Rates have increased, now what?

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Many of you are already aware, fixed rates have increased slightly over the last week and a half. I’ve received a few phone calls and emails from people who have seen news headlines dance across their screen calling for the financial world to collapse and the end of surging prices in Vancouver as we know… Read more »

Bi-Weekly Payment Workaround

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Most of us know that changing your mortgage payment from monthly, or semi monthly, to an accelerated bi-weekly payment instantly reduces your standard 25 year amortization by 2.58 years with today’s rates. (If you didn’t know that, you’re likely not working with the right Mortgage Broker). Sometimes, however, an accelerated bi-weekly payment option might not… Read more »

New Mortgage Rules – What Now?

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  Yesterday we received word of some major changes coming down the pipe from the federal government. Changes that are geared towards slowing the, already slowing, housing markets in Vancouver and Toronto. Everyone knew some sort of adjustment was coming, but no one expected to be blindsided like we were yesterday. Here’s what is changing… Read more »

Now Is The Time To Get Aggressive

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The great majority of us are in mortgage contracts that contain a prepayment privilege of some sort. “Privilege” being the key word here. Not all mortgage contracts contain such privileges, but that’s a story for another day. Those mortgages who do allow prepayment privileges, usually allow at least 15% of your mortgage to be paid… Read more »

Down Payment Rule Change – Dec. 2015

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Finance Minister, Bill Morneau, announced changes to the minimum down payment required on owner occupied homes this morning. Effective February 15th, 2016, homes between $500,000 and $1 Million will have a sliding scale utilized for the minimum down payment required. On the first $500,000 of purchase price, 5% down is still the minimum. On any… Read more »

“Accelerated” vs “Non-Accelerated” Bi-Weekly Payments

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The difference between regular, or ‘non-accelerated’, bi-weekly payments and accelerated bi-weekly payments is that the accelerated payments give you an extra FULL payment each year that goes straight towards your principle balance. Here’s the breakdown: There are 12 months in a year, but not every month has exactly 4 weeks, so there are actually 26 bi-weekly… Read more »

Mortgage vs HELOC – Do You Know The Difference?

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Today, with the Internet, we all have an abundance of information literally at our fingertips. Despite the information available many homeowners have limited knowledge about the mortgage process and products. Their lack of knowledge can turn out to be costly. Homeowners should know the difference between a conventional mortgage and a Home Equity Line Of… Read more »

Qualifying Purchase Price – Why I’m Now Giving My Clients Two Price Points

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Back in June 2012 OSFI (Office of the Superintendent of Financial Institutions) rolled out their B-20 Residential Mortgage Underwriting Practices and Procedures, in an effort to force banks and lenders to follow more prudent underwriting guidelines. One of the most impactful changes was imposed on borrowers who want to take a Variable rate, or a… Read more »