Christine Buemann Mortgage Broker

I currently have access to a lender offering 5.5% cash-back for clients with good credit but no down payment saved. On a $200,000 mortgage , your monthly payment would be approximately $1108 a month . The cash that would be given back to go to your down payment would total $11,000 . If you were to save up that amount, you would have to put away at least $183.34 a month for 5 years. Keep in mind that amount is on top of any rent that you would be paying as well. If you were to take the cash-back mortgage, your mortgage balance would be reduced by approximately $15,621 over that same 5 year span. You would also be able to take advantage of the rising home prices and gain equity in your home while living in it! This opportunity is a limited time offer through a very reputable bank. For more information on this product or any mortgage products, please contact me today. *Information for the cash-back mortgage is based on the posted 5 year fixed rate of 5.34% with a 30 year am...

If you are putting less than 20% down then your mortgage will be insured through CMHC, Genworth or Canada Guaranty. They all have a strict set of qualifying guidelines and most lenders follow these guidelines for borrowers with more than 20% down as well. There are 2 different ratios that they consider along with your credit score. The first is the Gross Debt Servicing Ratio (GDS). You can figure this out by breaking down your gross annual income to monthly. Only 35% of your income can be used towards your mortgage payment, monthly property taxes and heat (they usually use $100 for heat). The second is the Total Debt Servicing Ratio (TDS). For this calculation, they also use your gross income and new mortgage payment, property taxes and heat but this time they factor in all of your other debts including credit cards, loans, child support ext. Generally no more than 42% of your income can be used towards all of your debts combined. For those who have exceptional credit (680 or hi...