Vancouver Real Estate and Mortgage Financing

What is CMHC Mortgage Insurance? Jonathan Fung Mortgage Specialist Explains!

CMHC Mortgage Insurance Explained by Jonathan Fung Vancity Mortgage Specialist! What is CMHC Mortgage Insurance? To answer this question, I recently met with Jonathan Fung, a mortgage specialist with Vancity who was kind enough to discuss CMHC mortgage insurance with us. What is CMHC Mortgage Insurance? CMHC stands for Canada Mortgage and Housing Corporation, which is a Crown Corporation owned by the Federal Government. One of CMHC's core functions via its Mortgage Insurance is to assist illegible buyers purchase a home in Canada with less than a 20% down payment. Lenders and Financial Institutions view property purchases with less than… Find out more

July 2012 Canadian Mortgage Rules! 25 Year Amortizations for Insured Mortgages Only & CMHC Insurance for Homes over a Million Gone!

New Canadian Mortgage Rules Come Into Effect July 9 2012 Federal Finance Minister Jim Flaherty recently announced major changes to Canada mortgage lending rules. This move continues the theme of the 2011 mortgage rule changes were the Federal Government does a focused cooling of the housing market without resorting to raising interest rates which would have a negative impact on the overall economy. What are the Changes in Canada's Mortgage Rules? The four major changes effective July 9, 2012 are as follows: 1) 25 Year Amortizations Only for Insured Mortgages - CMHC will no longer insure mortgages with an amortization longer… Find out more

An Answer to Florin’s Question: Can a Presale Bought High Ratio be Completed on Low Ratio?

Financial Leverage and Presale Condos in Vancouver I LOVE Questions and Comments on my blog posts and appreciate them HUGELY!! We recently had a great question (Thanks Again Florin!) in the comments section of Episode 2 of How to Buy a Presale Condo where we discussed the advantages of pre-construction condos for Owner/Occupiers. This question was SOOOO GOOD, I decided to bring in a mortgage broker, Chad Watts and shoot an entire video on this topic! Florins Question: I asked my mortgage specialist about point 3 “Financial Leverage.” The one where you mentioned “buyer who previously was a high ratio… Find out more

Canada Mortgage Calculator with 40 Year Amortizations!

Canadian Mortgage Calculator for Vancouver Real Estate with Amortizations up to 40 Years I am both a property owner in Vancouver and a Realtor. I am constantly watching the mortgage market here in Canada to see how changes to mortgage interest rates and amortization affect both the Vancouver real estate market and my personal real estate holdings. The current ultra low mortgage rates (Like 2.99% on a 5 Year Fixed Rate Mortgage!?) have really focused my mind on mortgages and one of the things I use online A LOT (OK, compulsively, all the time) is a mortgage calculator. Frustration with… Find out more

2.99% for a 5 Year Fixed Mortgage? The Catch Explained!

Lowest 5 year Fixed Rate Mortgages in Canada Ever! The Finance Minister and the heads of the Big Canadian Banks have recently been alluding to the fact that the property market in Canada, particularly in the real estate markets in Vancouver and Toronto may be getting a bit too hot for their liking based on the very low interest rates we are seeing in Canada right now. And then came this... 2.99% on a 5 Year Fixed Mortgage? Whats the Catch? This is the lowest 5 Year Fixed Rate Mortgages have EVER been! I recently interviewed Vancouver mortgage broker, Chad… Find out more

Buying Property in Vancouver and Your Credit Score with Karli Shih

Your Credit Score and Buying a Home in Vancouver I recently had the absolute pleasure of interviewing Karli Shih, a top Vancouver mortgage broker with Dominion Lending Centres Commercial Capital Inc. about Credit Scores and how it applies to buying a property in Vancouver. What is Your Credit Score? A credit score shows how a Home Buyer has paid their bills in the past. Credit scores range from 300 to 900. If a Home Buyer has paid their bills on time and and not missed any payments their credit score will be higher than a Home Buyer who is consistently… Find out more