Ski Tips for Advance Skiers

Updates Regarding HST & New and Substantially Renovated Housing

This short summary on the impact of the HST comes courtesy of Una Gabie of Pushor Mitchell.

On November 19, 2009, updates to the application of the HST to new and substantially renovated housing were released by the Ministry of Finance. As most people are now aware, the HST will apply as of July 1, 2010 to the purchase of new or substantially renovated homes.

One change that will be welcomed by purchasers is the increase to the threshold for the new housing rebate from $400,000 to $525,000. Purchasers will receive a rebate of 71.43% of the Provincial portion of the HST up to a maximum of $26,250. For houses with a purchase price above $525,000, a flat rebate of $26,250 will be available. Similar rebates will also be available for the construction or substantial renovation of affordable rental housing in British Columbia.

Transitional rules were also released on November 19, 2009. Under the rules, the Provincial portion of the HST will generally not apply to a purchase of a home where ownership and possession are transferred on or after July 1, 2010 provided that the agreement of purchase and sale was entered into on or before November 18, 2009. There are some exceptions to this including mobile homes as the general transitional rules will apply.

For more information on how the HST may affect your real estate dealings, please contact Una Gabie at gabie@pushormitchell.com or (250)869-1230.

how to cook the best prime ribs

Prime ribs & Yorkshire Puddings

Following is the best method I found for preparing a prime rib with Yorkshire Puddings. Follow these easy steps and you will impress your guests. Methods is from America’s Test Kitchen, one of my go to source for cooking information.Ask the butcher to cut the meat off the ribs, but make sure to keep the ribs because the meat is tied back onto them for roasting. Let the roast stand at room temperature for 2 hours before roasting helps it cook evenly. Remove the roast from the refrigerator about 5 1/2 hours before serving.

Serves 10 to 12

INGREDIENTS

· 1	first-cut beef rib roast (ribs 9 through 12, about 8 pounds), meat removed from bone, ribs reserved, patted dry
· 1	1/2 pounds oxtails
· 1	Tablespoon tomato paste
· 3	medium onions , cut into eights
· 3	tablespoons vegetable oil
	Kosher salt (preferably) or table salt
· 2	tablespoons ground black pepper
· 1	cup red wine , medium-bodied
· 1	3/4 cups low salt beef broth, preferably homemade.
· 1	3/4cups low salt chicken stock , again preferably homemade
· 2	sprigs fresh thyme

INSTRUCTIONS

1. Remove roast and ribs from refrigerator and let stand at room temperature 2 hours. After an hour, adjust oven rack to lowest position and heat oven to 400 degrees. Rub oxtails with tomato paste and place in heavy-bottomed, burner-safe roasting pan. Toss onions with 1 tablespoon oil, and then scatter onions in roasting pan. Roast until oxtails and onions are browned, about 45 minutes, flipping oxtails halfway through cooking time. Remove from oven and set roasting pan with oxtails aside; reduce oven temperature to 250 degrees.

2. When roast has stood at room temperature 2 hours, heat heavy-bottomed 12-inch skillet over medium heat until hot, about 4 minutes. Meanwhile, rub ends and fat-side of roast with remaining 2 tablespoons oil, then sprinkle with 1 1/2 teaspoons kosher salt (or 3/4 teaspoon table salt) and pepper. Place roast fat-side down in skillet and cook until well-browned, 12 to 15 minutes; using tongs, stand roast on end and cook until well-browned, about 4 minutes. Repeat with other end. Do not brown side where ribs were attached. Place roast brown side up on roast bone side down in roasting pan, pushing oxtails and onions to sides of pan. Roast 1 hour, then remove from oven and check internal temperature; center of roast should register about 70 degrees on instant-read thermometer. (If internal temperature is higher or lower, adjust total cooking time.) Return roast to oven, and prepare Yorkshire pudding batter now (if making, see following recipe), and cook 1 1/4 to 1 3/4 hours longer, until center of meat registers about 122 degrees for rare to medium-rare or about 130 degrees for medium-rare to medium (see illustration 3) . Transfer roast to cutting board and tent loosely with foil. Increase oven temperature to 450 degrees for Yorkshire pudding.

3. While roast rests, spoon off fat from roasting pan, reserving 3 tablespoons for Yorkshire puddings; set roasting pan aside while preparing puddings for baking. While puddings bake, set roasting pan over 2 burners at high heat. Add wine to roasting pan; using wooden spoon, scrape up browned bits and boil until reduced by half, about 3 minutes. Add beef broth, chicken broth, and thyme. Cut twine on roast and remove meat from ribs; re-tent meat. Add ribs, meaty side down, to roasting pan and continue to cook, stirring occasionally, until liquid is reduced by two-thirds (to about 2 cups), 16 to 20 minutes. Add any accumulated beef juices from meat and cook to heat through, about 1 minute longer. Discard ribs and oxtails; strain jus through mesh strainer into gravy boat, pressing on onions to extract as much liquid as possible.

