What’s better than Zero Down?

ZERO Down, plus ZERO Closing Costs.

That can’t be right?

Yup, but for a limited time only, so go ahead and apply today.

How Does it work?

Example:
$400,000 Purchase Price
$20,000 (5% Down Payment – FREE)
$2,000 EXTRA CASH FREE
5.29% for 5 years or waive the extra $2k free cash and take 4.99% for 5 years

Needless to say, because you’re not putting any skin in the game, good credit is a MUST.

Combined household income and existing debt will determine your qualifying purchase price.

1) How much do I qualify for?
That depends on your income and debt. Apply Now

2) Can this work on a Town House or Apartment too?
Absolutely

3) I don’t have a realtor?
Not a problem, call us at 604-273-2002

4) Do I still need a deposit?
The deposit is something required by the seller to solidify the offer. Your realtor will try and arrange the best deposit for you, but you must be able to provide the deposit for the SHORT term ONLY. Deposits are refunded back at closing. Many clients simply borrow this from a relative or friend or put on a credit card. ONCE again, this deposit comes back to you once you take possession.

5) This sounds too good to be true, is it legal?
Absolutely, not only is it legal, but it’s insured by CMHC

6) How do I apply?
Go ahead and apply Here

Don’t miss this opportunity Click here

Mark Fidgett, Your Vancouver Mortgage Broker For Life

www.notapennydown.com

604-273-2002

P.S. Who’s the next person you know who wants to buy with ZERO DOWN mortgage?
Be sure to give me a call so we can help them!

A: Although CMHC will only finance a rental property with 20 per cent down, they’ll still finance a “second home” with as little as five per cent down!

So what constitutes a 2nd home?

One difference is, no rental income can be used to help qualify and it’s also unlikely that CMHC will believe you’re buying a second home for yourself just down the street, so the application really has to make sense. You may also have to sign a statutory document at your lawyer’s stating that this is a second home.

Imagine having access to insider secrets…

call me 604-273-2002

or www.notapennydown.com

As usual, make it a great day and we’ll talk to you soon.

Mark Fidgett, Your Vancouver Mortgage Broker For Life

www.notapennydown.com

604-273-2002

P.S. Who’s the next person you know who needs Help with their Stuff?
Be sure to give me a call so we can help them get on that path!

You might be surprised to hear that what you get, may NOT be what you expect.

You like me, probably believe that when you pay the additional $23.95 to Equifax, you’re getting the score that lenders rely on to determine your credit worthiness.

Well apparently, THAT”S NOT THE CASE…

First some history.

Client presents to me about 3 months ago requesting a specific mortgage.

The particular mortgage program in question is designed for business owners and comes with a minimum beacon score requirement.

That being said, I didn’t want to randomly pull the clients credit without first knowing they even met the minimum credit score requirements.

As I have always advised, you can pull your score personally, as many times as you’d like, and it WILL NOT affect your score.

As such, the client specifically paid $23.95 to Equifax to see their credit score.

Their credit was too low at that time.

I sent them away with a few credit secrets to help raise their score.

They followed my advice to the tee.

They called me yesterday as happy as can be.

When they arrived at my office, they once again paid the $23.95 to Equifax to obtain their credit SCORE.

Score was 683.

BINGO, goal achieved! Or at least we thought…

Knowing that their score met the program requirements, I too pulled their score.

BUT To my surprise, the score from my end was 635.

Just to be clear, client pulls and gets a 683, I pull and get a 635.

Why SUCH a discrepancy?

I immediately called Equifax for an explanation.

I will leave it up to your interpretation.

Please push the play button below to hear the call.

Would love to hear your comments below.

Mark Fidgett
Your Vancouver Mortgage broker
604-273-2002
www.notapennydown.com
mark@notapennydown.com

And it has nothing to do with farming..

It’s another term for mortgage fraud.

The “straw” or “dummy” home buyer scheme.

For example, a renter does not have good credit or maybe he/she doesn’t not have the income needed to get a mortgage, or sufficient down payment, either way they can’t purchase a home.

