Our Top New Year’s Resolutions for 2012 and how to keep them!

Every year millions of people make resolutions to change or improve things in their lives that they have been putting off or that have become more important.  We wanted to share some of the top resolutions for 2012 in Canada (and within our Mortgage Team) along with some tips on how to increase your chances of making them a reality this year.

Change the World / Make A Difference – we all have the ability to change the world and to help others by sharing our gifts, our time, and committing random acts of kindness every day.  By taking just a few minutes to help out a stranger or do something nice for someone you start to create ripples of kindness and compassion that really can change the world.  There are also thousands of charities and organizations that need volunteers; to find a place where you can help that matches your interests, skills, talents and availability just go to www.google.com and type in the name of you your city and the word volunteer.

Lose Weight / Be Healthier – the most obvious tip is to make the effort to get to the gym and to eat less but what it really comes down to is simply burning more calories off than you take in.  Eating healthy is more important than eating less and being aware of how many calories you are eating versus how many you are working off is the first step.  If the intake is greater than the output then you need to add more physical activity to your routine.  Also be sure take time every day to relax and find ways to reduce your stress – physical health and mental health are equally important!

Quit Smoking – it doesn’t matter how many times you have tried in the past, you can still reach your goal of stopping smoking.  Science has come a long way in understanding the complexity of nicotine addiction and there are some very successful tools and aides to help you now.  My Time To Quit has some great tips and online tools that can help you get there, to access the tools visit: http://www.mytimetoquit.com/sites/mttq/pages/how-to-plan-your-quit.aspx  Don’t give up, this is not a process you can fail as long as you as trying to move forward and try again.

Get out of Debt / Improve Finances – if you are feeling overwhelmed by the amount of debt you have you are not alone, the level of consumer debt in North America is growing.  The biggest challenge to getting out of debt and taking control of your financial health is usually high interest rates that put consumers into a viscous cycle of robbing Peter to pay Paul every month.  There are many options available to help you with this problem – if you rent or lease your home there are agencies in every city that will help you negotiate better rates with your creditors and get your payments under control.  If you own your home you can trade in your high interest rates debt (including credit cards and consumer debts at rates of over 30% interest) for rates as low as 3.25% by leveraging your existing equity.   If you are thinking about consolidating your debts and own your home please contact us for a complimentary no-obligation consultation on your options and how we can help you create less stress and a better financial future for you and your family.  You can reach us online at http://www.larryarnason.com or you can call us 403-265-5363 / 1-888-722-5086

Wishing you a very happy and successful 2012!
~ Larry Arnason, Mortgage and Finance Broker

www.larryarnason.com

Canada Remembers our Veterans and Heroes on Remembrance Day 11/11

Each year on November 11 Canadians commemorate our veterans, active military, and fallen heroes in thanks for their bravery and sacrifice so that we and millions of people around the world can live in freedom.  We honor this date in memory of the end of the first World War which came at 11am on the 11^th day of the 11^th month in 1918.  More than 65,000 Canadian soldiers died in WWI in battles that included Vimy Ridge and Passchendaele – battles that changed the course of the war.  Since that time the Canadian military has continued to fight alongside our allies in times of war and acts as a global peacekeeping force defending people still living under oppression and where their basic human rights are being abused around the world. 

The men and women who serve give their bravery, hearts, and all too often their lives in pursuit of the highest belief that every person – man, woman, and child – deserves to live in freedom without fear or suffering.  To the hundreds of thousands of Canadians who have fought in the name of freedom and continue to fight today we are grateful beyond words.

Please join me at 11am on Friday November 11^th in observing a moment of silence to pay tribute to our fallen soldiers and say a prayer that the thousands of military personal – our sons and daughters – from Canada and the many other countries who fight along side us return home safe.

The Ode of Remembrance:

They went with songs to the battle, they were young.

Straight of limb, true of eyes, steady and aglow.

They were staunch to the end against odds uncounted,

They fell with their faces to the foe.

They shall grow not old, as we that are left grow old:

Age shall not weary them, nor the years condemn.

At the going down of the sun and in the morning,

We will remember them.

Lest we forget.

~ with gratitude

 Larry Arnason, Calgary Mortgage Broker

Strong Housing Market in Calgary Continues to Improve in 2011

The housing market is a significant indicator of a city’s economic state, quality of life and lifestyle, and of future growth.  In Calgary the future looks bright!  According to CREB® (Calgary Real Estate Board) residential sales in Calgary increased 8% over October’s year to date sales in 2010 for a total of 16,184. 

