We are coming off the lowest interest rates in Canadian history right now. Rates have to go up from here, there is no doubt in the financial experts minds. The only thing that would stall this rate increase would be some real financial hardships in the future, and that may even backfire and raise rates. This being said if you ever wanted to lock your mortgage in this would be the time to do it. Sooner the better in my opinion. As for the effect on the Real Estate Market the increase in rates will cause a few buyers to rethink their future purchase BUT it will be temporary as we are still below the average fixed and variable rates and as the shock of any significant rate increase passes people will realize that the rates are still not that bad. If the rates start approaching double digits THEN we will see a significant effect on the Real Estate market. I hope this info helps, if you or any reader would like to discuss this topic or another in more detail please don`t hesitate to give me a call anytime. Abraham Niyazi - Mortgage Agent - Lic# M08010640 - Centum One Financial Lic# 10758 - Cell: 416-993-4082 - Office: 1-866-RATE-708 x 115 http://www.centum.ca/abraham_niyazi/ I have access to Banks/Lenders across Canada and 11 years experience in the industry.

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I am 17, 18 in june and currently in my last year of high school. i'm looking to move out in late june or early july after graduation, and since my first college of choice is 3 states away there's no option of commuting for me and i'd rather not live on campus due to the extra expense. i am not sure if i'll be able to even afford college at the moment but either way i know i want to move on and get a job so eventually i can go to college so right now i'm trying to think of ways i won't have to live like a hobo until i can afford a place to stay. renting is out of the question since the cheapest appartments i have been able to find are about $700 while my entire bank account contains a grand total of $350 for college/housing/food/etc. i do not currently have a job but by january i do expect to have one through a work study program and i my boyfriend and i have talked about possibly moving in together to be closer to one another as well as to cut both of our costs so my funds will increase slightly. also, i do plan on lining up a job before moving. so while i've been looking at housing options i have decided that if the monthly payments are in the same price range as the initial payment, purchasing a repossesed house would be best for my price range. my only other option is begging a friends parents to let me rent a room for them and they are already pretty crowded as them so i do not want to have to ask that of them unless i absolutely must. so, in a nutshell, i want to know what the average monthly cost for a repoed house would be. if anyone could tell me how the mortgaging system for that works (do i finish payments on the previous owners mortgage, do i need to take out a new mortgage like on a new house, would it be cheaper than a new house, etc) that would be awesome. also, if anyone has any ideas for a cheaper manner of living that would be a great thing to put up.

From the sound of your circumstances I'd recommend putting the "house hunting" on hold until both of y'all have a degree in hand and at least a job offer. You dont want to commit to mortage only to find out you're inover your head. Plus yng relationships come and go so go it alone unless he is "the one". Y'all should look for a MasterBedroom to rent nr school that way you can have a little more room and some privacy and presumably save some money. If you dedicate yourselves to live the "Rule of St Bernard" and become Trappist Monks you should be able to save enuff money for a down payment by the time you graduate. We dont think values will go up that much too soon, but of course "all R.E. is local". live an Asetic's lifestyle and all you need is 3.5% dn payment on an FHA loan.

