Rishel Tomlinson, BA(Econ), AMP
Managing Broker
Office:
Phone:
Email:
Address:
#220 - 4411 Hastings Street, Burnaby, British Columbia
BROWSE
PARTNERSIt PAYS to shop around.
Many Canadian homeowners end up house rich and cash poor, by paying too much for their homes because they are not getting the best mortgage financing product available in the market, and are not being 'debt effective'.
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 Mortgage Advisor with VERICO Custom Mortgages, a local boutique office of independent mortgage experts that is also part of the national VERICO broker network. We show you how your bank compares to the wide range of mortgage lenders out there, at no cost to you, and offer advice based on your individual cash flow and greater financial goals as to the best mortgage product to help you reach your realestate ownership goals while being 'debt effective'.
As your mortgage advisor, I look to save you money throughout the life of your mortgage, by sourcing the best products at the best rates – not only on your first mortgage but through every subsequent renewal, equity take-out, or future purchase.
So whether you're buying a home, renewing your mortgage, refinancing, renovating, investing, or consolidating your debts — I’m the Mortgage Advisor who can help you get the right financing, from the right lender, at the right rate.
BLOG / NEWS Updates
All you need to know about the new mortgage insurance premiums effective May1st, 2014
Questions and Answers
Purchase
1. What if a purchase and sale agreement is signed prior to May 1st, 2014 and the mortgage insurance application is submitted on or after May 1st, 2014?
In this scenario, the new premium rates would apply. Even though the purchase and sale agreement was signed before May 1st, 2014, the mortgage insurance application was received by Genworth after the effective date of the new premium rate price change, and therefore the new rates apply.
2. What if I have signed a purchase and sale agreement and I require mortgage insurance, however, the closing date is after May 1st, 2014, will the current premiums still apply?
As long as the application was submitted to Genworth prior to May 1st 2014, the current premiums will still apply.
3. I have a mortgage pre-approval from a lender from before May 1st, 2014, will I still be eligible for the current premium rates if I dont have a signed agreement of purchase until on or after May 1st, 2014?
All applications for mortgage insurance must be submitted prior to May 1st, 2014 with a binding purchase and sale agreement in place to be eligible for current premium rates.
4. If I bought a new construction property (i.e. condo) that is not expected to be built for another two years, will the new premium rates apply?
As long as the application for mortgage insurance was submitted to Genworth prior to May 1st, 2014 and the closing date is prior to the expiry of the Genworth commitment, then current premiums will apply.
5. If I have a Progress Draw mortgage that has been submitted to Genworth prior to May 1st 2014 and the draws are occurring on or after the May 1st, 2014, will the new premium rates be charged?
As long as the application for mortgage insurance was submitted to Genworth prior to the May 1st, 2014, the current premium rates will be charged.
Refinance
6. What if I am thinking about refinancing my home on or after May 1st, 2014, will I be eligible for the current premium rates?
To be eligible for the current premiums, applications must be submitted to Genworth prior to May 1st, 2014. If the refinance application is submitted on or after May 1st, 2014, the new premium rates will apply.Genworth Financial Mortgage Insurance Company Canada
Portability
7. How will the new premiums apply to an existing Genworth insured loan if the mortgage is ported to a new property?
For applications submitted on or after May 1st 2014, the new premium rates plus any applicable surcharges will apply when there is a port and increase to the current mortgage amount.
Changes On Or After May 1st, 2014
8. If I submit an application for mortgage insurance to Genworth prior to May 1st, 2014, and the application then gets resubmitted with changes or updates on or after May 1st, 2014, will the application continue to be eligible for the current premiums.
As long as the original application was submitted to Genworth prior to May 1st 2014, and there are no changes to the property, then the current premiums will still apply.
9. If a lender has cancelled (in error / technology issues/ making changes) a file that Genworth received prior to May 1st, 2014 and then needs to re-open or resubmit the application on or after the May 1st, 2014, can they resubmit and still be charged the current premium rates?
Where the submitting lender does not change, and there are no changes to the property, the mortgage insurance application will still be eligible for the current premium rates.
10. What would happen if there was a previous approval with Lender A under the current premium rates and the same application is then submitted by Lender B on or after May 1st, 2014?
New premium rates would apply to Lender Bs application as it was submitted to Genworth after the May 1st, 2014 deadline.
National Bank of Canada Weekly Economic Watch
Housing starts rose from 166.5K in April to 193.5K in May (seasonally adjusted and annualized). Urban starts improved 22K to 181.1K on increases in both the multi-unit (+14.9K to 135.9K) and the single-detached (+7.1K to 45.3K) segments. At the provincial level, urban starts shot up in Quebec from 0K in April to 56.3K as social distancing measures were eased but plunged 37.1K to 56.5K in Ontario. June results should provide a clearer snapshot of the post-lockdown residential construction industry in Canada. Projects delayed on account of the Covid-19 pandemic might sustain starts at a relatively high level for a short while but the longer-term horizon looks less promising in light of much higher joblessness and reduced immigration. Moreover, tougher CMHC standards for mortgage insurance will likely exclude some potential buyers by shrinking their purchasing power. We estimate that the new rules governing maximum gross debt service will reduce by about 11% the amount that the median Canadian household will be allowed to borrow.
Source: NBA Economics and Strategy
Virtual Tours and Live Streams a Hit on REALTOR.ca
While staying home to help stop the spread of COVID-19, Canadians are spending more time looking at properties on REALTOR.ca, Canadas No. 1 real estate platform*. During the week of March 9, visits to REALTOR.ca dropped by 30%; however, since April 12 traffic has crept back up by 14% and consumer inquiries to REALTORS through the site rose by 25%similar to levels during the same period last year. Despite the pandemic, REALTOR.ca has seen a 14% increase of visitors during the first quarter of 2020.
As COVID-19 is limiting how buyers can visit homes that interest them, REALTOR.ca makes it possible for Canadian REALTORS to virtually showcase listings by integrating video and 3D tours from 10 of the most popular services. Since April 7, REALTORS can also schedule and promote live stream open houses using popular platforms such as Facebook Live, Instagram Live, Zoom and YouTube.
If theres one thing 30-plus years in this business has taught me, its that as an industry we are early adopters of technology, said Costa Poulopoulos, Chair of the Canadian Real Estate Association. With restrictions on how we can continue to serve our clients, Im proud that weve been able to add features for REALTORS that allow them to continue to show homes to interested buyers.