4. Set meat browned-side up on board and cut into 3/8 -inch-thick slices; sprinkle lightly with salt. Serve immediately, passing jus separately.

Individual Yorkshire Puddings

Serves 12

Prepare the Yorkshire pudding batter after the beef has roasted for 1 hour, then, while the roast rests, add beef fat to the batter and get the puddings into the oven. While the puddings bake, complete the jus. An accurate oven temperature is key for properly risen puddings, so check your oven with an oven thermometer before making this recipe. Work quickly to fill the muffin tin with batter, and do not open the oven door during baking.

INGREDIENTS

· 3	large eggs , at room temperature
· 1 1/2	cups whole milk , at room temperature
· 1 1/2	cups unbleached all purpose flour (7 1/2 ounces)
· 3/4	teaspoon salt
· 3	tablespoons beef fat

INSTRUCTIONS

1. Whisk eggs and milk in large bowl until well combined, about 20 seconds. Whisk flour and salt in medium bowl and add to egg mixture; whisk quickly until flour is just incorporated and mixture is smooth, about 30 seconds. Cover batter with plastic wrap and let stand at room temperature for at least 1 hour or up to 3 hours.

2. After removing roast from oven, whisk 1 tablespoon of beef fat into batter until bubbly and smooth, about 30 seconds. Transfer batter to 1-quart liquid measuring cup or other pitcher.

3. Measure 1/2 teaspoon of remaining 2 tablespoons beef fat into each cup of standard muffin pan. When roast is out of oven, increase temperature to 450 degrees and place pan in oven to heat for 3 minutes (fat will smoke). Working quickly, remove pan from oven, close oven door, and divide batter evenly among 12 muffin cups, filling each about 2/3 full. Immediately return pan to oven. Bake, without opening oven door, for 20 minutes; reduce oven temperature to 350 degrees and bake until deep golden brown, about 10 minutes longer. Remove pan from oven and pierce each pudding with skewer to release steam and prevent collapse. Using hands or dinner knife, lift each pudding out of tin and serve immediately.

Real Estate Negotiation

Understanding the mortgage process; what does being approved mean.

At the core of any real estate transaction is the purchase contract. Before signing a contract it is important for buyers and seller to understand each and every clause. Entering into a contract is serious business with real consequences if misunderstood. To avoid unpleasant surprises you should consult a legal professional early in the process. One of the key elements of the purchase contract is the conditions agreed to by the parties. Conditions may include many things, for example inspection and financing. Conditions have a time frame by which they must be removed or signed off by the buyer. This process is called conditions removal. By signing off you agree that you are satisfied and are committing to complete the rest of the contract

As a mortgage professional, arranging financing is obviously what I do for my clients. What does it mean to have your financing secured or approved? The process is very simple; I gather the information from clients, analyze it and if the information meets lender requirements I “package” it and forward it for approval. The approval process may take anywhere from less than one day to a week or more. There are many reasons for this wide variability. For example, the nature of the file itself, the volume of files currently being processed by a given lender and the lender’s approval process itself.

The lender you and your mortgage professional choose may help you determine the appropriate time frame for conditions removals. As a result of the financial crisis this process has proven to be much slower due to reduced staffing level in some institution and increased scrutiny resulting from the crisis. I generally recommend a minimum of seven to ten working days for conditions removal. This time frame is generally sufficient for lenders and for clients to gather needed information.

When an application is reviewed and approved, I received what is called a commitment letter. A commitment letter is a document that states the financing will be advanced at an agreed upon time if you meet a list of requirements or conditions. These may include and are not limited to: proof of employment, good credit, debt consolidation, down payment or a variety of other requirements.

It is generally understood that financial conditions should never be removed until the borrower has met all of the conditions stated in the commitment letter. Doing so prior to this process being completed is risky. I have seen financing fall apart during documents verification and if this occurs after you have removed conditions, you are on the hook to complete the purchase contract. If you cannot find alternative financing you run the risk of losing your deposit and or being sued. That is what I meant by serious business. It is for that reason that I always insist on completing this process before removing conditions even if you run the risk of losing a property you desire. If needed your real estate agent can request an extension from the vendor, however there is no guarantee that the vendor will agree.

An independent mortgage professional is your best bet to help you navigate what is sometime a complex and stressful process. As a mortgage professional I have access all lending institutions to help you meet your needs and I do my best to help my clients become better consumer of mortgage products.

Annual State of the Canadian Residential Mortgage Market in Canada

The Canadian Association of Accredited Mortgage Professionals (CAAMP) has just release its annual state of the residential mortgage market in Canada. It makes for interesting reading, here are some of their key findings for you to know.

• Expectation about house price increases are highest in British Columbia

• Over the long run 5% of Canadians buy a home, however in the fall of 2009 only 3.2% are making plans

• About 27% of home owners with mortgages had some form of mortgaging activity; 7% took out new mortgage, 20 % renewed or refinanced an existing mortgage.

