Self-Employed Borrowers

With CMHC changing how self-employed people qualify for mortgages, there are now 3 options for qualifying for a mortgage when you work for yourself. 1. Have at least 10% down and use a lender who can qualify you without CMHC insurance (fees may apply). 2. Use your income as claimed on your Notice of Assessment. 3. Bypass CMHC and put over 20% down (usually 25%) allowing us to work with a lender who does not require CMHC insurance to qualify you. If you would like more information... Call me today!

Two HUGE Announcements

There are 2 huge announcements this week. The first is that, effective May 30th, CMHC has cut 2 significant programs. No longer will self-employed borrowers be able to use stated income, they will have to provide third party income validation. Also, CMHC has eliminated the second home program which allows Canadians to purchase a second home. Although these products account for less than 3% of CMHC's insured business, this is still a major change for some borrowers. In happier news, I have a HUGE announcement to make. I am absolutely thrilled to announce that I have moved offices and am now a part of the Langley based Dominion Lending Centres office called the Mortgage Negotiators. Most of my clients are in the Langley area and I am happy to have moved my license home. Absolutely nothing with my business is changing and I will continue to be available anytime for all of your mortgage needs. My contact information will remain the same and I want to thank the team at the Mortgage Negotiators for welcoming me with open arms. If you are looking for advise about a new or current mortgage, please call me today!

29 Meetings

The Bank of Canada met this morning and, to no one's surprise, they kept the prime rate steady. This is the 29th consecutive meeting without a rate change which has left prime stable since September 2010. Fixed rates have also remained rock bottom with rate sales and specials jumping out everywhere. Buyers are eagerly picking up properties across the Lower Mainland and several of my clients even been in bidding wars on homes last week. If you are considering buying a home, now is the time to get pre-approved. Determining your purchasing power before you start shopping is key. By knowing what you can afford, you can better know what price range to shop in and save time and money when the perfect home becomes available. Call me today to get started.

Home Inspectors

When looking at a new or previously owned home, it is always a good idea to get a home inspection. A certified inspector can help you to find many problems with a new home to ensure you are not surprised down the road. They may find small problems such as disconnected fire alarms or leaking faucets or, they may find larger problems like mold, foundation cracks or faulty electrical wiring. If you are buying a new home and wish to speak with a certified home inspector, call me today and I will be happy to refer you. If you would like more information...Call me today!