TORONTO Feelings of financial insecurity could overwhelm the Christmas giving spirit, making Canadians less likely to splurge on holiday shopping this season, according to a survey released Tuesday by Deloitte Canada.

With a growing number of respondents pessimistic about the economy and more people choosing to pay down their debts, holiday budgets could be squeezed.

Only 29 per cent of Canadians surveyed said they expect the economy to improve in the coming year, while 33 per cent thought it will decline, the report found.

Last year, nearly half — 49 per cent — of Canadians were optimistic about the economy for the coming year and 15 per cent had a negative outlook.

“The uncertain global economy and the resulting volatility of the stock market, the Canadian dollar, and fuel prices have taken their toll on Canadians’ confidence,” said Jean-Philippe Vorsanger, a retail consultant with Deloitte Canada.

“Survey respondents told us that their highest priority is to pay off debt, although debt to income ratios continue to rise across the country and are now much higher than those of Americans who have focused on paying down their debt in the past couple of years,” Vorsanger said.

Top government officials have been warning Canadians about piling on too much debt during this low interest rate climate because it could become too burdensome to pay back when interest rates inevitably rise. Still, debt-to-income ratios — the amount Canadians owe compared to how much they earn — have risen to an all time high.

Meanwhile, Deloitte notes its consumer confidence index has dropped to 75 from 89 last year — though Canadians are still more optimistic than shoppers south of the border, where the confidence index hovers around 45.

Half of Canadians said they will stick to a budget, with the median being around $477. Those earning less than $30,000 reported a median budget of $264 while those households with an income greater than $150,000 reported a median budget of $816.

“As a result, retailers should anticipate low, single-digit growth over the holiday shopping season,” Vorsanger said.

By region, shoppers in the Vancouver area are less optimistic about the economy, with two-thirds of consumers saying they felt the economy would stay the same or improve, compared to 80 per cent a year ago.

Those in Prairie province cities such as Edmonton, Calgary and Winnipeg, where unemployment is lower than the Canadian average were more positive than elsewhere, with about three-quarter responding they expect the economy to improve or stay the same.

In Montreal, the economic outlook is worse than last year with 60 per cent of consumers feeling positive compared to 89 per cent last year.

Meanwhile, those in Atlantic Canadians said they will spend more than the average Canadian this year during the holiday season, though 42 per cent said they felt the economy would remain the same over the next year.

Source: The Canadian Press

It's about a choice The BestRateGuys.com provides Canadian homeowners with access to the hundreds of mortgage products available through Canada's many banks, trusts, credit unions and Mortgage Companies. Typically our services are free of charge, AND YOU, our customers can select from the best mortgages, at the best rates, available in the marketplace! You should insist on expert advice AND professional service. A typical Financial Institution will provide you with information on the mortgage products THEY sell; while we will help you decide which Financial Institution, and which mortgage OFFER, is the best one for you.

It's about making the right decision More and more Canadians are discovering that the best mortgage decision they can make is to choose to work with us.

Take the next step now and contact us to ensure you receive expert and unbiased advice - and the professional service you deserve.

Start now. Apply online, in person or by phone @ 1.866.RATE.033 and let us help get you into the home of your dreams.

The BestRateGuys.com lowest rate guarantee is our commitment to find you the lowest possible Canadian fixed mortgage rate in terms of your situation. If we can't at least match an offer made another financial institution we will give you a $50.00 gift card just for giving us a try. Really, what have you got to loose? Call us today to discuss your mortgage options. See terms and details of $50.00 give away offer. Interested in learning more about mortgages? Subscribe to our news and articles blog on our website. This will give you up to date mortgage information brought directly to your email inbox.

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Sincerest Regards,

Paul Smith

Mortgage Agent

VERICO Designer Mortgages

www.BestRateGuys.com

FSCO Licence M09000027

TORONTO, Aug. 29, 2011 /CNW/ - Despite fifty-nine per cent of Canadians labeling themselves ’savers’ versus spenders when it comes to how they treat their money, a new survey from ING DIRECT released today reveals that one in two Canadians are unable to put away an extra $25 a week. Forty-one per cent say being able to save this relatively small amount per week would make them happier, and get them closer to reaching their most important financial goal this year - namely paying off debt (25%).

Eight months into 2011 - with economic conditions largely uncertain - average Canadians are finding it more challenging to save money than they did just a couple of years ago. Forty-six per cent of Canadians admit that saving money is more difficult today, and 31% admit they are nowhere near reaching their 2011 financial goals, although they are holding out hope that they will still achieve them.

