Lower Rates Ahead

Canada's economy unexpectedly shrank between January and March for the first quarterly drop in almost five years, giving the Bank of Canada more reason to cut borrowing costs again next month.

Gross domestic product contracted at a 0.3 percent annualized rate in the first quarter to C$1.33 trillion ($1.34 trillion), Statistics Canada said today in Ottawa.

Bank of Canada cut rates by half a point last month for the second straight meeting and said more action was likely needed because an export slump would bring the slowest growth since the last recession in 1992.

Today's report signals production hasn't yet turned around. The Canadian dollar fell as investors increased bets the central bank will ease a fifth consecutive time on June 10.

Do you think Real Estate Market is good or bad?

It is all a matter of your perspective...

The downturn in the Real Estate Market has been generally described in the media in negative terms. But, in reality, whether the Market is good or bad depends on whether you are buying or selling.

If you are a potential buyer, the market is getting better for you!
Believe it or not, when the Real Estate Market turns around, it will be worse for Buyers. The current housing situation is NOT a crisis for people who desire to buy property.

Two years ago, with the value of property going up 30 percent a year, THAT was a crisis. There was very little opportunity to get a good deal, unless you were a seller moving to a relatively inexpensive market.

There are opportunities right now in the real estate market. If you are still renting or looking to buy then click here to go to my website and get pre-approved for your first home purchase today.

Thank you

Joe Malek, AMP

Mortgage For Self-Employed

If you are self-employed looking to purchase a new home then today’s best rate on 5 year self-employed mortgage is only 5.15%.

To qualify for this excellent rate you must have:

20% down payment
620 credit score
Active and registered self-employed business
2 years active credit trade lines
No income proof required

Switch from renting to home ownership with this handy mortgage for self-employed. If you already own your home then you can take advantage of this product and consolidate your bills or pay off your other, higher interest rate self-employed mortgage. Today’s refinance rate on this product is 5.35%.

Whatever your situation… start today… click here to go to my website to apply online.

Thank you

Joe Malek, AMP

Housing Bust

Something is happening out there...

It certainly feels like our housing boom in now officially over.

Canada Mortgage and Housing Corporation (CMHC) said consumer home-buying intentions in the Toronto area have dropped sharply this year.

According to their report only about 6 per cent of households in the Toronto area intend to buy a home this year and Calgary and Edmonton have already changed from hot to cold.

The delayed arrival of housing bust can be partly attributed to mortgage innovation during the last two years.

Zero down mortgages and longer amortization periods of up to 40 years opened the market to more buyers and prolonged the housing boom but not anymore.

Are we going to have a U.S. style housing correction? Probably not, but I want you to prepare for the worst because you just never know.

With oil at over $130.00 per barrel my investment guru tells me to hold on to my oil stocks because he feels oil is just beginning its upward ride.

He believes oil will hit $150.00 and possibly even $200.00 per barrel later this year and that’s going to push our economy into longer than expected slowdown.

Mortgage lenders are already starting to tighten their lending policies and it is becoming more difficult to tap into your home equity to consolidate bills.

I can still do a second mortgage up to 100% of home value in certain situations but that may not last forever so if you have credit card balances and available home equity then I urge you to consolidate them now before it’s too late.

Click here to get started.

Thank you

Joe Malek, AMP
Accredited Mortgage Professional

Fixed Mortgage Rates Drop

Canadian financial institutions have begun to slash their mortgage rates.

BMO Bank of Montreal was the first to announce lower rates. Their 5 year closed mortgage will carry a posted rate of 6.65 per cent, a drop of a little more than a third of a percentage point.

Bigger cuts apply to shorter-term mortgages. BMO's one-year closed mortgage drops to 6.15 per cent. Its two- and three-year closed mortgages tumbled by 0.85 of a percentage point to 6.15 per cent.

These are all posted rates. Many consumers are actually able to get closed mortgages at rates that are a full percentage point or more below the posted rates. BMO, for instance, said its "special offer" rate for a five-year mortgage will drop to 5.59 per cent, down 0.34 of a percentage point.

If your credit is pretty good then you could qualify for my “quick close” special VERICO mortgage rate.

These 5 year fixed mortgage rates are my current deep discounted rates on deals closing before July 4. 2008 based on your loan size.

$1,000,000 + = 4.85%
$500K - 999K = 4.94%
$100K - 499K = 5.24%

These deep discount rates are yet another reason to apply for your mortgage at my website. Click here to get started.

Thank you


Joe Malek, AMP
Accredited Mortgage Professional

Green Mortgage

TD Canada Trust introduced the Green Mortgage in effort to help protect the environment.

This mortgage is geared towards customers who are making environmental friendly choices. It can save you money and helps protect the environment with your green home improvement

Rate discount – you will receive 1% off the posted interest rate on a five year fixed rate mortgage.

