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- Residential Mortgage & Commercial Financing Experts
Jan
22
CHANGE 1: Qualifying rate stress test to all uninsured mortgages Uninsured mortgage consumers must now qualify using a new minimum qualifying rate. The rate will be the greater of the five-year benchmark rate published by the Bank of Canada OR the lender contractual mortgage rate +2.0%. How does this affect the mortgage consumer with a […]
Mar
14
Increase to Mortgage Insurance Premiums As a result of the new regulatory capital framework instituted by the Office of the Superintendent of Financial Institutions (OSFI) for mortgage default insurers on January 1st 2017, mortgage insurance premiums will be increasing effective Friday, March 17th. Below are the new premiums effective March 17th: Loan to Value Ratio […]
Mar
14
BC Home Partnership Program – First Time Home Buyer Loan for Down Payment On December 15, 2016, the B.C. Government introduced the Homeowner Mortgage and Equity (HOME) Partnership Program to assist eligible first-time homebuyers entering the housing market. The HOME Partnership Program contributes to the amount first-time homebuyers have already saved for their down payment. […]
Mar
14
CMHC Implementation of Government Measures for a Healthy, Competitive and Stable Housing Market On October 3, 2016, the Government of Canada announced new rules for government-backed mortgage loan insurance. The new rules include the application of a mortgage rate stress test to all insured mortgages, and changes to low-ratio mortgage loan insurance eligibility requirements. Below you will […]
Feb
5
Glossary of Mortgage Terms A Agreement of Purchase and Sale – A legal agreement that offers a certain price for a home. The offer may be firm (no conditions attached), or conditional (certain conditions must be fulfilled before the deal can be closed). Amortization Period – The time over which all regular payments would […]
Feb
5
TIPS: TOP REASONS TO USE A MORTGAGE BROKER • Save Money – we make sure you get the BEST available rate. We will quote you the best rates up front, not posted rates! • Save Time – we do the shopping for you while you continue your daily activities. No need to go from […]
Feb
5
B20 Mortgage Guidelines The B20 is a “guideline” published last June by the Office of the Superintendent of Financial Institutions (OSFI). It went into effect on November 1. It is a published guideline laying out principles for “sound residential mortgage underwriting practices”. The government has implemented the B20 guideline because it is concerned about […]
Feb
5
Recent Guideline Changes There has been some recent guideline changes that we thought we would share. Please keep in mind that each lender puts their own spin on every rule. – Some lenders now factor in a monthly payment for secured credit lines with a zero balance. What does this mean? Even if you […]
Feb
5
10 Steps to Buying a Home Determine how much you can afford. Based on your down payment, income, existing debt, regular expenditures, and other key financial information, we can help you determine how much you can afford to pay every month and the price range that works within your budget. Team up with a […]
Feb
5
“CMHC moves to take steam out of housing market” August 6th, 2013: “CMHC moves to take steam out of housing market” is a great article from Tara Perkins of The Globe and Mail. Please follow the link: http://www.theglobeandmail.com/report-on-business/economy/housing/cmhc-moves-to-take-steam-out-of-housing-market/article13607534/. This article provides us with a little insight with what may happen in the near future. […]
Feb
5
5 Things to Consider before your Mortgage Renews: 1. Have you explored all your options? Once you receive your mortgage renewal statement, there’s nothing easier than simply signing on for another term. BUT WAIT!! Allow VERICO Bava Financial Corp. to shop your mortgage renewal to a number of lenders who are eager to win […]
Feb
5
Getting a Residential Mortgage There are many things to consider when purchasing real estate; your wants, needs, and financial situation all play a part in your decision making. Curious to what the banks and lenders are interested in? Mortgage lenders have 4 main aspects of a mortgage application which they consider: Income, Loan-to-Value, Credit […]
Feb
5
Increases in CMHC & Genworth Loan Insurance Premiums February 2014: Effective May 1st, 2014 CMHC and Genworth are increasing their homeowner mortgage loan insurance premiums. The increase applies to mortgage loan insurance premiums for owner occupied, self-employed, and 1-to-4 unit rental properties. What does this mean to you? For the average home buyer, the […]
Feb
5
Self-Employed Borrowers There are 2 basic ways we can treat self-employed income: Stated Income or Provable Income. Stated income programs are for self-employed borrowers who are unable to provide traditional income verification. Provable Income programs are designed for self-employed borrowers that can provide income verification but may also require some additional consideration due to […]
Feb
5
Purchase/Refinance + Improvements Are you tired of searching for homes that do not meet your criteria or the kitchen & bathroom are dated??! We have the solution for you! Our purchase or refinance plus improvements maybe the perfect fit and you qualify for fully discounted rates! • Suited to homebuyers that require improvements either […]
