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Variable and multi-term fixed= bye bye future negotiating power

Whether it is nobler in the mind to suffer the swings and harrows of off-side variables, or to simply go fixed:  that is the question.

When your mortgage term is up- is your balance up, too?

About 5% of the mortgages being done in Canada the summer of 2007 were "sub-prime" mortgages.

If you obtained a "sub-prime" mortgage before they stopped doing new business in Canada during the July to December 2007 period, you may have some hard decisions to make soon.  This is especially true if your mortgage started with a three year term.  If you have a five year term, you have more time to plan to pay your mortgage off in full.

Pay your mortgage in full?  Who can do that three years after taking out the mortgage?  This is 

BMO Fraud civil claim no reason for higher rates tomorrow

Are mortgage rates going up because of uncovered massive fraud?

Last week, CBC's breaking news story of a civil lawsuit started by the BMO-Bank of Montreal, at the Calgary Court of Queen's Bench, action 0901-07347, has caused quite a stir of media activity and consumer speculation.

The action is to reclaim about $30 million in mortgage losses. Alleged master-minds also pulled their schemes off with another sixteen financial institutions, according the the BMO statement of claim.

With a sitting Member of Parliament on the list of defendants,

Alberta's "act of God" land locked oil spill value

Watching the news over the weekend leads to this May 3, 2010 report.

Breast Cancer research fund-raiser

Please check out Facebook "MAC Rally of Hope"!

It is the second stop of a cross Canada motorcycle rally, arriving in Calgary at Canada Olympic Park on July 12, 2010.  Timings?  5-10pm

It will be the best leg of a cross Canada event, because Calgarians know how to celebrate and donate!

If a family attending, there is entertainment for the kids:

  • Face painting
  • Kid's crafts
  • Merlin the magician

For the "kids" at heart:

  • Dunk Tank
  • Water guns
  • Bocce Ball

With music

Self Employed Income Qualification

As a self-employed individual, you have the ability to make more money selling your goods or services than working for wages for some one else.  You also have the ability to do some tax planning that is not limited to the "normal" T-4 income to continue to build your Canada Pension, and now contribute to EI for health related loss of income.  Cash from the company can be received through dividends, repayment of shareholder loans, and income splitting within the family.

Damned if you don't and damned if you don't

The Conference Board of Canada March review of home prices for metropolitan areas, produced in March 2010, said house prices in Calgary were most likely to increase between 5-7% in the next six months, year over year.

At the same time, there are a number of forecasts that interest rates are going to increase again.

So, what does this mean if you have been struggling to put a down payment together in order to avoid "the boiler-maker mortgage" option?   That option is in another video.  It has a higher interest rate compared to having a saved down paym

Coke prices go up 56% in April!

This information is from Scotiabank's Commodity Price Index news release on April 22, 2010.  It advises that premium-grade hard coking coal contracts with Japanese steel mills has moved from $US128 per tonne to $US200 per tonne.  That's a 56.25% increase.

Better news yet, is the Asian market for Hamersley fines iron ore moved from 97 US cents per dry metric tonne to 184 cents: that's a fraction shy of 90% increase.

This is a great lift in the building blocks of manufactoring- steel, and especially since world steel production increased almost 31

Layoff fears an opportunity?

The recent recession has changed unemployment rates in Alberta from a low of 3.5 in October '08 to a high of 7.5% in March '08 according to Stats Can labour market numbers.

There is bound to be rumours in many companies about lay-offs.  Of course, senior management creates new jargon about lay offs with each change of economy or corporate plan. 

What words have we heard before to avoid using, lay off?   Re-organize, re-engineer, restructure, right size, rationalize...and I think the new one is simplify.

There will always be rum

Condo fee conversion for mortgage qualification

A number of people look at buying townhouse condos instead of half side duplexes or smaller houses because there is an element of "sticker shock".   The half side or smaller house often have a higher price than the townhouse condo.  Price is important.

For rule of thumb for qualifying, when using a five year fixed rate, 35 year amortization mortgage on a house bought with five percent down- I have used 4.64% as a test rate.

For each $100 of monthly condo fee, it equates to the qualifying power of about $10,000 of net mortgage proceeds.  Net mortgage proce

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