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Posted by: Jenni MacDonald
Refinancing There were many changes to the mortgage rules in the last 7 years and in January, 2018, in particular. One of the rule changes was regarding refinancing your home. In The “Old” Days About 10 years ago, you could refinance your home all the way back up to 95% of its current value. Many […]
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One product. Many benefits. CHIP Reverse Mortgage by HomEquity Bank. Designed to fit into any financial plan, the CHIP Reverse Mortgage offers many benefits and opportunities that make it the right solution for so many older Canadians so they can live the lifestyle they’ve worked so hard for. 1. Maintain complete ownership of your home. […]
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When Breaking Up is Inevitable Consider a Spousal Buyout Life can hit us hard and it’s hard to move forward. But, we pull up our boots and take one step at a time. When couples decide that a divorce (or Breaking up) is inevitable, if a house is involved, the question of whether the house […]
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All the recent mortgage changes translates into needing a strong credit score more than ever. Most Lenders rely on the “Equifax” score. Equifax calculates a daily “risk” score out of a maximum score of 900. Using Creditkarma.ca, will access a TransUnion score which is not used by many lenders but is a good way to […]
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You may have heard about a Reverse Mortgage product called “CHIP”. There is a lot of misinformation about this great mortgage product because of some reverse mortgage schemes in the United States. Let me answer some questions about the benefits of the CHIP product offered exclusively through HomEquity Bank. How much can you get and […]
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Should You Take A Holiday From Your Mortgage? Many lenders offer the option of a “Mortgage Payment Holiday”. A mortgage payment holiday means that you can skip a mortgage payment for one or more months. We all know that the Christmas Season can be expensive. This seems like a great idea but I encourage you […]
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Are you considering purchasing a new home soon? Or are you refinancing your current property in the next few months? Change: As of January 1, 2018, the mortgage rules are changing again to make it more difficult to qualify. Come see me now for a free consultation on your mortgage choices before the changes come […]
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Are you getting ready to purchase your first home? Or are you considering a refinance of a property you already own? There are some basic steps that every borrower can follow to prepare for finding the perfect mortgage. Over the next few weeks, we will look at Pre-approvals, Down Payments, and Credit Scores. Rate Hold […]
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Credit Scores and Documentation Changes: In 2008, lenders were required to be more diligent proving a borrower’s ability to make mortgage payments. Documentation requirements became almost painful. Clients often lament about the lender wanting everything except their first born. As consumer debt in Canada continues to increase, the government will continue to change lending rules […]
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Maximum Amortization Changes: The second major change for mortgages in Canada is the maximum amortization period that a home owner can get. Before 2008, a property owner could get a 40 year amortization. In 2008, that changed from 40 years to 35 years. In 2011, from 35 years to 30 years and recently, in 2012, […]
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