Burlington Ontario – The Best City of Its Size in Canada

MoneySense Magazine has called Burlington, Ontario top ratings for factors such as “mild weather, low unemployment, low crime, high incomes and even a thriving arts community”.

There are wonderful things to do in Burlington, on the shores of Lake Ontario.  There are often free music concerts at the park by the lake.  Beachway Park offers beautiful white sands.

Beachway Park is off of Lakeshore Road in Burlington and near the QEW. There is also the Waterfront trail nearby.  The Beachway Park Hotline (recorded information) 905-634-7263 (905-634-SAND): June-September (water quality conditions at beaches) tells about current conditions. December-March (ice conditions at Rotary Centennial Pond).   West of Brant on the QEW heading toward Niagara, there are also some waterfront activities so you can call City of Burlington Festivals and Events hotline at 905 335-7766 for details.

Beachway Park Burlington Ontario

Lowville Park is also a nice place and is on the other side of Burlington alongside Bronte Creek at 6207 Guelph Line, Burlington, ON.

Catch the salmon swimming upstream in Bronte Creek (seasonal).

You can ride along the Waterfront trail by bike and enjoy all the area has to offer. Stop off for a picnic or at one of the lakeside dining establishments.  Stop in Easterbrook’s for traditional foot long hot dogs or get some of the best ribs at Canada’s Largest Ribfest (Aug. 30 – Sept. 2, 2013).

Stroll through Spencer Smith Park and enjoy the winter Festival of Lights.

If you need more tips, you can stop by the visitor information center at 414 Locust Street.

If you are moving to Burlington and need a mortgage for your new home, contact us for a local mortgage agent or broker that can help you save money on lower rates and also help you with the application process at no cost to you.

 

 

Mortgage Broker Burlington

Find the Best Mortgage Rates in Ontario Canada
One way to find the best mortgage rate and borrowing terms in Ontario, Canada is to start comparing all of the different bank rates, discount lender rates other lender rates. There are many factors to consider when shopping for mortgage rates between institutions that go beyond the posted mortgage rate.

Each lender has a hidden discount factor which they can reduce the mortgage rate depending on the credibility and documenation of the buyer. The more income that can be documented, the better the interest rate.  Regulators have placed institutions under increased scrutiny, so they must comply with more lending laws and also lending oversight. This results in many credit worthy borrowers either not being offered the best interest rates or not qualifying for a mortgage at all.

In the U.S., many credit worthy potential homebuyers cannot get a mortgage at an acceptable rate or at any mortgage rate. This makes seemingly low interest rates not true for many potential buyers because the loan is not accessible. Borrowers must settle for excessively high interest rates over 6 percent and in some cases up to 11% or more from hard money lenders because they cannot verify their income, are self-employed or are just moving to the country and are not allowed to show their credit records from the country they are arriving from.

This leaves many buyers not just wondering about finding the best interest rate, but finding the best interest rate they can actually get from a particular lender.

Shopping mortgage rates across banks and lenders is be very time consuming so it makes sense to consult a local qualified mortgage broker who has the industry contacts and can navigate the mortgage application process with you to find the most appropriate lender for your particular situation. 

If you are in the Burlington area, contact the best mortgage broker in Burlington for assistance.

Happy Home Loan Hunting!

Mortgage Refinance Burlington Ontario

With mortgage rates starting to head up, refinancing a mortgage can still make great sense at these historically low interest rates in Canada.

As the global economy recovers and in particular, the Canadian economy thrives with housing having erased most losses of two years ago.

Refinancing your Ontario mortgage is tantamount to applying for a secured home loan in order to pay off higher interest rate loans and credit card balances. In so doing, you can save hundreds or even thousands of dollars as some credit card interest rates can approach 20 percent. Some department store cards, or even the Home Depot credit card can quickly become a very high interest rate loan if not paid off in time.

Needless wasting of hard earned dollars by paying too much on interest loans does not have to be the norm. With a simple consulation and some paperwork, big savings on interest expenses can be achieved within a week or two of applying. As there are fees related to refinancing a mortgage, these factors need to be taken into consideration to determine your net savings if any by doing a “refi”.

Having access to extra cash is also a great reason to refinance. Whether you are taking the leap and putting money into the home to finish the basement, landscape or other home related expenses, or a combination of maintenance and liquidity, a home equity loan or line of credit may be the answer.

For most people, the home is the largest asset they possess. Being able to get at some equity during a time when the money can be put to better use is also a good reason to refinance your mortgage.

Some people purchased their homes while interest rates were still higher. By converting into a lower rate offered today, savings can also be obtained even if extra cash or credit card consolidation is not needed.

