Christine Buemann Mortgage Broker

If you are looking to buy a rental property, it is important to note that there have been several changes over the past few years. Here are the basics of what you should know: ·          You will need a down payment of at least 20% ·          Some lenders will no longer finance rental properties at all ·          Some lenders are charging the default insurance premiums to the client, regardless of the loan to value ratio ·          You can expect a slightly higher interest rate ·          Remember that you are not able to claim the Home Owner’s Grant on rentals, so you will have to factor in an addition $770 annually into your budget ·          You can expect slightly higher home insurance premiums ·          For “subject properties”, typically only 50% of the rental income can be added to the applicant’s gross annual income for qualifying purposes. All other expenses including property taxes and heat must be including as liabilities ·          Some lenders have a

Recent preliminary studies have shown elevated levels of radon in the Prince George area and for that reason, the BC Lung Association is offering free testing kits to residents. What is Radon? “[It] is a radioactive, invisible, odorless gas that can seep into your home through cracks in floors, walls and foundations. You can't see radon. You can't smell it or taste it. But when radon seeps into a closed-in space like a house, it can be harmful”. Find out more information here   Here is a link to the press release detailing the study that provides free kits http://www.bc.lung.ca/mediaroom/news_releases/nr_1_2014.html   Here is a link to the Prince George brochure which contains contact information and details on how to get your free kit. http://www.radonaware.ca/indoor-radon-studies/prince-george

This is the time of year where people typically take a look at their financial situation and make goals for the upcoming year. Whether it be to do renovations, pay off outstanding debt, invest or whatever else you choose, there are a few things to know about refinancing in Canada. You can only borrow up to a total of 80% of the value of your property. ·          It is important to note that most lenders will want to see a recent appraisal for the property. This is typically an upfront cost as the lender needs to know what the current value is before they can determine the maximum mortgage amount. BC Assessments are typically not used as they may not be a true reflection of the market value. The maximum amortization you can have is 25 years regardless of your current amortization. ·          If your current amortization was set at 30 years, your mortgage payments will be slightly lower. It is important to keep this in mind both for qualifying and for your household budget