Mortgage Loan Minute
... 60 seconds to informed home ownership
Mortgage
 
In This Issue
Canadian Government Reacts to U.S. Sub Prime Crisis
Home Inspectors, Home Maintenance and You!
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  Current interest rates:

  Prime Rate ................... 4.75
  3 year fixed ..................  5.25 
  5 year fixed ..................  5.24
  7 year fixed ..................  5.74
  10 year fixed .................  5.90
  Variable rate .................  4.10
Tracy Irwin, AMP
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Canada Reacts to U.S. Sub Prime Crisis

The Government of Canada announced changes to the mortgage industry to protect and strengthen the Canadian housing market. 

The new measures will take effect October 15, 2008 and include;
  • Fixing the maximum amortization period for new mortgages at 35 years (previously 40 years)
  • Requiring a down payment of 5% for new mortgages (previously 0%)
  • Establishing a consistent minimum credit rating for individuls of 620 (previously 600)

What this means to you:

These new measures are designed to ensure Canada's housing market remains strong and to reduce the risk of a similar U.S.  housing bubble developing in Canada.

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Home Inspections:  More Than Meets the Eye!
Pat Thomson, Home Probe Inspections
 
Purchasing a home is probably the biggest investment most of us will ever make.  To help make an informed decision about the purchase, a home inspection is invaluable, providing a snapshot in time of the condition of the home's systems and components and what to expect for future performance.    
  
Although there is no mandatory certification in Canada, a qualified home inspector will be a member of The Canadian Association of Home and Property Inspectors (CAHPI) or its affiliate in Ontario, The Ontario Association of Home Inspectors (OAHI).  These are self-regulating bodies that ensure members have taken housing science, inspection and building code courses to continually upgrade their skills.  The association also requires inspectors to perform to specific Standards of Practice and Care as well as a Code of Ethics.       
 

AMAZING BUT TRUE GOLF FACTS
 
Fannie Sunneson has caddied for both Nick Faldo and teen sensation Michelle Wie.  Faldo said Sunneson told Wie her caddie duties were similar between the two golfers except, "that if it was a 6-iron for me, she gives Michelle a 7."
 
You know what they say ..."youth is wasted on the young."
 
Tracy Irwin
The Mortgage Centre
1-866-797-7616