Entries by Pat Sawler

Ottawa tightens mortgage rules to avoid 'bubble'

 

I just finished reading this on the Globe and Mail site. I am putting it here because I do not agree with it. Please feel free to send me your comments.

Thanks

Pat 

LORI MCLEOD AND KEVIN CARMICHAEL

From Thursday’s Globe and Mail

July 9, 2008 at 8:16 PM EDT

 

 

OTTAWA — The federal government is cracking down on the mortgage industry in a move that could help protect against a U.S.-style housing bubble, but will also make it tougher to borrow money to buy a home.

The Finance Department said Wednesday it will stop backing mortgages with amortization periods longer than 35 years as of Oct. 15.

It will also start demanding a down payment equal to at least 5 per cent of the home’s value, rather than guaranteeing mortgages where they buyer has borrowed the total amount.

“Today’s Read more

Why you will not see mortgage rates on this site!

At least two-dozen times a week we have people call us and ask, “What’s your rate on a 5 year fixed rate?” Most times when we try to get additional information from the potential borrower. Unfortunately, for both the caller, and us they don’t want to tell us anything. “I already know what I want, just give me a rate,” is the usual response.

Now, I’m not encouraging you not to shop-around for the best rate.

But, asking for a rate without giving more information is a bad idea. Why? Because frankly, anybody can give you any rate quote they want to over the phone, there is no way you can hold them to that rate. You see, there are two kinds of mortgage companies out there, those that are only interested in you as a loan customer and Read more

My Favorite Things

These are a few of my favorite things in no particular order.

My wife and I had a 2001 Subaru Forester Ltd, by the time we were forced to trade it in, it had over 175K KM, the only money we had to spend on it were for tires, brakes and oil. You see we had to move to a vechile that could handle 3 children’s car seats. It was fine for our twin girls but when our son arrived we could not fit 3 car seats in the back seat so we had to move to a mini van.

So if you want a nice reliable car, one that also comes with the safety and beauty of all wheel drive, then surf on over to www.subaru.ca and check one out.

People always say the grass is greener on the … Read more