27 Mar

Mortgage Insurance Premium increase effective May 1, 2014.

General

Posted by: Michael Hallett

CMHC and Genworth will be increasing their premiums, effective May 1, 2014. This increase will only effect new mortgage applications, not existing insured mortgages through the two provides.The overall dollar amount increase will range depending on the mortgage amount, but the premium added to mortgages with 5% down is 3.15%, 10% down will see 2.40% […]

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23 Jan

Canada 5 Yr Bond Yield – could 2.99% be coming to a broker near you?

General

Posted by: Michael Hallett

Hello, The following is a column I wrote the back in April 2012…I keep referring to it. And wanted keep you updated as to what is currently happening in the marketplace. Fixed (rates) – not fluctuating or varying; definite When it comes to your mortgage, don’t you wish you had a reliable physic or crystal […]

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27 Nov

Could the lending rules be changing yet again?

General

Posted by: Michael Hallett

March 2014 OSFI will presented to the public for comment, here is the enitre article. One casualty of new restrictions could be 30-year mortgages ROBERT MCLISTER Special to The Globe and Mail Published Monday, Nov. 25 2013, 7:00 PM EST Since 2008, regulators have been trying to contain housing risk by piling on new mortgage […]

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4 Nov

Variable vs Fixed Payment

General

Posted by: Michael Hallett

It looks like fixed rates on are on the move again. But does that mean you should absolutely 100% opt for a fixed mortgage. Nope, I don’t think so! Weigh the pros and cons! Previous suggestions was that the prime lending rate of 3.0% would go up in late 2014 or early 2015 and now […]

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30 Sep

It’s Not Always About the Interest Rate!

General

Posted by: Michael Hallett

With the ever changing landscape for secured finances (leverage against real estate) it’s impossible for the average person to keep all the policies straight between all the chartered banks, credit unions and the security back mono-line lenders. The one sector of borrowers that are finding it harder and harder to place their mortgages are business […]

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28 Mar

NEW 2% BC Transition Tax on New Homes

General

Posted by: Michael Hallett

If you are planning on buying a new home over the next two years, then you need to know about the 2% BC Transition Tax. It is a new tax that comes into effect on April 1, 2013. It will apply to the sale of new residential homes that are 10% or more complete as […]

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5 Mar

Will Checking My Credit Lower My Beacon Score?

General

Posted by: Michael Hallett

The Beacon score or credit score determines the probability that you will pay your bills on time and in full. Beacon scores are sometimes referred to as FICO scores, and both names are from the credit bureaus that developed the scoring. Keeping track of this important number is vital. Inquiries to your score are recorded […]

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26 Oct

Difference Between a Lawyer and a Notary

General

Posted by: Michael Hallett

Most real estate deals are fairly straightforward and both a lawyer and notary will prepare the documents for you. If you are buying a home, they will: conduct a title search, obtain tax information and any additional info to prepare a Statement of Adjustments. Then they will prepare closing documents, including a title transfer, mortgage, […]

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16 Aug

Are You Self-Employed? Are You Fixated on the Rate?

General

Posted by: Michael Hallett

Lets face it, everyone wants the lowest rate possible for their mortgage.  However, is the lowest rate always worthwhile?  Let’s take a look at an example: Bob Smith is a Business owner in Vancouver.  He has a modest business that is experiencing growth year after year.  Bob enjoys the many perks of being a business […]

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31 Oct

Choosing Your Amortization Schedule

General

Posted by: Michael Hallett

Choosing Your Mortgage Amortization Selecting the length of your mortgage amortization period – the number of years it will take you to become mortgage free – is an important decision that will affect how much interest you pay over the life of your mortgage. While the lending industry’s benchmark amortization period is 25 years, and […]

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