He/she or an associate approaches someone else with solid credit.

This person is offered a sum of money (a benefit, can be as much as $10,000) to go through the motions of buying a property on the other person’s behalf – acting as a straw buyer.

The person with good credit lends their name and credit rating to the person who cannot be approved for a mortgage for his or her purchase of a home.

You can usually count on other types of criminal activity dovetailing with mortgage fraud or title fraud.

For example, people who run “grow-ops” or meth labs often use these forms of fraud to “purchase” their properties.

Following are some red flags for mortgage fraud:

• Someone offers you money to use your name and credit information to obtain a mortgage
• You are encouraged to include false information on a mortgage application
• You are asked to leave signature lines or other important areas of your mortgage application blank
• The seller or investment advisor discourages you from seeing or inspecting the property you will be purchasing
• The seller or developer rebates you money on closing, and you don’t disclose this to your lending institution

Call me if you have any questions,

Mark Fidgett
Your Vancouver Mortgage broker
604-273-2002

www.notapennydown.com
mark@notapennydown.com

Victoria housing starts also down due to lack of multi-family projects.

Travis Archibald, senior market analyst with CMHC says Everything has been pretty slow across the Island over the first few months, but he’s still optimistic about the summer and fall months having seen what’s on the books, has been approved and what’s in the planning stages

As seen in the Times Colonist

Homebuilding in Greater Victoria was down 24 per cent over the first four months of 2011 compared to the 10-year historical average, says Canada Mortgage and Housing Corporation.

A combination of fewer multi-family developments breaking ground and uncertainty over the fate of the harmonized sales tax appears to be behind the sluggish start to the year.

“Everything has been pretty slow across the Island over the first few months, but I’m still optimistic about the summer and fall months having seen what’s on the books, has been approved and what’s in the planning stages,” said Travis Archibald, senior market analyst with CMHC. “But again, the biggest factor is on the multi-family side – any one project can have a big impact on the numbers and right now we haven’t seen much in terms of apartment and townhome starts this year.”

There were 445 total housing starts over the first four months of the year in Greater Victoria, a 47 per cent drop from the same period in 2010. Of those, only 249 represented multi-family starts, a big drop from the 522 multifamily starts in 2010.

In April alone, there were 124 total starts, down 42 per cent from the 213 in April 2010, and there were just 59 multi-family units a 52 per cent drop from the 123 in April last year.

Archibald said CMHC still expects about 2,000 starts across Victoria in 2011 based on continued levels of in-migration and the number of projects in the pipeline.

“Like any business, homebuilding is cyclical but ultimately you will have to build to meet the long-term demographic demand,” he said noting net in-migration to Victoria last year was 6,000. “As long as people keep moving here we will need housing.”

But builders are unlikely to get to it quickly until the HST question is resolved, said Casey Edge, executive director of the Victoria branch of the Canadian Homebuilders Association.

“We’re waiting on the [June] referendum to see where that goes,” Edge said.

He noted the tax adds significantly to the cost of a new home priced in excess of $525,000. Previously exempt from provincial sales tax, those new homes are now subject to the combined HST. Builders expect that could put off buyers.

Purchasers of new homes costing up to that $525,000 threshold are eligible to receive a rebate of 71.43 per cent of the provincial portion of the HST, up to a maximum of $26,250.

But not all developers feel the need to wait.

Chris LeFevre, the man behind projects like the RailYards in Vic West and the Oriental condo development downtown Victoria, said he’s going “pedal to the metal” at the moment in a market he believes will reward the right product at the right price.

“I feel quite optimistic about the marketplace in terms of if you have the right product at the right price and an interesting product there are people out there who are real and tangible buyers,” he said.

LeFevre said the right product is affordable – between $200,000 and $300,000 – not mainstream or ho-hum, and have some edge in terms of location, character or finish. “If you have those ingredients you can do some good business, if you don’t it’s a bit of a slug-out,” he said.

So far Lefevre appears to be winning the fight as he has seven projects either approved or in the starting gate.

