Christine Buemann Mortgage Broker

One of the most common complaints from my clients is the lack of inventory for homes in our area. One possible solution for those who can't find exactly what they are looking for in a home, is to use the purchase plus improvements program.  Genworth  has put together a list of which improvements will result in the highest value increase. Here is are their suggestions: CREATING AN IN-LAW SUITE  Adding an extra suite could take a big bite out of home ownership expenses. You can share your home with a parent or with another co-buyer while maintaining privacy for each household. Convenience. Value. A suite adds both! RENOVATING THE KITCHEN  The kitchen is the heart of the home, and the most important room relating to valuation. Fresh cabinetry (if it’s in good condition, consider re-facing rather than replacing) and efficient lighting will improve daily life and property value. RENEWING THE BATHROOM  Another important room in terms of valuation, ...

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 last year has seen a significant increase in property values in our area. One common scenario we are seeing is for people to pull out equity from their current properties in order to purchase a new home and keep their current home as a rental.  The most important part of this is to refinance their current property while it is still owner occupied. Adding a secured line of credit allows you to have the funds accessible for when you need them however you do not have to pay any interest at all until they are in use.  We have a great rate special on for refinances. Here are the details: Refinance up to 80% of the value of your current property  Must be income qualified with supporting documents up front Must close before January 31 If you (or someone you know) are considering this strategy, I'm happy to help you explore your options.  www.christinebuemann.ca 

Compounding interest is when interest is charged on top of itself . For example, most mortgages are compounded semi-annually. That means that every 6 months, interest is calculated at the current balance AND accrued interest to that point. Interest only mortgages are typically compounded monthly however some lenders have started compounding their standard (often variable rate) mortgages this way as well.  The more frequently interest is compounded, the more interest you will pay in the long run.   It is important to know the fine details of your mortgage so be sure to consult a Mortgage Broker for impartial advice! www.christinebuemann.ca 

Are you having a hard time finding a house within your pre-approved price range?  Did you know that qualified borrowers with good credit can use Child Tax Credit income for qualifying? Here is a sample scenario: Husband makes $60k and wife makes $35k a year and they have 2 small children. This would give them a benefit amount of $7862 a year.  By using the extra income from their Child Tax Benefit, they would qualify for an extra $37,500 in purchase price! Most lenders will not accept this type of income, however we have several great lenders (with low rates and flexible mortgage terms) who will!  For more information on this product or for any mortgage related questions, feel free to contact me today! www.christinebuemann.ca 

With the spring market starting to pick up, it is more important than ever to be prepare when looking for a new home. The first step is to complete an application, to gather your basic information. The next step is to gather your documents.  Here is an example of the documents required for an employee: Job Letter Most recent Pay Stub   Notice of Assessments (NOA) 2016 ·          If you can't find these, you can set up a free   CRA My Account  to print them (it is a good idea  to set one up regardless) T4 for 2017 (or NOA if available) 90 days of  Bank Statements for Down Payment   and Closing Costs ·          If the funds are being gifted - we will need a signed gift letter and confirmation of the funds being deposited into your account (once there is an offer in place)  ·          Tips on how to get you...

In mortgage financing, appraisals are required to confirm the value as well as the condition of a property. Here are the most common scenarios where they could be required: Private sales Unique properties (log homes, mobile homes ext) Non-arms length transactions (ex between family members) Acreages and/or rural properties (or properties with large outbuildings or animals) Properties where there could be structural issues (ex MLS listings referring to "handyman special" ext") Refinances or renewals Conventional mortgages (or for those putting 20% or more down) Rental properties New construction  Some lenders will rebate the cost however you should budget to have the funds available. Most banks who "cover" the cost, simply charge it back to you at closing. As the mortgage lending landscape tightens, we have been seeing more requirements for appraisals so it is best to be prepared in case one is required. www.christinebuemann.ca

A pre-authorized debit form (PAD form) is a form that is produced by your financial institution in lieu of a void cheque. It will have your name, along with your banking details. This form will be used to set up automatic payments from your account.  When obtaining a mortgage, this will be required by your solicitor and also often by your Mortgage Broker. It is important to note that some lenders also require that your financial institution stamp the form when the provide it to you (so it is best to ask for this if you are requesting one in person). There will also be a separate form provided by your lender which gives them authorization to withdraw your mortgage payments directly from your account. www.christinebuemann.ca

Thinking about buying a home that has a rental suite? This can be a great idea if you want to help offset the cost of your home expenses, and it can also potentially help with qualifying for a mortgage on your new purchase.  Most lenders will allow you to add 50% of the rental income back to your income for qualifying, however we also have some who will consider 100% for qualified borrowers! This would increase the maximum mortgage available by approximately $65k. Here are a few tips if you are considering this option: Although it may not need to be a "legal" suite, they will want to see that it has a separate entrance along with a kitchen and bathroom in the unit Some lenders may only consider income from the basement unit (in case you plan on living in the upper unit) Roommate income is not allowed by the insurers as rental income Lenders will require a signed lease agreement as confirmation of the rental income. Most prefer a year lease. Some may consider a stat...

Bond yields are start to rise , which in turn means fixed rates are likely to rise soon as well . Buyers should be looking for 120 day rate holds as soon as possible! Using a Mortgage Broker means that you only have to apply once and you can have multiple rates/terms held with different lenders.  I have an easy online application for anyone looking to get the ball rolling quickly. Let me know if you have any questions or concerns. Have a great day! www.christinebuemann.ca

As fixed r ates start to inch upward, TD and RBC have both increased their 5 year posted rates 15bps, to 5.14%. The Bank of Canada's Qualifying Rate is a weighted average of the 5 year posted rates so if the remaining big banks implement a similar increase, we can anticipate an increase to the Qualifying Rate in the near future.  www.christinebuemann.ca