CMHC announced early Tuesday it is increasing its loan insurance premiums effective March 17. “We do not expect the higher premiums to have a significant impact on the ability of Canadians to buy a home,” said Steven Mennill, Senior Vice-President, Insurance. “Overall, the changes will preserve competition in the mortgage loan insurance industry and contribute […]
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Reverse Mortgage Common Objections
Home Equity Bank:They are the only mortgage in Canada where payments are truly optional There are NO PAYMENTS REQUIRED for as long as 1 applicant lives in the home, however payments can be made if they wish. NO medical required, and very limited income & credit requirements Clients can receive up to 55% of the […]
Reverse Mortgage Success Stories
Downsizing: Upgrading: Buy a Family Cottage: Assist Children with Home Purchase:
New Program to Help First-Time Homebuyers
In a move to help BC citizens and residents buy their first home, the BC government announced today that it is launching a new program to augment down payments for first-time buyers. The B.C. Home Owner Mortgage and Equity Partnership program contributes to the amount first-time homebuyers have already saved for their down payment, providing […]
Three Big Mortgage Complaints
I read this article and it’s bang on with a few main concerns I’ve noticed and seen in my lengthy career as an independent mortgage broker. I’ll touch on two up front.Penalties: The banks have penalties anywhere from 3-5 times higher than the non banks we use. Here’s the best illustration. Pre-approvals: Since pre-approvals are […]