Some homeowners use the home as a cash generator as it goes up in value. This though, was one of the errors that lead to problems in the States when housing prices come back down. So refinancing should have a purpose besides just getting extra cash out of the home, and contingencies should be planned for before committing to a mortgage refinance.

It is best to consider your options with a Burlington Mortgage broker who knows the Southern Ontario real estate market as well as current options for getting refinanced.

Mortgage Burlington

Rising Mortgage Interest Rates in Ontario

Mortgage Broker Ontario

Mortgage Broker Ontario

Canadian banks are hiking mortgage rates and continue to eye further hikes this year. Just as predicted, rates will rise over the second half of 2011. The more and the faster The Bank of Canada raises interest rates, the quicker the banks will follow suit and raise mortgage rates.

This is already happening before the Spring real estate market. Traditionally the Spring has been the best time of year to sell a home because there are the most buyers looking to make a summer move.

However this past year, the ending months of the year were particularly strong ahead of predicted interest rate rises. The buyers that are jumping into the market because of interest rate deals are taking up 5 year fixed mortgages to avoid the added and unknown expense of gambling on a variable rate during rising interest rate times.

Traditionally, it has usually been better to take the variable as you start the game ahead by getting a lower rate than the fixed rate. Even the 5 year fixed rate on a 30 year mortgage is a quasi-variable rate because it resets in 5 years to the current market value.

Chances are the in 5 years from now rates will be considerably higher than they are now. Proponents of variable interest rates argue that payments made in the early part of the mortgage allow more money to go toward principle hence creating less financing costs over the long haul.

Whether you have an appetite for a little risk by opting for the variable rate despite knowing mortgage interest rates are ahead, or you want to sleep at night knowing exactly how much your mortgage payment will be, the real estate market promises to be hot in Canada again in 2011 because we are still historically on the low side of interest rates.

Finance Minister Jim Flaherty announced today:
“The recent increase by a couple of the banks is exactly what we expected,” Flaherty explained to reporters at the House of Commons yesterday.

And more interest rate increases should be coming, Flaherty predicted, since the lending rates have been held at historic lows for quite some time.

“We’re likely to see higher interest rates as we go forward because interest rates are still very low.”

With the finance minister broadcasting higher rates, now seems to be the time to lock in lower rates for those that have not yet done so and want to take advantage of this historical anomaly.

Dominion Lending is a mortgage broker in Ontario, contact Lee Anne Taylor at Home Loans Ontario about getting the lowest interest rates available. Home Loans Ontario will shop your loan across dozens of potential lenders to arrive at the best deal for your particular situation and needs.

Housing Prices Predictions for 2011

Housing prices for Canada are all over the map for the 2011-2012 year.

Most everyone seems to agree that mortgage rates are currently artificially low and are providing stimulus to a housing market that has ignored the global financial crisis. Pundits are saying again
today that the Canadian housing market is overheated and due for a correction, but they have been saying that for the last three years.

But for a brief dip during the worldwide calamity, housing prices in Canada have roared back.
While it is true that Vancouver and other Western Canadian home prices have soared beyond a reasonable level, the gains seen in the G.T.A. were more moderate.

As a result others are forecasting stable but slow growth because they are assuming rates will not rise too fast to put too large of a damper on housing prices.

It is interesting to note that the naysayers are pointing to increasing interest rates as the downfall of housing, but fail to recognize that interest rates are currently artificially low.
A moderate raise in rates would only bring them back to more historically normal levels, not the source of a major housing decline.

Oil prices, the Loonie and Interest Rates seem to be the public triggers that will influence home prices going forward. With moderate interest rate recovery, a stable Loonie and fairly high oil prices over the foreseeable future, home prices do not look unreasonable in the G.T.A.

Low interest rates are actually a reason to buy before the cost of financing a home becomes more expensive again.

Home Renovation Financing in Burlington Ontario

Home Reno

Home Reno

Is it time to do some home renovating?

Sometimes home renovations do not need to be put off due to financing concerns as you can obtain a low interest home equity loan or home equity line of credit.

For smaller repairs and renovations, some building supply stores such as the Home Depot will allow you to delay paying the balance of your purchases for up to a year depending on the promotion, usually on purchase amounts over $300 charged to a current Home Depot card. The caveat with these types of programs is that if you don’t keep an eye on the expiration date of the program, you can be back billed all of the foregone interest at ridiculously high interest rates.

The safer and more manageable way to finance interior home renovations is through a HELOC or home equity line of credit. Your Burlington mortgage broker can help you get the lowest rates on a line of credit by shopping different lenders for you and at no cost to the borrower.