Low unemployment, price stability, the low mortgage rates available, and overall positive economic outlook for the region are all contributing to this increase.  These factors are combining with positive growth in the commercial real estate market and demand for office space in the downtown core as energy companies continue to grow despite the global economic challenges.  According to the Globe and Mail “Calgary is the new Canadian Hot Spot” with a culturally diverse downtown, growing employment, and is now ranked in the top 5 cities to live and work.

In October of 2011 there were 988 single family homes sold  - an 11% increase over sales in October 2010.  Prices remained stable with an increase of only 2% due in part to an increase in the number of estate and luxury homes sold.  Condominium sales also increased from 2010 and are expected to continue to rise for the remainder of the year.   “Overall, the resale housing market continues to show signs of improvement and, with no near term change in interest rates, we can expect the market will continue to see moderate and stable growth throughout the rest of the year.”  Sano Stante, President of CREB®. 

For families that have been thinking about making the transition from renting to buying a house there has never been a better time to make the move into home ownership.  With 5 year fixed term mortgages available as low at 3.29% (oac), a strong economic forecast for the city, and an incredible range in available properties at every price level, buyers can purchase a home that they can afford on their budget that will be a positive investment for their future.  The low mortgage rates also mean it is a great time to refinance or renew existing mortgages.

If you are interested in purchasing a home in the Calgary area or need help with refinancing please contact us for a no-obligation consultation to review your mortgage options.  We work with hundreds of banks and lenders from across the country to ensure that we get our clients the best rates and terms available.   To find out more about our services or to request a consultation please visit our website at: Calgary Mortgage Broker

~ Larry Arnason, Calgary Mortgage Broker and Specialist - Arnason Mortgages

Celebrating Halloween in Calgary

One of the things that makes Calgary such a great place to live is the cultural and entertainment diversity available here.  With end of October is fast approaching the Calgary scene is offering some incredible options for your Halloween fun this year ranging from Calgary Philharmonic Orchestra’s take on Psycho to child friendly nights at the Zoo.  Events around the city range from the truly terrifying to general family fun ensuring there is something for everyone and for every scare threshold. 

The Screamfest Haunted House and Freak Show: 5 unique Haunted Houses and shows at Canada Olympic Park that will scare and entertain you.  Admission starts at $20 with packages available for VIP passes and other onsite attractions.  According to their website this attraction is intended for a mature audience – no one under 13 will be admitted and over 18 is recommended.  http://www.screamfest.ca/ 

Boo at the Zoo: The Boo at the Zoo that you love to fear is back! Voted BEST Halloween event by Calgary’s Child Magazine.  This event runs from October 28^th to October 30^th and is a great option for a younger audience.  Children can Trick or Treat through the Zoo and there is a Scare rating system so you can customize your trip for your family. http://www.calgaryzoo.com/content/view/29/287/#boo   

Ghouls' Night Out at Heritage Park: Evening activities include a Halloween dance, a Toy Shop of Horrors, a gruesome Ghouls’ Feast and more. Perfect for families with little ones aged 3 to 9, the event runs from October 26^th to October 30^th from 6pm to 9pm each evening.    http://www.heritagepark.ca/specialevents.htm

Psycho, The Movie and the Music: This Halloween, experience Hitchcock as never before. See Norman Bates return to the big screen as the Orchestra provides the chilling soundtrack at the Jack Singer Concert Hall. Viewer discretion is advised.  http://www.cpo-live.com/main/event_detail.php?event_id=538

Cemetery of Sound: This event is at the Big Four building and open to ages 18 and up.  The premiere Halloween electronic dance music event, bringing together the city's best promoters and some of today's most exciting DJ talent for an epic, thrilling night!   http://unionevents.com/shows/view/2824/cemetery-of-sound

If you feel like getting dressed up and going out on the town for Halloween, many of the local bars and nightclubs have special events planned for the Halloween weekend.  To see a complete list of the different themed events check out http://calgary.beforelastcall.com/happenin/8/calgary_halloween_events.html

Have a great and safe Halloween 2011 Calgary!

Larry Arnason, Calgary’s Mortgage Broker  

Why use a mortgage broker?

When you are shopping for a house more than likely you are about to make one of the largest purchases in your lifetime. Chances are you are using a realtor to help you shop. They are experts working for you to find you a house that suits your needs and they will help you to negotiate for the best price on the house. If you are refinancing you will want to make sure your investment is protected and that you will not be paying more than you have to.

This is what a mortgage broker will do for you:

They will analyze your short term and long term goals and match them to a product that best suits you needs. They will do all the leg work for you, gather the financial information, documentation, coordinate with your realtor and lawyer to make the transaction as smooth as possible.