“Mounting pressures have made saving difficult, yet a lot of average Canadians appear unwilling to commit to the small daily changes that help save a little money each week, and lead to greater financial well-being,” explained Peter Aceto, President and CEO, ING DIRECT.

“Just like eating healthy and exercising, changing some everyday habits can go a long way to getting people closer to longer-term, important savings goals, like paying down debt and saving for retirement. Instead of focusing on how to make big dents into debt repayment or radically changing a standard of living, think about cutting back some of the smaller daily spending, which is often unaccounted for and adds up significantly over the course of several months.”

When asked how they could save an extra $25 per week, those surveyed said they would cut back on small everyday expenses by eating out less (47%), doing less shopping (40%), making lunch and coffee at home (24%), using coupons (23%) and cutting down on groceries (23%).

The survey found that groceries are the biggest monthly expense for many Canadians (32%) aside from rent and mortgage payments.  When asked how they would pay for an unexpected expense of more than $1,000, more than third (34%) of those surveyed said they would use their line of credit or credit card to cover it. Interestingly only 11% said they would dip into their emergency fund.

Thirty-six per cent of Canadians said that they don’t save any money on an annual basis, and half of Canadians (54%) indicated they live paycheque to paycheque.

The impact of $25 per week

Saving an extra $25 extra per week equals more than $1,300 per year, plus interest. Twenty-five dollars per week invested in the ING DIRECT high interest, no fee savings account, compounded over the last 10 years at an average rate of 2.53%, would have yielded close to $15,000 today.

“The point isn’t to cut out the daily indulgences that people enjoy, but to put a limit on them and find a healthy balance between spending and saving,” said Aceto. “Time and again, the feedback we get from Canadians is how quickly their savings add up over time absent of fees and with the power of compounding interest. We’re proud to have paid more than $5 billion in interest to Canadians, most whom have built up their saving accounts little by little over the years.”

About ING DIRECT

ING DIRECT is Canada’s leading direct bank with over 1.7 million Clients and more than $37.6 billion in total assets. ING DIRECT gives the power of saving to all Canadians by offering high-value, simple products such as high interest savings accounts with no fees or service charges, low rates on mortgages and a no-fee daily chequing account that actually pays interest. Low cost, index based mutual funds are sold through ING DIRECT Funds Limited. ING DIRECT has been operating in Canada since 1997, and paid more than $5 billion in interest to Clients. ING DIRECT is open for banking 24 hours a day, 7 days a week, at ingdirect.ca, on mobile devices at m.ingdirect.ca or by calling 1-800 ING DIRECT (1-800-464-3743).

About the Survey

From August 8th to August 9th 2011 an online survey was conducted among 1,005 randomly selected Canadian adults who are Angus Reid Forum panelists. The margin of error—which measures sampling variability—is +/- 3.1%, 19 times out of 20. The results have been statistically weighted according to the most current education, age, gender and region Census data to ensure a sample representative of the entire adult population of Canada. Discrepancies in or between totals are due to rounding.

It's about a choice The BestRateGuys.com provides Canadian homeowners with access to the hundreds of mortgage products available through Canada's many banks, trusts, credit unions and Mortgage Companies. Typically our services are free of charge, AND YOU, our customers can select from the best mortgages, at the best rates, available in the marketplace! You should insist on expert advice AND professional service. A typical Financial Institution will provide you with information on the mortgage products THEY sell; while we will help you decide which Financial Institution, and which mortgage OFFER, is the best one for you.

It's about making the right decision More and more Canadians are discovering that the best mortgage decision they can make is to choose to work with us.

Take the next step now and contact us to ensure you receive expert and unbiased advice - and the professional service you deserve.

Start now. Apply online, in person or by phone @ 1.866.RATE.033 and let us help get you into the home of your dreams.

The BestRateGuys.com lowest rate guarantee is our commitment to find you the lowest possible Canadian fixed mortgage rate in terms of your situation. If we can't at least match an offer made another financial institution we will give you a $50.00 gift card just for giving us a try. Really, what have you got to loose? Call us today to discuss your mortgage options. See terms and details of $50.00 give away offer. Interested in learning more about mortgages? Subscribe to our news and articles blog on our website. This will give you up to date mortgage information brought directly to your email inbox.

