Mortgage Penalties – Fixed Rate Closed Mortgages
Mortgage Penalties for Fixed Rate Closed Mortgages
Mortgage penalties explained for fixed rate closed mortgages. Three (3) months of interest or Interest Rate Differential (IRD), whichever is greater. I covered mortgage penalties for variable rate closed mortgages in a previous post. For further information on mortgage penalties and or to discuss all of your options, contact [...]
Changes To Mortgage Qualification – New Rules
New Rules for Mortgage Qualification
Announced today, effective April 19, 2010, or sooner, there will be three (3) new rules that will apply to the qualification for government backed, insured mortgages (i.e. CMHC, high ratio insured mortgages). The changes are:
Minimum down payment for non-owner occupied properties will be increased to 20% of the purchase price (currently [...]
Principal – Primary Residence, What is it, What if it changes?
Principal Residence – Primary Residence – Owner Occupied
Principal/primary residence explained (also referred to as “owner occupied”). Relevant as some mortgage programs and interest rates are specific to a property’s type and use. Examples of other categories of properties include: rental/investment and vacation/second home. For more information on this or a related mortgage topic please contact [...]
Accredited Mortgage Professional (AMP) – Is Your Mortgage Broker?
Accredited Mortgage Professional
Accredited Mortgage Professional (AMP) is the only national designation available for Canada’s mortgage industry. This designation is managed by the Canadian Association of Accredited Mortgage Professionals (CAAMP). Is your mortgage broker an Accredited Mortgage Professional?
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Licensed vs. Non-licensed Mortgage Broker
Licensed vs. Non-Licensed Mortgage Brokers
To work in the mortgage industry and arrange mortgages in Vancouver, BC you may or may not require a license to do so. However, there are several benefits of both being licensed and working with a licensed mortgage broker. Is your mortgage broker, mortgage specialist, or mortgage professional licensed? Contact me [...]