Christine Buemann Mortgage Broker

If you are writing an offer on a home this holiday season, there are a few things to keep in mind... First and foremost - give yourself a lot of time. Unnecessary rushes put a so much pressure on a file that it can almost collapse it. Lawyers usually need 10 business days to prepare your documents so be sure that they have the complete file with plenty of time. Mortgage Brokers are usually available with extended hours however the banks they deal with will be closed. Remember that they are usually still receiving files during that time so they also have to deal with a backlog when they re-open. Insurance companies, Appraisers  and Inspectors are typically closed for a few days during the holidays as well.  If you need a pre-authorized debit form or certified cheque from your bank, you will want to do that as soon as possible as well.  If your down payment is coming from a refinance (or the equity in your current home), this will take a while as well. Refinance...

One of the most frequent questions that I get is how much is needed for a down payment? There is a common misconception that First Time Buyers are able to put 5% down and then every purchase after that is 10%. That is just simply not the case. Anyone in Canada can put 5% down. In order to purchase an investment property, you need at least 20% down. Every lender and insurer will also likely want to see that you have at least 1.5% of the purchase price available for closing costs. That is not what your actual closing costs will be, just a generic estimate. Your down payment can be saved, gifted or borrowed. For more information on down payments and for any mortgage related questions, please feel free to contact me today. www.christinebuemann.com

There has been a lot of speculation recently about the change in Government and how it will affect the mortgage industry. It is well known that they are debating tightening up rules for mortgage lending yet again, but they have not yet confirmed what the changes will be.  Perhaps the most discussed option is the higher minimum down payment. The proposed change would be a gradual system with the new minimum down payment increasing to 7% for a purchase purchase of $500k and then to 10% for home purchases of $700k and higher. They are very clearly targeting the larger centres (Vancouver and Toronto) where many have felt the prices have been overinflated for quite some time. They have already changed the minim down payment to 20% for homes valued over $1M.  So how does this affect you? The main concern is First Time Buyers. In my area of Northern BC, the average home is around $275k so I don't feel like it will directly affect too many First Time Buyers. If the larger housi...

Did you know that you can use "borrowed" money for a down payment. That means a line of credit, a re-payable gift, ext. The insurers each have a program that allows this as an acceptable form of down payment, the biggest thing is that the re-payment terms have to be included in your debts. It is slightly harder to qualify for but it's a great option if you don't quite have enough saved up and want to get into the housing market. For more information on this or for any mortgage related questions, please feel free to contact me today. www.christinebuemann.com