• Among those who renewed 12% changed and 88% remained with the same lender.

• For the average mortgage holder has 52% equity in his home; a reassuring figure.

• For Canada as a whole existing home equity is 74% of the total value of housing

• Two years ago the survey found that 9% of mortgages in Canada had amortization of more than 25 years. A year ago the share was 16% and today it is 18%.

• The average mortgage rate for home owners is 4.55% a sharp drop from 5.41 a year earlier

• Mortgage holders report that on average they obtained 1.91 quotes when they obtain their current mortgage. Only 9% obtained four or more. Still too many people just sign their renewal notice.

• Chartered bank account for 48% of all mortgages down for 56% last year. Clearly mortgage brokers are having an impact.

• Mortgage arrear increase from 0.27% to 0.42 %, I call that good news

• The survey found weak home-buying intentions for the coming year

• Flow of new listing is down by 13% compared to last year

• Around the middle of 2010 the volume of outstanding mortgage credit in Canada would surpass $1 trillion.

To read the full report visit CAAMP Website. (click here)

Angels in the night news clip 2008

This is a short video click of last year's Angels in the night supplies drop off. Last year we raised $15,000 for Kelowna's shelters and this year we are aiming for $25,000. This year's fundraiser is taking place on Wednesday November 4th, 09 at Manteo Beach resort. To learn more about this year's event click here. To attend contact:
Liz Hynes
Email:lizhynes@invis.ca (preferred)
Toll free: 1-866-854-6847, ext 771
Toll free fax: 1-866-864-6847

Duck Ragu

This is a dish I have cooked a couple of time, and it has already become a favorite around my house. Its from Mario Batali’s book, Molto Italiano. Its great with Penne, Rigatoni or Gnocchi, serves 4.

Ingredients:

1. ¼ cup of olive oil

2. 4 ducks legs, skinned, cut at the joint, visible fat removed, rinsed, and patted dry

3. Salt and freshly ground black pepper

4. 1 medium Spanish onion, cut into ¼ inch dice

5. 1 medium carrot finely chopped.

6. 2 garlic cloves, thinly sliced

7. 1 rib celery, cut into ¼ inch dice

8. 4 fresh sage leaves ( you can substitute for dry, buy go easy)

9. 2 cups dry red wine

10. 1 cup of chicken stock

11. 6 ounce can of tomato paste

12. 454 gram bag of Penne, Rigatoni or Gnocchi.

13. Parmigianino Reggiano for grating

Step 1: In a Dutch oven or other large pot, heat up oil over medium high heat until almost smoking. Season duck with Salt and Pepper, then cook turning occasionally until browned on all sides, 10 to 12 minutes. Transfer to a plate.

Step 2: Add the onion, carrot, garlic, celery, and sage to the pot. Reduce the heat to low and cook until soft, 7 to 9 minutes. Add wine, stock and tomato paste, stir well and bring to a boil. Add the duck, lower the heat, cover and simmer for an hour.

Step 3: Transfer the duck pieces to a plate and keep sauce simmering. When cool, pull meat off the bones; return the meat to the pot and simmer uncovered for 30 minutes, or until the sauce is quite thick. Adjust seasoning with salt and pepper. Toss with cooked pasta and enjoy.

Accelerated Completion Date Entitles Purchasers to Rescission

Another article from Una Gabie of Pushor Mitchell.

In a recent decision of the British Columbia Supreme Court, an acceleration of the estimated completion date was sufficient to justify the remedy of rescission for two purchasers of condominium units. The Plaintiffs, two real estate agents, entered into agreements of purchase and sale for three units in a development in Vancouver. The disclosure statement provided an estimated completion date of December 31, 2009. The agreement provided the purchaser with a contractual right of rescission if any change was made which “materially affects the offering”. The Plaintiffs received an amendment to the disclosure statement which sought to accelerate the estimated completion date to April 30, 2009. The Plaintiffs provided written notice to the developer of termination and asked to have their deposits returned.

The question before the Court was whether the agreement permitted the acceleration of the completion date. While the agreement contemplated a delay in the completion date, the Court found that an eight month acceleration was a material change which provided the Plaintiffs with the ability to terminate the agreement and have their deposit returned.

The full text of the decision can be found at http://www.courts.gov.bc.ca/jdb-txt/SC/09/12/2009BCSC1290.htm. If you have any questions on this topic, or any other real estate matter, contact Una Gabie who is a Lawyer at Pushor Mitchell at (250)869-1230 or gabie@pushormitchell.com. Una’s practice includes the purchase, sale and refinancing of commercial and residential real estate.

Angels In The Night

On Wednesday November 4^th Invis will host its annual fundraiser “Angels in the night”.

What is “Angels in the Night?

About the Project

Angels in the Night is a community effort that delivers newly-purchased coats, blankets, gloves, toiletries, and other essentials to homeless shelters across Canada.

