I can help across Canada

Did you know that as a mortgage broker, I can help clients all across Canada. I have helped clients buy homes and refinance mortgages in Nova Scotia, Ontario, Saskatchewan (Go Riders!), Alberta, BC and the Yukon. Whether you are looking to invest in another province or are being relocated for work, I can help you to secure the financing you need. If you would like more information... Call me today!

Flip a coin

Happy Tuesday! This week we have seen a lot of lenders offering different rate sales and promotions and some lenders have announced a drop in their qualifying or benchmark rate. When qualifying for a variable rate mortgage, a line of credit or a mortgage term shorter than 5 years, lenders have been required to use a qualifying rate of about 5.34%. This week that rate has dropped to 4.99% with many lenders making it easier to qualify for non-5 Year Fixed products. Now is definitely the time to get pre-approved if you are planning to buy a home before July. Rate holds are good until the middle of July and can protect you against any rate hikes which may arise. Also, if you have your home purchase into CMHC prior to May 1st, you can avoid the premium increase. Call me today to get started!

Premium Increases

There are two BIG things to announce this week. I'll start with the good news. The Bank of Canada met this morning and, as expected, the Prime rate did not go up. Variable rate mortgage and line of credit holders can breathe another sigh of relief. We are not expecting increased until 2015. Now for the not so good news. CMHC has announced that starting May 1st, their premiums will be increasing by 15%. This is not a huge upset for mortgage borrowers as for an average home buyer it means only a $5 per month increase in their payment. Genworth and CG have not announced any increase and it is likely that lenders will begin to favor those insurers. So long as you have a home you are going to buy and the application is in to CMHC prior to May 1st, you will get the current premium. After that date, premiums increase to 3.15% from 2.75% for a 5% down payment, from 2% to 2.4% for a 10% down payment and from 1.75% to 1.8% for a 15% down payment. If 2014 is the year you wish you buy a home, call me today to get pre-approved and start shopping!

What is CMHC?

CMHC is the Canadian Mortgage and Housing Corporation and they provide mortgage loan insurance for home buyers with less than 20% down payment. The insurance is mandatory by law and is put in place to protect the mortgage lender against default. Basically, it is an insurance premium charged to borrower to ensure that if the payments are not made, the lender can get their money back. Borrowers pay a premium of their mortgage amount which is rolled into the mortgage. CMHC, Genworth and Canada Guaranty are Canada's 3 mortgage loan insurance providers. Genworth and CG have not yet announced any premium increases. If you would like more information... Call me today!