NJ Mortgage

Posts Tagged ‘Vancouver’

http://www.notapennydown.com How do I get the Best Mortgage Rate. How to finance, where can I Get a Mortgage. Best interest rate. Best mortgage interest rate, Best Rate, lowest rates

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**COMMENT + SHARE** What if we could repeat 30 years of house price gains? What would house prices in Vancouver BC look like in 2038? This is what a straight line looks like running through average house prices, and what that same straight line looks like when you extrapolate mortgage rate changes during that time. How much are real estate price increases driven by debt and cheap money?

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http://www.ephinstore.com/

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http://mortgagelocator.ca/
Hi, everybody. It’s Rowan Smith from the Mortgage Center. I want to talk today specifically about lines of credit. More importantly I want to talk about lines of credit that you want to keep but you maybe want to renegotiate maybe the mortgage in front of it. This is something that comes up from time to time.

Let me give you an example. Suppose you had a $100,000 mortgage on your $500,000 home. But you also had a $100,000 line of credit from a different institution. When you’re first mortgage comes up for renewal and you want to renew it, your choice is to stay with that institution or replace that mortgage amount dollar for dollar from another institution.
Now, to do that you need the permission of the line of credit company that’s issued that line of credit. They have to grant, what’s called a grant priority or offer priority agreement allowing the new mortgagor to go in front of them on title.

Now, this becomes problematic when someone just wants to renew but they want to move from one bank to another bank. In that case you often can’t, it’s not as simple as just a renewal. And unless you’re keeping every single feature of the mortgage the same, the amortization, the remaining amortization and what not, then it can be switched over.
But if you want to get an extra five grand for some small renovations or you want to borrow some money to pay off a car loan or what not, in order to do that you have to get rid of that line of credit. That doesn’t mean that you can’t set up a new one with the new institution, it just means that that existing one will have to be collapsed as part of it.

If you have any questions about this or you want to know if there’s a way to work around in your situation, because there are examples where you can do the mortgage without redoing the line of credit, please give me a call. It’s Rowan Smith from the Mortgage Center.

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Technorati Tags: best mortgage rate vancouver, best rate, best rate canada, best rate vancouver, credit, HELOC, home equity line of credit, Line, line of credit, lines of credit, LOC, mortgage broker, of, rowan, rowan smith, Vancouver, Vancouver Mortgage Broker

http://mortgagelocator.ca/

Many buyers ask me for a line of credit as part of their mortgage package, but they only put 5% down. This video explains whether or not this is possible, and under what circumstances it can be considered.

Hey everybody, Rowan Smith with The Mortgage Centre. I want to talk today about lines of credit. More specifically, mortgage lines of credit. A lot of times people will come to me and they’ll want to get a line of credit, along with their financing for their purchase, for renovations and whatnot.

Now, generally, if it’s going to be a mortgage, you’re going to have to have 20% down payment or 20% equity in the property before you can start getting a line of credit. Because CMHC, who governs less than 20 percent down purchases, doesn’t not allow an interest only product at this time; they do, but no lenders really support it.

So you’ve got to have 20 percent down if you want to start getting the ability to have a line of credit. Now what I mean by that is if you have 20% down and you pay it down so that you now have 30% equity in the property, you could borrow that 30% to 20%, that 10%, you could get that in the form of a line of credit assuming that your income and credit qualify for it.

So, if you’ve just bought something with five percent down and want renovation funds, a line credit with the mortgage is not part of the option. What you can do is get an unsecured line of credit through your financial institution you bank with. They can supply that to you, you can use that. Now you will not get mortgage rates on that line of credit, but it’s really the only option.

Alternatively, there’s a Purchase Plus Improvements Program if you want money for renovations. I’ve covered it in detail in the prior blogs, please do a search and you can watch it. It’s a good three or four minutes and it explains how the Purchase Plus Improvements Program works, or Refinance Plus Improvements.

If you’re applying for a line of credit increase – maybe you already own your property, you’ve got a substantial equity position at home and you simply want to increase that line of credit, come and talk to me. There’s many institutions which we can stick a line of credit behind any other mortgage.

So if you’ve a RB Royal Bank first mortgage, we can stick a line of credit behind that and get you mortgage rates on that line of credit. You don’t have to go to your bank if that’s the case. It’s only the unsecured lines of credit which you need to speak with your bank about.

If you’d like any clarification on this or need a line of credit, please give me a call. It’s Rowan Smith from The Mortgage Centre.

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http://www.notapennydown.com Mortgage Renewal – Should you stay or leave? Should you renew your mortgage with your current lender/bank? Really depends on whether you’re happy with the mortgage rates your bank offers you. Typically, they don’t offer you the best because they think you will simply sign the renewal documents and send them in without checking. That’s why using a mortgage broker really comes in handy..
If you are not happy with what your bank is willing to offer, then you should consider taking your business to another financial institution. You have a great opportunity to take advantage of today’s low mortgage interest rates. Studies showed that over 50% of Canadian home owners signed their renewal and accepted what their financial institutions offered them. Very often they missed the opportunity to negotiate for a better interest rate with their mortgage renewal.
When your mortgage loan is up for renewal, there is little cost to you to switch your mortgage to another financial institution.