Every year in mid-December, hundreds of Angels in the Night volunteers – Invis Mortgage Consultants along with their business and lending partners – hit the streets in cities across Canada from Halifax to Victoria as we lend a helping hand to those less fortunate.

After fundraising throughout the year, Angels in the Night organizers in each participating city work with a number of established homeless facilities to ensure that the goods purchased are needed, and that funds are spent wisely and with greatest impact. Across Canada, the recipient shelters serve a wide range of clients, from mothers with infants and small children, to street youth, to adults and the elderly.

Nationally, 15 per cent of the goods purchased by Angels in the Night organizers for shelters are for children and youth, with another third going to women. All of the money stays in the community where it is raised. Last $15,000 was raised in Kelowna.

Invis Kelowna’s fundraising event will be held on November 4^th, 09 at Manteo Beach Resort. Attendance is $50 to attend and light food and drinks will be served starting at 5:30 pm.

Invis is proud to partner with Chris Cleaver of Fm K96.3. Chris will host the evening’s auction and we aim to raise $25,000 for local shelters. Kelowna mayor the honorable Ms. Sharon Sheppard will be the guest of honor and will address the gathering. To attend please send me an email at philippedaigle@invis.ca or call me at 250 801 1279.

How It Began

In just a few short years, the Invis & Friends Homeless Shelter Project, often referred to as “Angels in the Night,” has grown to be a national charity effort.

It all began in 2002, when Bruce Coleman, a Senior Mortgage Consultant at Invis, had a vision – if mortgage brokers around Vancouver could use their resources to raise money, they could then make a significant impact on the poor and homeless living in and around the streets of the city’s downtown eastside. His idea seemed fitting: who better to help the homeless than those who make a successful living providing services in the housing industry. Others at Invis quickly joined Bruce in his plan, and over $17,000 was raised.

On a cold night in mid-December, 2002, over 30 volunteers delivered hundreds of blankets and other supplies to shelters and drop-in centers throughout Vancouver. Not surprisingly, word spread and Invis brokers in other cities eagerly joined in the effort. By 2008, the event spanned 12 centres across Canada, with hundreds of volunteers taking part and raising over $1,000,000 for the homeless.

Invisians and partners working together to load motor homes and buses with blankets and coats, hands reaching out to receive the gifts, a man serenading us with a Christmas carol in thanks, a shelter filled with joy and gratitude… these and many more moments and thoughts capture the essence of this annual night of giving.

How to Contribute

We invite you to join Invis in lending a helping hand to those in our cities who are most vulnerable. Your contributions to Angels in the Night will allow us to purchase much needed blankets, gloves, and other cold weather essentials for the homeless in our communities.

We work with established homeless facilities and your donation stays in the nearest participating city. Contributions are tax deductible.

Every dollar you contribute goes directly to the homeless; Invis handles the administration costs.

Through your generosity and support, we can make a difference to the homeless this winter. Thank you.

To make a donation to the Angels in the Night Homeless Shelter Project or to contribute to items for the silent auction, please contact:

Liz Hynes;

Email:lizhynes@invis.ca (preferred)

Toll free: 1-866-854-6847, ext 771

Toll free fax: 1-866-864-6847

Visa and payment by cheque (payable to Invis) accepted. For tax receipt purposes, please include your home address.

Shelter Partners

Last year, Angels in the Night volunteers provided supplies to 68 homeless shelters and facilities across Canada. Shelters assisted by Angels in the Night in past years have included:

Halifax, NS

• Salvation Army Booth Centre
• Byrony House
• Alice Housing
• Freedom Foundation
• Metro Turning Point
• Barry House
• Adsum House
• Holly House

Montreal, QC

• Old Brewery Mission
• La Maison du Père

Ottawa, ON

• Salvation Army Booth Centre

Toronto, ON

• Native Child and Family Youth Shelter
• Salvation Army Gateway
• Fred Victor Centre for Women
• Street Haven
• Florence Booth
• Gateway
• Maxwell Meighen
• Native Men's Shelter
• Christie Ossington Men's Shelter
• Women's Residence
• Cornerstone Baptist

Hamilton, ON

• Good Shepherd Houses (various)

Winnipeg, MB

• Salvation Army Booth Centre, Winnipeg

Calgary, AB

• The Salvation Army Centre of Hope
• Calgary Drop-In and Rehab Centre
• Centre of Hope
• Mustard Seed

Edmonton, AB

• Women’s Emergency Addictions Centre
• Salvation Army Addictions & Residential Centre
• Hope Mission
• The Bissell Centre
• Youth Emergency Shelter Services

Cranbrook, B.C.

• Salvation Army Centre
• Kootenay Haven Transition House for Women
• Women's Resource Center
• Canadian Mental Health
• Wings as Eagles

Kelowna, B.C.

