This Week's Mortgage Market Update Contains:

• Canadians optimistic about house markets
• Canada's housing rebound sparks fear of bubble
• U.S. housing starts lowest in six months

This Week's Quotation:

“The game of life is the game of boomerangs. Our thoughts, deeds and words return to us sooner or later, with astounding accuracy.” -  Florence Shinn

This Week's Highlights:

• The turning point
• Housing starts resume uptrend
• First decline in employment in three months

This Week's Mortgage Market Update Contains:

• Looking for bargains? Head to Hamilton
• They don't pay off their houses like they used to
• Fed pledges to hold rates at record-low levels

This Week's Quotation:

“Show me someone who has done something worthwhile, and I'll show you someone who has overcome adversity.” -  - Lou Holtz

This Week's Highlights:

• Economy stumbles for second month in a row
• Housing starts beat expectations
• Strong rise in retail sales retraces earlier decline

This Week's Mortgage Market Update Contains:

• Real estate fees could be slashed
• Easy credit, soaring prices raise new housing fears
• CMHC needs to review policies

This Week's Quotation:

“Courage is doing what you're afraid to do. There can be no courage unless you're scared.” -  - Eddie Rickenbacker (1890 - 1973)

This Week's Highlights:

• Economy stumbles for second month in a row
• Housing starts beat expectations
• Strong rise in retail sales retraces earlier decline

This Week's Mortgage Market Update Contains:

• Home prices up in August; off 2008 peak: survey
• Why central banks should not raise interest rates
• U.S. mortgage applications slump

This Week's Quotation:

“Make no little plans; they have no magic to stir men's blood...Make big plans, aim high in hope and work.” -  Daniel H. Burnham (1846 - 1912)

This Week's Highlights:

• Housing starts beat expectations
• Job gains stay strong; unemployment rate falls
• Retail sales disappoint

This Week's Mortgage Market Update Contains:

• No strings attached
• Commercial real estate bounces back
• Canadian Rate Increase More Likely After Jobs Gain

This Week's Quotation:

“To find a fault is easy; to do better may be difficult.” -  Plutarch (46 AD - 120 AD)

This Week's Highlights:

• Housing starts beat expectations
• Job gains stay strong; unemployment rate falls
• Retail sales disappoint

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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