Japan Slips into Recession

New numbers released by the Japanese government indicate the country has entered a recession.

Japan's economy, the second largest in the world, contracted by 0.1 percent in the third quarter, after shrinking 0.9 percent in the second quarter of the year.

Japan has estimated that its Gross domestic product (GDP) contracted at an annualised rate of 0.4 percent.

The Bank of Japan has also cut its key interest rate for the first time in more than seven years, lowering it to 0.3 per cent, joining central banks around the world in trimming borrowing costs.

Japan joins Germany and Italy on the list of Group of Eight major economies that are officially in recession.

The technical definition of a recession is two or more consecutive quarters of negative economic growth.

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Gina Burgio, Mortgage Agent
VERICO Designer Mortgages Inc.
Toll Free: 1-877-345-6265
Fax: 1-877-345-6256
Email: gina@ginaburgio.com
http://www.ginaburgio.com/

Each VERICO Broker is an independent owner operator.

Many Canadian Banks Scheduled to Soon Report Q3 Results

Many Canadian banks are scheduled to begin reporting their 3rd quarter results, starting on Nov. 25 with Bank of Montreal.

Some analysts are expecting Canada's six big banks to report an average profit decline of 15 percent for Q3, the biggest drop in 6 years.

The Bank of Canada, the country's central bank, stated on Oct.23 that the Canadian economy, the world's 8th-largest economy, will slow to 0.6 percent this year, the lowest since 1991.

With the country suffering from weak demand in the US and lower prices for commodities, we will soon have the Q3 results from the Big Six Banks... and it will be interesting to see if they provide any indication of how they project their results will be like in the months to come. One thing can be expected however... if banks continue to report poor results, they may consider holding onto a portion of any future rate cuts in the near term from the Bank of Canada by not adjusting their prime lending rates by the same amount.

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Gina Burgio, Mortgage Agent
VERICO Designer Mortgages Inc.
Toll Free: 1-877-345-6265
Fax: 1-877-345-6256
Email: gina@ginaburgio.com
www.ginaburgio.com

Each VERICO Broker is an independent owner operator.

Europe's Top Central Banks set to Cut Rates

Europe's top central banks are expected to cut borrowing costs on Thursday as market focus shifts back to the economic crisis from the excitement of Barack Obama's historic election victory.

Both the European Central Bank and the Bank of England are expected to cut interest rates. Many economists are forecasting the ECB to cut rates by at least half a percentage point, while others are anticipating a cut by as much as 75 basis points.

For the ECB, it is facing the first euro zone-wide recession since its inception in 1999, and a rate cut by 75 basis points would be its largest ever.

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Gina Burgio, Mortgage Agent
VERICO Designer Mortgages Inc.
Toll Free: 1-877-345-6265
Fax: 1-877-345-6256
Email: gina@ginaburgio.com
www.ginaburgio.com

Each VERICO Broker is an independent owner operator.

What affects will Obama have on Canada?

It has been said in the past, that for Canada, being next to the United States, is like being in bed with an elephant. This statement was in specific reference to the close proximity between Canada and the United States... and the fact that the Canadian economy will most likely always eventually feel the impact of the effects felt by the US economy. Well the present economic crisis has become no exception to this analogy.

Now, with the election of a new President for the United States, and the shift from republican to democratic party policy in the Oval Office, how will this all come to affect not only the United States, but also Canada?

Well for starters, anything that boosts US consumer confidence is good for the US economy and in turn, good for the Canadian economy. Furthermore, anything that would help to shorten and mitigate the US recession, would be good for Canada.... and based on the out pour of people into the streets expressing cheers and joys following the election of Barack Obama as President-elect, many US consumers appear to be optimistic of what the future will hold with the new administration that will soon come into power.

That being all said, there is no quick fix for the current economic problems. However, it is nice to see a bit of optimism for a change.

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Gina Burgio, Mortgage Agent
VERICO Designer Mortgages Inc.
Toll Free: 1-877-345-6265
Fax: 1-877-345-6256
Email: gina@ginaburgio.com
www.ginaburgio.com

Each VERICO Broker is an independent owner operator.

US Fed Lowers Rate to 1 percent

The US Federal Reserve has just matched a half-century low... they have lowered their interest rate by a half-point to 1.0%, in an effort to settle the current economic crisis. The funds rate has not been lower since 1958, when Dwight Eisenhower was president.

The Fed also stated that they would "monitor economic and financial developments carefully and will act as needed to promote sustainable economic growth and price stability."

What does all of this mean for the real estate industry? Share your thoughts.

Gina Burgio, Mortgage Agent
VERICO Designer Mortgages Inc.
Toll Free: 1-877-345-6265
Fax: 1-877-345-6256
Email: gina@ginaburgio.com
www.ginaburgio.com

Each VERICO Broker is an independent owner operator.

Iceland Raises Interest Rates to a record 18 percent

Iceland raised interest rates to a record 18 per cent from 12 per cent yesterday as a condition of a proposed $2bn loan from the International Monetary Fund to help rescue the stricken country.

Iceland applied for the emergency loan after its banking system collapsed and is seeking another $4billion from other central banks.

Following the collapse of their banking system, some economists forecast that Iceland's economy unemployment to rise around 8 percent and inflation to hit 20 percent or more.

Despite the ongoing crisis in the US and Canada, things could be worst.... when you look at what's going on in Iceland!

Gina Burgio, Mortgage Agent
VERICO Designer Mortgages Inc.
Toll Free: 1-877-345-6265
Fax: 1-877-345-6256
Email: gina@ginaburgio.com
www.ginaburgio.com

Each VERICO Broker is an independent owner operator.