Cash rebate – they will rebate up to 1% of the amount of mortgage when you make Energy Star qualified purchases, and at the time you receive your rebate, TD Canada Trust will donate $100 to the TD Friends of the Environment Foundation.

Flexibility – this offer is available to new or existing customers. If you have an existing TD Canada Trust mortgage, you can renew or refinance into this offer.

How the rebate works:

For example, say you obtain a Green Mortgage for $200,000 and the posted five year rate is 7.00%. Your interest rate would be discounted to 6.00%. After you obtain Green Mortgage, you then upgrade your kitchen and spend $3,000 on a new dishwasher and refrigerator, both Energy Star qualified.

Next, you submit your receipt to TD Canada Trust and after validating them, they’ll credit you with the maximum rebate of 1% ($300,000 x 1% = $3,000).

What is eligible for the rebate?

A wide range of Energy Star qualified products are eligible for rebate in the following categories:

- Major appliances
- Heating, cooling and ventilation equipment
- Windows, doors and skylights

If you are interested in this Green Mortgage then please visit my website where you can apply online or simply click here to load the application form.

Thank you

Joe Malek, AMP
Accredited Mortgage Professional

Live Mortgage Free!

Most homeowners hate having mortgage payments and I am pretty sure you are one of them.

It takes on average 25 years to pay off a mortgage but there are things you can do to pay it off much faster.

For example:

1. You can change payments from monthly to weekly or bi-weekly accelerated payments.
2. You can increase your monthly payments.
3. You can put a lump sum of cash against your mortgage once a year.

The first one is simple and you should already have bi-weekly or weekly amortization to reduce the number of years it takes to pay off your mortgage but increasing your monthly payments may not be that easy for you.

You are already strapped for cash and when you actually do have some money left at the end of the month you spend it on something else.

What if I showed you a way YOU can pay off your mortgage in less than 10 years - Would you be interested?

Click here if you answered YES

Thank you

Joe Malek, AMP
Accredited Mortgage Professional
www.joemalek.com

Happy Mothers Day!

Mother's Day and What it Really Means

To understand Mother's Day and what it really means, you need to understand the person in your life called 'Mother'.

Mother is one who nurtures you in her womb for nine months and brings you forth to enjoy the supreme blessing on earth, that is, Life. Mother is one who guides you through your infancy and turns the soft, helpless creature to the powerful and successful YOU.

She is the guardian angel protecting you and supporting you, feeling for you and serving you silently always with a smile on her face. She prides herself watching you grow and provides you a shoulder to cry on whenever you need. She is every child's best friend. For a child, every single day should be a Mothers Day.

The essence of the meaning of Mother's Day is in the fact that we should try and make this day every year a memorable one for your mother. She should cherish the special feeling of this day and the intensity of that feeling should last her the lifetime.

This is the day to stop, remember, and pray for that special person in our life, without whom we would not have been, what we are today; a day to prove that all her efforts, towards making us a complete person, have been worthwhile and make her feel proud for us.

In the broader sense of the term, Mother's Day is a day to be grateful to God for being so kind as to bless us with an angel in the form of Mother.

Happy Mothers Day!

So How Much Do You Owe?

Payment to CRA of your balance owing for 2007 personal income tax was due yesterday for all personal income tax filers including self-employed.

If you did not pay your 2007 taxes on time or if there is a balance owing for 2007 on your Notice of Assessment, CRA will charge compound daily interest starting May 1, 2008, on any unpaid amounts owing for 2007.

This includes any balance owing if they reassess your return.

In addition, CRA will charge you interest on any penalties, starting the day after your return is due. The rate of interest they charge can change every three months.

Currently, the interest rate charged on overdue taxes, Canada Pension Plan contributions, and Employment Insurance Premiums is 8%.

If you have amounts owing from previous years, CRA will continue to charge compound daily interest on those amounts. Payments you make are first applied to amounts owing from previous years.

If you owe tax for 2007, and do not file your return for 2007 on time, CRA will charge a late-filing penalty.

The penalty is 5% of your 2007 balance owing, plus 1% of your balance owing for each full month that your return is late, to a maximum of 12 months.

If they charged a late-filing penalty on your return for 2004, 2005, or 2006 your late-filing penalty for 2007 will be 10% of your 2007 balance owing, plus 2% of your 2007 balance owing for each full month that your return is late, to a maximum of 20 months.

As you can see, it is in your best interest to pay them as soon as possible and I may be able to help you with that.

Just go to my website www.joemalek.com , click to get started and then click on 2nd mortgage link to complete your online request and please, don’t hesitate to call me with any questions.

Thank you

Joe Malek, AMP
www.joemalek.com