Here we go again. The Office of the Superintendent of Financial Institutions had proposed new guidelines for mortgage underwriting back in March and final Residential Mortgage Underwriting Practices and Procedures were released to financial institutions today.
Along with these, the Department of Finance announced new mortgage rule changes in an effort to limit the debt Canadians are amassing and to cool the housing market. Four new changes will come into effect July 9, 2012.
The OFSI recently published an amended report regarding proposed changes to mortgage lending policies in Canada. In the report, they made the following recommendations which are of greatest importance to homeowners and home buyers: (more…)
I have news of an exciting promotion available to visitors to my website. Contact me today, and quote the code LEGAL0612 in your communications and in addition to getting you a great mortgage rate, after I complete your mortgage financing, I will pay your legal fees and your appraisal for you! (more…)
Rates have come down with some of my lenders this past week. (more…)
With a blink of an eye, five years is over and you’re starting to get the notices reminding you that your mortgage is up for renewal. You may have conveniently gotten your renewal papers in the mail from your lender offering you a rate that’s lower than what you were paying before (this is because current mortgage rates are at a historical low). It’s easy to just sign on the dotted line and mail it back, but if you stop and think about it, by signing these papers, you’re locking yourself into yet another long term contract.
If you’ve done this before, you’re not alone. Research has shown that most consumers stay with the same lender when renewing a mortgage. Statistics also show that people who spend a bit of time shopping around during renewal time, tend to save more in the long run.
Do you have enough information to make an educated decision about your mortgage? What are some of the options you have?
In order to find the right mortgage product for you, you’ll need to ask yourself what your long-term goals are. Is it to be mortgage free as soon as possible? Or do you need increased cash flow for upcoming expenses like starting a family or saving for a child’s post-secondary fund? (more…)
Recent studies have shown that self employment is on the rise, making up approximately 15% of the workforce in Canada. However, the trend is making it more difficult for the self-employed and other unique prospective mortgage clients to get a mortgage. (more…)
Speaking with a client this week, they were mentioning a government home buyer program that gives them $10,000 for being a first-time home buyer. I hadn’t heard of this before, and usually I am someone who is fairly on top of all this information. For this reason, I was surprised, and I decided to do some research.
It turns out, the client was half-right. I also didn’t know about this and it got me thinking that it would be good to summarize all the government programs and incentives currently available to BC and Vancouver area residents. As with a summary, I am including only the most important details for simplicity, please reference the source for all details. Without further adieu:
I have been enjoying all the radio, TV and print ads from the major banks telling everyone about 2.99% for 4 years as if they are offering you something special. I do have that available with other lenders as well, but I have something even better…2.89% for 4 years! That is better than the banks are offering!
Contact me today and we can get you locked in for this special offer.
If you go on The Children’s Wish Foundation of Canada website, you’ll see a video about Darcy Lee. He’s a 6 year old with Idiopathic lymphedema(with pleural and pancardial infusions), an illness usually resulting from an impaired lymphatic system (part of the immune system that deals with infections). The illness causes swelling in the body, most commonly in the arms and legs. There currently isn’t a cure for this illness. (more…)
Many in the public have been surprised at the rate increases in variable rate mortgages this past month. For myself and some others in the industry, the only surprise was that it took so long to do it. It has been a year in which lenders have been talking about how they were making minimal profits and even losing money on these variable rates. (more…)