Thursday, November 27, 2014

Did you put zero down when you bought your home 4 or 5 years ago?

The topic over the last few days with many of my clients has been refinancing.

Today I want to focus on one aspect:  ZERO DOWN MORTGAGES

Many people purchased a home in 2010 or 2011 with no money down and in exchange for this option had to take a rate above 5% in most cases.

If you are one of these people you must contact me to see what your refinance or renewal options are.

For Example - in order to refinance your mortgage you are required to have 20% equity in your home which we discussed in the last topic on my blog - however I have options for you to lower your rate and in turn lower your payments by hundreds of dollars even if you don't have the 20% equity in your home.

There are always options that every homeowner should explore to ensure the mortgage you have now is right for you.

Please call Amy Wilson today to explore your mortgage possibilities.
780-919-0475
amy@yourmortgagegirl.ca

Tuesday, November 25, 2014

Refinancing

Let's talk about Refinancing your Mortgage:

When can you Refinance:  Anytime, but......  below is a list of what to you should know before you do:)

1. The maximum you can refinance a mortgage to is 80% of the value of your home - So if you have 30% equity in your home then you can take 10% out to use for the refinance to cover such things as:

1. Other Investments
2. Pay off Debt
3. Renovate your home
4.Cover kids tuition for secondary education
5. Anything you may decide to use it for..........
6. Get into a much lower rate and have some cash on the side

2. The value of your home is determined by a bank ordered appraisal - this is billed to you but must be ordered by the bank - if you are not sue how much equity you have in your home contact me to go over some techniques I use to determine an approx. value.

3. Remember:  A refinance means you must break your current mortgage which depending on your the mortgage term and type of mortgage can come with different penalties - again call me so I can get you on the right path to obtain all this information.

4. You must qualify for a refinance just like you did for your original mortgage.

Contact Amy Wilson today 780-919-0475 or go to my website and fill in an online application to get started - www.yourmortgagegirl.ca

I can walk you through the process step by step:)

HAVE MORTGAGE QUESTIONS.... I AM HERE TO HELP!
MORTGAGE OPTIONS.... NOT RESTRICTIONS
AMY WILSON
Verico Brokers For Life

 

Thursday, November 6, 2014

CMHC continuing with plans for banks to take on more mortgage risk

The head of Canada Mortgage and Housing Corp. said the Crown corporation is continuing with plans to have banks take on more risk when it comes to the housing market.

“In the insured market all of the risk is on CMHC’s balanced sheet or 90% on the government’s balanced sheet through private sector competitors. The government wants to reduce its exposure to the housing market,”  Evan Siddall, president of Canada Mortgage and Housing Corp. told the Canadian Club in Toronto in what was billed as a “conversation” with Terry Campbell, president of the Canadian Bankers Association.

Mr. Siddall said the government has asked CMHC to look at options and advise it on what to do next.

Click here to read more about CMHC mortgage rules....

Monday, November 3, 2014

Steady as she goes for Canadian housing market in 2015, says CMHC

OTTAWA – The Canada Mortgage and Housing Corp. says it expects housing starts in 2015 to be about the same as they were this year, and in line with economic and demographic trends.

The national housing agency says “some moderation is expected” in 2016.The CMHC says that on an annual basis, it expects housing starts to range between 186,300 and 191,700 units in 2014, with a point forecast of 189,000 units.

Next year, the agency says it expects housing starts to range between 172,800 and 204,000 units, with a point forecast of 189,500 units.In 2016, the CMHC says it expects housing starts to range between 168,000 and 205,800 units, with a point forecast of 187,100 units.

Click here to read more about the housing starts in 2015.