10 PHILIPPINE ASIAN NEWS TODAY November 16 - 30 , 2017
FilCo-op Intensifies Membership Campaign
Tatlong Pre-Membership Education Seminars ( PMES ) ang naisagawa sa buwan ng Nobyembre para sa mga bago at potential members ng One Filipino Cooperative of BC sa ibat ibang area ng Metro Vancouver . Isa sa Delta area na si Ofel Icatlo ang coordinator , sa Richmond area ay pinangunahan ni Felix Mejica , Board Member at Area Coordinator , at sa Vancouver area sa tulong nina Rhea Aguilar at Elnora Osinsao . Ang Pre-Membership Education Seminar ( PMES ) ay requirement para maging kasapi ng Fil- Co-op . Layunin nito na malaman ng mga participants kung ano ang samahang kooperatiba , mga benepisyong makukuha ng isang kasapi , at ang mga programa at serbisyo nito para sa ating mga kababayang pinoy . Halos lahat ng mga dumalo ay kumbinsido na maraming mga advantages at benepisyo ang isang kasapi ng kooperatiba |
. ONE HOUSING SOCIETY Itong buwan din ng Nobyembre nabuo ang vision at mission ng Fil Co-operative One housing Society sa isang workshop ng mga officers and |
members na isinagawa sa meeting room ng Mosaic .
One Housing Society ’ s Vision is to be a leading Canadian Filipino provider of affordable , sustainable , innovative and inclusive housing solutions . Its Mission is to build , operate and manage affordable housing for Canadian Filipino in partnership with stakeholders . The objectives are : to provide affordable housing market opportunities for its members as well as for eligible low income residents of BC and to develop , own , operate and enter into agreement as non-profit housing operator of a BC Housing facility or a municipal housing as well as other coop housing providers .
Upang maisakatuparan ang pangarap at mga layunin nito , ang One Housing Society ay
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makikipag-ugnayan sa mga private , non government organization at government sectors . Nauna na rito , ang One Housing Society ay naging miyembro ng BC Non Profit Housing Association ( BCNPHA ) at ang One Filipino Coop naman ay naging miyembro ng Cooperative Housing Federation of BC ( CHFBC ).
Nagkaroon na rin ng exploratory meeting ang officers ng One Housing Society kay Vancouver Councillor Hector Bremner , asawa ng isang Pinay na si Virginia Austria Bremner na taga Pangasinan . Itong buwan ng Disyembre ay may naka-schedule na meeting sa pinuno ng Vancouver Affordable Housing Agency ( VAHA ) sa tulong at pakikipag-ugnayan ni Councilor Bremner .
One Filipino Cooperative ’ s membership is open to all Filipinos here in BC . Please call / text 604-780-2061 .
Email : filcoopbc @ yahoo . ca ; Facebook : Filipino Cooperative ; Website : www . filcoopbc . com
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MYLENE LIM , AMP Licensed Mortgage Specialist
In mid- O c t o b e r , OFSI ( Office of the
Superintendent of Financial Institutions ) announced that effective January 1 , 2018 the new Residential Mortgage Underwriting Practices and Procedures ( Guidelines B-20 ) will be applied to all federally regulated lenders .
The changes to the guidelines are focused on the minimum qualifying rate for uninsured mortgages , otherwise known as conventional mortgages . These are mortgages with down payment of 20 % or more of the purchase price . With the new guideline , all conventional mortgages will undergo stress testing to qualify borrower at the greater of the fiveyear Bank of Canada benchmark rate
New Mortgage Regulations That May Affect You
currently at 4.99 % or the contractual mortgage rate + 2 %, whichever is higher .
What this means in layman ’ s term is that those purchasing or refinancing a home would find that their buying power would be reduced by a significant amount with the new regulation . Let ’ s look at a few scenarios : Purchasing a Home Using an example of a dual family annual income of $ 85,000 and a contracted rate of 3.34 % on a 25-year amortization , the couple would be able to purchase a home of $ 560,000 . But with the new guideline , the qualifying rate would be 5.34 % ( 3.34 % + 2 % = 5.34 %), therefore the couple would only be able to purchase a home of $ 455,000 . A reduction of the couple ’ s buying power by $ 105,000 . Refinancing a Mortgage Again , using a dual-income family income of $ 85,000 as an example . The current market value of their home is
$ 700,000 and they have a mortgage balance of $ 400,000 . Lenders would generally refinance the property to a maximum of $ 560,000 ( 80 %) of the value , provided the couple qualifies to borrow the new amount . This would give the couple about $ 160,000 of extra funds from the equity once the existing mortgage is paid off .
With a 3.34 % interest rate on a 25-year amortization and a combined income of $ 85,000 , the couple would be able to borrow the refinance amount of $ 560,000 and thereby avail of $ 160,000 from their equity . But with the new guideline , the couple ’ s income would only be able to support a refinanced amount of $ 455,000 . Therefore this would only give the couple $ 55,000 of extra funds from the equity once their current mortgage is deducted from the amount . No Mortgage Bundling Mortgage Bundling is when primary mortgage lenders work with an alternative lender to provide a second
WWW . PHILIPPINEASIANNEWSTODAY . COM mortgage . This allows mortgagors to borrow more funds than what primary lenders are willing to provide . Under the new guidelines , this will no longer be allowed with federally regulated financial institutions . Therefore borrowers are left with the alternative of sourcing funds from private lenders , which often come with a hefty fee and higher interest rate .
These changes will greatly impact the majority of homeowners who currently have primary mortgages , bundled mortgages , considering refinancing their homes , or are looking to purchase a home . Please consult with a reliable and experienced mortgage broker to determine your best course of action .
For more information , please feel free to contact me :
Cel : 604 783 9097 / Email : mylene . mortgage @ gmail . com / Web : www . MyleneLim . ca / FB : Mylene Lim