I’ve heard of this happening too many times. We must as mortgage brokers offer some form of mortgage insurance. The one we offer is superior to the banks in a few ways, however, I always prefer all my clients to explore the option of proper insurance through my Insurance Professional. ~~~Brokers should warn clients of […]
First Time Mortgage Tips
Another not always about rate post.
An email I received this morning from a lender sparked this one. They’re calling this a ‘great promotion’. I choose to differ… 2.95% for a five year mortgage! Sounds good and will most likely get the phone ringing. However, I would run, fast, away from this extremely restrictive product. Here’s the fine print which pretty […]
Pre-approvals – Should you get one?
This article is from the Globe and Mail. I’ve edited a bit to make it to add a little of what I do for my clients as a guide. Putting your full faith in a mortgage pre-approval is like betting on a heavy favorite in a horse race. You’ll probably win but there’s room for […]
CMHC Increases Premiums 2014
Following the annual review of its insurance products and capital requirements, CMHC will increase its mortgage loan insurance premiums for homeowner and 1-4 unit rental properties effective May 1, 2014. The increase applies to mortgage loan insurance premiums for owner occupied, self-employed and 1-to-4 unit rental properties, including low-ratio refinance premiums. This does not apply […]
Transfer Tax Change
The government has announced, effective February 19, 2014, under the Property Transfer Tax (PTT) First-Time Home Buyers’ Exemption program, qualifying first-time buyers can buy a home worth up to $475,000. The previous threshold was $425,000. The partial exemption continues and will apply to homes valued between $475,000 and $500,000. With this change, the government estimates […]