Home renovations can actually put value in your home, especially upgrading kitchens and baths.
Basement finishing in Toronto can also increase the value of your home, but such a larger project should be left to professionals that can do the framing, drywall work, electrical, plumbing and other services needed to complete a quality basement renovation or finishing. In the G.T.A., contact Carcone Construction for a quote on your basement remodel – JC Carcone has been in the construction business for over 30 years and is a local, reliable company that will get the job done on budget and on time.

For your mortgage or home equity line of credit in Burlington, contact Lee Anne Taylor at www.homeloansontario.ca .

Of course you can start a tax free savings account and plan ahead for a few years until the renovation costs can be saved, but if you get a low interest rate and have plenty of equity in your home, you can get the home renovation completed sooner. Winter months are a great time to have your basement remodelled as contractors are available that cannot complete outdoor work during the cold winter months.

Interest rates are poised to rise, so keep that in mind when borrowing against your home, or inquire into a fixed rate option. You can also find out about CHMC Purchase Plus improvements program that offers CMHC insured loans to cover coasts of major home renovations and home upgrades.

Renovations can increase the liveability of your home, increase the value, decrease the amount of time the home would be listed for sale in the case of a pending sale and most of all get your home into top shape.

Can Increasing Consumer Debt in Canada cause a Housing Decline?

Mortgage Calculator - Consumer Debt Canada

Canadian Consumer Debt

Another story is emerging in the Canadian housing market as pundits search for signs of a more moderate housing recovery.

Instead of banks in Canada being exposed to massive mortgage defaults such as in the States, banks in Canada seem to be

saddled with an increasing amount of consumer debt.

The nay-sayers are worried that if unemployment starts to increase and consumer debt borrowers are not able to meet

their credit card payment oblilgations or payments on their lines of credit, then banks could have a bigger problem.

In Canada, most of the riskier home loans are guaranteed by the CMHC which is backed by taxpayers.

More recent debt financing vehicles such as HELOC represent an increasing percentage of outstanding household debt.

The home equity line of credit is the second largest debt pool behind mortgage debt itself.

The latest change by the federal government is to stop allowing banks to get CMHC insurance for HELOCs. This could create an alternate

form of capping home price increases due to necessary sales resulting from HELOC defaults which in turn can lead to foreclosures.

Whether the consumer overextension will flow into the mortgage market remains to be seen, but the total amount of household debt in

Canada is on the rise and that may cause home prices to moderate from their quick rebound after the impact of the global financial crisis.

Flaherty Announces New Mortgage Rules

Federal Finance Minister Jim Flaherty announced new mortgage rules today. Individuals wanting to refinance their homes are now limited to 85% of the homes appraised value down from 90%. Not too long ago Canadians wishing to borrow against their home could do so at 95% of the home’s value.

The policy change was made without a congressional vote. This amounts to a major policy change that will likely affect hundreds of thousands of families every year but did not have to go through parilament and a confidence vote.

According to popular opinion, mortgages are fundamentally a private contract between a bank and a client that should have only basic federal regulation. Canada has one of the most conservative and stringent banking systems in the world which takes on the least bad debt of any banking system in the world.

Opinion on the street yielded following commentary: “Last year the refinancing limit was dropped from 95% to 90 percent in Canada. This year it drops to 85%, where will it stop? If Flaherty is so concerned about household debt he should be doing something about our tax burden. Relieve some of our taxobligations and we won’t need to sell so much of our our souls to the banks for the basic necessities of life.
This is going way too far. After being caught up in last years reduction from 95% to 90% refinancing limitaiton, I have since being setting myself up to refinance to accomplish some very important issues at home based on a 90% mortgage. Now that is all gone at the whim of a self important politician who thinks he knows better about my family than do I! This is far more than the beginning of the end of Canada’s middle class.”

Politicians will argue that they are doing what is best for the people. They know that interest rates are poised to rise so are doing their job to stem the problems rising interest rates may cause. Should rates rise faster than expected, many Canadians may be forced from their homes.

But the other side of the coin is that the household debt that needs reducing first are the high interest credit cards and the loan shark high interest loans. Taking away the possibility to move high interest unsecured debt to low interest secured debt will just mean more money out of pocket for those already struggling with the aftermath of a global economic meltdown coupled with extremely high taxes.

Once again as the government makes housing less affordable for those in growing or recovering businesses and careers, there is no reduction in heavy handed taxes which would also be a way to put more money back in people’s pockets.

In any case, the new mortgage rules are here to stay, so no more refinancing above 85% of the home’s value and of course every new mortgage must qualify at the 5 year fixed rate.

Mortgage Burlington