Christine Buemann Mortgage Broker

As per CHMC’s latest report on rental conditions in Prince George, BC here are the average prices for rentals: 3 Bedroom - $974 2 Bedroom - $709 1 Bedroom - $592 Bachelor - $502 Here is what your approximate mortgage payment could be on the following mortgage amounts: $200,000 - $861 $175,000 - $753 $150,000 - $646 $125,000 - $538 Wouldn’t you rather be paying yourself instead of your landlord? There are numerous options for those who do not have a saved downpayment. It is worth it to come in for a no obligation consultation and see what options are available for you. Source: http://www.cmhc.ca/en/corp/about/cahoob/cahoob_011.cfm   *based on 5 year fixed interest rate of 3.19% over a 30 year amortization http://www.christinebuemann.com/

I have been speaking to real estate professionals across Northern BC and it looks like we have entered our “Spring Market” early this year. Some people may want to get into the market but are wondering; what documents do I need in order to get approved for a mortgage? Further to the mortgage application, here are the basic documents that will be required: • Letter of employment • 2 recent paystubs • If you are part time or receive any overtime, bonuses, or commissions then we will also need your Notice of Assessments for the last 2 years • Proof of downpayment (minimum 5% unless using “cash-back” product) and 1.5% of purchase price for closing costs via one or a combination of the following:    o Investment statement    o 3 month history of bank account    o Gift letter from immediate family member along with proof of the exact       same amount deposited into account Depending on the complexity of the file, there may be more documents required but these are the basics that

Right now is the ideal time for first time buyers to be getting into the market in Prince George. Not only are interest rates at rock bottom, but home prices remain low for the time being. First time buyers have an advantage because they do not have to wait for their current homes to sell or sell them at a price that they find lower than anticipated. There are also a variety of options for those who do not have a down payment. All of that being said; the Canadian economy has not been as resilient as we had hoped against the global economic downturn. The Bank of Canada is once again talking about tightening up mortgage qualification guidelines. Now is the time to take advantage of this opportunity while it is still here. http://www.christinebuemann.com/

As you may have heard, Canada Mortgage & Housing Corp. said it is rationing mortgage insurance for lenders as the country’s housing agency approaches the legal limit of its ability to backstop the loans. “CMHC has recently received an unexpected level of requests for large amounts of CMHC portfolio insurance,” Charles Sauriol, a spokesman for the Ottawa-based agency, said in an e-mailed statement. “To ensure equitable access to portfolio insurance within CMHC’s annual limits, an allocation process is being established which has caused some delays.” The agency said that lenders have increased their demand for insurance of their mortgages amid “liquidity needs” since the 2007 financial crisis. “This does not affect the availability of CMHC’s mortgage loan insurance for qualified home buyers and will not impact the cost of buying a house,” Sauriol said in the statement. Portfolio insurance allows lenders to insure mortgages that aren’t already backstopped by the housing agency.