Check Us Out on Social Networking Sites

Or Click to Call Us

Sincerest Regards,

Paul Smith

Mortgage Agent

VERICO Designer Mortgages

www.BestRateGuys.com

FSCO Licence M09000027

It's about a choice The BestRateGuys.com provides Canadian homeowners with access to the hundreds of mortgage products available through Canada's many banks, trusts, credit unions and Mortgage Companies. Typically our services are free of charge, AND YOU, our customers can select from the best mortgages, at the best rates, available in the marketplace! You should insist on expert advice AND professional service. A typical Financial Institution will provide you with information on the mortgage products THEY sell; while we will help you decide which Financial Institution, and which mortgage OFFER, is the best one for you.

It's about making the right decision More and more Canadians are discovering that the best mortgage decision they can make is to choose to work with us.

Take the next step now and contact us to ensure you receive expert and unbiased advice - and the professional service you deserve.

Start now. Apply online, in person or by phone @ 1.866.RATE.033 and let us help get you into the home of your dreams.

The BestRateGuys.com lowest rate guarantee is our commitment to find you the lowest possible Canadian fixed mortgage rate in terms of your situation. If we can't at least match an offer made another financial institution we will give you a $50.00 gift card just for giving us a try. Really, what have you got to loose? Call us today to discuss your mortgage options. See terms and details of $50.00 give away offer. Interested in learning more about mortgages? Subscribe to our news and articles blog on our website. This will give you up to date mortgage information brought directly to your email inbox.

Check Us Out on Social Networking Sites

Or Click to Call Us

Sincerest Regards,

Paul Smith

Mortgage Agent

VERICO Designer Mortgages

www.BestRateGuys.com

FSCO Licence M09000027

TORONTO - Home ownership in Canada became more expensive for the second straight quarter, but recent global market and economic turmoil could actually help keep a lid on expenses by keeping interest rates low, RBC Economics reported Monday.

During the second quarter of 2011, the proportion of pre-tax income required to service the costs of owning a home increased for all types of houses measured in RBC’s housing affordability index. But that trend may turn around going forward, said Craig Wright, RBC’s senior vice-president and chief economist.

“Renewed turmoil in global financial markets has caused heightened uncertainty with respect to the pace of global growth and we need to factor this into our outlook for the Canadian housing market,” said

“However, this volatility might have a silver lining; housing affordability in Canada may not deteriorate as quickly or by as much as we previously expected.”

Plunges in stock markets around the world in recent weeks have been driven by investor fears that the global economy is slowing down and could even re-enter a recessionary period.

Such uncertainty, however, means the Bank of Canada will be in no hurry to raise interest rates in Canada, which helps keep variable rate mortgage costs down.

RBC expects that the central bank will now keep interest rates at the current low one per cent until the middle of next year. Earlier this year, economists had expected the Bank of Canada would start raising its key rates this summer.

“What is less transparent is the degree to which affordability will be affected,” Wright said.

“Our latest forecast had home prices hitting a plateau later this year and continuing into 2012. The postponement of interest rate increases might motivate homebuyers to stay active longer, extending the current upward momentum in prices and, in turn, acting as an element eroding affordability.”

Soaring expenses in Vancouver drove the entire national index higher.

The quarterly report said detached bungalows in Vancouver were especially expensive, with the cost of mortgages payments, utilities and property taxes equivalent to 92.5 per cent of a typical household’s monthly income.

That’s up 10.4 percentage points from the previous quarter.

The report says there’s growing evidence that the cost of home ownership is keeping local buyers out of the Vancouver market.

“Vancouver’s housing market is without a doubt the most stressed in Canada and is facing the highest risk of a downturn,” said Wright.

By contrast the measure for the second-most expensive major city, Toronto, was 51.9 per cent (up 2.0 percentage points) and the national figure was 43.3 per cent (up 1.7 percentage points).

Overall, the bank’s home affordability index dipped for the second straight quarter as home prices moved higher and mortgage rates increased.

However, the bank found that most local markets continue to be reasonably affordable, or at worst, slightly unaffordable, despite the increasing costs.

“By and large, the share of household budgets, taken up by the costs of owning a home at current market values, remains close to historical norms,” Wright said.

“However, extremely poor and rapidly eroding affordability in the Vancouver-area market is somewhat skewing the national picture.”

RBC’s housing affordability index measures the proportion of pre-tax household income that would be needed to service the costs of owning a specified category of home at going market values.

