To everyone who participated in our recent Mortgage Minute Survey, thank you! Your input makes a difference and we want you to know that we are listening!
62% of all respondents want to receive the Mortgage Minute on a monthly basis.
The results were split on whether you wanted to receive the newsletter on a Monday or a Wednesday. To test your preference we sent out last month's on Monday and this month's on Wednesday.
Stay tuned next month for the results and which group wins!
Debunking the "Doom and Gloom" headlines
The daily headlines scream, "Sub-prime debacle" ... "Credit crisis storm" ... "Housing Market Slump" ... "Consumer Confidence lowest since 2001". No kidding, with the impending doom news reporting, it feels as though we are in a recession simply as a self fulfilling prophecy... and I'm fed up!
Here's the scoop .... yes, our Canadian new housing stats are down, we are predicting growth of 1.8% in 2008 and the Bank of Canada has been reducing our prime interest rate to combat inflation.
The U.S. sub-prime fiasco (emphasis on U.S.) has had an impact on our Canadian market. We wrote about the perils of sub-pime lending
last March and thankfully we are nearing the end of this cycle. As a North American mortgage industry, we are seeing much stricter underwriting guidelines and a reduction in the availability of lenders for the sub-prime market.
What does this mean to you? It is more important now than ever to protect and preserve your credit rating. It is the single most important factor in determining how much money you can borrow, at what rate and which products are available.