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Three little words that work !! (1)the three little words are: 'hold on, please...' saying this, while putting down your phone and walking off (instead of hanging-up immediately) would make each telemarketing call so much more time-consuming that boiler room sales would grind to a halt. then when you eventually hear the phone company's 'beep-beep-beep' tone, you know it's time to go back and hang up your handset, which has efficiently completed its task. these three little words will help eliminate telephone soliciting. (2) do you ever get those annoying phone calls with no one on the other end? this is a telemarketing technique where a machine makes phone calls and records the time of day when a person answers the phone. this technique is used to determine the best time of day for a 'real' sales person to call back and get someone at home. what you can do after answering, if you notice there is no one there, is to immediately start hitting your # button on the phone, 6 or 7 times, as quickly as possible this confuses the machine that dialed the call and it kicks your number out of their system. gosh, what a shame not to have your name in their system any longer !!! (3) junk mail help: when you get 'ads' enclosed with your phone or utility bill, return these 'ads' with your payment. let the sending companies throw their own junk mail away. when you get those 'pre-approved' letters in the mail for everything from credit cards to 2nd mortgages and similar type junk, do not throw away the return envelope. most of these come with postage-paid return envelopes, right? it costs them more than the regular 41 cents postage 'if' and when they receive them back. it costs them nothing if you throw them away! the postage was around 50 cents before the last increase and it is according to the weight. in that case, why not get rid of some of your other junk mail and put it in these cool little, postage-paid return envelopes. one of andy rooney's (60 minutes) ideas. send an ad for your local chimney cleaner to american express. send a pizza coupon to citibank. if you didn't get anything else that day, then just send them their blank application back! if you want to remain anonymous, just make sure your name isn't on anything you send them. you can even send the envelope back empty if you want to just to keep them guessing! it still costs them 41 cents. the banks and credit card companies are currently getting a lot of their own junk back in the mail, but folks, we need to overwhelm them. let's let them know what it's like to get lots of junk mail, and best of all they're paying for it...twice! let's help keep our postal service busy since they are saying that e-mail is cutting into their business profit s, and that's why they need to increase postage costs again you get the idea ! if enough people follow these tips, it will work

Great tips n' tricks! Thanks

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America cries, "give us a king!" by jan markell there is a story in ii samuel 8 where we see israel demanding a king. god was not sufficient for them, so they asked for a "real king." they got an evil one -- saul. america has been in a similar mood. we want a "king" to solve our many problems starting with the economy. so israel said to samuel, "now appoint a king to lead us such as all the other nations have" (ii samuel 8:5). but all the other nations had pagan kings. god lamented to samuel and said, "now listen to them; but warn them solemnly and let them know what the king who will reign over them will do." two years ago came a charismatic man named barack obama who was engulfed in a cult-like atmosphere. some actually called him "the messiah." shrines were built to him. a web site said, "obama is god." there has been a messianic fervor, adoration and a worship-like atmosphere surrounding him. at some rallies people fainted at the sight of him. young children recorded on youtube sang songs to him stating he would change the world. the intrigue with this man is global. newsweek magazine had a headline recently titled, "the world hopes for its first president." imagine, a world president! newsweek states, "in country after country, polls show a record-high fascination with the outcome of the u.s. elections." newsweek basically said "the international audience really cared less about john mccain, sarah palin, or joe biden. somewhere along the road to the white house, obama became the world's candidate." even for those with proper eschatology this sounds alarming. but on the positive side, a barometer as to how late the hour is has been revealed. newsweek continues, "obama is a 21st century man with whom the whole world can identify." in obama's speech in berlin, obama said that we are all citizens of the world! talk about a message on globalism. will he establish the one-world system? america longs for a king to take care of us. we demanded change and change we will get! there are youtube clips of people jumping for joy that obama will take care of them. as one says, "obama will pay my mortgage and buy my gas." the entitlement mentality reigns and it is cross-cultural. as jack kinsella says in his recent omega intelligence digest, "in october capitalism passed away after a long illness." he is right. socialism now is very appealing and being implemented in america. the government is buying up many industries and turning them over to a new socialist president! none of the candidates who ran in "campaign 2008" can save us! only the lord god of israel can do that! but as in samuel's day, god is not good enough for america. thus, i believe he has allowed "strong delusion" to filter across the nation and around the world. it says in isaiah 66:4, "i will choose their delusions." thus, all has happened for a reason. god removes kings and establishes kings for his own purposes. (daniel 2:21) here's what we do know for sure. in spite of troubling and even perilous times, the bible still has all the answers, the holy spirit is still active, god will still inhabit the praises of his people, there will still be room at the cross, jesus will still save the lost, and jesus will still return to the holy city of jerusalem to establish perfect government: a theocracy for 1000 years. "for unto us a child is born, unto us a son is given; and the government will be upon his shoulder. and his name will be called wonderful, counselor, mighty god, everlasting father, prince of peace. of the increase of his government and peace there will be no end...."(isaiah 9:6-7).

