Ruby Cheung Mortgage Newsletter August 2016 Inaugural Edition

Ruby Cheung - Mortgage Broker

Centum Pacific Mortgages Inc.

msrubycheung@gmail.com
604.720.6176
http://www.rubycheung.ca/

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Welcome to My Inaugural Mortgage Newsletter!

 

Congratulations and thank you. I am excited you have successfully received my inaugural edition of my Mortgage Newsletter.

Let me begin by saying that you have received this Newsletter because of one or more of the following reasons: • We have met and exchanged business cards and/or contact information • We have done business together • We have a mutual client • We are connected on LinkedIn • We are Facebook friends • You are related to me (aren’t we all distant cousins?)

Please note that this newsletter is intended to inform and educate and not to be spam and you are welcome to Unsubscribe (at the bottom) if you want to be removed from my list. I would appreciate it if  you would give me a couple months to show value for you in my Newsletter. 

Thanks again for continuing to subscribe



Foreclosures

 

Aug Burnaby Attached
Aug Coquitlam Attached
Aug Coquitlam Detached
Aug North Vancouver Attached
Aug Port Coquitlam Attached
Aug Richmond Attached
Aug Richmond Detached
Aug Surrey Attached
Aug Surrey Detached
August Abby Attached
August Chilliwack Attached
August Chilliwack Detached
August Langley Attached
August Mission Attached
August Mission Detached
Aug Vancouver Attached
Aug Vancouver Detached

Above is a list of foreclosures in the Lower Mainland.There are some great deals to be had for either your own home or as a rental property.  Check them out at the links above.



Early Renewal?

 

When your mortgage term is coming to an end, do not simply "early renew" with what your lender offers you. Explore your options. 

Things to think about when your mortgage is up for renewal:

1.  Do you have any high interest credit cards or loans you would like to roll into your           mortgage?

2.  Can you qualify for a re-advanceable mortgage? Not sure what this is? Ask me               today!

3.  How long are you planning on staying in your existing home? Why sign for a 5-year        term when you might move in the next 2-3 years?

4.  How does your existing lender calculate mortgage penalties?

5.  No matter what, you have time, so don't succumb to bank pressure.

     Why be restricted to the banks products when a mortgage broker has

     access to many lenders products.

If you have any mortgage questions please feel free to call me to discuss the options  available to you. You never know unless you ask.

Comments

A Home Equity Line of Credit

A home equity line of credit (HELOC) is a revolving line of credit that allows you to borrow the equity in your home at a much lower interest rate than a traditional line of credit. Home equity is the current market value of your home minus the remaining balance of your mortgage..



Guess this European Destination

 

Cruise port destination 1
Cruise port destination 2
Cruise port destination 3
Cruise port destination 4
Cruise port destination 5
Cruise port destination 6

In June my husband and I went on our first European cruise on the new Carnival Vista. Usually we travel to the Caribbean for our vacation but we soon realised after this experience that Europe is unforgettable in so many ways.

The history, architecture and culture are so amazingly unique. We prefer cruising since we have the luxury of visiting eight ports in 10 days. That's 5 countries in 10 days, starting from Barcelona and ending in Athens Greece and doing a back to back from Athens back to Barcelona.

We began in Barcelona and boarded the cruise ship and cruised to Marseille then continued on our journey to  Livorno, Civitavecchia (Rome), Naples, Crete, Rhodes, Kusadasi and Athens and then returning from Athens and  including Valleta Malta and Messina Sicily.

This vacation was not long enough, although it was 24 days.

Click and Name the Cruiseport Destinations above



Carnival Vista 2016 Cruising

 

This is our 14th Cruise and our first time aboard the new ship Carnival Vista.  Cruising is how we enjoy travelling since we have the luxury of accommodation, entertainment and awesome food all included in one vacation package. Most importantly we have the chance to visit several destinations in one trip. 

Stay subscribed and share in our upcoming cruise port destinations.



BC Adds 15% Property Tax to Foreign Buyers

 

The new 15% Property Tax to Foreign Buyers comes into effect on Tuesday, August 02, 2016. This new tax applies to all Metro Vancouver residential properties purchased by foreign nationals. The bill was passed unanimously without any proposed amendments brought forward by the Official Opposition and despite concerns expressed by many groups.

That means residential real estate transactions involving foreign buyers in the Greater Vancouver and the Fraser Valley Communities like North Delta, Langley, Surrey and White Rock will be subject to the additional 15% PTT as of August 2. Real Estate transactions, including pre-sales, which complete on August 2 or after will be subject to the tax.

The foreign buyers who are caught in the middle of all this will have to come up with an extra $300,000 on a $2 million purchase on closing.

What really gets me is that, even those who have had signed contracts in place for weeks or months prior to this new law, will find they are in line for an unexpected 'kick in the teeth' if their completion dates are after today (Aug 2).  It wouldn't surprise me if our government will be in line for a multitude of lawsuits shortly.

Personally, I feel that is totally unfair and it puts a black mark on all Canadians.  Is it fair play to change the rules after a contract has been signed?  How would you feel if you were buying a house, had all subjects removed and were just waiting for the completion date and then found out you need to pay another 15%?

Please read the rest of the article here

Despite the concerns shared by many in the industry, the provincial government has decided to implement a tax in a way that will negatively affect our local communities' ability to attract workers, and will generate more stress and confusion in an already busy housing market and result in unexpected domino effects

The other issue which is coming up is our provincial government could be in violation of NAFTA with the implementation of this new tax. Hope fully we taxpayers don't end up paying for the government's mistake.

Read more on the NAFTA violation here as reported by Financial Post



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