Call me for help!  Often I will talk to clients about either an upcoming mortgage renewal or details surrounding their mortgage, and through discussion they express to me the stress they’ve been feeling with either high debts or interest.  If you are in this situation, call me, there are so many solutions and ways that I can help alleviate that stress and come up with a game plan.  I’m here to help, contact me anytime at 604-729-7940.  

Most people know who’s on title to the property but they rarely know how the ownership is registered and what rights people have with their portion of the property.  This is important to know in the event that somone on title dies.  Depending on how you regsiter your property at the land titles office will determine who owns the property in event that someone dies.

When a property is held in joint tenancy, the situation is what I refer to as “the last man standing”. When one joint tenant dies, the entire property belongs to the remaining, surviving joint tenant(s). Whoever is the last joint tenant to die owns the property. Only that last person can use his or her Will to give the property to someone else.  This is most common for married or common law couples. 

Tenants-in-common is a different story. In this arrangement, each person owns a half, or third, or some other portion that belongs only to them. They can leave their share to someone in their Will or sell it (never mind the logistical problems of trying to sell one third of a house).  This is common when it’s business partners, family or friends. 

Wondering how you will be affected by the upcoming changes to CMHC mortgage insurance premiums?  Below is the grid outlining the increases.  Don’t worry, it won’t have a huge effect, on a $250,000 mortgage, you would be looking at about an increase in payment by about $5 per month. 

Call me directly if you want me to work out the exact effect it will have on your next mortgage.  I can be reached anytime at 604-729-7940.

http://www.cmhc-schl.gc.ca/en/co/moloin/moloin_023.cfm

If you are self employed and needing a mortgage, get the following documents prepared:

Most recent Notice of Assessment

If there was a balance owing, those taxes must be paid so ensure you have confirmation of that

Confirmation of being self employed for the past two years;

Sole Proprietor:

2 years T1 Genereals (full copy) including statement of business activities

Currnet business bank statements

Curent business license

Incorporated:

Articles of Incorporation

Last 2 years accountant prepared Financial Statements

If you have been self employed for less than 2 years, there are options for that as well.  The best thing to do is to contact me directly for advice on where you fit into the mortgage qualification process for Self Employed individuals.  Contact me anytime at 604-729-7940.

Great news for variable rate mortgage holders.  BoC announced yesterday that they would once again leave rates unchanged.  The result is no changes to the Prime rate which directly affects variable rate mortgage holders.  So looking at all indicators and statements made by the bank yesterday, there’s no danger of variable rate hikes in the near future. So, for variable and adjustable rate mortgage holders, there remains little reason to lock in.

More and more I realize how so much information regarding mortgages never gets to the consumer.  I’m going to start blogging some mortgage information that will help people understand the process of getting a mortgage in today’s world.  Many are still under the impression it’s the same getting a mortgage now than it was 5 years ago.   Stay tuned for regular updates and please share and spread the word to help people stay up to date.