AMEN

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America cries, "give us a king!" by jan markell there is a story in ii samuel 8 where we see israel demanding a king. god was not sufficient for them, so they asked for a "real king." they got an evil one -- saul. america has been in a similar mood. we want a "king" to solve our many problems starting with the economy. so israel said to samuel, "now appoint a king to lead us such as all the other nations have" (ii samuel 8:5). but all the other nations had pagan kings. god lamented to samuel and said, "now listen to them; but warn them solemnly and let them know what the king who will reign over them will do." two years ago came a charismatic man named barack obama who was engulfed in a cult-like atmosphere. some actually called him "the messiah." shrines were built to him. a web site said, "obama is god." there has been a messianic fervor, adoration and a worship-like atmosphere surrounding him. at some rallies people fainted at the sight of him. young children recorded on youtube sang songs to him stating he would change the world. the intrigue with this man is global. newsweek magazine had a headline recently titled, "the world hopes for its first president." imagine, a world president! newsweek states, "in country after country, polls show a record-high fascination with the outcome of the u.s. elections." newsweek basically said "the international audience really cared less about john mccain, sarah palin, or joe biden. somewhere along the road to the white house, obama became the world's candidate." even for those with proper eschatology this sounds alarming. but on the positive side, a barometer as to how late the hour is has been revealed. newsweek continues, "obama is a 21st century man with whom the whole world can identify." in obama's speech in berlin, obama said that we are all citizens of the world! talk about a message on globalism. will he establish the one-world system? america longs for a king to take care of us. we demanded change and change we will get! there are youtube clips of people jumping for joy that obama will take care of them. as one says, "obama will pay my mortgage and buy my gas." the entitlement mentality reigns and it is cross-cultural. as jack kinsella says in his recent omega intelligence digest, "in october capitalism passed away after a long illness." he is right. socialism now is very appealing and being implemented in america. the government is buying up many industries and turning them over to a new socialist president! none of the candidates who ran in "campaign 2008" can save us! only the lord god of israel can do that! but as in samuel's day, god is not good enough for america. thus, i believe he has allowed "strong delusion" to filter across the nation and around the world. it says in isaiah 66:4, "i will choose their delusions." thus, all has happened for a reason. god removes kings and establishes kings for his own purposes. (daniel 2:21) here's what we do know for sure. in spite of troubling and even perilous times, the bible still has all the answers, the holy spirit is still active, god will still inhabit the praises of his people, there will still be room at the cross, jesus will still save the lost, and jesus will still return to the holy city of jerusalem to establish perfect government: a theocracy for 1000 years. "for unto us a child is born, unto us a son is given; and the government will be upon his shoulder. and his name will be called wonderful, counselor, mighty god, everlasting father, prince of peace. of the increase of his government and peace there will be no end...."(isaiah 9:6-7).

I personally think this is awesome! How true it is - we have turned our backs from God, bathing in our own destruction yet blind to see the cause of it all and we are reaching into the hand of the devil for the answers. God is the answer - not this 21st century false one.

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I would like suggestions for a plan to buy a house. i currently make about $65k a year, and i live and work in los angeles. my work does not offer any benefits, so i don't have a 401k either. i have excellent credit. i have no savings at the moment; i just finished school and never made enough to start saving. i have a federal consolidated student loan for $55k. i let my parents borrow one credit card loan in my name for $7k, that i expect they will pay off by the end of next year. each month i pay my parents about $800 as they used their home equity line to pay off my private student loans, but that's not reflected on my credit report. at the moment, i pay about $650 in rent, but that is likely to increase since i want to move to santa monica since the commute right now is 1.5 hours each way. i would love to buy a condo or small house and rent out the other rooms to help pay the mortgage and as i would enjoy living with others (at least until i marry) what should my game plan be?

