Christine Buemann Mortgage Broker

More breaking news on the mortgage front! The BC Government announced today that they are rolling out a program for First Time Buyers which will match 50% of their down payment up to $37,500. This would be by way of a second mortgage. It will be interest free for the first 5 years however the payments will have to be included in the debt ratios upon application. Timeline: Applications will be accepted as of January 16, 2017, with loans advanced from February 15 to March 31, 2020. To qualify under the BC Home Partnership Program, all applicants who will be registered on title must: • Reside in the home • Be a first-time homebuyer • Be a Canadian citizen or permanent resident for 5 years • Have resided in BC for at least one year • Have a combined gross income of $150,000 or less In addition, for the property to qualify under the BC Home Partnership Program, it must be: • a legal, self-contained, mortgageable residence (not rental or recreational) located in

As the dust is settling from the last set of rule changes in October, a more significant set of changes took effect yesterday. The overall impact that they will have is still being speculated by economists all over the country. Every lender has been scrambling to put together new processes and strategies for implementing their new guidelines. Lenders have been changing rates / policies daily so please bear in mind that their turnaround times will likely be a little slower with all banks for the short term. Here are some of the most significant changes we have seen over the last few days: Some lenders have discontinued 30/35 year amortizations, refinances and rental purchases altogether Most lenders have started charging a higher rate for refinances, 30 year amortizations and rental purchases Some lenders have started doing risk based pricing where they require minimum credit scores to have access to certain products Most lenders are charging higher rates