During the quarter, the cost of owning a condo rose 0.8 per cent, a detached bungalow cost 1.7 per cent more and a two-storey home was 1.8 per cent higher.

Meanwhile, it said Alberta is an attractive province for would-be homebuyers, as home ownership in Calgary remains very affordable.

In Montreal, home ownership cost about 42.6 per cent of a typical family’s pre-tax income, up 1.4 percentage points from the first quarter.

Other major cities in the survey include: Ottawa (41.2 per cent, up 1.3 points), Calgary (37.1 per cent, up 0.6 points) and Edmonton (33.8 per cent, up 0.6 points).

The Canadian Real Estate Association said last week that the average home price is expected to moderate in the second half of the year, returning to normal following a heavily skewed start to the year due to a surge in multimillion-dollar sales in selected areas of Vancouver and a higher than normal share of overall sales in more expensive markets.

Additional new listings should also result in a more balanced resale housing market in most provinces, with the national average price forecast to stabilize in 2012.

It forecast that the average home price will rise 7.2 per cent in 2011 to $363,500.

Source The Canadian Press

It's about a choice The BestRateGuys.com provides Canadian homeowners with access to the hundreds of mortgage products available through Canada's many banks, trusts, credit unions and Mortgage Companies. Typically our services are free of charge, AND YOU, our customers can select from the best mortgages, at the best rates, available in the marketplace! You should insist on expert advice AND professional service. A typical Financial Institution will provide you with information on the mortgage products THEY sell; while we will help you decide which Financial Institution, and which mortgage OFFER, is the best one for you.

It's about making the right decision More and more Canadians are discovering that the best mortgage decision they can make is to choose to work with us.

Take the next step now and contact us to ensure you receive expert and unbiased advice - and the professional service you deserve.

Start now. Apply online, in person or by phone @ 1.866.RATE.033 and let us help get you into the home of your dreams.

The BestRateGuys.com lowest rate guarantee is our commitment to find you the lowest possible Canadian fixed mortgage rate in terms of your situation. If we can't at least match an offer made another financial institution we will give you a $50.00 gift card just for giving us a try. Really, what have you got to loose? Call us today to discuss your mortgage options. See terms and details of $50.00 give away offer. Interested in learning more about mortgages? Subscribe to our news and articles blog on our website. This will give you up to date mortgage information brought directly to your email inbox.

Check Us Out on Social Networking Sites

Or Click to Call Us

Sincerest Regards,

Paul Smith

Mortgage Agent

VERICO Designer Mortgages

www.BestRateGuys.com

FSCO Licence M09000027

Genworth MI Canada Inc. (the “Company”) today announced a substantial issuer bid, pursuant to which the Company will offer to purchase for cancellation up to C$160 million of its common shares.

“The Company believes that this share repurchase will enhance capital efficiency while maintaining capital flexibility,” stated Brian Hurley, Chairman and Chief Executive Officer of the Company.  “We considered the recent market price of the Company’s common shares, and believe that it does not fully reflect the value of our business including our future potential”.

Shareholders wishing to accept the proposed bid will have the opportunity to tender, pursuant to a Dutch auction process, the number of shares they wish at a price they select, within a range of not less than C$26.00 per share and not more than C$29.00 per share. Alternatively, shareholders may make a proportionate tender that will allow them to maintain their current proportionate share ownership in the Company following the completion of the bid.

Genworth Financial, Inc., the Company’s majority shareholder (via its indirect wholly owned subsidiary, Brookfield Life Assurance Company Limited), has advised the Company that it intends to tender a sufficient number of shares to maintain its ownership at the current 57.5% level.

The purchase price to be paid by the Company for each common share properly tendered will be based on the number of shares tendered and the prices specified by shareholders making tenders pursuant to the Dutch auction process, and will be the lowest price which enables the Company to purchase shares up to the auction limit, determined in accordance with the terms of the bid. Shares tendered at prices equal to or below the purchase price will be purchased at such purchase price. Shares tendered at prices above the purchase price will be returned to shareholders.

The common shares trade on the Toronto Stock Exchange under the symbol MIC. As of May 5, 2011, there were 104,795,681 common shares outstanding.  If fully taken up the offer represents the cancellation of  5,517,241 to 6,153,846 shares, or approximately 5.3% to 5.9% of the common shares outstanding.

