General Trish Pigott 13 Mar
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.
General Trish Pigott 12 Mar
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.
General Trish Pigott 6 Mar
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.
General Trish Pigott 6 Mar
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.