Christine Buemann Mortgage Broker

http://www.investmentexecutive.com/-/bank-of-canada-keeps-key-rate-at-1-?redirect=http%3A%2F%2Fwww.investmentexecutive.com%2Fhome%3Bjsessionid%3DEC0DD1CBBDFC22512199638DC597D160%3Fp_p_id%3D101_INSTANCE_C6TPn3dGCfKv%26p_p_lifecycle%3D0%26p_p_state%3Dnormal%26p_p_mode%3Dview%26p_p_col_id%3Dcolumn-1%26p_p_col_count%3D2    www.christinebuemann.com

Consumers hate mortgage prepayment penalties, largely because they don’t understand them. Now, there is about to be a high-profile challenge of how mortgage penalties are calculated. CIBC Mortgages Inc., a subsidiary of CIBC bank, has just been named the subject of a pending class action lawsuit. The intended suit claims that CIBC improperly calculated penalties for customers who broke their mortgages from 2005 to date. The claim alleges that: “CIBC applied terms and conditions to certain mortgage contracts to allow it unfettered discretion for calculation of mortgage prepayment penalties.” “…the quantification of prepayment penalties applied by CIBC are in breach of the mortgage contracts.” To read more follow this link http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2011/10/class-action-lawsuit-filed-against-cibc-mortgages-on-prepayment-penalties.html   http://www.christinebuemann.com/  

The Bank of Canada Qualifying Rate has increased to 5.29%, effective today http://www.christinebuemann.com/

Just weeks ago you could find variable-rate mortgages at prime – 0.80% (P-.80%) or better. Consumers thought they were here to stay, but the tables turned…fast. Economic troubles and lender profit motives have shrunken variable discounts beyond expectations. Banks are now commonly quoting prime rate (currently 3%), for example, with little discounting. Once the last few holdout lenders with P-.50% disappear, discounted variables could move towards P-.25%…or worse. Some lenders even suggest that prime or prime plus could be the new normal. Meanwhile, some brokers still have access to five-year fixed rates at 3.49% or less. That’s an unusually low 50 basis point premium to a variable. A spread that tight doesn’t come around often, and it makes you rethink all of the research suggesting variables are the way to go. http://www.christinebuemann.com/

http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2011/10/rates-a-changin.html    www.christinebuemann.com

http://www.youtube.com/watch?v=rQ5sabRwguc   http://www.christinebuemann.com/

Getting pre-approved is a very important, FIRST step in the home buying process. Regardless of whether you are experienced with the process or a first time buyer it is very important to know exactly where you stand financially before considering a new purchase. Mortgage lending guidelines are constantly changing, and due to the economic instability over the last few years, mortgage lending has changed drastically. There are also issues that may arise on your credit of which you are unaware. Most errors can be rectified easily, but it will take time for the reporting to be updated. It is best to deal with any errors prior to having committed to a specific timeline. Although pre-approvals are extremely important, they should not be relied on 100% at the purchase time. It is important to have a full approval of both the applicant and the property before considering the financing to be secure. Once you are pre-approved it is important to be aware of the different factors that may change