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3rd Annual Holiday Charity Campaign

Season's Greetings,

Holiday mode is in full swing, with parties and corporate events and time with family and friends.  However, it is also a time to look back at 2012, which has been another wonderful year for Mortgage Connection. We are truly blessed to work with such wonderful clients.  Thank you for your continued support in allowing us to help you with such an important financial decision.

We are set to start our 3rd Annual Holiday Charity Campaign and donate to five worthy causes.  How it works is we ask you, our valued clients, to nominate a charity and then we will select five from this list and provide a three thousand dollar donation to each, "on behalf of the clients of Mortgage Connection." 

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The Times They are a Changin'

A summer full of changes that will lead into a fall filled with more. 

Lenders for Sale:

For mortgage borrowers, there have been further changes to the lender landscape.  A major one is that Firstline Mortgages (the largest lender in the mortgage broker sector) turned of the lending tap at the end of July.  Firstline had been for sale, but with CIBC looking to keep the book of business, there was no deal out there to be had for the brand name alone.  CIBC (who already owned the Firstline brand), moved the business fully under the CIBC umbrella. Although the change has no direct impact on existing Firstline mortgage holders, it does impact how Mortgage Connection, as your broker, can handle your mortgage needs.  If you have a Firstline Mortgage, we suggest we review your currentt plan and make sure it makes the most sense for you long term.  Before you do anything with CIBC directly, it is important to talk to us to make sure your best interests are being considered.

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May Update

Hopefully spring has sprung and warm weather is here to stay!

From our side of things, the spring market was kick-started by significant rate wars among mortgage lenders.  Historically low, long term fixed rates, led to an influx of pre-approvals and pushed some fence sitting potential buyers into the market.  Although the lenders have calmed down a bit and removed most of the specials we saw in March, we are still seeing extremely low pricing in the market.

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Rates, Liquidity, We're Moving, Oh My

Well, 2012 has started with a bang in the mortgage market. BMO announcing a 2.99% 5 year fixed rate, has stirred up a frenzy among lenders.  However, it is very important to know what mortgage product makes the most sense for your specific goals and to develop a mortgage plan that is part of your overall financial goals.  Mortgage Connection has the slogan "Providing more than an interest rate since 1991" and looking beyond rate has never been more important.  The reason is that many products are offering great rates, but they are filled with restrictions that may cost you thousands down the road. 

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The Forecast-It is not just Snow!

The long extended fall we enjoyed is officially over, however, at least the snow has stopped for a couple of days!  The end of 2012 is quickly approaching and it was a big year in the mortgage world. 

On the national level, we have seen more banking regulations that have greatly changed the mortgage approval process and lenders leaving the lending landscape.  This coupled with the ever-looming concern of over debted Canadians has slowed down many markets.    Locally , a different story in unfolding.  We have seen a rebound in the Calgary market and the term "HOT" is starting to be thrown around again.

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Mortgage Market Changes-How about Another Round

June is the start of summer, but also property tax season.  This is reminder that for most municipalities, taxes are due June 30th.  If you believe your mortgage lender is paying your taxes, or you are on a monthly installment directly to the municipality, please double check your tax bill to ensure things are set up as such.  If you pay annually, do not forget to pay this on time, as the charges for late payments are quite hefty.  If you have any question regarding your taxes, please feel free to contact Mortgage Connection.

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Come See us on March 28th

Are things heating up in Calgary?  We are starting to think so.  Perhaps the perfect storm for buying real estate has hit the market.  Interest rates remain at historic lows, job creation in Alberta continues to grow and housing inventory is still plentiful. 

This is not to say that there is not uncertainty in the markets.  Obviously, times remain uneasy globally.  Real estate bubble talk, potential further changes to Canadian mortgage regulations, coupled with an ongoing debt crisis, and economists readying for possible 200-400 dollar oil if Iran closes The Strait of Hormuz, can put the scare in anyone.  The message here is not to spend wildly, but also not to ignore a once in a lifetime interest rate opportunity. 

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Selected Charites

The 2nd Annual Holiday Campaign has come to a close.  We would like to thank everyone that nominated a deserving charity. We are happy to announce our selections, each of whom will receive a three thousand dollar donation "on behalf of the clients of Mortgage Connection":

Right to Play, Mustard Seed, Poppy Fund, Seva Canada and Children's Cottage

Mortgage Connection is able to make these donations because of working with wonderful clients like you.  We thank you for helping make a difference and are very grateful that you trust us to be your mortgage experts. 

May your holiday season be filled with joy and may you have a prosperous 2012.