Christine Buemann Mortgage Broker

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

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 

Congrats on your accepted offer! Here is a typical financing timeline so you know what to expect: Offer Accepted Your Realtor will send over the full MLS, Contract of Purchase and Sale with PDS and all addendums, once signed. If it is a strata, there will be additional documents. If there is no Realtor involved, I suggest having a Lawyer or Notary draw up the contract when possible.   Once we have received all of these documents, we will update the application with the property details and discuss the best lender, rate and product options.   Approval We will submit to the lender for approval. This typically takes 24-48 hours . The lender must also get approval from the default insurer (if applicable) at this point. Some lenders require income and property documents up front. Supporting Documents Once we ...

Are you ready to write an offer on a new property? Here are a few tips that will help make your financing of that property a little smoother: Be Prepared Many lenders now require all documents up front. If you do not have all of the required documents on hand, make sure to gather them ASAP. This is the most common cause for delay. They will likely be calling your employer to verify your employment details. Ensure this person will be available and can confirm the details. Timing is everything Try to leave yourself enough time for subject removal as well as closing. It is much easier to move up the dates, than it is to extend them. Some lenders offer “Quick Close” rates for deals closing within 30-60 days. Most rates are held for up to 120 days. If an appraisal is required, this can add an extra day or two to the financing condition. If you are able to put your closing and su...