Lowest rate assumed. What I do not assume is …
Lowest mortgage rate assumed. What I do not assume about my clients is … I am often asked “what is the lowest rate you have available”? This is a difficult question to answer while ensuring you are also truly helping your client, without knowing more information. It is important to know what your client’s needs [...]
Mortgage Changes Part 3 – Self Employed
Changes to self employed mortgage programs This set of changes will happen slightly earlier than the other 2, by or before April 9, 2010. Here is a summary of the changes and impact to self employed individuals and their insured mortgage program: New minimum down payment, increased to 10% of the purchase price New maximum [...]
Mortgage Changes Part 2 – Rental properties and Rental income
New mortgage rules for investment properties and rental income. By or before April 19, 2010, there will be changes to how non-owner occupied properties (i.e. rental and investment properties) are handled with respect to mortgage insurance (e.g CMHC, Genworth, AIG). These changes will affect people who are looking to both purchase a non-owner occupied property [...]
Mortgage Changes Part 1 – Qualifying Rate
New rate to be used when qualifying for a mortgage. Could reduce how much you can be approved for. Link: New mortgage rules for investment properties Link: New mortgage rules for self employed individuals By or before April 19, 2010, when qualifying for an insured (e.g. CMHC) mortgage and determining how much you can be [...]
Documentation For Mortgage Approvals
This is a brief introduction to understanding the documents that will be required in order to confirm your mortgage approval. Banks need to verify all information that is part of the mortgage application via 3rd party documentation. Categories of documentation include: Income (e.g. letter of employment and recent pay stubs for employed people; 2 years [...]