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                               April 2013  |  Edition #45
Mortgage Loan Minute 60 seconds to informed home ownership
In This Issue
Homeownership Education Week
Tracy's Q and Eh?
Co-Signing a Child's Mortgage?
XPANSE for Separation or Divorce
Amazing But True Golf Facts

Top Current Interest Rates image
  Current interest rates: 

  Prime Rate         ................ 3.00
  Qualifying Rate  ................  5.24
  6 month              ..............  6.70
  1 year                 ..............  2.69
  2 year                 .............. 2.69
  3 year fixed        ................ 2.79
  4 year                ............... 2.99 
  5 year fixed       ...............  2.99
  7 year fixed       ...............  3.59
  10 year fixed     ................ 3.69
  Variable rate     ................ 2.60
  (Prime - .40%)
Bottom Current Interest Rate image

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Tracy Irwin, AMP

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Homeownership Week

April 8 - 12, 2013

Presented by Genworth Canada, Homeownership Week was designed to offer "a better way to homeownership" and features short and snappy videos with tons of expert input on topics such as "4 Questions to Ask Your Mortgage Broker" with Tracy Irwin. See Tracy in lights, camera, action!  

Tracy's Q and Eh?

 Q:  Did last month's federal budget include changes to mortgages? 

Eh:  Yes! There was a new proposal to restrict the use of default insurance on low-ratio mortgages (i.e., those with 20% or more equity).

The Department of Finance says it will gradually prohibit lenders from bulk insuring low-ratio mortgages unless those mortgages are part of a CMHC-backed securitization program. Here's what this may mean to borrowers and lenders... read more...

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Understanding the tax implications of co-signing a child's mortgage

Jamie Golombek writes the "Tax Expert" column in the National Post. In the spirit of enlightenment, we share Jamie's recent article with every parent who has ever wanted to help one of their children. 

"One of the most common ways a parent can help out a child is to either gift or loan them money to assist them in financing their first home. Alternatively, parents who either can't afford to make a gift or loan, or perhaps simply don't want to, may still be in a position to do the next best thing - guarantee the mortgage on their kid's home.

The Canada Revenue Agency recently responded to a taxpayer inquiry involving such a loan guarantee. In the case in question, two taxpayers we will call Jack and Diane were getting a divorce and Diane wanted to buy her own home. Her parents co-signed for the mortgage so she could purchase the new home since she already owned an existing home with Jack that they were trying to sell.

Diane's parents neither lived in the new home nor contributed any money toward the purchase of the home, nor did they pay for any of the utilities, property taxes or repairs. Diane and her parents also signed a document stating that the parents "have no financial interest in the home." Notwithstanding all this, however, Diane's parents hold legal title to the new home since they were required to co-sign for the mortgage.

Diane's parents also own their own home in another city, which they have lived in for many years. Diane and her parents would like to leave their names on the title of the new home since they want to avoid paying land transfer tax to have their names removed from the property. Diane wrote to the CRA..." read more


Have a question about helping your kids with their mortgage? Ask Tracy!

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Going Through Separation or Divorce?


XPANSE provides access to support, tools, resources and inspiration. Become part of a holistic empowerment program designed for women by women and connect with an integrated team of 'Empowerers' that offer you a sense of ease in all areas of your life.  
Trish Petersen  

Meet Empowerer, Trish Petersen,
Money Coach 


As a certified money coach, Trish's goal is to first help identify any unconscious beliefs about money that might prevent you from being truly fulfilled in life. These underlying beliefs impact your day-to-day behaviours around money and ultimately your success. Trish's unique approach comes from... read more.  
Learn more about the XPANSE program and enroll in the next program starting soon!      



Amazing But True Golf Facts (and Trivia)

Question: What was the name of the Country Club featured in the 1978 movie, Caddyshack?

Answer:  Bushwood


Tracy Irwin, AMP
Mortgage Broker

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