Christine Buemann Mortgage Broker

I have decided to go back to the basics this week to explain what Mortgage Brokers do. As a Mortgage Broker, I act as the “middle man” between my clients and my lenders. I have access to some major banks as well as many that deal exclusively in mortgages. Those lenders can typically offer lower rates because they do not have the overhead costs of day to day banking. We also deal with all of the lenders in high volumes which allows us to get very discounted rates. When you come to a Mortgage Broker, you do not have to worry about the hassle of negotiating. We will always find you the best rate possible and we deal with the bank for you. There are also many factors to a mortgage, other than the interest rate, that can cost you a substantial amount in the future. We work with our clients to determine their long term goals and ensure that the product and lender they are using is the right fit. Traditionally Mortgage Brokers were the last resort for people who did not qualify with the

Going through a divorce or separation is a tough time, so adjusting your mortgage accordingly shouldn’t be. Several lenders have programs in place for this specific situation. They allow you to have access of up to 95% of the equity in your home to facilitate the buy-out of one partner and allow more room for debt consolidation. Refinances in Canada typically have a   maximum of 80% loan to value so this is a drastic increase to the available funds. With interest rates at all time lows, it is also a great time to wrap that high interest credit card debt into one low monthly payment. If your house is valued at $250,000, your typical refinance will allow you access to $200,000 . Under this program, you could have access of up to $237,500. Here is what the lender will need: ·     Standard income confirmation documents ·     Finalized separation agreement ·     Offer to purchase (potentially) ·     Appraisal (potentially) For more information on this program or any mort

  If you are putting less than 20% as your down payment in Canada, your mortgage must be "insured". This type of insurance is called default insurance and protects the lender should you default on your mortgage. It is percentage based and is generally added directly into your mortgage total. Most Canadians have heard of CMHC, however did you know there are now two more alternatives for default insurance in Canada? Over the past few years, Genworth and Canada Guaranty have emerged as healthy competitors. All three have very similar guidelines such as: ·          minimum credit scores ·          minimum debt ratios ·          minimum loan to value ratios ·          down payment source options ·          supporting document requirements There are however district differences in several of their programs which may serve as an advantage. Here are a few: ·          Genworth’s New to Canada which allows you to use alternative credit sources if you do not have