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MortgagesInVancouver.com Hi, everyone. How are you? It’s Leah Coss with The Mortgage Centre. And I wanted to go over the new HST rules that will be coming out later this year. Now, of course, nothing is ever finalized until the rule is actually implemented. But this is what they’ve got so far, and hopefully, to make it not so confusing for all of us poor little mortgage brokers and real estate agents, they will keep the rules this way. But the HST rules for housing will be as follows. Now, first of all, if you’ve bought a home, then you know that you don’t currently pay GST when you buy a home that’s been previously lived in. This means one house that’s had one previous owner, is now an old house. It no longer needs to have GST paid for it. So if you’re going out and you’re looking for houses and you’re concerned about HST, don’t worry too much. The HST rules will only apply to brand spanking new houses, houses that have never, ever had another owner set foot within them. Now, the reason for this is because new houses, currently, they get charged GST. Therefore, anything that gets charged GST now will be charged HST later. Now, what is HST? For those of you who don’t know, it’s basically going to be GST and PST combined. So, with GST being five percent, PST being seven percent, that’s now going to be combined for 12 percent. [laughs] Now, how is that going to affect the housing market? Well, on first glance, you’d be like, “Holy smokes! You’re adding seven percent more …
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Quicken Loans clients Eric and Kelly Walker of California discuss in this video testimonial about how Quicken Loans and Todd Jennings helped them refinance their home. After a rough experience with a previous loan company, Eric and Kelly made the switch to Quicken Loans and closed on their… Video Rating: 0 / 5
Mabuhay Alliance, HomeFree USA, and community groups meet with mortgage servicers at SF Federal Reserve. SAN FRANCISCO—Last August 7, Mabuhay Alliance and HomeFree USA, along with community groups, met with senior management from the five largest mortgage servicers—Bank of America, JP Morgan Chase, Citibank, Wells Fargo and US Bancop—at the San Francisco Federal Reserve Bank to discuss a “Tenant to Homeowner” solution to the foreclosure crisis. In a statement she made to the press after the meeting, Mabuhay Alliance Executive Director Faith Bautista said, “We really believe that theres a commitment and the eagerness from all the banks, supported by regulators, to solve foreclosure crisis through tenant to homeownership.” Bautista also mentioned that another meeting with Federal Reserve Chairman Frank Bernanke, Federal Deposit Insurance Corporation (FDIC) Chair Sheila Bair and Financial Services Commitee Barney Frank has been scheduled on Sept. 1 and 2, to discuss more concrete plans to help homeowners who are facing foreclosure. At present, more than 40 percent of homeowner is states such as Arizona, California, Nevada and Florida are deeply underwater. The “Tenant to Homeowner” could well be the solution as loan modification programs are failing to address the foreclosure crisis in these states. “We have come to a conclusion from this meeting that every one of the banks realizes that not enough is being done on the loan modifications,” said Counsel Bob Gnaizda and added …