Canadian Banks are Not Expected to Adjust Prime Rates

Many economists in Canada are expecting the Canadian Banks to hold their Prime Rates, despite the Bank of Canada decision today to drop the overnight lending rate by a quarter point to 2.25%.

The Canadian Banks earlier this month followed a similar trend when the Bank of Canada lowered their rate to 2.50% and the Banks did not pass on the full extent of the cut when the Banks lowered their Prime Rates at that time.


Some economists forecast that the Bank of Canada will lower their overnight lending rate to 2.00% by year-end.


Prime Rates are used as a benchmark to set most consumer loan rates in Canada, such as mortgages and lines of credit. Unlike Canada, many US banks peg mortgage rates off LIBOR, the rate on inter-bank borrowing. That means US banks can match a central bank cut and drop prime rate with little impact on the profitability of their consumer loan portfolios.





Gina Burgio, Mortgage Agent
VERICO Designer Mortgages Inc.
Toll Free: 1-877-345-6265
Fax: 1-877-345-6256
Email: gina@ginaburgio.com
http://www.ginaburgio.com/









Each VERICO Broker is an independent owner operator.

Canadian Central Bank Expected to Lower Rates

The Bank of Canada is expected to lower its overnight lending rate by as much as a 0.50% tomorrow. If so, this will be the second time in two weeks that the Bank of Canada has taken action to lower rates as part of its efforts to help tame the global financial crisis.


Their overnight rate influences the prime lending rates charged by the chartered banks in Canada. It can affect borrowing costs on variable-rate mortgages and lines of credit.
It will be interesting to see how the Banks react.


The last time the Bank of Canada announced a half-point cut on Oct8, not all the chartered banks passed on the full effect to customers.


Gina Burgio, Mortgage Agent
VERICO Designer Mortgages Inc.
Toll Free: 1-877-345-6265
Fax: 1-877-345-6256
Email: gina@ginaburgio.com
http://www.ginaburgio.com/





Each VERICO Broker is an independent owner operator.

Refinancing

Mortgage refinance is becoming a popular financial remedy, especially for those who are burdened by large monthly installments or multiple debts. Mortgage refinance can prove beneficial in several ways:

• Helps obtain a lower fixed rate
• Convert an Adjustable Rate Mortgage into a Fixed Rate Mortgage
• Consolidating multiple mortgages into one
• Pay off other debts
• Make cash provisions for emergency situations

I can help you decide whether it is the right time for you to refinance. The decision to refinance should be carefully evaluated to avoid any complications at a later stage. By carefully studying the status of your current mortgage and comparing it to your income and other debts, I can help you pick the refinance solution that best suits your current financial status.

I am able to offer some of the lowest and most competitive mortgage refinance rates in the market. Regardless of your requirement, whether it is to consolidate existing mortgages or obtain a better rate, I get you the best deal possible. I will provide the necessary guidance that you need in making the right refinance decision.

Contact me today!

Sincerely,

Gina Burgio, Mortgage Agent
VERICO Designer Mortgages Inc.
FSCO Lic. No. 10194
Toll Free: 1-877-34-LOAN-5 or 1-877-345-6265
Fax: 1-877-345-6256
Email: gina@ginaburgio.com

Join Our Team!

We offer employment opportunities for Mortgage Broker and Agent positions.


Some advantages you get by working for us:

• Preferred Commission Compensation Package


• Access to numerous Lenders and Loan Programs


• Very experienced staff including management and processing staff


• Training on every aspect of the mortgage lending industry


• Professional work environment including office space, private meeting rooms, most recent computer software, individual email, current mortgage origination software.


• Residential Mortgage and Commercial Lending


• Plus much more

We take pride in our Mortgage Brokers/Agents and their abilities, making sure they are a good fit for our mortgage team.

If you are interested in working for a company who maintains a high quality of service towards their customers along with the items mentioned, contact our office for an interview at either 1-877-345-6265 or e-mail your resume to gina@ginaburgio.com.






Gina Burgio, Mortgage Agent
VERICO Designer Mortgages Inc.
FSCO Lic No. 10194
Toll Free: 1-877-345-6265
Fax: 1-877-345-6256
Email: gina@ginaburgio.com

Each VERICO Broker is an independent owner operator.

Services Offered

As a licensed Mortgage Agent, I offer the following services:

• New Home Financing
• Refinancing Existing Mortgages
• Mortgage Renewals
• Home Equity Loans
• Mortgages for Self-Employed
• 2nd Mortgages
• Line of Credit
• Debt Consolidation

In most cases my service is FREE of charge. I am compensated by the institution that funds your mortgage.

My services are offered in Ancaster, Hamilton, Stoney Creek, Dundas, Grimsby, Niagara Falls, St. Catharines, Burlington, Oakville, Toronto, Brantford, Kitchener, Guelph, Cambridge, Milton, Mississauga, and the surrounding areas.

Call Today: 1-877-34-LOAN-5 or 1-877-345-6265

Why Use a Mortgage Broker?

As a licensed mortgage agent, I work for you and you alone. This independence allows me to offer you impartial advice about lenders and the products they offer. I guide you through the process of choosing the right mortgage.

I have access to various banks, credit unions, trust companies, and other lending institutions to find you the BEST RATE.

In most cases my service is FREE of charge. I am compensated by the institution that funds your mortgage.

VERICO

The VERICO Mortgage Brokers Network is one of the fastest growing mortgage organizations in Canada.

Since 2005 the network has grown to over 150 locations throughout Canada that employ over 1,000 agents who collectively originate in excess of $8.0 Billion in annualized mortgage loan volume.

Gina Burgio, Mortgage Agent
VERICO Designer Mortgages Inc.
Toll Free: 1-877-345-6265
Fax: 1-877-345-6256
Email: gina@ginaburgio.com







Each VERICO Broker is an independent owner operator.