Christine Buemann Mortgage Broker

It has been heavily publicized how insurers and lenders alike have been increasingly tightening up their approval guidelines, making it significantly more difficult to obtain a mortgage in Canada.   Most people will feel so discouraged when they are declined by their bank, that they may not look for a second opinion or they may not even know that they have other options. Mortgage Brokers have the ability to shop the "A" lenders for the best rates and products to suit your needs but we are also licensed to look at "B" lenders or even private lenders, depending on your situation.   For example, we have access to an alternative lender who is currently offering "Stated Income" mortgages on rentals (65% LTV max) or a private lender who has rates as low as 4.5% (rates are file specific). Using a Mortgage Broker will allow you to explore all of your options and have professional guidance to determine the best solution for you.   Contact me for more in...

Do you want to know what size of mortgage you qualify for but are unsure of what income to use? When calculating debt ratios, it is very important to know how much to use as your qualifying income. Here are a few basic guidelines: L enders will use the average of your last 2 year's Gross income if: ·          your income fluctuates ·          you receive bonuses or overtime ·          you are part time (unless you are guaranteed a certain number of hours) ·          you are self-employed ·          you are paid on commission ·          you are paid as a sub-contractor ·          you are using pension income ·          you are using investment income This amo...

RBC announced this morning that their rates are on the rise. Will other lenders be soon to follow? Get your 120 day rate holds now! http://www.theglobeandmail.com/globe-investor/rbc-boosts-mortgage-rates/article4490037/ www.christinebuemann.com

As most people know, with the new regulations that took effect last month maximum amortizations for insured mortgages were reduced to 25 years. It is important to note that this will apply to any mortgage where less than 20% is being used for the down payment, but also for mortgages which are “bulk insured” (which basically means that the lender is still insuring it, but they are paying the premium). Some lenders are still offering 30 or even 35 year amortizations on their uninsured mortgages. You may ask yourself – why would someone want a 35 year amortization anyways? One of the most common reason is for qualifying purposes. If you were looking to qualify for a *$200,000 mortgage over 25 years , you would need at least $42,000 in income. If you lengthen the amortization to 35 years , you would only need approximately $36,000 in gross annual income. The key to this strategy is to set your payments from the first payment as the same amount as they would be with the 25...

If you are considering applying for a mortgage, it is very important that you have all of your documents and personal information gathered prior to going in so that you’re Mortgage Broker has accurate numbers to submit in your application.   Since the major determining factor for your maximum mortgage amount is your gross annual income, that information is extremely important. Most people are able to access recent paystubs and employment letters fairly easily, but they may not have their tax information on hand. Depending on your employment situation, some lenders will require copies of your T4’s and/or Notice of Assessments for the past 2 years. If you cannot find them, they can easily be re-sent to you by Canada Revenue Agency by calling 1-800-959-8281 or by setting up a CRA online account. The online account for CRA is great as it gives you constant access to your information and the ability to re-print any old statements. You can register at http://www.cra-arc.gc.ca/mya...

There was an article published in the Globe and Mail last week that addressed a common concern. That concern is for borrowers who are looking to obtain a mortgage from a smaller   or less recognizable lender. Although many people have only heard of the "Big 6" banks, there are many lenders who deal exclusively in mortgages. They do not have the overhead costs of the day-to-day banking and can generally offer lower rates without taking away any important features (portability, assume ability ext.). They are also accessible through a Mortgage Broker who will work for you and can help you determine what your best options are as opposed to someone who works for the bank. Many of these lenders have been around for years and have very reputable track records. People also tend to recognize banks which have a physical branch in their communities. There are however, several very large banks who may provide a higher quality service but simply do not have a branch at that location. ...

The Mortgage Broker Advantage With all of the changes in the mortgage world lately, it is no secret that financing has become increasingly difficult to obtain. They have not only tightened up lending guidelines, but most lenders are being very conservative with their approvals. We are seeing far less exceptions being made on deals and increased requirements from borrowers. Whether or not you agree with the changes, everyone can agree that obtaining a mortgage is a far more complex process now than in the past. In these times, Mortgage Brokers are finding that they have a major advantage over bank reps simply by their diversity. Every lender has their own set of guidelines and no two lenders are exactly alike. Files can be declined based on one simple area of an application that does not fit that particular lender’s guidelines. It does not necessarily mean that the borrower is not qualified for a mortgage, it simply means that they do not fit that lender’s guidelines. When you use ...