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Posted by: Adam Sale
Steps to take following a Bankruptcy If you’ve had a previous bankruptcy or consumer proposal don’t worry! There are still many lenders in the prime-space which will lend to you if you follow the correct steps. Lenders will accept a mortgage application after you’ve been discharged from your bankruptcy for a minimum of 2 years, […]
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If you’re a salary or stable income employee with minimal debt payments, here’s a quick Rule of Thumb to help you figure out your qualifying limits. Regular salary and hourly income employees with a down-payment of less than 20%, and have minimal debts, will qualify for a mortgage amount that’s approximately 5-times their annual salary. 80k […]
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Are you self-employed and having a tough time getting approved at Your bank? Prime lenders have made it difficult for self-employed (sole proprietor and corporation) earners to obtain financing through regular banking channels. These individuals are now forced to decide between either paying less taxes, or paying less interest. Sub-prime lenders calculate self-employed income differently […]
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The state of emergency is being lifted end of day on June 23rd and I am curious how the market will react I’ve spoke with several clients who feel the need to put in an offer on a property before this date, and then other clients waiting until after this date because they feel there will […]
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As I’m sure you’ve heard, CMHC is changing their lending guidelines on high-ratio mortgages as of July 1st. These changes will have a significant impact on homebuyers wishing to use CMHC’s high-ratio mortgage product. Thankfully the other insurers stated they have no intentions on aligning their high-ratio mortgage products with CMHC’s guidelines. Canada has 3 […]
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Did you know many non-residents are actually exempt from the foreign buyers’ tax? That’s right! Non-residents who’ve applied for their permanent residency through the BC Provincial Nominee Program and have received confirmation, are exempt from paying the foreign buyers tax. This is a one-time exemption, and the property must be used as a principal residence. The BC Provincial Nominee […]
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Reduced Stress-Test As you may have heard, CMHC has reduced the stress-test today from 5.04% to 4.94%. This reduction of 0.10% will help to increase your client’s purchasing power. For example, if a client is earning 100k (factoring in average condo fees, property taxes and heat costs) they will now qualify for a place roughly […]
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Mortgage Deferral Strategy Deferring your mortgage is not an easy choice to make. The thought of pausing mortgage payments can feel like your finances are going in reverse. What does deferring your mortgage payments really mean? Does the interest stop accruing? No. Each lender has their own definition of what deferring a mortgage payment means. […]
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Last week we saw several changes in the mortgage industry that will directly affect our Real Estate industry. Here are some need to knows: Stress-Test The stress-test changes slated for April 6th are suspended. The posted mortgage rate, published weekly by the Bank of Canada, will remain the qualifying mortgage rate. It is currently 5.19%, […]
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Fixed Rate or Variable Rate? We are approaching interesting times. The world economy is slowing down due to heightened tensions with the coronavirus, oil prices, blockades etc etc, the list goes on. One positive spin on this whole fiasco is cheaper mortgage rates, Yay! When an economy is contracting like this the government steps in […]
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