• Alexandra Gardner Home
• Salvation Army Centre
• Kelowna Drop in Centre
• Kelowna Gospel Mission
• Okanagan Boys and Girls Club
• Freedoms Door

Vancouver, B.C.

• Union Gospel Mission
• Covenant House
• Triage Emergency Services and Care Society
• YWCA Crabtree Corner
• Belkin House
• Bridge Women's Emergency Shelter
• Crabtree (YWCA)
• Cynthia's Place
• Evelyne Saller Centre
• Fine Day
• First Baptist Church
• Gateway Shelter - Front Room Positive Haven
• Harbour Light
• Helping Spirit Lodge
• Hyland House
• Powell Place - St. James
• Scottsdale House
• Sheena's Place
• Sheway
• Sisters of Atonement
• St. Elizabeth
• Stevenson House
• The Triage
• Look Out - Living Room
• Look Out 2

Victoria, B.C.

• The Salvation Army
• Street Link
• Our Place

Nanaimo, B.C.

• The Salvation Army

Vernon, B.C.

• The Vernon Women's Transition House
• The Salvation Army

Buying a Home: The Impact of the HST

This article comes courtesy of my friend Una Gabie of Pushor Mitchell. She can be reached at

As most people are aware, the harmonized sales tax was introduced for British Columbia on July 23, 2009. Many people are wondering how the new tax, which will be effective on July 1, 2010, will impact the real estate industry including the purchase of new and used residential homes.

Once in place, the HST will apply where the GST currently applies. In addition to being payable on the purchase price of a new or substantially renovated home, HST will be payable on expenses such as real estate commissions, appraisal fees, and other services required in the course of a home purchase. As a result, all homebuyers, new and used, will likely pay more to purchase their house after July 1, 2010 then they would have if they had done so prior to July 1, 2010.

While the purchase of a used home will be exempt from HST, purchasers of new or substantially renovated homes after July 1, 2010 will be required to pay HST. There will, however, be rebates in place so that purchasers of new homes under $400,000 will not be required to pay significantly more than they would prior to July 1, 2010. For homes priced between $400,000 and $450,000, there will be a partial rebate to reduce the impact of the HST on the purchaser. Once the purchase price of a new home passes $450,000, the maximum rebate of 5% of the purchase price up to $20,000 will apply.

Are you wondering what will happen where a contract of purchase and sale is entered into prior to July 1, 2010 with the sale closing after July 1, 2010? Watch for a future Legal Alert article with respect to the transitional provisions once they become available.

If you have any questions about how the HST may impact your future home purchase, or any other real estate questions, please contact Una Gabie at gabie@pushormitchell.com or (250)869-1230. Una’s practice includes residential and commercial real estate including purchases, sales and refinancing.

Dealing with Mortgage Payment Difficulties

When unforeseen financial circumstances impact your ability to make regular mortgage payments, it’s important for you to take quick action. With early intervention, cooperation, and a well executed plan, you can work together with your mortgage professional to find a solution to your financial difficulties.

What Can I Do to Help?

If you find yourself facing financial difficulties, as a result of job loss, family income reduction, or for other reasons, it can be an overwhelming experience leaving you feeling uncomfortable and unsure of what to do. By following these three simple steps, you can make a big difference in resolving your financial difficulties.

1. Talk to your mortgage professional

• To increase the chance of successfully managing your financial situation through early intervention, call your mortgage professional at the first sign of financial difficulty;
• Ask the mortgage professional about information on the options available for managing your financial situation; and
• Keep the mortgage professional informed as circumstances evolve.

2. Clarify the financial picture

In order to help your mortgage professional fully understand your financial situation, before meeting with them, prepare a detailed list of financial obligations including any credit cards, loans, household bills with the amounts owing and their due dates. Be sure to include information about your current income, savings accounts, investments, and any other assets.

3. Stay informed

The more information you have at your disposal on managing your finances, the easier it will be to make the right decisions.

Take Charge of Your Debts is an online tool from the Government of Canada that is designed to help borrowers like you understand debt problems, and includes information on making a budget, budget counselling, collection agencies, credit, and credit repair. To view this tool, log on to www.ic.gc.ca (Industry Canada) and search for “Take Charge of Your Debts”.

How Can Mortgage Professionals and CMHC Help?

Your mortgage professional wants to establish and maintain a positive relationship with you over the long term, and is fully trained and equipped with the tools to help you deal with the temporary financial setbacks that you may be facing.

For mortgages insured by Canada Mortgage and Housing Corporation (CMHC), CMHC provides mortgage professionals with tools and the flexibility to make timely decisions when working with you to find a solution to your unique financial situation. These tools include:

• Converting a variable interest rate mortgage to a fixed interest rate mortgage in order to protect you from a sudden interest rate increase, should one occur.
• Offering a temporary short-term payment deferral. Your mortgage professional may be prepared to offer greater payment flexibilities, particularly if previous lump sum prepayments have been made, or if you have previously chosen an accelerated payment schedule.
• Extending the original repayment period (amortization) in order to lower your monthly mortgage payments.
• Adding any missed payments (arrears) to the mortgage balance and spreading them over the remaining mortgage repayment period.
• Offering a special payment arrangement unique to your particular financial situation.