This press release is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell the Company’s common shares. The solicitation and the offer to buy the common shares will only be made pursuant to a separate offer to purchase and issuer bid circular. The offer to purchase and issuer bid circular, with the terms of the offer and instructions for tendering common shares, will be mailed to shareholders and filed with Canadian provincial securities regulators. The offer will remain open for acceptance for 35 days after the date of commencement, currently expected to be June 14, 2011, unless withdrawn or extended by the Company. The Company advises its shareholders to read the offer to purchase and issuer bid circular, when they are available, as they contain important information.

The Company has retained Scotia Capital Inc. and its U.S. affiliate to act as dealer managers in connection with the offer.

About Genworth MI Canada Inc.

Genworth MI Canada Inc., through its subsidiary, Genworth Financial Mortgage Insurance Company Canada, has been the leading Canadian private residential mortgage insurer since 1995.  Known as Genworth Financial Canada, “The Homeownership Company,” it provides default mortgage insurance to Canadian residential mortgage lenders that enables low down payment borrowers to own a home more affordably and stay in their homes during difficult financial times.  Genworth Financial Canada combines technological and service excellence with risk management expertise to deliver innovation to the mortgage marketplace.  As of March 31, 2011, Genworth Financial Canada had $5.4 billion in total assets and $2.6 billion in shareholders’ equity. Based in Oakville, Ontario, Genworth Financial Canada employs approximately 265 people across Canada. Additional information about Genworth MI Canada Inc. is available at www.genworth.ca.

Cautionary Note Regarding Forward-Looking Statements

This press release includes certain forward-looking statements. These forward-looking statements include, but are not limited to, the Company’s plans, objectives, expectations and intentions, including the Company’s expectations regarding the launch and terms of the proposed substantial issuer bid, and other statements contained in this release that are not historical facts. These statements may be identified by their use of words such as “expects”, “anticipates”, “contemplates”, “intends”, “plans”, “believes”, “seeks”, “estimates”, or words of similar meaning. These statements are based on the Company’s current beliefs or expectations, including, the Company’s assumptions, beliefs and expectations regarding its future capital requirements, market conditions and its ability to obtain regulatory approvals. These statements are inherently subject to significant risks, uncertainties and changes in circumstances, many of which are beyond the control of the Company. The Company’s actual results may differ materially from those expressed or implied by such forward-looking statements, including as a result of changes in global, political, economic, business, competitive, market and regulatory factors, and the other risks described in the Company’s Annual Information Form. Other than as required by applicable laws, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

It's about a choice The BestRateGuys.com provides Canadian homeowners with access to the hundreds of mortgage products available through Canada's many banks, trusts, credit unions and Mortgage Companies. Typically our services are free of charge, AND YOU, our customers can select from the best mortgages, at the best rates, available in the marketplace! You should insist on expert advice AND professional service. A typical Financial Institution will provide you with information on the mortgage products THEY sell; while we will help you decide which Financial Institution, and which mortgage OFFER, is the best one for you.

It's about making the right decision More and more Canadians are discovering that the best mortgage decision they can make is to choose to work with us.

Take the next step now and contact us to ensure you receive expert and unbiased advice - and the professional service you deserve.

Start now. Apply online, in person or by phone @ 1.866.RATE.033 and let us help get you into the home of your dreams.

The BestRateGuys.com lowest rate guarantee is our commitment to find you the lowest possible Canadian fixed mortgage rate in terms of your situation. If we can't at least match an offer made another financial institution we will give you a $50.00 gift card just for giving us a try. Really, what have you got to loose? Call us today to discuss your mortgage options. See terms and details of $50.00 give away offer. Interested in learning more about mortgages? Subscribe to our news and articles blog on our website. This will give you up to date mortgage information brought directly to your email inbox.

Check Us Out on Social Networking Sites

Or Click to Call Us

Sincerest Regards,

Paul Smith

Mortgage Agent

VERICO Designer Mortgages

www.BestRateGuys.com

FSCO Licence M09000027

The Honourable Jim Flaherty, Minister of Finance, and the Honourable Christian Paradis, Minister of Natural Resources, today announced prudent adjustments to the rules for government-backed insured mortgages to support the long-term stability of Canada’s housing market and support hard-working Canadian families saving through home ownership.

“Canada’s well-regulated housing sector has been an important strength that allowed us to avoid the mistakes of other countries and helped protect us from the worst of the recent global recession,” said Minister Flaherty. “The prudent measures announced today build on that advantage by encouraging hard-working Canadian families to save by investing in their homes and future.”

