1. Canadians will have a wider range of options when selecting a mortgage. With increased competition brokers with the cooperation of the lenders will be able to provide more user friendly options, competitive rates and product offerings
2.An increase in self serve options such as telephone, online applications. Canadians no longer need to go into the local banks to apply for a mortgage.
3. Mortgage Brokers will evolve from "Rate Shoppers" to "Advisors" Canadians are so well educated on current rates that they don't need a mortgage broker to tell them the current rates but rather advise them on what is in their best interest.
4. Major banks will continue to compete for broker business but in order to compete they will be increasing their mobile mortgage specialists. In the past this was one of the biggest advantages a mortgage broker had over the banks. What that means for a mortgage broker is that they are going to have to "step up" to the challenge of providing better service, convenenience and better products.
5. Investments in technology will speed up convenience in obtaining a mortgage. Turnaround times will be hours not days.
6. The Mortgage Broker industry will see a consolidation so that there will only be a few major mortgage companies in Canada. These "Super Brokers" will increase and find technological improvements, higher training standards, greated negotiating power,
7. Lenders will offer more specialized products aimed at consumers who previously had very few options such as "New To Canada Immigrants", "Self Employed" and Individuals with bad credit.
My blog is designed with you in mind. It provides helpful tips, current market information and product information. Please feel free to call me or email me with any of questions. Cell 403-350-2706 or email me at dawnaprovidenti@telus.net
Thursday, January 27, 2011
Tired of Making Home Improvements?
There is a simple process for those who have made the decision to build a new home.
Sometimes after careful decision making you realize that instead of buying an older home in need of renovations you decide to build a custom home for yourself.
You must get preapproved. As your mortgage broker makes this process easy and convenient.
You will need 5% downpayment which can be from a persons own resources such as savings and RSP's. In some cases a gifted downpayment is acceptable as well. Ultimately the more money you have to put towards a downpayment will help me help you in getting a better rate.
Signed and accepted copy of building contract, builders construction specifications (blueprints) of the house to be built, plan showing legal description, dimensions of property, proposed location
The proposed house is built in stages. Your mortgage is advanced in stages much like a purchase plus improvements mortgage which I discussed in an earlier blog.
The first-when the basement is ready to backfill
The second-when the interior is ready for drywall
The third-when the drywall is installed and taped
The forth is when the house is competed
An inspection is completed prior to funds being advanced
The mortgage insurers will pay for 4 of the inspections but anymore than that the borrower is responsible
Eligibe Builders/Contractors
1. The individuals own the land & contract a builder to rebuild the home
2. Self Built Homes where the borrower builds the home & subcontracts out some of the work but ultimately will occupy the home. The client must be a registered trades person.
3. Builder owns the land and once the purchase contract is signed and money is advanced to begin building a new home.
Lenders prefer a builder that provides New Home Warranty but in some situations exceptions are made.
For further information any potential home buyer should visit http://anhwp.com/
Sometimes after careful decision making you realize that instead of buying an older home in need of renovations you decide to build a custom home for yourself.
You must get preapproved. As your mortgage broker makes this process easy and convenient.
You will need 5% downpayment which can be from a persons own resources such as savings and RSP's. In some cases a gifted downpayment is acceptable as well. Ultimately the more money you have to put towards a downpayment will help me help you in getting a better rate.
Signed and accepted copy of building contract, builders construction specifications (blueprints) of the house to be built, plan showing legal description, dimensions of property, proposed location
The proposed house is built in stages. Your mortgage is advanced in stages much like a purchase plus improvements mortgage which I discussed in an earlier blog.
The first-when the basement is ready to backfill
The second-when the interior is ready for drywall
The third-when the drywall is installed and taped
The forth is when the house is competed
An inspection is completed prior to funds being advanced
The mortgage insurers will pay for 4 of the inspections but anymore than that the borrower is responsible
Eligibe Builders/Contractors
1. The individuals own the land & contract a builder to rebuild the home
2. Self Built Homes where the borrower builds the home & subcontracts out some of the work but ultimately will occupy the home. The client must be a registered trades person.
3. Builder owns the land and once the purchase contract is signed and money is advanced to begin building a new home.
Lenders prefer a builder that provides New Home Warranty but in some situations exceptions are made.
For further information any potential home buyer should visit http://anhwp.com/
Friday, January 14, 2011
CHIP Home Equity
Happy New Year!
Did you know?
That the first Baby Boomer to turn 60 occurred on January 1, 2006
For the next 10 years 1763 Canadians turn 60 everyday
The first Baby Boomer to turn 65 just happened on January 1 2011
There are 267, 952 baby boomers aged 45 to 64
In Canada 9 million people were born between 1946 and 1965
Between 2011 and 2021 the nunber of Albertans aged 65 or older will increase from 11-15%
By 2031, 1 in 5 Albertans will be 65
A CHIP Home Income Plan is a tax free source of money to:
Eliminate Debt
Enhance your retirement
Gifts
Travel
Upgrade your Current Home
As long as you own your home, regardless of income you can qualify for up to 40% of the equity in your home. You do not have to make any payments until you sell or move.
Income producing properties do not qualify and the property must have its own water supply. No shared water wells are excluded. The older the applicant, the more they qualify for.
An appraisal is completed
The applicant must fill out an application
I pull a credit bureau
I collect a copy of the property taxes from the town/city office
If the applicant is a widower, and both spouses are still on title, then a copy of the death certificate or letter from funeral home is sufficient. When the funding is completed, the lawyer will change the status of the title
I have successfully completed many of these types of applications. I think it is a great tool for any senior living on a pension. You can pick from a fixed rate or variable rate interest plan. It is set up much like a mortgage but with fewer payments if you choose.
http://www.mortgagebrokerdawna.com/ http://www.dawnaprovidenti.com/ http://www.wehaveamortgageforthat.ca/
Did you know?
That the first Baby Boomer to turn 60 occurred on January 1, 2006
For the next 10 years 1763 Canadians turn 60 everyday
The first Baby Boomer to turn 65 just happened on January 1 2011
There are 267, 952 baby boomers aged 45 to 64
In Canada 9 million people were born between 1946 and 1965
Between 2011 and 2021 the nunber of Albertans aged 65 or older will increase from 11-15%
By 2031, 1 in 5 Albertans will be 65
A CHIP Home Income Plan is a tax free source of money to:
Eliminate Debt
Enhance your retirement
Gifts
Travel
Upgrade your Current Home
As long as you own your home, regardless of income you can qualify for up to 40% of the equity in your home. You do not have to make any payments until you sell or move.
Income producing properties do not qualify and the property must have its own water supply. No shared water wells are excluded. The older the applicant, the more they qualify for.
An appraisal is completed
The applicant must fill out an application
I pull a credit bureau
I collect a copy of the property taxes from the town/city office
If the applicant is a widower, and both spouses are still on title, then a copy of the death certificate or letter from funeral home is sufficient. When the funding is completed, the lawyer will change the status of the title
I have successfully completed many of these types of applications. I think it is a great tool for any senior living on a pension. You can pick from a fixed rate or variable rate interest plan. It is set up much like a mortgage but with fewer payments if you choose.
http://www.mortgagebrokerdawna.com/ http://www.dawnaprovidenti.com/ http://www.wehaveamortgageforthat.ca/
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