YOUR CANADIAN MORTGAGE BROKER

January 27, 2010

EXCITING NEWS from First Line Mortgages

If you have an existing mortgage with CIBC, First Line, PCF, Sutton you are now potentially able to apply for the NEW Brand to Brand Refinance and possible Equity Take Out using self declared income!

The following conditions apply.

INCOME:

- Self declared (is reasonable in light of income used to qualify the existing mortgage)

Eligible Properties:

- Owner occupied residential (up to and including 4 plex and condominium/townhouse units)

Existing Mortgage:

- With CIBC (e.g. CIBC, FirstLine, PCF, Sutton) for a minimum of 1 year
- No late payments or arrears in the past 12 months
- Not eligible for Access or Option Mortgages

Credit:

- Satisfactory credit history (no current R3’s)
- No bankruptcy, no OPD, no consumer proposal, no voluntary repossessions, no foreclosures
- Collection under $1000 may be considered provided a ‘make sense’ explanation is given

BEACON SCORE:

Mortgage Amount Up to $750K Between $750K - $1.0MM
Min Beacon (Primary Applicant) 600 640
Min Beacon (Secondary Applicant) N / A 600
Equity Take Out Up to $500K Up to $500K

Other Conditions:

- Conventional mortgages only (maximum 80% LTV)
- Maximum GDSR 32% and TDSR 40%, based on self-declared income
- Borrowers and Guarantors must remain the same
- Appraisal only required if property does not pass GVS

 


BREAKING NEWS

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March 8, 2010

There are two very important topics CMHC and Government of Canada has made public:

1. New Parameters Regarding the Application of the Government Guarantee for Mortgage Loan Insurance.

2. Clarification on Qualifying Interest Rate Policy Changes to CMHC Self-Employed Product.

March 2, 2010

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/4 per cent.
The Bank Rate is unchanged at 1/2 per cent and the deposit rate is 1/4 per cent.

The ongoing global economic recovery is being driven largely by strong domestic demand growth in many emerging-market economies and supported in advanced economies by exceptional monetary and fiscal stimulus, as well as extraordinary measures taken to support financial systems.

February 17, 2010
As many of you are aware already, a news conference was  held  yesterday morning in Ottawa by the Federal Finance Minister Jim Flaherty.  He announced three major changes to mortgage insurance rules which will affect all government backed insurance programs.
February 10, 2010
A ‘reverse mortgage’ is a new way of borrowing money for people 60 or older and own a home or condo to qualify for a reverse mortgage in Canada. The flexibility of never having to make monthly payments is why reverse mortgages are such an attractive option for thousands of Canadian homeowners.

www.mymortgage.ca

PHONE: 1.866.509.1090
FAX: 1.866.392.3672

Head Office
Unit 207, 4603 Varsity Drive NW

Calgary, AB. T3A 2V7

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