Christine Buemann Mortgage Broker

The Bank of Canada has decided (yet again) to keep its Target Overnight Rate at 1%. In turn, Bank's Prime Lending Rate will remain at 3%.  http://www.bankofcanada.ca/monetary-policy-introduction/key-interest-rate/ http://www.christinebuemann.com

There are several key features that you should look for when getting a mortgage. One of them is whether the mortgage is "portable". This means that if you purchase a new home prior to your current term being up, you can simply bring your mortgage to your new home without having to pay the payout penalty. Typically the sale of your current home and purchase of your new home have to happen within 60-120 days (again, depending on your lender). Every lender will have different policies but generally you will have 2 options. 1) If you keep all of the terms of your mortgage the same (without increasing the balance), then you can typically keep your current rate. If you are downsizing then this can be great, however if you are looking to increase the mortgage amount then your down payment will need to cover the difference between your current mortgage amount and the property purchase price. Alternatively, you could consider a small second mortgage or option #2. 2) They will ...

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 ·       ...