Your idea is a good one. Rental property is a good thing especially if you have the knowledge and skill to do a lot of the fixing yourself. It is a good hedge against income and the equity can strengthen you finally down the road. But for right now you are not in the position to be buying anything until you are out of debt and have a substantial slush fund for emergencies plus the downpayment. If you buy with no downpayment, the mortgage insurance can be significant and you can get yourself into more debt than you can handle especially if the housing market keeps going down while taxes and insurance go up. People buying more than they can afford is the reason so many people are losing their houses right now. They bought what they wanted rather than what they could afford and as they lose the houses the market plummets. You will always have repairs and large unexpected ones do come along and taxes and insurance always rise. You always want to be in a financially secure position and never, never depend on anyone to help you pay your rent. They will move and you will need that slush fund. Roommates can turn out to be a horror and I don't suggest them at all. Be sure to see that old Micheal Keeton movie where he is the renter in San Francisco. It can happen just like that or in varying degrees but it will give you insight. If you think you have the stamina for rental property, think in terms of duplex or 4 family. You're lucky to have such great parents that can afford to help you out. You need to pay them first. Good luck and do a lot of planning before you decide. You sound like you are on your way and rental property is a good way to do it.

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Three months ago my brother called me crying hysterically. he is almost 25 and i have never known him to be upset. he was living in another state in my mom’s apartment (while she is actually here taking care of her mother for a while). he had been out with some friends, was drinking, and something happened. i was very afraid and i stressed about it for a month or so. to this day he will not tell either of us what it was. i have suspected that he was gay for quite some time. just by the way he acts and by concrete evidence i’ve found. i figured it was related to a relationship or sex, but i am just speculating. anyway, he said he wanted to move back (where i currently live and where most of our family lives). my grandmother’s house is small and was full with guests, so the only other logical option was my house. the problem is this is his third time living with us in the five years we’ve been married. my husband likes my brother but quite naturally doesn’t want him living with us everytime you look around. but, due to the circumstances, said he could stay. he was very hesitant and i could tell he did it to make me happy. he arrived at the end of may and is still living with us. he got a job, with the help of a relative, in mid july. the time was winding down and i knew my husband’s patience would soon be running short. i knew my brother didn’t want to go live at my grandmother’s with my mom, two aunts, and grandmother. the house is very old and it would be very uncomfortable for him. i talked to my husband and asked if he could stay for a month or so longer, since he was now working and was planning to get an apartment in october/november. my husband agreed but said he’d have to pay. we agreed that $300 was fair for everything he was getting. he was to start paying rent in september. that’s unlimited internet access (with basically his own computer in our office), satellite, toilet paper, paper towels, detergent, bleach, washing machine, electric, water, his own bathroom (because he was using our guest bathroom as his own), his own room with a king size bed and a tv. on top of that, he doesn’t drive or have a car so we have to take him where he needs to go. i go out of my way to drop him off at the bus stop in the morning, and wait for him to get off then go pick him up from the bus stop in the evenings. often times, my husband will volunteer to go pick him up. when we offered him to stay with us vs. my grandmother’s he didn’t seem very thankful. but anything sounded better than going to my grandmother’s. i told him about the $300 and he looked shocked. for two days, i asked if that would be okay and he said yes. so, more time passed and he wanted to know what my utilties were – not facting in anything other than electric and water. i told him he was getting a bargain. he’d been acting weird for the past few weeks. then on tuesday he revealed he’d be moving out at the end of august. that was news to my ears, but i was wondering about all the months he laid up for free when we were trying to help him (june and july). i told him august’s bills won’t come in until september after he was gone. he said he was going to pay us “something”. i kept insisting that $300 wasn’t a lot in the first place. my mortgage is a little over 5 times that amount. if i were to charge him as a roommate i could require a third plus utilities. he said he never understood why i was charging him for a room anyway (we have 4 bedroom and 2 baths). he also said he didn’t understand why he had to pay for the satellite and internet, since those things don’t increase when people live with you (just electric and water). this whole thing just makes me look bad because i went to bat for him and my husband is somewhat annoyed. my brother insists he will just pay the $300 in installments or pay “something”. he says he doesn’t expect to get off free with august’s bills, but his mentality is nuts! i’ve told him to forget about he money and that i’ll never let him stay with us again regardless of what the crisis is. my mom says he should pay us the $300. my husband doesn’t really want to voice his opinion (i can tell) and says it doesn’t matter. also, my husband saw him ordering clothes online before he started the job (on his credit card) and mentioned it. he’s thinking we’re trying to help him and he’s taking advantage.

