This Week's Mortgage Market Update Contains:

• Lenders predict rush before oct. 15 change
• Economic future bright, Flaherty tells chamber
• U.S. Mortgage Applications Index Fell 6.2% Last Week

This Week's Quotation:

"If you limit your choices only to what seems possible or reasonable, you disconnect yourself from what you truly want, and all that is left is a compromise." - Robert Fritz

This Week's Highlights:

• Jobs market stalls
• Housing starts stay above 200,000-unit mark
• Canada's first-quarter contraction not expected to persist

This Week's Mortgage Market Update Contains:

• Bank of Canada holds line again on key interest rate
• Feds rule out 40-year, zero-down mortgages
• U.S. real estate: Take my house -- please

This Week's Quotation:

"When we seek for connection, we restore the world to wholeness. Our seemingly separate lives become meaningful as we discover how truly necessary we are to each other." - Margaret Wheatley

This Week's Highlights:

• Fed talks tough but likely to keep policy steady
• Inflation concerns rising, while downside risks to growth persist
• Downside risks to economy to keep Fed on hold...

This Week's Mortgage Market Update Contains:

• Housing starts slow in June
• Bank ends emergency lending; U.S. stays course
• Currency swings hurt emerging markets returns

This Week's Quotation:

"We judge ourselves by what we feel capable of doing, while others judge us by what we have already done." - Henry Wadsworth Longfellow (1807 - 1882)

This Week's Highlights:

• Housing starts stay above 200,000-unit mark
• All-items inflation rate jumps on higher gas prices
• Jobs market posts modest gain

This Week's Mortgage Market Update Contains:

• Another dip in home sales recorded, but prices continue to increase
• Economic rebound spurs 'sigh of relief'
• U.S. existing home sales edge up in May

This Week's Quotation:

"The undertaking of a new action brings new strength." - Evenius

This Week's Highlights:

• Housing starts stay above 200,000-unit mark
• All-items inflation rate jumps on higher gas prices
• Jobs market posts modest gain

This Week's Mortgage Market Update Contains:

• Soft landing seen for Canada's housing market
• Canada's housing market still strong: central bank
• First American converting to RBC Banks, which is shopping in U.S.

This Week's Quotation:

"Dreams come true. Without that possibility, nature would not incite us to have them." - John Updike (1932 - )

This Week's Highlights:

• Fed to hold policy rate steady until early 2009
• Easing financial market pressures and stronger data to keep Fed on hold in the near-term
• Stronger growth and faster inflation likely to see Bank step to sidelines

This Week's Mortgage Market Update Contains:

• Analysts see Canada's housing market softening as affordability erodes
• Rates have soared, again. What's a homeowner to do? Think variable
• Mortgage Lenders Pledge More Help For Homeowners

This Week's Quotation:

"Remember when life's path is steep to keep your mind even."- Horace (65 BC - 8 BC)

This Week's Highlights:

• Fed to hold policy rate steady until early 2009
• Easing financial market pressures and stronger data to keep Fed on hold in the near-term
• Stronger growth and faster inflation likely to see Bank step to sidelines

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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