There are many lenders out there with hundreds of products to offer each with their on rates, terms, features and benefits. A mortgage broker has access to almost all of them. There are some mortgage lenders in the market place with some of the best products that deal almost exclusively with mortgage brokers. When you deal with a bank you are dealing with an employee of the bank that has the banks interests in mind when they are offering you products and rates. If your bank happens to offer the best product to suite your needs then your mortgage broker can negotiate the best rate for you.

Mortgage brokers are paid based on the size of the mortgage not the rate they get you and they work for you not the lenders therefore they will always be looking out for your interests. In almost all cases a mortgage broker is paid by the lender so there is no cost to you to have the benefit of their expertise and knowledge.

If you are thinking about purchasing a home, refinancing you current mortgage, a debt consolidation, or a home equity loan, please contact us for a free no-obligation review of all your mortgage options.  To learn more about our services you can also visit our main site: http://www.larryarnason.com

Calgary Mortgage Broker services now available in other Alberta cities!

Due to the increasing demand for effective and successful mortgage broker services in Alberta we are expanding our Calgary business to include several new cities in Alberta and rural Alberta with a focus on individuals and families that have credit challenges or non-traditional incomes such as self-employment.

When purchasing a home, revenue property or looking for refinancing and debt consolidation options the approval process can be challenging; for people with low credit scores, past credit challenges, or income streams that are not the standard norm the challenges are exponentially more difficult and often result in applications being turned down or approved at a much higher rate that they could actually qualify for.

Additionally, with the announcement from Canada’s financial regulator (The Office of the Superintendent of Financial Institutions) this week that it is stepping in “to increase monitoring of home loans and lines of credit” issued by the big banks in Canada, the approval process will be getting tighter and many individuals will need to access the services of a mortgage broker to help navigate the mortgage application process.

With all of the recent changes in the mortgage industry people shopping for a mortgage can get caught in a negative cycle of having to submit multiple applications in an attempt to get approved and get the best terms, what they often don’t realize is that every application they submit results in a credit check which can further negatively affect their overall credit score. As a broker I am up to date on all of the industry changes which enables me to help my clients complete their application with the highest chance of success. I also have access to more competitive rates and alternative financing options that individuals would not typically be able to reach on their own and we only need to do one credit check regardless of how many lenders we approach on their behalf.

With this expansion we are also hoping to increase awareness of what a mortgage broker can do for individuals and families and clear up many common misconceptions about brokers including the wide-held mistaken beliefs that brokers charge a fee for their services, that they only handle new mortgages, and that they do not work with major banks.  We work on behalf of our clients to secure mortgage financing from a variety of lenders including banks and financial institutions. There is absolutely no cost or fees for our clients whether they are applying for a mortgage, refinancing, debt consolidation, or a mortgage renewal to use the services of a broker.

We are now accepting applications from new clients seeking mortgages or financing in Calgary, Airdrie, Red Deer, Lethbridge, Edmonton, and rural Alberta at our website http://www.larryarnason.com/ or by phone through the new toll free number for Alberta 1 888 722-5086

What You Need to Know When Considering a Fixed Vs. Variable Mortgage in Canada

One of the most common questions I hear as a Broker is "Should I choose a Fixed Rate Mortgage or Variable Rate Mortgage?" - while there is no one standard answer there are several factors that can help determine which one is right for you. First, it is important to understand there are advantages and disadvantages to choosing either. Variable mortgages have historically resulted in homeowners paying lower rates but because they are tied directly to the Bank of Canada rate (which is announced and potentially changed 8 times a year), they are vulnerable to fluctuations which can drive rates down and save you money or drive rates ups and affect how much of your payments are going towards your principal amount owing. Fixed rates may be higher than variable rates but they are consistent for the term of the mortgage - they are not subject to fluctuations caused by changing interest rates. Fixed rates are normally recommended for first time home buyers so they can more easily manage their household budgets and mortgage payments without worry. Before deciding which option is better for you ask yourself a few important questions and always talk to a mortgage professional to evaluate your unique situation and mortgage needs before making a commitment.

Can I afford the risks that come with a Variable Rate Mortgage?
Because there is some risk associated with variable rate mortgages you must be able to mitigate the risk if rates do rise and handle any budgetary changes required. One method of protecting yourself involves setting your payment to a fixed amount that's higher than the minimum requirement. To do this many mortgage companies recommend setting your payments up based on the current five year fixed rate will allow you to provide a buffer in the event that rates rise and as an added benefit because you're paying more than the minimum amount you will also be paying more of your principal. Another way to protect yourself from increasing rates is to choose a 35 year amortization but pay the 25 year amortization-sized payment. If the rates increase you can go down to the lower 35 year amortization payment until rates decrease again.

