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2011 Mortgage Rule Changes | Real Estate in Vancouver 3 of 3 Home Equity Lines of Credit HELOCS

From April 18, 2011 The Government of Canada Will No Longer Guarantee Home Equity Lines of Credit (HELOC) In January 2011, Canada's Department of Finance announced a series of changes to mortgage and property financing rules. These new mortgage rule changes are intended to cool Canada's real estate market and slow Canadians per capita debt growth in the short term and support the long-term stability of the Canadian property market. Jessi Johnson a Mortgage Broker in Vancouver was kind enough to come and explain the changes. In part 1 of 3, we talked about how the Department of Finance rule…

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New 2011 Mortgage Rules and Real Estate in Vancouver with Mike Stewart & Jessi Johnson Part 1 of 3 Amortization!

The New 2011 Department of Finance Mortgage Rule Changes and Real Estate in Vancouver Canada's Department of Finance, which oversees and regulates Canada's mortgage market which has a huge impact on Real Estate in Vancouver has enacted a new series of measures to cool the property market across Canada. The changes announced on January 17, 2011 are designed to allow the government to cool the Real Estate Market without affecting the overall economy by raising the Bank of Canada's Prime Rate. Call in the Expert! As I am Realtor and not a Mortgage Broker, so I called in the expert…

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Amortization by Jessi Johnson Vancouver Mortgage Specialist and Mike Stewart Realtor

 I recently had the pleasure of interviewing Jessi Johnson of the Jessi Johnson Mortgage Team and he was kind enough to explain a term that I hear regularly as a Vancouver Realtor and that is Amortization. Amortization - What is it? Investopedia defines Amortization as follows: "The paying off of debt in regular installments over a period of time." Basically amortization is how long a mortgage loan takes to pay off. Most Buyers in the Vancouver Real Estate Market start out with a 25 year amortization which will take 25 years to pay off. At the start of the…

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Variable Versus Fixed Rate Mortgages with Jessi Johnson Mortgage Broker!

Last week I had the pleasure of meeting up with Jessi Johnson of the Jessi Johnson Mortgage Team to discuss the merits of a Variable Rate Mortgage versus a Fixed Rate Mortgage. What is a variable rate mortgage? This is a mortgage that has an interest rate that changes in line with the Bank of Canada's prime rate.Variable rate mortgages tend to have a lower interest rate than a fixed rate mortgage, but the interest rate on a variable mortgage can change at any time. What is a fixed rate mortgage? A fixed rate mortgage has a set interest rate…

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