Christine Buemann Mortgage Broker

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 

This is a friendly reminder that the new mortgage rules will come into effect next week. Many lenders have already stopped taking in applications under the old rules.  We still have 2 lenders who will honour pre-approvals for 120 days (most won't) so if you are looking to purchase with 20% or more down, or refinance in the New Year, you should be getting your application and full documents in ASAP! I have a quick and easy   ONLINE APPLICATION if anyone is interested as well. Please feel free to contact me with any questions or concerns. www.christinebuemann.ca 

On March 19th, 2012, the Office of the Superintendent of Financial Institutions Canada (OSFI) published draft guide B-20 – Residential Mortgage Underwriting Practices and Procedures. They had asked for comments and suggestions from the industry and are now in the process of preparing final mortgage guidelines to be released in the near future. The following provides a brief description of OSFI’s decisions on a few key issues which will be reflected in the final guideline to Federally Regulated Financial Institutions (FRFI). Re-qualification at renewal: unlike what was originally suggested, it appears that clients will not have to re-qualify for their mortgage at renewal. Lenders have used repayment history as the main determining factor for qualification at renewal and it is anticipated that this will remain. Lenders will however be expected to “refresh the borrowers’ credit metrics periodically (not necessarily at renewal) so that [they] can effectively evaluate their credit risk. ...