“The economy continues to be our Government’s top priority,” continued Minister Paradis. “Our Government will continue to take the necessary actions to ensure stability and economic certainty in Canada’s housing market.”

The new measures:

• Reduce the maximum amortization period to 30 years from 35 years for new government-backed insured mortgages with loan-to-value ratios of more than 80 per cent. This will significantly reduce the total interest payments Canadian families make on their mortgages, allow Canadian families to build up equity in their homes more quickly, and help Canadians pay off their mortgages before they retire.
• Lower the maximum amount Canadians can borrow in refinancing their mortgages to 85 per cent from 90 per cent of the value of their homes. This will promote saving through home ownership and limit the repackaging of consumer debt into mortgages guaranteed by taxpayers.
• Withdraw government insurance backing on lines of credit secured by homes, such as home equity lines of credit, or HELOCs. This will ensure that risks associated with consumer debt products used to borrow funds unrelated to house purchases are managed by the financial institutions and not borne by taxpayers.

Our Government’s ongoing monitoring and sound underlying supervisory regime, along with the traditionally cautious approach taken by Canadian financial institutions to mortgage lending, have allowed Canada to maintain strong and secure housing and mortgage markets.

The adjustments to the mortgage insurance guarantee framework will come into force on March 18, 2011. The withdrawal of government insurance backing on lines of credit secured by homes will come into force on April 18, 2011.

____________________________________
For further information, media may contact:

Annette Robertson
Press Secretary
Office of the Minister of Finance
613-996-7861

Jack Aubry
Media Relations
Department of Finance
613-996-8080

The BestRateGuys.com Team works with over 50 lenders right across Canada, so when we shop for the lowest possible mortgage rate, we find it.  We don’t work for the bank or the lender we work for YOU!  We provide you with an unbiased opinion about your situation and can suggest products from all different lenders to suit your specific situation.  In almost all cases are services are free of charge to you as the lender will pay us for arranging your mortgage..

If it is time to start planning to arrange mortgage-financing think of the BestRateGuys.com.  We are the mortgage experts and we are here to support you.

It's about a choice The BestRateGuys.com provides Canadian homeowners with access to the hundreds of mortgage products available through Canada's many banks, trusts, credit unions and Mortgage Companies. Typically our services are free of charge, AND YOU, our customers can select from the best mortgages, at the best rates, available in the marketplace! You should insist on expert advice AND professional service. A typical Financial Institution will provide you with information on the mortgage products THEY sell; while we will help you decide which Financial Institution, and which mortgage OFFER, is the best one for you.

It's about making the right decision More and more Canadians are discovering that the best mortgage decision they can make is to choose to work with us.

Take the next step now and contact us to ensure you receive expert and unbiased advice - and the professional service you deserve.

Start now. Apply online, in person or by phone @ 1.866.RATE.033 and let us help get you into the home of your dreams.

The BestRateGuys.com lowest rate guarantee is our commitment to find you the lowest possible Canadian fixed mortgage rate in terms of your situation. If we can't at least match an offer made another financial institution we will give you a $50.00 gift card just for giving us a try. Really, what have you got to loose? Call us today to discuss your mortgage options. See terms and details of $50.00 give away offer. Interested in learning more about mortgages? Subscribe to our news and articles blog on our website. This will give you up to date mortgage information brought directly to your email inbox.

Check Us Out on Social Networking Sites

Or Click to Call Us

Sincerest Regards,

Paul Smith

Mortgage Agent

VERICO Designer Mortgages

www.BestRateGuys.com

FSCO Licence M09000027

Source: MPP

It's about a choice The BestRateGuys.com provides Canadian homeowners with access to the hundreds of mortgage products available through Canada's many banks, trusts, credit unions and Mortgage Companies. Typically our services are free of charge, AND YOU, our customers can select from the best mortgages, at the best rates, available in the marketplace! You should insist on expert advice AND professional service. A typical Financial Institution will provide you with information on the mortgage products THEY sell; while we will help you decide which Financial Institution, and which mortgage OFFER, is the best one for you.

It's about making the right decision More and more Canadians are discovering that the best mortgage decision they can make is to choose to work with us.

Take the next step now and contact us to ensure you receive expert and unbiased advice - and the professional service you deserve.

Start now. Apply online, in person or by phone @ 1.866.RATE.033 and let us help get you into the home of your dreams.

