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 Premiere 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.
Premiere 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 Premiere who can help you get the right financing, from the right lender, at the right rate.
Spousal Separation Mortgage Product
The spousal separation mortgage product is designed to allow financing up to 95% to buyout your ex-spouse. If you are going through a separation or divorce and would like to keep your home this mortgage product can help.
Here are some common questions which will help you understand how the product works;
Is there a down payment required?
Yes, the 5% down payment can be the equity remaining in the property.
Can support payments and child tax credit be used to qualify?
Yes, support payment details have to be included in the separation agreement or court ordered. There are lenders who allow child tax credit but not all will use it. A common requirement is the child cannot be older than 13.
Can loans and credit cards be included?
Yes, but the debts have to be joint accounts. The separation agreement must include the other owners share of property and the joint debts, not to exceed 95% loan to value (LTV).
Is a finalized separation agreement required?
Yes, you will be required to provide the lender with a copy of the signed separation agreement with the details of asset allocation. However, you can get preapproved pending these documents.
Is a full appraisal required?
Yes, it is similar to a private sale and an appraisal of the property is necessary.
If you would like to further understand the spousal buyout mortgage contact me
Blog posts information is current as of date post published and the program is subject to change.
Who are the working women in Canada's top 1%?
Even though working women are now more educated than working men, they are still outnumbered in top income groups, accounting for one in five workers in the top 1% in 2015.
Research shows that characteristics such as education, work experience and occupation continue to leave a substantial portion of the overall gender earnings gap unexplained. Some analysts point to the underrepresentation of women in top earnings groups as a further factor contributing to the overall gap. This study provides the first gender-based analysis of workers in the top 1% in Canadathose employed with a total income of $270,900 or more, based on the 2016 Census of Population, and provides new information on the socio-economic characteristics of women who have broken through the glass ceiling. The results of this study will be updated as new information becomes available.
Working women in the top 1% are younger and more educated than their male counterparts
Working women in the top 1% in 2015 were relatively younger than their male counterparts, and had higher levels of education. Specifically, 74.2% of women had obtained a bachelors degree or more, compared with 70.0% of their male counterparts. Further, women were more likely than their male counterparts to have studied in fields such as health or related fields, social and behavioural sciences and law.
Conversely, women in the top 1% were less likely than men to have studied architecture, engineering and related technologies and business, management and public administration.
Reverse Mortgage Explained
A reverse mortgage is a loan designed for seniors who own their home without a mortgage or have a low mortgage balance. There is no proof of income required, no credit history required and no payments are required as long as you live in the home.
The money advanced is tax-free and is not considered income when determining eligibility for Canada Pension Plan (CPP), Old Age Security (OAS) and Guaranteed Income Supplement (GIS) benefits
Homeowners must be at least fifty-five years of age and the amount of home equity available is according to age (55 yrs = approx. 25%, 70 yrs = approx. 40%, 80 yrs = approx. 55%).
Canadian reverse mortgage areoffered by;Canadian Home Income Plan (CHIP), part of HomEquity Bank and Equitable Bank has a product called Path Home Plan.
A common myth about the reverse mortgage product, is that the lender will own the home once the loan becomes due. This is not the case, propertytitle remains in the homeowner name and the lender does NOT own the home. When the reverse mortgage borrowers are no longer in the home as their primary residence, the loan becomes due and payable.
The amount repaid is the amount borrowed by the homeowners including interest.
It has been said that the reverse mortgage should be a last resort, to refinance with a conventional mortgage or home equity line of credit (HELOC) or sell. The thing is most seniors dont qualify for these products and they may not want to sell their home at this time. Rather than a last resort, the reverse mortgage can help one pay for retirement or long-term care.
A disadvantage is the interest rates charged are high. Todays rate is 6.74%. There is no monthly payment obligation. Your interest charges are added to the outstanding mortgage balance. Each year part or all the interest can be paid on the anniversary date.
These loans can be paid off at any time, although there can be high penalties if you break your mortgage in the first two years of the contract.
Take time to understand and have the facts. Those who do, see the reverse mortgage is not complicated and the benefits it can bring.
If youd like to understand and get the facts on reverse mortgages,contact me
Blog posts information is current as of date post published, the program is subject to change. Contact for current information, 709-778-4120.