CMHC is also willing to consider other alternatives proposed by the mortgage professional to resolve or avoid mortgage payment default. In every case, the options available will depend upon your individual financial circumstances.CMHC is Canada’s national housing agency. For over 60 years CMHC has shared a wealth of knowledge and housing expertise to help create an informed and reassured homeownership experience for Canadians.

Thanksgiving Turkey with Italian Stuffing

Growing up in Quebec, turkey was something we ate at Christmas. Since I met my wife Heather I have learned to appreciate the rich tradition of the thanksgiving turkey; and every year I look foward to the process of preparing it. I usually start one week before, making my own bread and the stock I will be using. In a previous posting I describe how to guarantee a moist turkey by brining it: this time I am sharing with you the stuffing and the roasting method I have been using for years. The stuffing is made with Italian Sausage and Ciabatta bread. This stuffing doesn't stop at bread, sausage and the usual lineup of aromatic vegetables; it includes Marsala wine, fresh thyme and the optional chopped turkey liver to give it deep, rich flavor.

Stuffing ingredients:

• 14 cups Italian bread, like ciabatta, cut into 1/2- to 3/4-inch cubes (about 3 loaves). Leave the bread out for 24 hours before using. I like to use slightly stale bread for stuffing. To learn to make Ciabatta click here.
• 1/3 cup olive oil
• 2 lb. bulk sweet Italian sausage (or stuffed sausage, casings removed)
• 1 turkey liver, finely chopped (optional)
• 2 large yellow onions, cut into 1/4-inch dice
• 5 large ribs celery, cut into 1/4-inch dice
• 8 cloves garlic, finely chopped
• 1 Tbs. plus 1 tsp. fresh thyme leaves (or 1-1/2 tsp. dried)
• 1 Tbs. dried sage
• 1-1/2 tsp. kosher salt
• 1/2 tsp. freshly ground black pepper
• 1 cup sweet Marsala wine

Pile the bread cubes into a very large bowl and set aside. Set a large sauté pan over medium heat and add the olive oil, half of the sausage, and the chopped turkey liver (if using). Cook, breaking up the sausage with a wooden spoon or spatula into 1/2- to 1-inch bits, until light brown, about 5 min. With a slotted spoon, transfer the sausage to the bowl of cubed bread; repeat with the remaining sausage. In the fat left in the pan, sauté the onions, celery, and garlic until the onions are translucent and just beginning to brown, 8 to 10 min. Stir in the thyme, sage, salt, and pepper, cook 1 min., and then add the mixture to the cubed bread. With the pan off the heat, carefully pour in the Marsala. Keep your face away from the pan as the wine will sputter. (It’s unlikely that Marsala will ignite, but if it does, just back off and let it burn for a few seconds until the alcohol has cooked off.) Set the pan over medium heat and bring the liquid to a boil, stirring to scrape up any flavorful bits in the pan. Boil for 2 min. and then add the Marsala to the bread mixture; stir until well combined. Taste and add salt and pepper if needed.

For the turkey:

• One 12- to 14-lb. fresh turkey ( I prefer fresh and free range if available)
• 3 Tbs. melted unsalted butter or olive oil
• 2 Tbs. kosher salt
• 2 Tbs. dried sage
• 1 Tbs. freshly ground black pepper
• 1 tsp. ground nutmeg
• 18 to 19 cups Italian Bread Stuffing
• About 1 cup Stock, preferably homemade.

Prepare and stuff the turkey:

Heat the oven to 325°F. Rinse and dry the turkey. Rub it inside and out with the butter or oil and then season with the salt, sage, pepper, and nutmeg. Loosely pack the central cavity and the hollow under the flap of skin at the top of the breast with 6 to 7 cups of the stuffing, tucking the flap under the bird. Spoon the remaining stuffing into a buttered or oiled baking dish, about 9x13 inches; cover and refrigerate.

Set the stuffed turkey in a large roasting pan, tucking the wings under the bird. (If your roasting pan has a rack, you can use it, but it’s not essential.) Set the turkey in the oven to roast.

After 3 hours of roasting:

Remove the extra stuffing from the fridge and douse it with about 1 cup of stock. Cover the dish with greased aluminum foil and bake with the turkey for 1 hour, uncovering the dish for the last 15 minutes to brown the top. The turkey is done when a meat thermometer inserted into a thigh registers 165°F and the juices from the thigh run clear, about 4 hours in all (18 to 20 minutes per pound for a stuffed bird). If the skin browns too much before the turkey is done, cover the bird loosely with foil. If the turkey fails to brown evenly or sufficiently, use a pastry brush to paint the skin with some of the brown juices in the roasting pan. Remove the turkey from the oven, let it rest in the pan for 5 min., and then carefully transfer it to a platter. Tent loosely with foil and let it rest while you make the gravy.