It's hard to get money back from family. My personal rule is that any favors I do or money I 'loan' to family I had better think of as a gift, so as not to be disappointed. If they pay, all the better, and it's a nice surprise! Demanding that he pays you will most likely cause a good deal of unfounded resentment on his part, however justified your cause. So, you have to be prepared for a bit of a break in the relationship, if you do ask him for the money. If it were me, I would still give him a bill for the amount of time he has spent with you. He ate your food, shared your bathroom, used your internet, etc. It is none of his concern what your utilities are, nor is it proper for him to ask. An agreement is an agreement. His handling of it will be a very clear indicator of his maturity, and also give you grounds not to have him leech off of you again, should the situation arise in the future.

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Here's the deal. i'm on disability, and my house payment continually goes up, every year, it's about $20 more. i just can't do it anymore. the house is costing me $820 a month right now, and it's not worth it. i owe almost $110,000 on it, via the $80,000 left on the mortgage, and the $29,000 on a second loan tied to it. if i put the house up for sale, there is no way i'll get what i need out of it? there is a house for rent outside of town that my girlfriend and i are heavily interested in, and the renters have said that we're at the top of their list of desirable tenants. they would like an answer as soon as possible on what we want to do. the rent is $750 a month, and of course our utilities and stuff, but no other worries. no property taxes, no increasing monthly payment. the house has twice the room as our current house, and it's got alot of land. it's exactly what we are wanting. my question and worry is this, if we bail on this house and let them foreclose on it, is that a bad thing, if we're looking at doing something we want to start over? i know it doesn't look good to the renters probably that we're thinking about bailing on this house, but i explained the situation to them, and they seemed understanding of it. we don't want to stay here anymore, and aren't going to be able to afford it in another year or two anyways. and what will happen with the 2nd loan that is tied to the house mortgage? i'm thinking more about surviving in this current economy now, and i feel this is a step we need to take in the right direction to protect ourselves. i highly doubt anyone would be willing to pay $1000 a month plus their own utilities to live here. yes, it's in a good location, and it's a street with lots of young children, but i honestly don't see it. and also, i have until monday to decide on what i want to do for the house that we want to rent, as they are needing a renter as soon as possible. i doubt i could get someone even remotely interested in this place by monday. and there's no way i can afford an $820 and $750 payment each month until i do find a renter for this place. not only that, i do not want to be a landlord for anyone. too much of a headache.

This may not be an answer that is acceptible to a lot of people....BUT....if they are willing to rent you something you can afford knowing your house is going to go into foreclosure.....and it will make it easier for you to take care of your family....do it. it will affect your credit for at least 7 years....you will be screwed if you need any other loans in that time. If you can live on cash for 7-10 years....whatever. May I give you some advise? Don't take on loans you cannot pay for. When you get in trouble, don't take out Second loans. It is sorta like being a little bit pregnant. There ain't no light at the end of the tunnel. I wish you all the best for you and your family. Stay safe. Forgot to answer about the second...it will all go into foreclosure. You don't pay....it is on your credit report. Good luck.

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5 reasons renting still beats buying (absurd) by jack hough mar 6th, 2009 at a time when home prices are well discounted and mortgage rates are low, provides the opportunity for privacy and a good write off as well. never to have to move again, or have to keep the noise down, to have the room if you decide to have that 2nd. or 3 rd. child,never having to be at the landlord's mercy for rent increases, put a new kitchen in and told to move out within 2-5 years, and if you've never looked for an apartment let me tell you first hand how difficult it is. if you have 1,2,3 children, a pet, or a large family that likes to visit, your better off buying a lotto ticket. it is the same chances odds wise. yes, the author jack hough who wrote the article, and yahoo for printing it, should both have conferred with any local broker of real estate before making this a main story. *this by far, is the worse story ever printed or published by yahoo, and put on their site!

was this just before or after the article about how its better to rent now than buy? I thought this one was particularly funny. Likes is some form of brilliance that if the house your going to buy is going to lose 20% value in the next year, you might want to wait to purchase it and pay rent instead.