What is the difference between a Bank or a Credit Union?

General Trish Pigott 2 Feb

When looking to obtain a new mortgage nowadays (especially after the new B-20 guideline was rolled out) it is very good to know the difference between Banks and Credit Union’s.  That way you are equipped with more knowledge on what your options are when shopping for a mortgage.  This article touches on a couple of the differences.  Click below to read – and call our office with any other questions or concerns!

 

Bank vs. Credit Union – A who is who in borrowing

Mortgage changes – decoded!

General Trish Pigott 26 Jan

Change at first can seem scary, especially when it is unknown or not explained properly.  We wanted to make sure our clients have a better understanding of who the changes that took place on January 1, 2018 affect.  This article we have have linked into this post really breaks it down – it explains who the changes affect and why these changes were implemented.

Mortgages with the 20 Per Cent

Bank of Canada Update – January 17, 2018

General Trish Pigott 18 Jan

The Bank of Canada has gone ahead and announced that they are increasing their prime rate another 1/4 percent, this is particularly important for variable rate mortgage holders.

If you have any questions or concerns around this increase, please contact us at the office 604.552.6190.

Spousal Buyout (divorce or separation)

General Trish Pigott 12 Jan

If you or maybe someone you know happen to be going through, or considering a divorce or separation, you might not be aware that there are mortgage products designed to allow you to refinance your property in order to buyout your ex-spouse.

We highly recommend reading this article about spousal buyouts.  The article may answer some of your questions!

If you have any other questions or are considering a spousal buyout, please do not hesitate to contact us at the office.  We would love to walk you through the proper steps. 604.552.6190.

Down payments & how much should you be putting down?

General Trish Pigott 4 Jan

When it comes to buying a home, there are many things to consider, many things that will affect your monthly payment or maybe whether or not you will be paying an insurance premium.

Dominion Lending Centres put out a great article that touches on different down payment amounts – This article is a must read.

Enjoy!

New Year, New You!

General Trish Pigott 21 Dec

The time to make some new year resolutions is quickly approaching.  You’ve got your typical weight loss, quit smoking resolutions… why not set a resolution to save more money, or pay down your mortgage faster!  Click here to read how we can help you with your new years resolution.

 

 

Bank of Canada Announcement

General Trish Pigott 6 Dec

HEADS UP all you variable rate mortgage holders: The Bank of Canada made no changes to the interest rate today. However it gave cautious warnings to us Canadians that increases are likely coming…

To read more on this announcement CLICK HERE.

IMPORTANT MESSAGE FOR HOME OWNERS AND POTENTIAL BUYERS

General Trish Pigott 5 Oct

Jeremy Rudin, Superintendent of Financial Institutions (OSFI), which is the organization that governs our federal banks and policy, announced that they will finalize the new mortgage criteria later this month.  Despite the amount of criticism they have received from their industry consultation with major banks and economists, they have no intention of backing off the new proposed rule changes.

The new rule changes will be similar to what they enforced 1 year ago to new home buyers being forced to go through a qualification “stress test” by being approved for a mortgage at a much higher rate than what they are actually paying.  At this point, it only affects home buyers with less than 20% down payment.

The new proposed rule will now apply to all mortgage applicants, whether purchasing a home with 20% down or more or existing home owners trying to refinance or use equity from their home for other purposes.  These applicants will now be forced to qualify at the actual interest rate PLUS 2%.  Today’s average 5 year fixed rate is at 3.39% and now the amount you qualify for will be based on a rate of 5.39% yet only have to make payments based on the actual rates.

This is important information for anyone considering taking equity out of their home or wanting to secure a line of credit for future use. 

On a few examples done in our office this week to see what the proposed effects will be, it’s reducing one families mortgage options by $100,000.  They can refinance today under the existing rules and take $100,000 equity out for renovations and investments however if the new rules are passed, they will no longer be able to access that equity unless they sell their home.

IF YOU ARE CONSIDERING ACCESSING YOUR EQUITY, ACT NOW SO WE CAN GET YOUR APPLICATION IN AND HAVE AN APPROVAL HELD FOR YOU FOR THE NEXT 120 DAYS. 

When we saw the last set of rule changes be implemented, the banks became extremely backlogged with turn around times causing many people to miss the opportunity.
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