What is Mortgage Loan Insurance?

Mortgage Loan Insurance is just that — insurance from a trusted third party, which protects lenders against default on a mortgage loan by a homeowner. In Canada, Mortgage Loan Insurance is generally required whenever a homebuyer has less than 20% of the purchase price available as a down payment. Because the lender is protected, they are able to offer mortgage financing even if you have a smaller down payment, at a rate of interest that is comparable to the lower rates typically reserved for home buyers with a larger down payment. To obtain Mortgage Loan Insurance, an insurance premium must be paid based on the total amount of the loan (the purchase price minus the down payment). This premium can be paid in a lump sum, or added to your mortgage and included in your monthly payments.

How Much Does it Cost?

In general, the larger your down payment, the lower your premiums will be. The exact premium will be calculated when you apply for a mortgage. But to give you a general idea, the current Mortgage Loan Insurance premiums charged by CMHC are:

Size of down payment ---------------------------Insurance premium

(as % of purchase price)* -----------------------(as % of total loan)**

• 15% to less than 20% --------------------------------1.75%
• 10% to less than 15% --------------------------------2.00%
• 5% to less than 10% ----------------------------2.75% or 2.90%***

* Mortgage Loan Insurance from CMHC is also available for loans of less than 80% of the purchase price.

** Premiums in Ontario and Quebec are subject to provincial sales tax. The provincial sales tax cannot be added to the

loan amount.

*** The rate of 2.90% is for mortgage loans where the down payment is funded through non-traditional sources, such as

borrowed funds, gifts, 100% sweat equity or lender cash back incentives

For an additional premium, CMHC Mortgage Loan Insurance is also available for loans with extended amortization periods. The additional premiums are:

• Loan with amortization period greater than 25 years and up to 30 years: +0.20%
• Loan with amortization period greater than 30 years and up to 35 years: +0.40%

For example, if you are buying a $200,000 home with a down payment of $10,000 (or 5% of the purchase price) amortized over 25 years, the Mortgage Loan Insurance premium would be 2.75% of your $190,000 loan, or $5,225. If you chose to extend the amortization to 30 years, an additional premium of 0.2% or $380 would be charged.

Bringing Homeownership Within Reach CMHC also offers a wide range of flexible options to make it easier for homeowners to get a mortgage that meets their unique needs and circumstances. This includes Mortgage Loan

Insurance for individuals and families who are:

• New to Canada;
• Self-employed;
• Buying a second home;
• Looking to make smaller monthly payments;
• Purchasing a home and making renovations or improvements;
• Purchasing an energy-efficient home;
• Relocating and looking to transfer their mortgage from one home to another; or
• Looking to access the equity in their home for renovations or other expenses.

Continue to Reduce Your Credit Card Debt

Mounting credit card debt is a problem for many Canadians these days. If you find that you’ve been overspending, it makes sense to look into how to limit your exposure to credit card debt, and the stress that comes along with it. Here are some suggestions:

• Limit cash advances.

• Know the grace period on your credit card.

• Pay off credit card debt in full monthly to avoid high interest costs.

• Limit card usage for a specified period of time to help you reduce credit card debt.

• Make it a personal rule to spend only what you can pay off in a given month.

• Sign up for loyalty programs and make your dollar worth more.

• Make paying off debt a priority in your financial plan.

• If you find that you cannot pay down your credit card debt to your satisfaction, you may wish to consider a mortgage strategy to consolidate this debt at a lower interest rate.

Haggling over your first mortgage

Invis in the News

September 30, 2009

GlobeandMail.com

Haggling over your first mortgage

Today's low rates make buying a house tempting but the stakes are high and the learning curve is steep

You've been to the open houses, explored various neighbourhoods and perhaps even checked out local schools before settling on the home of your dreams. Now it's time to negotiate your first mortgage, a process which done right, could save you tens of thousands of dollars.

Today's low interest rates have made buying that first home easier but it can also breed complacency. Rates will rise eventually so purchasers need to not only find a place they can afford, but ensure that they have negotiated the best mortgage terms possible and educated themselves on the document they are about to sign.

When it comes to mortgages, the first lesson is that not all mortgage lenders are created equal. That become quickly apparent to Naysan and Nahid Hariri, both 28, who are mortgage shopping for a $438,000 home now being built for them in Richmond Hill, Ont. “I found that a couple of institutions were a number of (interest) points higher than others,” he said.

The Hariris also found that the big banks, which tend to have higher posted rates than smaller financial institutions, were reluctant to lower their rates. “My understanding with banks is that if you have services with them, they tend to work out something better for you.” Because first-timers typically have less money parked with a particular institution, they tend not to have the leverage to demand lower rates.

