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Friday, October 28th, 2016

Analyzing CMHC Borrowers

Analyzing CMHC Borrowers POSTED IN: MORTGAGE INDUSTRY REPORTS AUGUST 30, 2014 ROBERT MCLISTER 2 COMMENTS What does an insured mortgage borrower look like? According to CMHCdata from last quarter, residential borrowers who paid for mortgage default insurance had: 8% equity on average (92% loan-to-value) Less than 10% down in almost 7 out of 10 cases 25-year amortizations, on […]

Updates on Stated Income & Second Home Programs – Consult with Vancouver Mortgage Broker

CMHC surprised the market last week by eliminating its insuredsecond home andstated incomeprograms. Many believed that the Department of Finance (DoF) had something to do with it. We asked the DoF directly. Here’s what they told us: “CMHC’s decision to discontinue its Second Home and Self-Employed Without 3rd Party Income Validation mortgage insurance products (both high and low […]

CMHC cutting back on what it covers with mortgage default insurance – Ask a Vancouver Mortgage Broker

Canada Mortgage and Housing Corp., the Crown corporation that controls the vast majority of mortgage default insurance in the country, says it plans to get out of the market for second homes and is adding restrictions for self-employed Canadians. Effective May 30, CMHC said it will discontinue insuring second homes and will require self-employed Canadians […]

Cash-back mortages: A deal from your bank that regulators are not keen on – Ask a Vancouver Mortgage Broker

It’s the last refuge of those who don’t have money, but still want to own a home. You want some of these record low rates on the market but you’re locked into a mortgage. Just break it, right? Not so fast, there’s a key question you need to ask before you commit to break a […]

Could CMHC change its ‘one-size fits all’ mortgage insurance to reflect real risk? – Ask a Vancouver Mortgage Broker

Buy a house with less than a 20% down payment and you have to get mortgage default insurance. There’s no choice. The rules are dictated by Ottawa and protect the banks, in the event you default. Why the mortgage rate wars can rage more freely Why did Bank of Montreal risk a (verbal) slap from […]

Canada’s real housing crisis: Extreme weather – Consult with a Vancouver Mortgage Broker

BLAIR FELTMATE AND JASON THISTLEWAITE – The Globe and Mail Over the past three years, Finance Minister Jim Flaherty and Bank of Canada Governor Mark Carney (now Governor of the Bank of England), tightened mortgage lending in an effort to avert a housing crisis that might otherwise result when interest rates rise. While their efforts were […]

Get a mortgage without a salary – Consult with a Vancouver Mortgage Broker

There are things that you can do to help you qualify for a mortgage. Landing a mortgage is trickier for the self-employed than their salaried counterparts. Not only do self-employed people face higher interest rates and CMHC mortgage insurance premiums, they are also more likely to have their loan applications rejected outright. If you’re self-employed, […]

How to turn your property into a vacation rental- Ask a Vancouver Mortgage broker

Want to make a few extra bucks renting out your home when you’re out of town? Or maybe you have a cottage you’d like to rent out when you’re not using it. Here’s what you need to know to turn your property into a money-making vacation destination. Dropping off the keys All property owners have […]

Vancouver Mortgage Information for Newbies (Part 1) – From your Friendly Vancouver Mortgage Broker

Vancouver Mortgage Information for Newbies (Part 1) – From your Friendly Vancouver Mortgage Broker Many first time homebuyers can be a little bewildered by both the terminology and the types of mortgages available. This Vancouver mortgage broker can appreciate how daunting this process can be for you. To help you along, we’ve drawn up a […]

How an obscure budget change could raise mortgage rates- Ask a Vancouver Mortgage Broker

ROBERT MCLISTER – Special to The Globe and Mail The acronym “ABCP” doesn’t come to mind when people go mortgage shopping. But if you get a new mortgage in the next few years, it could very well affect your interest rate. ABCP stands for asset backed commercial paper. It’s used by a handful of non-bank lenders to […]

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