Vancouver Mortgage Broker Scenario: Client was looking for a 1st mortgage while all the assets are frozen due to divorce proceedings. Mortgage Required: $1,000,000 Obstacles: No “A” lender will approve a mortgage when the divorce has not been finalized. Client’s has no income and all the assets are frozen due to divorce proceedings. What we accomplished: – Found … Read more…
Scenario: Client had made an offer to purchase a vacation property on a smaller BC Island with limited ferry access on June 11th. Mortgage Required: $900,000 Completion: June 25th Obstacles: Have the deal approved and funded with in 10 business days while the client is on vacation for 1 week during the approval process. What … Read more…
One of the most asked questions from clients and realtors alike, is “How much do I qualify for?” or “How much can I afford?”, and most of the time it is not a simple question to answer. We need to know client’s income, car loans amount and payments, student loans amount and payments, unsecured car … Read more…
CMHC is eliminating their second home program at the end of the months… so what is the fuss all about? You have decided to purchase a second property, now the question is how to finance it? At a first glance it would seem buying the second property as a rental is a no brainer! Rent … Read more…
CMHC is slowly exiting the insurance market… with Canadian mortgage rates remaining at all-time lows and no visible slow down for the real estate market, CMHC is reducing its risk exposure to the mortgage market. CMHC announced on Friday that it will be eliminating 2 of it’s programs for insured mortgages: The self-employed … Read more…
CMHC is increasing the insurance rates for mortgage loans by 15 per cent on average. The new premiums will go into effect May 1 and apply to all new mortgages, existing mortgages are not affected. Buyers with less than 20% down payment will be paying more in insurance premiums. Self-Employed clients with no income verification … Read more…