He has just sold out the first phase of Bond’s Landing at the RailYards and has started construction of 15 townhomes on the site. His Oriental development on Yates Street is 50 per cent sold, with expectations the residential units will be complete Aug. 1, and all of the ground-floor commercial space has been spoken for.

“This is a very reliable, stable real estate marketplace,” LeFevre said.

However, he admits the HST has had a dampening effect in some respects.

“It has created a psychological barrier,” he said. “The biggest effect is it can cause confusion to a new purchaser and that in itself can cause some trepidation, particularly if that purchaser thinks the HST might disappear (after a referendum).”

But Lefevre said it’s a false “mental block” as even if the HST goes, some form of taxes will remain on new homes.

“It’s not as though the whole tax subject will go away,” he said, noting his company like many others has gotten around the issue by listing units with a price that includes the net effect of the HST.

Edge said there is some good news in CMHC’s latest figures with Langford holding steady as a strong place to build – there were 35 new single-family homes built in the municipality last month compared with 36 at the same time last year.

Here are some tips to create a captivating kitchen:

You can cut down on visual clutter by removing items you normally store on the counter.  This will help your kitchen look more spacious.

Your eat-in kitchen should have a table and chairs in it.  Buyers like to see an eat-in kitchen, but often don’t have the vision to see it as such without the furniture.

Remove window screens in the kitchen.  Screens take away from allowing natural light inside.  Plus, no one will notice they are missing.

It’s a good idea to keep some toll-house cookie dough on hand, and bake up a few cookies just before a showing…but don’t overdo it.

Keep the exotic spices and fish to a minimum when cooking the night before a showing.  Work towards achieving a “clean” smell.

Thoroughly clean all your appliances and cupboards, including the inside of your oven and microwave.

Set the dinner table with your best china to stimulate your buyers’ imagination of the dinner parties they’ll host.

Many buyers will look inside your cabinets, so make sure the inside is organized and clean.  Also store non-essential items elsewhere to make the cabinets look more spacious.

Clean as much as possible off the countertops.  Items such as the coffeemaker, toasters, can openers, salt and pepper shakers, recipe boxes, and dish draining rack can be put away.

Make sure that your counter is spotless and shiny.

If you keep fruit or flowers on your counter, be sure they are always fresh.

If your cabinets show wear and tear, you might want to paint them.  A simple trick to update the look of your cabinet doors is to replace your current knobs with new ones.  It’s much cheaper than getting a new kitchen, and it sure can make a difference.

Shine your faucets and knobs and use spot remover to prevent water spots.

Remove notes, pictures, and coupons from the refrigerator door.

Empty your trash cans.  Garbage and recycling bins must be out of sight.

You may want to make your home more attractive by having us approve a rate hold on the home you’re selling.

That way if rates rise, your buyer gets a lower rate!

Mark Fidgett
Vancouver Mortgage Broker
Owner www.NotaPennyDown.com
604-273-2002

LIGHTING: Open all shades and draperies during the daylight hours. Replace all burned out light bulbs with the maximum light producing bulbs. Turn on all lights throughout the house and basement prior to showing the house.

STORAGE: All clothing, shoes, hats, accessories, tools, papers, magazines, books and personal items not contributing to the decor of the room should be stored in closets or dressers. All closets should be tidy, neat and clean. Basement storage areas should be neatly arranged. Kitchen counters should be clean and free of any articles not contributing to the decor of the room. All magazines, books, ashtrays, food, bottles, containers, boxes, cans, toys, hobby accessories, tools, dishes, cookware, etc. should be stored in the proper cupboards or closets or storage areas.

CLOSETS: The interiors of all closets should present an organized, tidy and uncluttered appearance. All unneeded or unused items should be discarded. Display your storage and utility space by removing all unnecessary accumulations in attic, stairways, basement, closets and garage.

BASEMENT: Should be neat, clean, dry and tidy. All materials and tools should be stored on shelves or in cabinets. Discard as much unneeded material as possible prior to showing the house to prospective purchasers.

