Christine Buemann Mortgage Broker

Did you know that we can refinance up to 95% in order to remove someone from title?  Not only are we seeing more separations than ever, we are also seeing more co-signing required from family. This means that we needed a simple and useful too for removing one person from title, without being limited to the 80% refinance rule . Here is what you will need: A purchase agreement confirming the current value Current mortgage statement A legally binding agreement by the two parties detailing the buyout For more information on this or if you have any questions or concerns - please feel free to contact me. www.christinebuemann.ca 

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 im...

Consolidate Your Debt   The key to getting rid of debt is to commit to fixed, not declining, monthly payments. With your 19.75% credit card, if you were to pay off a debt of $30,000.00 at a fixed payment of $600 per month, you would pay the debt off in just under 9 years, and pay approximately $30, 000.00 in interest.   Suppose you take out a home equity loan at 4% interest. If you pay it off at $600 per month, you will retire the debt in just under 4.5 years – 4.5 years sooner than with the credit card. But best of all, your interest cost will be reduced from $30,000.00 to $3,000.00. That's approximately $27,000.00 in your pocket with exactly the same monthly payments!   In the real world, of course, your debt may not reside on one, but multiple credit cards. The practice of transferring all of your debt to a single loan is called debt consolidation.   Here's how it works: 1. Add up all your credit card debt. 2. Take out a single loan, such as...

There has been a lot of controversy lately over collateral mortgages since CBC's report on TD . Although overall it is much more difficult to get out of one of their mortgages, I am pleased to be able to offer another alternative. First National will now allow transfers to them on collateral mortgages. They are Canada's largest non-bank lender and offer exceptional rates and service.  Here are a few highlights to their program: ·          Your current mortgage must be insured ·          You are able to keep your current amortization (even if it is over 30 years) which in turn keeps your payments low. It is important to note that if you were to refinance, you would have a maximum amortization of 25 years  ·          You get  Access to First National’s best rates ·          Standard documents and qual...

As I discussed in my previous blog posting, the interest rate is an important aspect of a mortgage, but is not the only factor to consider. There are other “features” within a mortgage that can be equally as important. Here are a few: ·          Payout penalty calculations: how the lender calculates what your penalty will be if you pay you pay out your mortgage out before the end of the term ·          Pre-payment privileges: how much principle you can pay down annually without a penalty ·          Portability: if you can “port” the mortgage to another home should you choose to move ·          Assume-ability : if someone can “assume” the terms and balance of your mortgage ·          Blend and refinance-able : if they will allow you to blend the rate of your mortgage with t...