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Tag Archives: Mortgage Broker
2011 Mortgage Rule Changes | Real Estate in Vancouver 3 of 3 Home Equity Lines of Credit HELOCS
From April 18, 2011 The Government of Canada Will No Longer Guarantee Home Equity Lines of Credit (HELOC)
In January 2011, Canada’s Department of Finance announced a series of changes to mortgage and property financing rules. These new mortgage rule changes are intended to cool Canada’s real estate market and slow Canadians per capita debt growth in the short term and support the long term stability of the Canadian property market.
Jessi Johnson a Mortgage Broker in Vancouver was kind enough to come and explain the changes.
In part 1 of 3 we talked about how the Department of Finance rule changes are shortening the amortization for high ratio mortgages. In part 2 of 3, we discussed how under the new mortgage rules it will only be possible to pull out 80% loan to value when refinancing a property in Canada from March 18, 2011.
Today we are talking how the Government of Canada will no longer insure or guarantee Home Equity Lines of Credit offered by Canadian Banks and lending institutions from April 18, 2011.
What is a Home Equity Line of Credit? Continue reading
Posted in: For Buyers, For Sellers, Vancouver Real Estate and Mortgage Financing
Tags: 2011 Canadian HELOC Changes, 2011 HELOC Changes, 2011 Mortgage Changes, April 18 2011 HELOC Rule Changes, Effect of Mortgage Rules on Real Estate Market, HELOC, Home Equity Line of Credit, Jessi Johnson, March 18 Mortgage Changes, Mortgage Broker, Mortgage Changes 2011 Canada, Mortgage Changes March 2011, New Mortgage Rules, Refinancing, vancouver real estate, vancouver realtor
5 Comments
New 2011 Mortgage Rules and Real Estate in Vancouver with Mike Stewart & Jessi Johnson Part 1 of 3 Amortization!
The New 2011 Department of Finance Mortgage Rule Changes and Real Estate in Vancouver
Canada’s Department of Finance, which oversees and regulates Canada’s mortgage market which has a huge impact on Real Estate in Vancouver has enacted a new series of measures to cool the property market across Canada. The changes announced on January 17, 2011 are designed to allow the government to cool the Real Estate Market without affecting the overall economy by raising the Bank of Canada’s Prime Rate.
Call in the Expert!
As I am Realtor and not a Mortgage Broker, so I called in the expert to answer my questions on the new rules. Jessi Johnson, a Vancouver Mortgage Broker was kind enough to meet with me and explain the changes in detail.
Since there was sooo much detail, we broke up the discussion on the New 2011 Department of Finance Mortgage Rules and its effects on Vancouver Real Estate into a three part series. In part one of the series we are going to talk about the changes to maximum amortization.
Shortened Amortization for High Ratio Mortgages? Continue reading
Posted in: For Buyers, For Sellers, Vancouver Real Estate and Mortgage Financing
Tags: 2011 Mortgage Changes, Amortization, CMHC Mortgage Insurance, Department of Finance, First Time Home Buyers and Mortgages, Jessi Johnson, March 18 2011 Mortgage Changes in Canada, mike stewart, Mortgage Broker, New Canada Mortgage Changes, New Mortgage Rules, Real Estate in Vancouver and Mortgages, Shortened Amortization, vancouver real estate, Vancouver Real Estate Market Cooling, vancouver realtor
15 Comments
A Mortgage Pre-Approval is NOT a Guarantee of a Mortgage!
Mortgage Pre-Approvals are NOT Guarantees of a Mortgage!
I recently had the pleasure of interviewing Chad Watts of The Mortgage Group about mortgage pre-approvals. He brought up a very important point for Buyers, particularly First Time Home Buyers. And that is a mortgage pre-approval is NOT a guarantee that you will get a mortgage at the amount the Lender originally mentions or get a mortgage at all.
What is a Mortage Pre-Approval?
This is a preliminary estimation by a Lender of how much the Lender will loan you based on very basic information. This number is subject to change based on what property you Continue reading
Posted in: First Time Home Buyers Advice for Vancouver, For Buyers, Vancouver Real Estate and Mortgage Financing
Tags: Borrower, Chad Watts, Do I Need to go to the Bank before I Buy a Condo, Do I Need to go to the Bank before I Buy a House, Financing and Pre-approval, First Time Home Buyer Tips, First Time Home Buyers Advice for Vancouver, First Time Home Buyers Mortgage Advice, How do I get a Mortgage, How to Get a Mortgage in Vancouver, Lender, Loan Preapproval, Mortgage Borrower, Mortgage Broker, Mortgage Information for First Time Home Buyers, Mortgage Lender, Mortgage Lending, Mortgage loan, Mortgage Pre-Approval, Mortgage Pre-Approval Canada, Mortgage Pre-Approval Vancouver, Mortgage Preapproval, The Mortgage Group, Vancouver Mortgage Broker, What is a Mortgage Pre-Approval
6 Comments
Variable Versus Fixed Rate Mortgages with Jessi Johnson Mortgage Broker!
Last week I had the pleasure of meeting up with Jessi Johnson of the Jessi Johnson Mortgage Team to discuss the merits of a Variable Rate Mortgage versus a Fixed Rate Mortgage.
What is a variable rate mortgage?
This is a mortgage that has an interest rate that changes in line with the Bank of Canada’s prime rate.Variable rate mortgages tend to have a lower interest rate than a fixed rate mortgage, but the interest rate on a variable mortgage can change at any time.
What is a fixed rate mortgage? Continue reading
Posted in: For Buyers, Vancouver Real Estate and Mortgage Financing
Tags: Assumable Mortgages, Bank of Canada, Canadian Mortgages, Financing Advice, Fixed Rate Mortgage, Fixed Rates versus Variable Mortgages, Fixed Rates vs Variable Rates Mortgages, Fixed Versus Variable Rate Mortgages, Interest Rate Volatility, Interest Rates and Real Estate, Jessi Johnson, Jessi Johnson Mortgage Broker, Jessi Johnson Team, Mortgage, Mortgage Advice, Mortgage Broker, Mortgage Financing, Mortgage Financing Advice, Mortgage Financing in Canada, Mortgage Financing in Vancouver, Mortgage Rates Fixed or Floating, Mortgages, Mortgages as Investments, Property Advice, real estate advice, Rising interest rates and real estate, Vancouver Real Estate and Falling Interest Rates, Vancouver Real Estate and Rising Interest Rates, Variable Rate Mortgage, Variable Rate Mortgage Loan, Variable versus Fixed Rate Mortgages, what are the risks of a fixed rate mortgage, What are the risks the risks of a variable rate mortgage, What is better a variable or a fixed mortgage, Which Mortgage is Better Fixed or Variable, why are fixed rates better, why are variable rates better
6 Comments