Lender’s Product Changes and Updates (June 2009)

Bridgewater Bank
1)  For all CMHC deals that run through Emili, make sure to include:  Profession & length of time in industry, Age of Property, Sq Footage of Property (Don’t include any basement suite area),   Original Purchase Price and Dates for Refinances.  BFS Income must be reasonable.
Firstline
1)  Revised Pricing on FNF  for BC only.  Land Titles [...]

Prime Rate Announcement: 2.25%

MORTGAGE RATE NEWS
Bank of Canada (June 4th) has announced to maintain the prime rate at 2.25%. In recent weeks, financial conditions and commodity prices have improved significantly.  Consumer and business confidence have recovered modestly and the underlying macroeconomic risks are roughly balanced. Conditional to the outlook for inflation, the rate can be expected to remain [...]

Lenders Product Updates and Changes March 2009

Product Changes & Updates for the month of March, 2009
ATB Financial (AB)  
1) Quick Close 30 days special = 5 yr rate of 4.15%
2)  Still do mortgages on Raw Land however no commission
3)  HELOC’s available to 80% LTV – pays 50 bps on funds used 60 days after Heloc is registered
       
Bridgewater Bank   
1)  Advantages of working with [...]

CMHC Self Employed Policy Change

CMHC will no longer accept applicants under their Self Employed program who own and incorporate a company. CMHC will still however do “sole proprietor” under that program. If applicant is incorporated they will now have to fully qualify.
Other high ratio mortgage insures in Canada also include Genworth and AIG. However, the lenders must adopt the [...]

CMHC – Self-Employment (BFS) Policy Change

CMHC will no longer accept  applicants under their Self Employed program who own and incorporate a company.   CMHC will still however do “sole proprietor”  under  that program.   If applicant is incorporated they will now have to fully qualify.
Other high ratio mortgage insures in Canada also include Genworth and AIG.  However, the lenders must adopt the [...]

Prime Rate Announcement: 2.50% (March 3 2009)

(Ottawa March 3, 2009) – As expected, the Bank of Canada aggressively reduced another 0.50% on the overnight lending rate. The bank’s current prime rate is reduced from 3.00% to 2.50%. We expect the lenders to follow the rate cut.
The Bank will continue to monitor carefully economic and financial developments in judging to what extent [...]

Lender Product Updates and Changes for February, 2009

Lender Product Updates and Changes for February, 2009
ATB Financial (AB)
1)  5 yr Quick Close Special rates available if deal closes within 30 days of application.  Current quick close rate – 4.29%
Bridgewater Bank
1)  Full Child Tax Credit Income can be used if children are 12 years and under.
Concentra Financial
1)  Sliding Scale changes:  Purchases = [...]

2009 Federal Budget – EcoENERGY Retrofit Grant

EcoENERGY Retrofit for Homes provides home and property owners with grants of up to $5,000 to offset the cost of making energy-efficiency improvements. ecoENERGY Retrofit grants apply to a host of measures that reduce energy consumption and provide for a cleaner environment, from increasing insulation to upgrading a furnace.
The maximum grant one can receive per [...]

2. Federal Home Improvement Grant 2009 – Eligible Improvements

Here is the list of eligible improvement. (Click here to read more about EcoACTION Retrofit Grant)
Being a first time home buyer, you are eligible to receive home renovation tax credit up to $1350 for projects begun or completed before Feb 2010.  The credit aplies to expenses between $1,000 to $10,000.
Improvements that qualify for the mortgage [...]

January 27, 2009 Federal Budget Highlights:

New in Effect as of Jan 27, 2009 – FTHB, Home Buyer’s Plan, Rennovation Tax Credit

Under a new temporary renovation tax credit, home owners can claim a 15 % non-refundable tax credit for eligible expenditures between $1,000 -$10,000, for a maximum credit of $1,350 ($9,000 × 15%). The credit is available for eligible costs of [...]