent in both 2014 and 2015. This implies that the economy will return gradually to capacity over the next two years. Although the fundamental drivers of growth and future inflation appear to be strengthening, inflation is expected to remain well below target for some time, and therefore the downside risks to inflation have grown in importance. At the same time, risks associated with elevated household imbalances have not materially changed. Weighing these considerations, the Bank judges that the balance of risks remains within the zone articulated in October, and therefore has decided to maintain the target for the overnight rate at 1 per cent. The timing and direction of the next change to the policy rate will depend on how new information influences this balance of risks.
TOP !0 Mortgage Tips for 2014 Your home may be the biggest investment you’ll ever make. That means you want to be smart with your mortgage. Although we can’t say for sure what mortgage rates will do – or how the housing market will shift – we have compiled our top tips for the year ahead; sensible strategies for today’s homebuyers and owners. 1. Variables are back. Several lenders are offering strong “prime minus” rates that could save you thousands in interest. And the Bank of Canada is still holding their key “overnight rate” very steady and very low… making variable-rate mortgages a sensible option right now. Fixed versus variable has always been a challenging mortgage decision. Let us help you decide which financing option best meets your needs. 2. Don’t sleepwalk through your mortgage renewal. Don’t miss out on an opportunity to save thousands on your mortgage. When your lender sends you a letter saying it’s time to renew… then it’s time to get an expert second opinion. We’re independent and we have access to over 50 lenders. If there’s a better deal, we’ll find it. 3. Pay your phone bill on time! Paying your bills on time has always been the most important credit habit. Equifax recently started to include phone companies on credit bureau reports – so your lender can see if you have any delinquencies with your phone bills. Look like a good borrower. 4. Keep other good credit habits. Don’t let your credit accounts exceed 30 per cent of your limit. Don’t cancel an old credit card without getting advice. And don’t sign up for store cards: they often have crazy interest rates, and the application triggers a credit inquiry (you don’t want a lot of those). 5. Mortgage versus total debt. Do you have high-interest debt outside your mortgage that you won’t be able to pay off in the next few months? Then think about rolling that debt into a new low-rate mortgage. This one, smart strategy could save you thousands… and boost your monthly cash flow. We can analyze your situation to see if you qualify. 6. What’s the prepayment penalty? Don’t let anyone tell you prepayment penalties are “all the same”. They’re not. If you ever need to get out of your mortgage early, the right mortgage could save you thousands. Not all lenders calculate penalties the same way, and the differences can be substantial. It helps to know which lenders have the most fair prepayment penalties. With access to dozens of lenders – we’ve got that information at our fingertips. 7. If one of you wants to keep the marital home. If you are going through a separation or divorce and one of you wants to keep the marital home, we’ve got some great mortgage options, including a mortgage to 95 per cent. Your home can be the asset that gives you both a fresh start! 8. A paydown will pay it forward. Take every opportunity to beat down your mortgage principal using any prepayment privileges! Use tax refunds, bonuses, whatever. Or switch to weekly or bi-weekly payments. Every dollar you pay down on principal means every future payment goes further. 9. Thinking renovation? We see what you see. Your reno will add value to your home. That’s why we have a special “Refinance Plus Improvements” mortgage that lets you refinance up to 80 per cent of the new, post-reno value of your home. Cool deal. 10. Come in for a checkup. Your mortgage needs an annual checkup. Really. Life doesn’t stand still, which means your needs may have changed. Even a minor tweak can pay big dividends. Call me if toy have any questions 250-588-2288, Regards, Laf
Bank of Canada head says rates on hold until data improves Tue Jan 7, 2014 5:41pm EST By Louise Egan and Randall Palmer OTTAWA (Reuters) - The Bank of Canada should keep its key interest rate on hold until economic data persuades it otherwise, central bank chief Stephen Poloz said on Tuesday, adding that he was not worried about calls from some international players to tighten policy. His comments follow controversial remarks by Canada's finance minister on Sunday suggesting there would be pressure to raise interest rates in 2014. "For us, minimizing the risks of making a big mistake here is what we're trying to do, and that tells us that we should be holding rates where they are until the data flow changes our mind," Poloz said in an interview with CBC television. Asked about the potential for higher rates in 2014, Finance Minister Jim Flaherty told CTV television on Sunday there would be some pressure to tighten because of the U.S. Federal Reserve scaling back its bond-purchasing program. He also cited reports by the Organization for Economic Co-operation and Development and the International Monetary Fund recommending rate increases. "I think the pressure will be there because the Fed in the U.S. should stop printing money, and taper off as they say ... And the OECD and the IMF have both said to Canada, we ought to let our interest rates go up a bit, so there will be some pressure there for that to happen," Flaherty said. Flaherty's remarks spurred some criticism that he appeared to be meddling in the day-to-day implementation of monetary policy, which is the domain of the Bank of Canada and supposed to be off limits to the government. His comments on the outlook also appeared to contradict the central bank chief, who has been signaling rates are on hold for the foreseeable future. Poloz, who took the helm at the central bank in June, oversaw a sharp policy shift in October when he abandoned any talk of rate hikes after 18 months of signaling that a tightening of policy was on the horizon, pointing to inflation that has been below the bank's 2 percent target for a year and a half. Analysts in a Reuters poll have forecast the Bank of Canada will begin raising its main policy rate in the second quarter of 2015. <CA/POLL> LONG-TERM RATES UNDER PRESSURE The CBC cited Poloz as saying he was not worried by international calls for rate hikes and that his decisions would be based on Canadian economic factors. In November, he disagreed with the OECD's assessment that rate hikes could start in 2014. Poloz did say on Tuesday there would be upward pressure on rates this year, but he referred specifically to long-term market rates, not the rate set by the central bank, as the U.S. and global economies strengthen and stimulus is curbed. "So as a tapering occurs we might expect to see, as we saw in the summer, some increases in long-term rates, (although) most of it seems to be priced in," Poloz said. Adjusting the central bank's target for the overnight rate, on the other hand, is a tool that is available "but we have to consider in the broader context what impact would it have," he said. Higher rates would have a negative impact on highly indebted Canadian consumers, he suggested. "Would it be the same size impact we normally would expect? Probably not, given the situation," he said, referring to the record high household debt-to-income ratio and a situation that he called "fragile from a consumer point of view." (Additional reporting by John Tilak in Toronto; Editing by Jeffrey Hodgson, James Dalgleish and Dan Grebler) © Thomson Reuters 2014 All rights reserved.