If you are unable to view the HTML version click here
In This Issue
Does it Matter if I Have
a Mortgage Pre-Approval Before
House Prices Fall?
The Keys to Your ... House!
Quick Links
  Current interest rates: 

  Prime Rate ...................  2.75
 Qualifying Rate ..............  5.79
  3 year fixed ..................  3.65
  5 year fixed ..................  4.09
  7 year fixed ..................  4.90
  10 year fixed .................  5.55
  Variable rate .................  2.05
                           (prime - .70%)
Tracy Irwin, AMP
Join Our List
Join Our Mailing List
Connect with me
Find us on FacebookView our profile on LinkedIn Follow us on Twitter
Thank you for your support in helping me grow my business by referral.
Many of you have participated in Tracy Irwin's Referral Rewards Program.  I'm thrilled to be able to say thank you in this way!
Does it Matter if I Have a Mortgage
Pre-Approval Before House Prices Fall?

There has been much attention in the media recently regarding a potential housing bubble. In the past few months, we have seen properties staying on the market longer and prices beginning to drop.
 house price falls
What does that mean for the potential homebuyer? Several factors may make it tougher for some people to qualify for a mortgage. Lenders have tightened their guidelines in recent months and will continue to do so.  Appraisals will be lower and evaluation of properties will become much more conservative.
If you are looking to refinance in the near future, it may be a good idea to get pre-approval before there is a correction in the real estate market.  
Here's some e examples of where it can matter:
  •  A borrower who wants a line of credit - If you have 20 - 25% equity in your property, then you will want to get approval as soon as possible. A small drop in the value of your home could change your 'loan to value' above the 80% minimum requirement. 'Loan to value' is the amount of your outstanding mortgage divided by the property's appraised value.

  •  A borrower who wants to refinance for a 90% loan to value maximum - The new lending guidelines dictate a maximum loan to value of 90% for refinancing.  As an example, if your loan to value is 83%, just a small drop in housing prices will reduce your equity.

  •  A borrower who wants to refinance up to an 80% loan to value maximum - 80% loan to value is the maximum amount to qualify for a conventional loan i.e. no high ratio insurance. If your loan to value is 75% or more, even a small drop in housing prices could put your loan to value over 80%, incurring high ratio insurance premiums.
 What should you do? If you are considering refinancing your mortgage then give me a call. Given current market conditions, sooner will be better than later!  
- Excerpts taken from Canadian Mortgage Trends
Forward to a Friend

The Keys to Your ..... House!

Vicky Connor, Keymaster Lock & Safe
Congratulations on the purchase of your new home!
Now that you are ready to move, have you considered having the locks to your new home re-keyed? 
Unfortunately, you have no way of knowing who the previous owners provided keys to. A babysitter, housekeeper, gardener, contractor, neighbour or pet sitter, could already have keys to your new home before you do.
If the locks on your doors are like most locks available at many retail stores, they have very limited combination's - meaning the chances of your neighbour's key fitting your door are as high as 1 in 50.  Something to consider, especially when purchasing a home from a builder in a new subdivision - the builder would purchase the locks in large quantities to be installed in a specific residential area.

Read more to keep safe

 Forward to a Friend

What are the odds of making a hole-in-one?
The Golf Digest study provided many great nuggets of information, even breaking the odds down by quality of play:
  • Tour player making an ace: 3,000 to 1
  • Low-handicapper making an ace: 5,000 to 1
  • Average player making an ace: 12,000 to 1
    I am so excited to share with all of you that I had another hole-in-one on June 20th at Heron Point Golf Links on Hole # 11. (Thank goodness my club has insurance!!)
    Tracy Irwin, AMP
    Mortgage Broker

    I always have time for your referrals. Start earning your referral
    rewards points today by contacting
    me at