Christine Buemann Mortgage Broker

What could you do with an extra $15,000? If I were to offer you a cheque for $15,000 or even $2300 in exchange for a few documents would you turn in down because it was easier to simply renew your mortgage at your current lender? There are numerous published reports that confirm that most borrowers simply sign and return their bank's offer letter upon their mortgage renewal. More often than not, the rates they offer you are not the lowest available rates and they are definitely not as low as a Mortgage Broker could get you. If you take it upon yourself, you may very well be able to negotiate a better rate with them but how will you know if it is the best you can get? Here is an example… If your lender is offering you 4.24% for a 5 year fixed on a $250,000 mortgage* you would be paying roughly $15,600 more in interest than the standard 2.89% that most brokers are offering for the same term.    Now let’s say you negotiated with your lender and they were willing to drop you...

A realtor recently posted something about value versus price and it really got me thinking… I was at the grocery store and I was going to buy some steak. There were the premium brands and then there were a bunch with a big red sticker on them at a discounted price. The first thing I did was pick up and thoroughly inspect the discounted meat because my first instinct was that something had to be wrong with it in order for it to be priced so low. Those of you who know me, know that I am always looking for a bargain so I pondered over the small purchase and decided to go with the more expensive steak. Why? The perceived value.   I think it is the same in real estate. I often hear people asking who is the cheapest for inspections, lawyers, appraisals, realtors ext. When it comes to potentially the largest purchase of your life, do you really want to use the most discounted services? Personally, I use the people who I feel confident will give me excellent service. Sometimes t...

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...

Hi everyone! Watch out for the latest episode on Shaw TV abour real estate in Prince George featurng myself and Dean Birks . Have a great day!

It is no secret that the real estate market starts to heat back up in the Spring. In fact, it is traditionally one of the busiest seasons of the year for purchasing real estate. If you or anyone you know is considering purchasing a new home this Spring or Summer, now is the time to prepare. Arranging your finances should be the first step you take. Here are a few reasons to get pre-approved: ·          Rate Holds: Most lenders offer a 120 day rate hold meaning you can take advantage of the current low rates. If rates go down, you will get the lower rate, however if they go up, your rate is locked in. ·          Credit Check: Your broker will pull your credit. There are so many cases of credit companies or reporting companies having reporting errors. Knowing where you stand with your credit gives you time to fix any errors or address any problems right away ·       ...

What are collateral mortgages and what is the differentiates them from a regular mortgage? CBC’s Marketplace recently did a story on how TD only offers collateral mortgages and this has sparked a lot of conversation about the topic. The main difference is how they are registered. When you receive a conventional mortgage, it is registered on title for the actual amount of the mortgage . A collateral loan is registered for higher amount, usually for the purchase price amount. The advantage to having the higher amount registered is that you are able to access the funds easier should you choose to refinance before the term is up. You would have to qualify for the increase in funds, but you would generally avoid paying legal fees for the transaction. There are several disadvantages but the largest one is how many people feel “trapped”. Most lenders will not accept transfers in upon renewals from collateral loans so you are usually stuck with that lender until you are able to ref...

Tip#1 – What value will the lender consider? One thing that is often overlooked when people are buying rural property is that most lenders will only consider the value of the house plus the first 5-10 acres when financing a property. That excludes outbuildings, however a garage is allowed and can be attached or detached. Most major banks will only consider the first 5 acres, however CMHC will consider up to 10 and we have numerous lenders who will as well. If the lender or the insurer questions the value, then they will generally order an appraisal.   With the recent changes that took effect for most banks on November 1st, 2012, we have seen a drastic increase in the amount of appraisals being ordered. If the appraisal comes in lower than the purchase price, there are several options: ·          consider putting more than 20% down to avoid the insurers (CMHC, Genworth, CG) ·          You m...