The stakes and the learning curve are higher for first-timers. “Usually they are borrowing a lot more money and there is quite a lot to learn,” said Lois Volk, a 22-year mortgage broker with Invis in Toronto's trendy Beaches neighbourhood. “If they don't know, certainly we go through everything: make sure they are comfortable with the concept, what their payments are going to be, work through a budget if necessary and help them consolidate debt if necessary.”

But before couples even start house shopping, they should meet with their bank to obtain a pre-approval or, at the very least, a rate guarantee, said Martin Beaudry, head of lending underwriting at ING Direct.

Mr. Beaudry said that the difference between the big banks and independent firms is rate transparency. “The big banks start very high with their rates and you need to negotiate the rates down and sometimes they have as much as 1.5 per cent leeway on their posted rates while small institutions like ING Direct will post their lowest rate.”

ING Direct's most popular mortgage term among its customers is its 5-year fixed rate, currently sitting at 3.99 per cent. Five-year, fixed rate mortgages for the big banks range between 5.49 and 5.55 per cent, according to Globe and Mail data. The lowest rate found was 3.94 per cent offered by Meridian Credit Union.

Crunch the numbers
Obtaining a pre-approved mortgage forces new buyers take a long, hard look at not just how much house their bank says they can afford, but how much debt they are willing to shoulder to get into home ownership, combined with whatever else they owe. Be aware that your comfort zone and the lending institution's are not necessarily the same. Banks are in the business of maximizing earnings which could translate into a mortgage which you can afford – on paper at least – but one that leaves little money left over for fun indulgences.

The Hariris, who both work for IBM Canada, decided to determine their debt threshold before sitting down with a financial institution. “The first thing you need to do is figure out your monthly budget,” said Mr. Hariri. “My wife and I sat down for months in advance to see exactly what we can afford, what is comfortable for our lifestyle.”

On their own, they also managed to say the 20 per cent of the purchase price for a down payment so that they don't have to carry the extra expense of mortgage insurance from Canada Mortgage and Housing Corporation (CMHC).

Naysan and Nahid Hariri, who have been shopping around for the best mortgage rate to finance their new home, are seen here on the site of their future home, which has yet to be built.

Financial institutions say that mortgage borrowers should devote no more than 30 to 32 per cent of their combined gross incomes to mortgage payments, property taxes and heat. “CMHC will also allow you to go up to 40 per cent or sometimes slightly higher if you have no other debt,” said Ms. Volk, the mortgage broker.

As ING Direct clients, the Hariris are leaning towards taking a fixed rate mortgage with that bank. While financial experts say that over the long term borrowers do better with variable rates, new buyers often opt for the peace of mind that fixed rates offer.

And while the Hariris are not using a mortgage broker to help them hammer out the best deal possible, it is an increasingly popular option. Last year 33 per cent of purchasers used mortgage brokers, up from 27 per cent the prior year, according to a CMHC survey.

Do some research
Mortgage brokers, who are typically paid on a commission basis by lenders, may save borrowers some money on the rates and terms they negotiate, but Ms. Volk says a large part of their role is educating people. “The main things to watch for is terms and conditions of the mortgage.”

With the recent drop in mortgage rates, Ms. Volk says many people have been dismayed to find they cannot take advantage of potentially huge interest rate savings because the “break fee” to get out of their current mortgage is prohibitive. Interest penalties for getting out of your mortgage early vary and may take the form of a three-month interest payment or interest rate differential charge. Make sure to get your lender to spell out the break fee to you, and get it on paper.

Some lenders offer “blend and extend” options which can allow some borrowers to get at least some of the benefit of lower rates. Typically, the penalties for breaking the original mortgage are included in the blended rate calculation so borrowers are not faced with an upfront charge.

Pre-payment privileges are also something first-time buyers should seek for two reasons: Because they are typically early in their careers, they can reasonably expect higher take-home earnings through promotions or switching employers for a better paying job and are able to make additional payments to the mortgage. As well, the interest on mortgages is front-end loaded, meaning that the majority of payments in the early years of 25-year amortization mortgage go to interest, not principal.

The math
Here is why shopping around for the best rate possible is no trifling matter. Take a half-point interest rate difference on a 5-year, $500,000 mortgage with a 25-year amortization period. With a 5.75 per cent rate, the mortgage holder would have monthly payments of $3,125.11 versus $2,979.59 at 5.25 per cent. That doesn't sound like much until you run the 5-year amortization schedule. At the higher rate, the buyers made mortgage payments of $187,506.60, with 72 per cent of that, or $135,086.29, going towards interest payments. At the 5.25 per cent rate, the mortgage holders not only pay $178,775.40 less, but 68.8 per cent or $123,032.28 less goes to interest and more to chipping away at the principal. The difference? A total of $8,731.20 less in payments - $12,054.01 in interest saved and an extra $3,322.81 to the reduction of the principal owed.

The Canadian Association of Accredited Mortgage Professionals has a variety of calculators on its website, including a prepayment calculator, maximum mortgage calculator and a rent vs buy calculator.