It PAYS to shop around.
Many Canadian homeowners pay too much for their homes because they are not getting the best mortgage financing available in the market.
The mortgage process can be intimidating for homeowners, and some financial institutions don't make the process any easier.
But I’m here to help!
I’m a VERICO Mortgage Advisor and I’m an independent, unbiased, expert, here to help you move into a home you love.
I have access to mortgage products from over forty lenders at my fingertips and I work with you to determine the best product that will fit your immediate financial needs and future goals.
VERICO mortgage specialists are Canada’s Trusted Experts who will be with you through the life of your mortgage.
I save you money by sourcing the best products at the best rates – not only on your first mortgage but through every subsequent renewal. So whether you're buying a home, renewing your mortgage, refinancing, renovating, investing, or consolidating your debts — I’m the VERICO Mortgage Advisor who can help you get the right financing, from the right lender, at the right rate.
CMHC announces new rules for home owners with rental suites
As of September 28th, 2015, CMHC will be changing its borrowing rules to help facilitate more affordable housing in Canada.
Currently, home owners with legal rental units can use 50% of the rental income towards their total income which means that home buyers can borrow more money.
When the new rules come into affect, borrowers can count 100% of the rental income towards their total income.
Borrowers with less than 20% downpayment are required to buy mortgage default insurance which is available from CMHC, Genworth Canada and Canada Guarantee.
So if you have less than 20% and are interested in buying a home with a legal rental unit, CMHC will be the insurer for you.
But keep in mind that only legal units are eligible.Eligible 2-unit properties must be owner-occupied. The dwelling types are typically duplexes or single homes with a legal secondary suite. Some examples of typical secondary suites in 2-unit homes include self-contained basement rental suites, in-law apartments and garden suites (i.e. laneway homes).
If you are considering buying a rental property, talk to me andIcan help you find the mortgage product that will suit your situation.
How will Bank of Canada's rate cut impact you?
As you might have seen in the news, the Bank of Canada cut its overnight rate to 0.5% from 0.75%. Here is what this change might mean to you.
If you currently have a fixed rate mortgage, your mortgage payments will remain unchanged. However, if your mortgage is coming up for renewal in the next 16 months, now is the time to talk to your mortgage broker and discuss what your options are to save more of your money.
If you have a variable rate mortgage, you may see your mortgage payments reduce over the next few months. The Variable rate is dependent on the lenders Prime Rate. The Prime Rate is set at the discretion of each lender and is influenced by a number of economic factors, one of which is the Overnight rate.
For those who are thinking about opening a HELOC (Home Equity line of credit) to do an upcoming renovation or to put into a college fund the cost to borrow may come down along with the variable rate.
If you have any questions about your home financing, feel free to contact me and I can help you work on a long term plan to reach your home ownership goals.