Interested in Buying a Second Home?

There are many reasons why a person may be interested in buying a second home. Whether its for family to live in or vacation we have you covered. It is possible to buy a second home with as little as 5% down. The requirements to qualify are virtually the same as when buying your first home. An example of how buying a second home could work to your advantage is a family with college aged kids. A young adult goes off to college but needs reasonably priced accommodation while they attend school. As parents of this child and potentially the one paying for these accommodation a second home…

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Mortgage Renewal Advice!

ALWAYS explore all your options prior to mortgage renewal. What is most important? When it comes to your mortgage renewal do not just believe that your current lender is offering you the most competitive rates. Many people want to keep it simple. Just get that off the list of things to do as quickly as possible. Rushing into your mortgage renewal could end up costing you thousands of dollars. Let us to do the research that saves you money. Homeowners should always check with a broker to find out what the current most competitive rates are prior to mortgage renewal. Our clients are amazed at the difference between…

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CMHC “Shared Equity Program” for Home Buyers Released in the Federal Budget March 19th

The Federal Finance Minister Released in his March 19th Budget a New CMHC Program to assist New Home Buyers with their mortgage payments.  All of the detail have not been released yet however will be over the next few weeks.  This program is aimed at new home buyers to reduce their mortgage and therefore their monthly payments. How the  program is set to work is a home buyer will potentially receive 5%-10% of their purchase price in a “loan” applied to their mortgage at the onset of the purchase that reduces that mortgage amount.  Although it looks somewhat great it is limited to new home buyers, the 10%…

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Terminology Tuesday – Introductory Rate Offers! What are They – Do The Math!

Introductory rate offers are not new, banks have offered them in the past however it has been quite some time since that type of special rate term was made available. The way it usually works is the lender will offer a low interest rate for your mortgage that will be lower than the best rate offered for a full five year term.  An example is usually for 6-9 months and then the rate will go up for the remainder of the term which is almost always based on 5 year mortgage term.  That interest rate for the remainder of the mortgage term is  higher than the best discount…

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Self Employed Qualifying for Mortgages Made Easier!!!

Qualifying for a mortgage has been tougher over the last few years for self employed people.  Over the years there has been an increase in the number of people deciding to go self employed for many reasons.  Maybe you feel more in control of your financial situation if you are looking after your own income your own way. Maybe it has to do with flexibility of hours, income type of work, whatever it is more are making that change.  The down side has been it is tougher to get a mortgage for buying your principal residence, revenue property, commercial property, second homes or for whatever real estate you…

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Changes to make Qualifying easier for Self Employed Borrowers

Around 15% of the Canadian workforce is Self employed. Self employed borrowers have seen their fair share of struggles when it comes to trying to get a mortgage. What we are seeing now is CMHC , a Canadian Mortgage Insurance company, is changing up their self employed program to hopefully make things easier for this population of Borrowers. Some of these changes will include allowing for alternative options of verifying stability of the business and continuity of income for self employed borrowers with less than 24 months of business operation. Additionally they have made allowances to the different types of documentation required to prove self employed income. This…

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Terminology Tuesday – When you pull your own credit what can you expect!

As we all have learned Credit Scores are huge in determining if you can get a loan or mortgage.  Lenders have used this system for many years and the #1 agency used is Equifax.  There are a few others out there you can get access to to give you can idea of where you are at when the time comes to get a mortgage, financial loan, secured lines of credit and so on.  However the score you get when you pull your own bureau many times is much different that what we as mortgage brokers and the lenders get. So, why is that?  The inquiry you are doing…

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True Impact of the Bank of Canada Change to the Mortgage Market

The BoC recently released a document detailing what it believes to be a positive report on the Canadian Mortgage Market, but this article clearly shows how out of touch our government is. The BoC is applauding their statistics… yet, these numbers show that the government appears to be measuring affordability as a multiple of one’s income – and not by the proven, standard method of debt servicing ratios. This is very odd and, quite frankly, I find it absurd. So, the BoC is saying consumers who borrower above 450% of their annual salary are more prone to default or financial hardship should interest rates rise. They use 250%…

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Should You Renew Early Or Wait ?

We believe everyone who has a mortgage that will be renewing in the next year or so should absolutely be asking this question. Yes early renewal can mean a penalty but waiting can mean higher interest rates. So what do you do? Seek our assistance and we can go over your specific situation to find out if it makes sense for you to break your term and take advantage of today’s interest rates. Below are examples of both fixed and variable rate terms that can help you see the benefit to early renewal. Remember that these are just estimates however our clients that have opted to pay a…

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Let’s Make 2019 a Great Year!!!

With all the doom and gloom out there these days i think it is time to re look at things and see there really are some positives as well.  Mortgage rates are low, first time home buyers can still purchase with 5% down payment and in fact all can as long as it is your principal residence.  We can find lenders to fund on construction mortgages, bare land loans, privates lenders, B lenders, acreage financing, renewals for when you mortgage is up for renewal or even earlier, second home purchases and much more.  yes the lenders have gotten tougher due to the stricter lending rules however we are…

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