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.
By or before April 19, 2010, when qualifying for an insured (e.g. CMHC) mortgage and determining how much you can be approved to borrow, a different rate may be used for this process.
Here is a summary of [...]
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 tax returns [...]
Mortgage Broker Availability – Why its so important
Mortgage broker availability and why it is so important.
Throughout the home buying process, from the time of mortgage pre-approval, through to and even beyond the closing date, having timely access to a mortgage professional is extremely valuable. Everyone has a busy schedule with their professional and personal commitments. However, when purchasing a home or even [...]
Bank Prime, Variable Rate Mortgages – No Change, but …
Bank Of Canada Meeting – Bank Prime Variable Rate Mortgages, No Change Yet – But Coming Soon
Yesterday the Bank of Canada met and decided to leave their rate unchanged at its historic low level. They reiterated their plan to start raising rates by or before the end of the second quarter of 2010, conditional on [...]
Property Transfer Tax Partial Exemption Up To 450K – First Time Buyer Vancouver
Property Transfer Tax – First Time Home Buyers
I have done a post previously on property transfer tax in BC for first time buyers. First time home buyers may be eligible to be exempt from this tax totally when the purchase price is equal to or less than $425,000, a savings of $6,500. However, what a [...]