WINDOWS: All windows should be spotlessly clean inside and out. All window sills, as well as any space between the window and storm window should be spotlessly clean and free of any flaking or loose paint. All windows should be in good repair with no cracks. Screens should be clean and in good condition, free of rust and holes. Any paint on glass should be removed with a razor blade prior to cleaning.

FIXTURES: All bathroom and kitchen fixtures and counters should be sparkling clean. Polish chrome faucets and handles in the tub and sinks. All sinks, tubs, toilets and counters should be clean.

FLOORS: All flooring should be clean and waxed if necessary. All carpeting should be very clean regardless of its age. If the carpeting has not been steam cleaned for more than two years, now is the time to do it. Basement floors should be swept and mopped.

DOORS: All doors should be free of scotch tape, posters, decals, or stickers. All door handles should be clean and in good repair.

CERAMIC TILE: All joints between tiles should be clean and white. Use DAP bathroom tile sealer to reseal the joint between bathtub and wall and floor.

WALLS: All walls should be clean and free of gouges, scratches, smudges, scotch tape, posters, thumbtacks, etc. Walls should only have decorative items. Posters and paper pictures taped to walls should be removed and all evidence of the tape markings removed.

ODOR: Nothing smells better than fresh air. On warm days, have your windows open and shades up. Make your home feel and smell bright, fresh and clean and you will have a faster sale. KEY POINT: Make very sure that there are absolutely no pet odors.

Final Step: Experience shows that most would be buyers are concerned mostly with monthly payments. I’d like to show you a little secret how you can make your home stand out from the rest.

Mark Fidgett
Vancouver Mortgage Broker
Owner www.NotaPennyDown.com
604-273-2002

aka – High Ratio Mortgages (Less than 20% down)

1) MAXIMUM AMORTIZATION PERIOD TO 30 YEARS

The Amortization is the time it takes to pay off your entire mortgage. Not to be confused with the term of your mortgage.
Typical mortgages in Canada have terms of five years or less during which a specific fixed or variable interest rate will apply, and the mortgage can be renewed at the end of the term.

Today’s news will reduce the maximum amortization period from 35 years to 30 years.

A lower amortization period results in an increase in the monthly payment, hence making it harder to qualify.

2) Maximum Loan to Value for refinances will be reduced from 90% to 85%

Borrowers can now refinance their mortgage and increase the amount of the loan secured against their home, but today’s changes will reduce the limit on refinancing from 90 per cent to 85 per cent of the value of the home. Refinancing lowers the borrower’s equity in their home. Reducing the maximum loan-to-value ratio on refinancing will encourage Canadians to keep at least 15% equity in their home.

3) The government will no longer offer insurance for Lines of credit

Because a line of credit doesn’t have a principle reduction built into the payment, you could go on forever simply making interest only payments never reducing your balance. In view of this, the government figures it’s too risky to insure.

PS – Here’s a question for Mr. Flaherty…Why do you think the majority of refinances take place anyway? To pay off Consumer debt. Address consumer debt and maybe then you’ll be dealing with the REAL ISSUE.

What do you think of these changes?

Please comment below…

Mark Fidgett
Vancouver Mortgage Broker
Owner www.NotaPennyDown.com
604-273-2002

Re: Amendments to the Strata Property Act Concerning Rentals Announcement

There has been a shortage of rental units for years in British Columbia. In order to address this, the Provincial Government recently passed legislation dealing with the rental provisions of the Strata Property Act (“SPA”).

Under the old section 143 of the SPA, a rental restriction bylaw passed by a Strata Corporation did not apply to that strata lot until the strata lot was conveyed by the first owner after the developer or until the date that the rental period disclosed in the Rental Disclosure Statement expired, whichever was earlier. Essentially the first owner was always able to rent out the strata unit until the expiration of the rental period disclosed in the RDS, but not subsequent owners.

Pursuant to the amended Section 143 of the SPA, for a new RDS filed after December 31, 2009, a rental restriction bylaw will not apply to that strata lot until the date that the rental period disclosed in the RDS expires. This expiration is usually a long time away: perhaps 99 years or even indefinite.

