This Week's Mortgage Market Update Contains:

• Pricey real estate points to faster rise in Canadian rates
• Mortgage refinancing penalties prompt backlash
• Fed holds course on rates

This Week's Quotation:

“To accomplish great things, we must dream as well as act.” -  Anatole France (1844 - 1924)

This Week's Highlights:

• What’s next?
• Caution!
• Data bumps up and...
• ...down

This Week's Mortgage Market Update Contains:

• Slowdown of 2008 is hitting home now
• Don’t be an Unscorable
• Loonie at par by summer: economists

This Week's Quotation:

“I have never been especially impressed by the heroics of people who are convinced they are about to change the world. I am more awed by those who struggle to make one small difference after another.” -  Ellen Goodman (1941 - )

This Week's Highlights:

• What’s next?
• Caution!
• Data bumps up and...
• ...down

This Week's Mortgage Market Update Contains:

• New rules won't put lid on prices
• When it comes to mortgage details, most people just 'zone out'
• U.S. MBA Mortgage Applications Index Increased 15% Last Week

This Week's Quotation:

“What is important is to keep learning, to enjoy challenge, and to tolerate ambiguity. In the end there are no certain answers.” -  Martina Horner, President of Radcliffe College

This Week's Highlights:

• Canadian housing starts rise in January
• Inflation rate 1.3% in December
• 43,000 new jobs created in Canada during January

This Week's Mortgage Market Update Contains:

• Toronto leads tight national housing market, Re/Max says
• Home-buying plans may change
• U.S. Economy: New-Home Sales Unexpectedly Fall to Record Low

This Week's Quotation:

“A duty dodged is like a debt unpaid; it is only deferred, and we must come back and settle the account at last.” -  Joseph F. Newton

This Week's Highlights:

• Canadian housing starts rise in January
• Inflation rate 1.3% in December
• 43,000 new jobs created in Canada during January

This Week's Mortgage Market Update Contains:

• Lock in, or stay variable? The experts debate
• It's not the mortgages, it's the borrowers
• Building some slack into the system
• Flaherty moves to cool mortgages

This Week's Quotation:

“There are no secrets to success. It is the result of preparation, hard work, and learning from failure.” -  Colin Powell (1937 - )

This Week's Highlights:

• Canadian housing starts rise in January
• Inflation rate 1.3% in December
• 43,000 new jobs created in Canada during January

A simple glossary of mortgage and economic terms to help clarify the language of the mortgage process and economic terminology.

While a mortgage is fundamentally a loan that is secured against your home, there are many variations to the type of mortgage that can be used for various needs. Based on your goals and risk characteristics there may be a number of different mortgage products that will meet your needs.

Inside this guide you will find (among a plethora of useful information to guide you through the home buying process) an application form and a fax cover page that outlines what is required to process a mortgage.

I cannot believe how certain builders (“Vendors”) are trying to take advantage of new homebuyers on the issue of mortgages. There is an attempt to squeeze extra money from innocent purchasers through certain clauses inserted into the Agreement of Purchase and Sale (the “Offer”), that follow the first clause illustrated and change something good, into potentially a trap for the unwary buyer:

Time and time again I am increasingly surprised at the number of people who go shopping for a home and mortgage without taking the time to know what is out there in the marketplace. I regularly have clients that have $50,000 RRSP portfolios that subscribe to multiple investment newsletters, while they are applying for a $300,000 mortgage completely in the dark.

With the interest rates still steadily moving up and no real end in sight it appears that people everywhere are grasping for ways to come up with the downpayment necessary to buy a home. Most people know of illegitimate ways to come up with a downpayment, but here are a couple of above board ways to reach the same goal.

More and more today we are seeing a lot of incentive programs that end up luring consumers in for higher rates over the term of their mortgage. If you are trying to find the most inexpensive mortgage financing, then the most important thing that you have to consider is your net cost of borrowing. Put aside the cash-back offers, the low introductory rates, and interest free periods and take a look at the whole picture before you make any mortgage decisions.

Avoid the 10 Most Common, Painful, Frustrating Mistakes First Time Home Buyers Make

Buying a residence can be a hair raising experience. A roller coaster of emotions from finding the right place, to securing the mortgage and moving in. For most of us the first time home purchase is the largest investment we've ever considered. Often the emotions of purchasing something so expensive and personal can cloud our business judgment.

People seem to be continually confused by their credit report (aka credit rating), and how it impacts their ability to get credit. This document alone can impact your ability to work at certain companies, rent an apartment, get a credit card, and even open a savings account.

The Calum Ross team has researched and put together these important and useful Bank of Canada links for you.

We deliver our service with the recognition that our loyal clients are always the backbone of our success. Each and every day we are further indebted to our clients and partners for being given the opportunity to serve our clients' needs. Our team's philosophy for customer service delivery can be summed up in one sentence, "Perfection is our goal - excellence is tolerated".

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