The BestRateGuys.com lowest rate guarantee is our commitment to find you the lowest possible Canadian fixed mortgage rate in terms of your situation. If we can't at least match an offer made another financial institution we will give you a $50.00 gift card just for giving us a try. Really, what have you got to loose? Call us today to discuss your mortgage options. See terms and details of $50.00 give away offer. Interested in learning more about mortgages? Subscribe to our news and articles blog on our website. This will give you up to date mortgage information brought directly to your email inbox.

Check Us Out on Social Networking Sites

Or Click to Call Us

Sincerest Regards,

Paul Smith

Mortgage Agent

VERICO Designer Mortgages

www.BestRateGuys.com

FSCO Licence M09000027

There are many different reasons to renovate a home: to save energy (and save on utility bills), to make room for a growing family, to improve safety or increase the resale value of your home, or simply to bring a fresh new look to your home. There are also a number of different ways to finance your renovation. Read on to obtain information for a number of financing options, along with practical advice to consider before starting your renovation project.

Before You Begin

Whether you intend to finance your renovation yourself or borrow money, you should talk to a financial advisor and to your lender before you make firm plans. They can help you understand your options, and advise you on how much you can borrow and even pre-approve you for a loan. This information will help you plan realistically.

Explore Your Options

Your own resources: For smaller renovation projects, you may consider self-funding material costs, especially if you plan to do the work yourself.

Credit card: Likewise, you can use your credit card to pay for materials for smaller renovations. But be careful not to carry the balance for too long; credit card interest rates can exceed 18%.

Personal loan: With a personal loan, you pay regular payments of principal and interest for a set period, typically one to five years. You also have the option of a fixed or variable interest rate for the term of the loan. The interest rate on a personal loan is typically less than that of a credit card. Unlike a line of credit, once you pay off your loan you will have to reapply to borrow any new funds needed.

Personal line of credit: This is another popular choice for financing renovations. It is ideal for ongoing or long-term renovations since it lets you access your funds at any time and provides a monthly statement to help track expenses. A line of credit offers lower interest rates than credit cards, and charges interest only on funds used each month. And, as you pay off your balance, you can access remaining funds, up to the line of credit’s limit, without reapplying.

Secured lines of credit and home equity loans: These options offer all the advantages of regular lines of credit or loans, but are secured by your home’s equity. They can be very economical, since they offer preferred interest rates, however initial set-up costs including legal and appraisal fees usually apply. Lines of credit and home equity loans are usually limited to 80% of your home’s value. With CMHC insured financing, lenders may offer borrowers who qualify the option of making interest-only payments for the first five or 10 years.

Mortgage refinancing: When funding major renovations, refinancing your mortgage lets you spread repayment over a long period at mortgage interest rates, which are usually much lower than credit card or personal loan rates. This type of financing can allow you to borrow up to 80% of your home’s appraised value (less any outstanding mortgage balance). Initial set-up costs including legal and appraisal fees may apply. If you need to tap into more of the equity in your home, loans of up to 90% of your home’s value can also be provided when insured by CMHC Mortgage Loan Insurance.

Financing improvements upon-purchase: If you’re planning major improvements for a home you’re about to purchase, it may be advantageous to finance the renovations at the time of purchase by adding their estimated costs to your mortgage. CMHC Mortgage Loan Insurance can help you obtain financing for both the purchase of your home and the renovations — up to 95% of the value after renovations — with a minimum down payment of 5%.

Other Considerations and Options

Planning for the Unforeseen

It’s a good idea to set aside a percentage of your renovation funds to cover items not included in your renovation contract, for things you discover you’d like to add once work is under way, like extra or upgraded features, furniture, appliances and window coverings or for contingency. A separate fund lets you make decisions easily, without having to renegotiate your financial arrangements or reapply for new funds.

Grants and Rebates for Energy-Saving Renovations

Across Canada, renovation grants and rebates are available from the federal and provincial governments and local utilities, especially for energy-saving renovations. If you qualify, they may help pay for some of your project’s costs.

• CMHC Mortgage Loan Insurance for Energy-Efficient Homes: 10% CMHC mortgage loan insurance premium refund and extended amortization periods without surcharge.
• ecoENERGY Retrofit — Homes: grants of up to $5,000 to offset the cost of making energy-efficiency improvements.
• Provincial and Municipal Entities Offering Grants and Incentives
• Rebates and Incentives for Selected ENERGY STAR^® Qualified Products in Canada

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