Therefore, practically speaking, starting January 1, 2010, a new RDS will benefit every subsequent owner of that strata lot rather than just the first owner after the developer. All future owners will be able to rent the strata lot without being subject to any rental restriction bylaw for as long as the rental period disclosed in the new RDS allows them to.

This does not apply to strata buildings where the RDS was filed prior to Dec. 31, 2009.

COMMON QUESTIONS

Several questions regarding the recent changes to the Strata Property Act and rental units. Below is a summary of the questions and answers.

What is a “RDS”? -
“RDS” is the Rental Disclosure Statement that is filed as part of the Disclosure Statement. Developers are required to provide a Disclosure Statement every time they sell 5 or more units, and a Rental Disclosure Statement is part of the Disclosure Statement.

How does this affect a buyer acquiring property already tenanted from original owner –
It does not. The recent changes to the Strata Property Act only apply to Disclosure Statements filed after Dec. 31, 2009. There is no change for units in which the Disclosure Statement was filed prior to that time.

Does this mean that any new strata filed after January 1st of 2010, does not have the power to enforce rental restrictions?
This is correct only if the Rental Disclosure Statement reserves the right to rent for a period of time (which most do).

Developers may choose to file a RDS that prohibits rentals and in such a case, rentals shall not be allowed.

Does this apply only to No Rental restrictions or what about where strata set up a maximum number of units to be rented?
As stated above, the changes have nothing to do with existing units, so current No Rental Restrictions are in effect and
remain so.

Most every form ‘B’ says nothing about a date?

It is the Rental Disclosure Statement that is relevant, not the Form B.

Mark Fidgett | 604-273-2002

“Your Personal Mortgage Consultant….For Life!”

PS – Please Don’t Keep Me a Secret

A REFERRAL is when you INTRODUCE someone you care about to someone you TRUST!

T 604.273.2002 | F 604.522.2072

W http://www.notapennydown.com

An independent Mortgage Specialist associated with the Verico Mortgage Network.

The amortization of a mortgage is divided up into smaller time periods called “terms”. Mortgage terms usually range from six months to five years, but some institutions will offer seven- or 10-year terms. The term is the period of time during which, with fixed-rate mortgages, the interest rate and payment amount are fixed. With variable-rate mortgages, the payment amount may, or may not, change; you should review your agreement to check when the payment amount may change. At the end of the term, you can renew your mortgage for a new term, at prevailing interest rates.

Generally, the longer the term, the higher the interest rate. Because it is not possible to know what the interest rates will be over any given period of time, many consumers seeking certainty choose a longer term with a fixed interest rate so that they know in advance, at least for a specified period, how much they will have to pay for their mortgage. This helps them to plan their finances better and enhances their feeling of security. However, during periods when interest rates are expected to fall, many consumers choose variable-rate mortgages so they can take advantage of lower rates without renegotiating their mortgage.

Amortization period compared to the term of a mortgage

The amortization period on a mortgage is the total length of time it will take you to pay off your mortgage. A typical amortization period is 25 years, but it can be longer or shorter.

In comparison, the term of a mortgage (which ranges from six months to 10 years) represents the length of time for which your mortgage agreement with a lender is valid.

Benefits and costs of a longer amortization period

Some people choose a longer amortization period because it lowers their mortgage payments: the longer the amortization, the lower the mortgage payments. This can mean, for some, the difference between buying and not buying a home.

However, the longer it takes you to pay back the mortgage principal to the lender, the more interest you will pay — which can affect your ability to save for other important things, such as retirement.

Call me to discuss 604-273-2002

Mark Fidgett | 604-273-2002

“Your Personal Mortgage Consultant….For Life!”

PS – Please Don’t Keep Me a Secret

A REFERRAL is when you INTRODUCE someone you care about to someone you TRUST!

T 604.273.2002 | F 604.522.2072

W http://www.notapennydown.com

An independent Mortgage Specialist associated with the Verico Mortgage Network.