More on the New Bulk Insurance Restrictions- Consult with a Vancouver Mortgage Broker

More on the New Bulk Insurance Restrictions Last week’s federal budget included few mortgage changes. One exception was a new proposal to restrict the use of default insurance on low-ratiomortgages (i.e., those with 20% or more equity). The Department of Finance says it will gradually prohibit lenders from bulk insuring low-ratio mortgages unless those mortgages are part of a CMHC-backedsecuritization program. In addition, the government […]

Selecting a Quality Handyman – From your Vancouver Mortgage Broker

Selecting a Quality Handyman – From your Vancouver Mortgage Broker Finding a skilled and competent handyman to complete your home improvement project is key to getting the job done right. You can take it from your Vancouver mortgage broker that selecting the wrong person to do the job can be nothing but an endless source […]

Why You Should Get Title Insurance for Your Investment Property

Why You Should Get Title Insurance for Your Investment Property When buying an investment property in Vancouver, there are so many details to take into account that some home or condo buyers neglect to think about title insurance. Title insurance can save you a lot of headaches and avoid costly legal disputes that can pop […]

The Repercussions of the New Mortgage Regulations – Consult a Vancouver Mortgage Broker

The Repercussions of the New Mortgage Regulations – Consult a Vancouver Mortgage Broker Well, we’ve all heard of the new mortgage changes and we’ve seen them come into effect, but have they really made any sort of impact on what’s happening out there in mortgage land? Did finance minister Flaherty succeed with what he intended with […]

Dunning: Mortgage Rules (Round 4) Were Overkill – Consult with a Vancouver Mortgage Broker

“…The changes to mortgage insurance criteria are unnecessarily jeopardizing the health of Canada’s housing markets and the broader economy.” That’s the conclusion from economist Will Dunning inCAAMP’s just-released State of the Residential Mortgage Market report. (Link) Dunning says his research suggests the Finance Department has created “a policy-induced housing market downturn” that could reinforce existing […]

Tips to Find a Trusted Vancouver Contractor – From Your Vancouver Mortgage Broker

Tips to Find a Trusted Vancouver Contractor – From Your Vancouver Mortgage Broker We’ve all heard of horror stories about those fly-by-night contractors, and the ones that made a real mess of a home owner’s pet project. It could be a small job such as a deck or a major renovation or repair, but whatever you have in […]

Insured Buyers are the Majority – Ask a Vancouver Mortgage Broker

Mortgage insurance is typically mandatory for homebuyers without 20% equity. Putting down 10% on theaverage $350,152 home, for example, means you’ll cough up a $6,302 insurance premium (given fully documented income and decent credit). Since insurance premiums are tacked on to your mortgage, that adds up to $9,000+ if you amortize it over 25 years. Of course, you can avoid insurance […]

What if mortgages were more expensive and less accessible? – Ask a Vancouver Mortgage Broker

If you’re a first-time home buyer, odds are that you don’t have a 20-per-cent down payment. Without one, you typically need mortgage default insurance to buy a home. The biggest provider of that insurance is government-owned Canada Mortgage and Housing Corp. (CMHC). Since the credit crisis four years ago, its mortgage role has been hotly debated. On […]

CMHC Updates- Best Mortgage Rates in BC

CMHC Updates The largest mortgage insurer inCanada, Canada Mortgage and Housing Corporation (CMHC) is nearing it’s limit on how much mortgage default insurance its allowed to underwrite. Of its $600 billion capacity allocated to it by the government, only $24 billion remains. Mortgage default insurance protects the lending party in the event that a homeowner […]

Vancouver Mortgage Broker Compensation Cut by First National

Vancouver Mortgage Broker Compensation Cut by First National Lender margins continue to decrease in today’s marketplace. This is apparent when we look at the actions of large lenders such as First National, which recently reduced commissions. In the recent change, finder’s fees for brokers were reduced for all terms by 4% to 10%. A popular […]

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