February 16 - 28 , 2018 PHILIPPINE ASIAN NEWS TODAY IMMIGRATION 11
ALAM BA NINYO na dito sa BC ay umiiral pa rin ang sistemang five / six ( 5 / 6 ) sa mga pautang ? Hindi kapani-paniwala dahil napakalayo na natin sa Pilipinas pero kung tayo ay magtatanung-tanong sa ating mga kakilala at kaibigan ay sasabihin nilang mayroon dito niyan . Yes , may ilan tayong kababayan na biktima pa rin sa “ kapit sa patalim ” na sistemang ito . Ang nagpapahiram sa sistemang five six ay hindi ang mga bumbay na kadalasang alam natin kundi ang kapwa natin Pinoy na nagsasamantala sa ilang kababayan . Lately ay may napag-alaman na isang kababayan natin na nagpapautang na may patong na 12 PERCENT PER MONT INTEREST ! Nakakalungkot subalit ilang kababayan natin ang biktima nito kasalukuyan .
Mayroon din namang mga legal na pahiraman tulad ng Payday Loans , Instant Loans , Express Loans at iba pang lending agency na nakikita natin sa mga kanto . Dito ay halos pareho din ng five / six pero ito naman ay medyo suwabe ang dating na pahirap sa ating mga kababayan lalo na sa may mga biglaang pangangailangan . Kamakailan lamang ay may mga ilang tumawag sa FilCo-op na nakabasa ng ating CoopTalk Column dito sa PNT tungkol sa ating Pahiraman ng Bayan Micro Lending Services . Sinasabi na na nais na nilang lumipat at makawala sa pagkakabaon sa utang sa mga ahensiyang ito . Marami nang
MYLENE LIM , AMP Licensed Mortgage Specialist
I wrote about this new regulation last N o v e m b e r and had a lot of inquiries if this applies to them or not , so I thought I ’ d go through the new regulation again . In mid-October , 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 such as the big banks .
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
MAKAKATULONG SA ORAS NG PANGANGAILANGAN
members ng FilCo-op ang naging biktima ng mga ahensiyang ganito . Nagpapasalamat sila at nagging member sila ng FilCo-op .
May isa din naman ahensiyang Pinoy na ayon sa kanilang information document na pinapadala thru mail sa mga bagong kliyente , kapag humiram ng halagang $ 500.00 ay may interest na $ 200 . Total na halagang babayaran ay $ 700.00 na babayaran sa loob ng apat ( 4 ) na buwan . So , kada buwan ay magbabayad ng $ 175.00 . Kung ito ’ y susumahin ay may interest rate itong 10 % per month na halagang $ 50.00 kada buwang interest sa halagang hiniram na $ 500.00 . So , 10 %/ mo . X 12 months equals 120 % per year interest . WOW ang bigat ! DITO PO SA FILCO-OP ay 2 % per month lang po ang interest . May Profit Share ka na , dahil isa ka sa may-ari at may Patronage Refund ka pa sa iyong pagtatangkilik sa mga produkto at serbisyo nito .
Dahil sa ganitong mga sitwasyong panggigipit sa mga nahihirapan nating kababayan , inilunsad ang PAHIRAMAN NG BAYAN MICRO LENDING SERVICES ng One Filipino Cooperative of BC noong 2010 sa tulong ng VanCity Savings and Credit Union . Layunin nito na matulungan ang ating mga kababayan na makapag-ipion para may magamit sa oras ng pangangailangang pinansiyal maging ito ay pang-negosyo , pampaaral , pampagamot o anumang biglaang
five-year Bank of Canada benchmark rate 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 . It ’ s worth noting that the stress test doesn ’ t mean the borrowers ’ mortgage will actually be subjected to the “ stress test interest rate ”. The borrowers would still be able to enjoy the contracted rate committed by the lender . However , the government is ensuring that should the rates go up , borrowers would still be able to afford the mortgage and would not have to default on the loan . How has this this new rule affected borrowers ability to purchase or refinance ? Let ’ s look at a few scenarios : Purchasing a Home Using an example of a dual family annual income of $ 90,000 and a contracted rate of 3.54 % on a 25-year amortization , the couple would be able to purchase a home of $ 620,000 . But pangangailangan , sa paraang magaan na may balik pakinabang o benepisyo pa sa bawat kasapi .
Maliban dito ay tuluy-tuloy pa rin ang iba pang mga Serbisyo at Programa tulad ng FLY NOW PAY LATER Loan Services , FILCO-OP IREMIT PADALAHAN NG BAYAN na kung saan ay hindi mo na kailangang lumabas ng bahay para magpadala , text or tawag lang ay pwede na , DAMAYANG PINOY PROGRAM na tulong pinansiyal sa pamilya sa panahon ng pagpanaw ng mahal sa buhay , at Job Posting and Net Working . Mayroon din RERERRAL SERVICES sa ibang mga Pinoy business partners tulad ng ICBC Auto Plan , ICBC Accredited Driving Instructor , Accident and Life Insurances , RESP , RRSPs and other Financial Planning , Travel Agency , Kangen Water , Salad Master , Sierran Roofings , Memorial Plan , Real Estate and Mortgage Advisor , Home Renovation at iba pa . Mayroong ding Social Development Program para tumugon sa emotional and social needs ng mga members . Kasama dito ang mga tours , out of town trips , annual bingo at the park , picnics and campings . KAYA SALI NA !
Parami na ng parami ang sumasapi bilang isa sa may-ari ng One Filipino Coop , ang kauna-unahang kooperatibang Pinoy dito sa BC . Maliban sa kikitain ng inyong pera dahil sa Profit Sharing ay mayroon pang Patronage Refund sa bawat pagtangkilik
with the new guideline , the qualifying rate would be 5.54 % ( 3.34 % + 2 % = 5.54 %); therefore the couple would only be able to purchase a home of $ 510,000 . A reduction of the couple ’ s buying power by $ 110,000 . Refinancing a Mortgage Again , using a dual-income family income of $ 90,000 as an example . The current market value of their home is $ 775,000 and they have a mortgage balance of $ 400,000 . Lenders would generally refinance the property to a maximum of $ 620,000 ( 80 %) of the value , provided the couple qualifies to borrow the new amount . With a 3.54 % interest rate on a 25-year amortization and a combined income of $ 90,000 , the couple would be able to borrow the refinance amount of $ 620,000 and thereby avail of $ 220,000 from their equity .
But with the new guideline , the couple ’ s income would only be able to support a refinanced amount of $ 620,000 . Therefore this would only give the couple $ 110,000 of extra funds from the equity once their current mortgage is deducted
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ng serbisyo . Lumalago na ang pera ng bawat miyembro , nakakatulong pa sa mga kababayang may suliranin . SANA KAYO RIN !
Kada buwan ay mayroong Pre- Membership Education Seminar para sa mga nais sumapi sa One Filipino Coop na ginaganap sa ibat ibang area ng Metro Vancouver .
Sa iba pang katanungan o impormasyon , mag email lang po filcoopbc @ yahoo . ca o mag text / tumawag sa 604-780-2061 . website : www . filcoopbc . com . Facebook : Filipino Cooperative
ONE FILIPINO COOPERATIVE OF BC “ “ Matutulungan ka na , Makakatulong ka pa ,
Kayang-Kaya Kung Sama-
Sama ”
New Mortgage Regulations That May Affect You
from the amount . No Mortgage Bundling Mortgage Bundling is when primary mortgage lenders work with an alternative lender to provide a second 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