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Technorati Tags: bc mortgage rates, Burnaby, Buy Home, Buying Home, Buying House Mortgage, commercial mortgages, financing, Financing Home Vancouver, First Time Buyer, home, home mortgages, mortgage calculator, no down, Purchase House Mortgage, Purchase Vancouver House, Purchasing House Mortgag, refinance, Refinance Mortgage Vanco, refinancing, Renewal, Richmond, Vancouver, zero down

http://MortgagesInVancouver.com
I wanted to do a blog that I know is probably going to get a lot of hits, because there’s a lot of you out there. That is, self employed people: What are your options? Are there any special benefits? Are there any things that are going to be holding you back, being that you’re self employed? Well, there’s actually quite a few benefits for being self employed, but there’s also things, for those of you who don’t like to declare income, obviously that is something that is going to stand in your way.
They actually allow you to take 15 percent of your line 150 income, and add it back. So, that’s giving you 15 percent more than what you would have otherwise had. So, that’s kind of a nice benefit of being self employed.
When you’re self employed, there’s also programs out there that are called stated income programs for self employed people. Now, why do they allow you to just state your income? There’s always a list of different criteria that you have to meet, depending on which mortgage insurer, and which lender that you go to. But basically, again, when you’re self employed, the government understands that a lot of times you reinvest money into the business. You do have all these write offs.
What deems reasonable? Well, they’ve got their websites and economic… Different graphs and charts, and for each different industry and profession, it gives them a variance of what is a reasonable income to assume, based on your profession and career that you’re in, being self employed.
So, they look at that. If that seems reasonable, whatever it is that you’re declaring, then you can use the stated income programs. But, definitely check my blog to see what these stated income programs are, especially right now, 2010, as of April 9th and April 19th, a lot of changes are happening with that stated income program. So, give me a call directly, or email, or check my blog if you want the most up to date information on that criteria, but it’s probably just easiest to call me, and I can let you know if you qualify for that. That’s a nice benefit, as well.
Here’s another great thing. A lot of people get worried… “Oh, no. I just started my business,” or, “I’ve only got one year in. I’m making money, but it’s only one year. I know the banks, they want two years. What can I do? Are my hands tied? Can I still get a mortgage?”
Yes, you can. What the banks are wanting is a two year industry average. So, for example, if you worked in a mechanic for five years, ten years, one year, whatever the case may be, and you worked for somebody, and then you decided to branch out and become a mechanic on your own as a self employed individual. If you have two years together as an industry, then they’ll take that average. It’s kind of nice, huh?
So, even for all you people who are all like, ” You know, oh no, I’ve just become a real estate agent. I don’t have much under my belt.” But, if you were doing something related to real estate before, you can get a mortgage. If you were in sales, and now you’re doing contract work. Web designers are big for that. They worked for a company, and now they’re just contracting themselves out. They’re self employed.
If you have two years in the industry, you’re not going to be left out in the cold. You can potentially qualify for a mortgage. What they’re going to do, probably, is just take an average of whatever those two years were.
All right, those were some nice benefits of being self employed. Some of the downsides, though, are for those of you who, you know who you are… You don’t like to declare income because you like to save on taxes. Perhaps you only pay yourself minimum wage in the company, and it’s because you want to save tax.

http://MortgagesInVancouver.com

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http://www.notapennydown.com Mortgage Credit Secrets in vancouver with vancouver mortgage broker mark fidgett. Refinance debt consolidation and what you absolutely must not do when it comes to credit.

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**COMMENT + SHARE** What if we could repeat 30 years of house price gains? What would house prices in Vancouver BC look like in 2038? This is what a straight line looks like running through average house prices, and what that same straight line looks like when you extrapolate mortgage rate changes during that time. How much are real estate price increases driven by debt and cheap money?

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Technorati Tags: BC, canada, City, credit, extrapolation, housing bubble, Interest Rates, mortgage, prices, real estate, Vancouver

OTTAWA — CIBC and Bank of Montreal announced Tuesday that they will be raising their mortgage rates.

CIBC raised the rates on fixed-rate mortgages, following other major Canadian banks that did so Monday.

CIBC raised rates on closed mortgages by 0.10 to 0.15 percentage points, with the popular five-year closed option rising 0.15 per ce…nt to 5.54 per cent, in line with the new rates announced by Royal Bank, TD Canada Trust and Laurentian Bank on Monday.

CIBC’s new rates become effective Wednesday.

BMO Bank of Montreal also announced its changes in residential mortgage rates, effective Wednesday.

A five-year fixed rate closed is going up to 5.54%, a 0.15% increase.

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