Bank of Nova Scotia snares ING for $3.1-billion

Bank of Nova Scotia agreed to buy ING Bank of Canada for <QL>$3.1-billion in a deal that marries one of the country's largest financial institutions with an aggressive upstart that built its name on being different than the big banks. Read more ...

Housing Market Outlook for Kitchener

Kitchener-Waterloo Market at a glance: Existing homes sales will increase slightly in 2012, but decline in 2013 as mortgage market conditions become less accommodating. New listings will remain high and the market balanced through 2012 and into 2013 in KW. New home construction will increase in 2012 due to strong apartment construction. Low mortgage rates and population and employment growth will support housing demand. Read more ...

Weekly Rate Minder

July 31, 2012: This edition of the Weekly Rate Minder has the latest, best rates for Canadian mortgages. At Dominion Lending Centres, we work on your behalf to find the mortgage that suits your needs. Best of all — our service is free.* It's the selected lender that pays us and YOU get the best rate. Please note that rates shown are subject to change without notice. The rates shown are  posted rates and the actual rate you receive may be different, depending upon your personal financial situation. Check with us for full details and to determine what rate will be available for you.*(O.A.C., E.&O.E.) Explore Mortgage Scenarios with Helpful Calculators at http://www.KupinaMortgage.com

Current Mortgage Rates

Term	Bank rates	Our Rates
6 Month	4.00%	3.95%
1 YEAR	3.10%	2.49%
2 YEARS	3.35%	2.79%
3 YEARS	3.85%	3.09%
4 YEARS	4.64%	3.24%
5 YEARS	5.24%	3.09%
7 YEARS	6.35%	3.69%
10 YEARS	6.75%	3.99%

Rates are subject to change without notice. *OAC E&OE Prime Rate is 3.00% Variable rate mortgage from as low as Prime

CMHC forecasts slowdown in housing market ...

Canada Mortgage and Housing Corp. revised its forecasts on Tuesday, saying Canadians should watch for the housing market to "moderate" as both home sales and new construction start to slow. But while many industry watchers agree that a softening is on the way, they are divided about how supple the housing market will get, and how serious the consequences might be. Read more ...

45% of Canadians Don’t Set Aside Emergency Funds...

A new poll for one of Canada's big banks says 45 per cent of those surveyed saying they had no fund set up to deal with emergency expenses. Ontario and Alberta residents were the least likely to say they to had an emergency fund set up – 53 per cent of respondents in each province. Read more ...

Don't Fear the Small Mortgage Lenders!

Mortgage lenders come in all sizes, ranging from RBC – the biggest in the country – to tiny wholesale lenders and credit unions. If you're interested in getting the best rate possible, you need to be open to saving money with a smaller mortgage company. Read more ...

The Importance of Credit

A good credit report and credit score are important factors in determining whether you will be approved for a mortgage. Following are some simple steps you can take to maintain a good credit history and improve your chances of being approved. What is a credit score?  Your credit score is a number that illustrates your financial health at a specific point in time. It also serves as an indicator of your financial past, and how consistently you pay off your bills and debts. This is one of the factors mortgage professionals consider in qualifying you for a mortgage. Checking your credit score  To find out your credit score, contact Canada's two credit-reporting agencies: Equifax Canada at www.equifax.ca and TransUnion Canada at www.transunion.ca. For a fee, these agencies will provide you with an online copy of your credit score as well as a credit report – a detailed summary of your credit history, employment history and personal financial information on file. You can also obtain a free copy of your credit report by mail every year. If you find any errors in your report, notify the credit-reporting agency and the organization responsible for the inaccuracy immediately. Credit history  It's important to begin building a credit history as early as possible. You can start by applying for – and responsibly using – a credit card. Your financial institution or mortgage professional can help. Boosting your credit  Demonstrating your ability to manage credit is key to maintaining a good credit score. There are a number of things you can do to improve your credit score, including:

• *Always pay your bills in full and on time. If you can't pay the full amount, try to pay at least the required minimum shown on your monthly statement
• *Pay off your debts (such as loans, credit cards, lines of credit, etc) as quickly as possible
• *Never go over the limit on your credit cards, and try to keep your balances well below the limits
• *Reduce the number of credit card or loan applications you make

Once your credit score has improved, work with your mortgage professional to obtain a mortgage that works for you. To find out more about credit scores and reports, visit the Financial Consumer Agency of Canada website at www.fcac-acfc.gc.ca and download or request a free copy of their guide, Understanding Your Credit Report and Credit Score. This guide provides practical, straightforward information on how to obtain and understand your credit report and score, as well as how to build and maintain a good credit history. Kupina Mortgage Team

Maximum Mortgage Prepayments

Canadians seeking a sure-fire investment return should look no further than their mortgage. Paying it down as quickly as you can will, in most cases, result in a stellar return on your investment. Prepayment options are worth exploring because paying down even a small amount of principal (the true cost of the mortgage loan minus the interest) has huge benefits over the life of a mortgage. Mortgages are front-loaded when it comes to interest meaning, in the early years, most of the money you pay goes toward paying the interest on the amount you borrow as opposed to the principal. For instance, if you borrow 95% of your home's value, you're paying $3 of interest for every $1 of principal you pay. So, by paying an extra $1 of principal, that's $3 less you'll have to pay in interest, at least in the early stages of a mortgage. Range of prepayment options There are a variety of ways to make prepayments work to pay down your mortgage faster. We can discuss your specific needs, but following are some general rules. Most lenders allow you to make a lump-sum payment of anywhere between 10% and 25% of the value of your mortgage per year. The lump-sum payment is based on either the original amount you borrowed or the amount currently outstanding. Since mortgages decrease with each payment, it's best to negotiate a lump-sum payment option based on the original amount you borrow. That way, if you come into an inheritance, a big bonus or save a large sum of money, you can pay down the largest amount possible. Another factor to consider is when you can make a lump-sum payment. Some mortgages allow prepayments during the year, while others permit it only on the anniversary date. Still others allow you to make prepayments on the day you make your regular payment. If you can't pay the maximum prepayment amount, it's still worth your while to at least make some extra payment, even if it's a few thousand dollars each year. That will still save you thousands of dollars in interest payments. Another prepayment option involves taking advantage of flexible payments. Most lenders allow you to increase your regular payment up to a set maximum, such as 15%, while others allow you to double up your payments. If, for instance, you have a $1,000 per month mortgage payment and increase it by 15% to $1,150, you could shave off as much as five-and-a-half years on a $200,000 mortgage. You can also pay off your mortgage faster by moving to a different payment schedule. Instead of making monthly payments, make them biweekly or even weekly. Using an accelerated mortgage – where you make payments every two weeks as opposed to twice a month – you actually make one extra payment in the calendar year. By paying more and paying faster, you reduce your principal earlier, which lowers the amount of interest you pay. Another option is to round up your mortgage payment from, say, $766 to an even figure such as $800, because any extra little bit goes toward the principal. As always, if you have any questions about paying off your mortgage faster or about your mortgage in general, I'm here to help! Kupina Mortgage Team

One-third of young Canadians have no retirement savings!

Nearly a third of young Canadians have not started saving for retirement, although a quarter of them want to leave the work force early. A poll released Wednesday by the Bank of Montreal found that 27 per cent of young adults, defined as those between the ages of 18 and 34, say they have not started saving for retirement. Read more ...

Now is the Time to Invest in Property for Your Business

Low interest rates, low vacancy rates and tight supply are a cue to look at buying a building for your business. Read more...