1yr open @ 6.45%
1yr @ 2.65%
1yr VRM @2.05%
3yr @ 3.70%
3yr VRM @ 1.75%
5yr @ 3.84%
5yr VRM @ 1.75%
Prime @ 2.25%
Call today for GREAT service and the most competitive rates!
Ellie Beaulieu, Amp
604-818-2581
Wednesday, March 31, 2010
Sunday, March 14, 2010
Friday, March 12, 2010
Clock Springs forward this Saturday ...wee hrs of Sunday morning. :)
WOW! I can not believe spring is just around the corner. Looking forward to the nice weather it brings with it. It also puts us a season closer to SUMMER! Where does the time go. It does not seem to long ago when we were celebrating New Years!
On another note Paralympics have started. Opening Ceremonies tonight.
Let's show our support and enthusiasm for the Athletes.
I welcome the world to the most BEAUTIFUL place on earth....Vancouver,BC. Proud to be Canadian.
Go Canada GO!
On another note Paralympics have started. Opening Ceremonies tonight.
Let's show our support and enthusiasm for the Athletes.
I welcome the world to the most BEAUTIFUL place on earth....Vancouver,BC. Proud to be Canadian.
Go Canada GO!
Wednesday, March 10, 2010
New Self Employed Policy Changes-Effective April 9th 2010
Hello and Welcome to my Blog of the day,
So here we have it again, yet another policy change and this time it is touching on Self Employed Commission People. Starting April 9th 2010.
Purchases and Portability Transactions:
-Maximum Loan to Value is reduced from 95% LTV to 90% LTV.
-For refinances the maximum LTV is being reduced to 85% LTV from 90% LTV.
The Self Employed Program is for borrowers who are unable to provide 3rd party verification of the Self Employed income. This applies to borrowers who have recently become self-employed.
Self Employed borrowers who have been in the same line of business for more the 3yrs will not be eligible for the Self Employed stated income program.
CMHC requires a min of 2 yrs experience in the same line of business.
This can include time spent as a non-self employed worker in the same line of business.
Borrowers with commission income will no longer be eligible for the Stated income program without 3rd party verification. Proof of commission income becomes easily sustained.
Qualifying for a mortgage after April 19th 2010.
The “qualifying rate” changes ONLY apply to mortgages greater than 80% LTV CMHC insured. ***However the lenders may at their discretion apply the same qualifying rate policy across the board. (insured and conventional mortgages).***
Fixed-Rate & Variable-Rate Mortgages
For loans with a fixed-rate term of less than five years and for all variable-rate mortgages, regardless of the term, the qualifying interest rate is the greater of:
• The benchmark rate
• The contract interest rate
For loans with a fixed-rate term of five years or more, the qualifying interest rate is:
• The contract interest rate
Mortgages with Multiple Interest Rates (eg, Multi-Component Mortgages)
Each component must be qualified using the applicable criteria defined above.
CMHC defines the benchmark rate as the Chartered Bank – Conventional Mortgage Five-Year rate that is the most recent interest rate published by the Bank of Canada in the series V121764 as of 12:01am (ET) each Monday, which can be found at: http://click.icptrack.com/icp/relay.php?r=17446506&msgid=299036&act=7A4V&c=191858&destination=http%3A%2F%2Fwww.bankofcanada.ca%2Fen%2Frates%2Finterest-look.htmlwww.bankofcanada.ca/en/rates/interest-look.html
So here we have it again, yet another policy change and this time it is touching on Self Employed Commission People. Starting April 9th 2010.
Purchases and Portability Transactions:
-Maximum Loan to Value is reduced from 95% LTV to 90% LTV.
-For refinances the maximum LTV is being reduced to 85% LTV from 90% LTV.
The Self Employed Program is for borrowers who are unable to provide 3rd party verification of the Self Employed income. This applies to borrowers who have recently become self-employed.
Self Employed borrowers who have been in the same line of business for more the 3yrs will not be eligible for the Self Employed stated income program.
CMHC requires a min of 2 yrs experience in the same line of business.
This can include time spent as a non-self employed worker in the same line of business.
Borrowers with commission income will no longer be eligible for the Stated income program without 3rd party verification. Proof of commission income becomes easily sustained.
Qualifying for a mortgage after April 19th 2010.
The “qualifying rate” changes ONLY apply to mortgages greater than 80% LTV CMHC insured. ***However the lenders may at their discretion apply the same qualifying rate policy across the board. (insured and conventional mortgages).***
Fixed-Rate & Variable-Rate Mortgages
For loans with a fixed-rate term of less than five years and for all variable-rate mortgages, regardless of the term, the qualifying interest rate is the greater of:
• The benchmark rate
• The contract interest rate
For loans with a fixed-rate term of five years or more, the qualifying interest rate is:
• The contract interest rate
Mortgages with Multiple Interest Rates (eg, Multi-Component Mortgages)
Each component must be qualified using the applicable criteria defined above.
CMHC defines the benchmark rate as the Chartered Bank – Conventional Mortgage Five-Year rate that is the most recent interest rate published by the Bank of Canada in the series V121764 as of 12:01am (ET) each Monday, which can be found at: http://click.icptrack.com/icp/relay.php?r=17446506&msgid=299036&act=7A4V&c=191858&destination=http%3A%2F%2Fwww.bankofcanada.ca%2Fen%2Frates%2Finterest-look.htmlwww.bankofcanada.ca/en/rates/interest-look.html
Tuesday, March 2, 2010
Bank of Canda Key Interest Rate target Announcement
Bank of Canada will continue with the overnight rate of .25% for another four months.
Bank Prime 2.25%.
http://www.cbc.ca/money/story/2010/03/02/interest-rate-decision-bank-of-canada.html
Fixed rates remain steady at 3.64%* for a 5yr term.
New mortgage rules to take effect starting April 19th 2010. What does that mean to you?
here is a link for your review.
http://www.cbc.ca/canada/story/2010/02/16/mortgage-flaherty.html
Bank Prime 2.25%.
http://www.cbc.ca/money/story/2010/03/02/interest-rate-decision-bank-of-canada.html
Fixed rates remain steady at 3.64%* for a 5yr term.
New mortgage rules to take effect starting April 19th 2010. What does that mean to you?
here is a link for your review.
http://www.cbc.ca/canada/story/2010/02/16/mortgage-flaherty.html
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