Do I have a large down payment (in excess of 20%) or significant home equity?
If you are not a first time home buyer and have significant home equity or if you are able to make a large down payment you can hedge against some of the risks that may come with a Variable Rate Mortgage.

Does a variable rate mortgage fit my risk profile and comfort?
If you're the type of person that likes or needs stability and consistency then a variable rate mortgage may not be the best option for you. Before choosing a variable rate mortgage you must determine if it fits with your personality, lifestyle, income, need for security, and your family's ability to absorb risk without having any negative impacts. If you are going to worrying about what is happening with your next payment every month or stress about possible increases to your amortization and lose sleep then a fixed rate mortgage is probably the better option.

Are there different types or options for variable rate mortgages?
If you are considering a variable rate mortgage then there are a few factors you need to explore with your mortgage broker or lender:
1. Payment frequency - Make sure you are aware of the options available before deciding. Some lenders may not allow certain variations of payment frequency (i.e. accelerated bi-weekly or weekly payments).
2. Rate changes - Some lenders change their variable rates in line with the Bank of Canada (eight times per year) while others adjust them quarterly.
3. Conversion to fixed rate - Does the lender allow the mortgage to be converted to a fixed rate mortgage at any time? If yes, what rate are you guaranteed on conversion - the best-discounted rate or the posted rate?

For more information on this subject and to see a list of the current fixed and variable mortgage rates in Canada please visit www.larryarnason.com/rates

There are many benefits for choosing either a fixed or variable rate so it is important to explore all of your options and seek the advice of qualified mortgage professional before making a final decision to determine what is best for you and your long term financial goals.

~ Larry Arnason, Mortgage Broker and Canada Mortgage Specialist

To learn more about Larry please visit: www.larryarnason.com/calgary-mortgage-broker

Mortgage Rates Come Down in Calgary

For families looking at buying a new home in Calgary this summer or getting ready to renew their current mortgage there is good news.  Mortgage rates have dropped to their lowest rates in nearly 2 years with a 5 year fixed term rate of 3.09%.  With the changes to mortgage regulations this year that created some anxiety for first time home buyers the lower rates are a welcome sign that they can move forward.  The new low rates also apply to home owners that have been waiting for a better rate to refinance for debt consolidation,  free up equity to invest,  or buy a second property.

Taking advantage of these new low rates and refinancing a mortgage now offers many potential benefits including:

•Lower your monthly payment.

•Reduce your amortization and pay off your mortgage years sooner.

•Save thousands in interest over the life of your loan.

•Use a portion of your new mortgage to consolidate high interest debts

•Start a business, take a trip, pay for college... It’s your money, you decide.

Mortgage refinancing is without a doubt one of the best ways to borrow money because of the lower interest rates offered on mortgages.

Current rates available:

Terms	The Bank	Our Rates
1 Year	3.60%	2.64%
2 Years	3.95%	2.99%
3 Years	4.45%	3.39%
4 Years	5.14%	3.44%
5 Years	5.54%	3.09%
7 Years	6.50%	4.69%
10 Years	6.90%	4.95%
VIRM	3.00%	2.10%
The prime rate is 3.00% * all rates subject to change

For more information on mortgage options in Calgary please contact us at:

Larry Arnason, Calgary’s Mortgage Broker - Axiom

403-265-5363

www.larryarnason.com

Welcome to our new Blog!

The purpose of this blog is to share knowledge, ideas, tips, news, and resources about mortgages in Canada.  Please use our comments section below each new post to share your thoughts and feedback with us, we would love to hear from you.   For our first post I wanted to address one of the questions I get asked most frequently:  “What are the benefits of having a Broker?”

Most importantly a Mortgage Broker works for you not a bank or any individual lender - our commitment is to you.  Additionally:

• We can provide you with the best mortgage options from a variety of Lenders

• We pre-qualify you so you can begin making decisions with security and comfort

• We have access to more competitive rates and more personalized services

• We only need to check your credit once - protecting your credit rating

• We will work together with you, your realtor, and financial planner

• We view each application as an individual – not a number or a credit score.

Whether you are buying a home, refinancing, freeing up equity, renewing, or looking for a commercial mortgage – a Broker can help you find the best options and rates for your unique needs.

Have a great day and thanks for visiting!