Dave Vrabic Mortgage Broker

Below are 10 things to consider before your mortgage renews.
Courtesy: MortgageOpolis

1) Have you explored all your options? Once you receive your mortgage renewal statement,
there's nothing easier than simply signing on for another term. But while this may make
sense in many cases, your family or financial situation may have changed over time.
We can look for opportunities that could better meet your needs right now.

2) Are you comfortable with your payments? If you've been feeling financially strapped each
month making your mortgage payments, this could be the time to reduce them to a
more easily managed level. On the other hand, if you're earning more, why not pay
down your mortgage faster and save thousands of dollars in interest over time?

3) Do you need cash flow for other things? Your priorities may have shifted since you first
bought your home, and your cash flow needs can shift too. Things like paying for a
child's university education, planning a career change, or a major purchase such as a
vacation property may call for spending money on things other than your home. You may
be able to refinance your mortgage to take this into account.

4) Can you handle fluctuating rates? Some homeowners are nervous about any hikes in
interest rates, while others are comfortable to go with the flow. Rates are tough to
predict. It's best to base your decision on your personal situation, not what you read
in the news, and tailor your mortgage renewal around your needs. We can help you
decide whether to opt for fixed or variable rates - and we don't want you to lose
any sleep over your decision!

5) Will you sell soon? If you are likely to sell soon, consider a shorter-term mortgage or
one that has flexible terms so you're not penalized if you sell your house before the mortgage
comes due.

6) Are you thinking about a major renovation? You know that projects such as a new kitchen or
an addition can make your home more valuable. But the cost of having the work done can tie
up a lot of money. Before you renew, look at all your financing options, which may include
getting an additional line of credit or keeping your monthly mortgage payments low so you
have money on hand to finance the renos.

7) When do you want to be "mortgage-free"? If you're planning extended time away from work or
perhaps an early retirement, it may make sense to pay down your mortgage sooner rather than
later. While increasing your payments will raise your monthly costs now, you'll ultimately save on
interest in the long term and can prepare for that fabulous, mortgage-free lifestyle.

8) Could you use your home equity to fulfill other goals? Refinancing a mortgage can be one way
to free up cash you need for other things, which could even include buying another property.
Mortgage renewal time is an ideal occasion to review all your options.

9)Have your insurance needs changed? If your financial situation has changed since you first took
out your mortgage, review whether you need the same level of insurance in place to cover
mortgage obligations.

10) Are you getting the best rates and terms? In a competitive mortgage environment, your good
credit history can make refinancing work to your advantage. We analyze mortgage markets daily to
ensure you don't miss anymoney-saving opportunities.

Canadian Mortgage Rates for January 21, 2009

1) Homeownership on your terms. With the right preparation and resources, you can buy a home
that best suits your lifestyle. Mortgage insurance provides you with innovative options to help get you into homeownership.

2) Be eligible for a better interest rate. Mortgage insurance provides a lender with the flexibility to offer
you the same competitive mortgage interest rates available to homebuyers with a larger down payment.

3) More down payment options. Don't let the down payment be the barrier to your homeownership
dreams. There are many mortgage insurance products that will help you to achieve homeownership. Let's
discuss the options that suit your situation best.

4) Buy, instead of renting. If you're paying rent right now, it can be a good move to consider buying a home that has similar monthly carrying costs. You'll enjoy the freedom of making your living space into your own home with your personal touch.

5) Overcome traditional barriers to financing. More and more homebuyers who may not have qualified
for a mortgage are benefiting from mortgage insurance - for example, those who are self-employed or work on commission. With mortgage insurance, people who have good credit but might not meet conventional lending criteria can qualify for the financing they need.

6) Own and enjoy a vacation property. If your financial situation is in good standing and you are thinking about buying a vacation property, there are mortgage insurance options that will allow you to do so. Be sure to ask us about what will work best for you.

7) Get money back on an energy-efficient home. If you purchase an energyefficient home or refinance
an existing home to make energy-saving renovations, you could be eligible to receive a 10% refund on
your mortgage insurance premium if your mortgage is insured with Genworth Financial Canada.

8) Save on household purchases. When buying your first home, you'll find expenses can add up quickly.
When insured with Genworth Financial Canada, you can take advantage of the Homebuyer PrivilegesTM
program, which offers savings on appliances, truck rentals, home-improvement materials, moving supplies,
and more.

9) Take it with you when you move. If you have a mortgage that's portable, you can transfer its termsto a new property in the future. This same option is available when you buy mortgage insurance, which can save you premiums when you move.

10) Get help when you need it. Whether from a job loss, a serious illness, or a marriage breakup, financial difficulties can arise when you least expect them. You can be sure to get the help you need to keep you in your home, with Genworth Financial Canada's Homeowner Assistance program (when insured with Genworth). Be sure to inquire about the benefits of this program.

Best Regards,

MortgageOpolis

Canadian Mortgage Rates for January 20, 2009

Provided by: MortgageOpolis

Rates subject to change without notice.

The Bank of Canada announced today that it is dropping the overnight lending rate to 1% and Major Canadian Banks followed suit by dropping their Prime Rate to 3%. Other lenders are expected to follow suit in the coming days.

Take care,

Dave Vrabic, MortgageOpolis

Here are 10 quick tips on how you can make changes to your daily lives to contribute less to global warming. This article is courtesy of www.cmhc.

Each Canadian generates, on average, five tonnes of greenhouse gases every year. Canada Mortgage and Housing Corporation offers 10 simple steps you can take to help keep our planet healthy and make your home more comfortable and healthier, while saving you money, and increasing your home's resale value.

Step 1 - Switch to Public Transit

Step 2 - Think Smaller

Step 3 - Stay Grounded

Step 4 - Reduce Your Home Heating Bills

Step 5 - Reconsider Your Space Needs

Step 6 - Buy green

Step 7 - Stay out of hot water

Step 8 - Eat Your Vegetables

Step 9 - Reduce, Reuse, Recycle

Step 10 - Remember: You Have the Power