Kamloops Property For Sale Real Estate Blog - Credit Mortgages and Finance

CMHC raising mortgage insurance premiums for new buyers

OTTAWA, ON. – The Canada Mortgage and Housing Corporation is raising the cost of mortgage loan insurance for new home buyers effective March 17th. The Crown Corporation estimates the increases will add about $5 to a monthly mortgage payment for its average home buyer.

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Regulatory requirements that came into effect on Jan. 1 that require mortgage insurers to hold additional capital. The premiums are calculated based on the loan-to-value ratio of the mortgage being insured. The size of the increase in rates depends on that ratio.

For instance, new homeowners who make a down payment between five to 9.99 per cent can expect an increase of $6.59 to their monthly mortgage if their loan is $350,000.

For the…

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B.C. Premier to lift foreign buyers tax for those with work permits

Premier Christy Clark announced Sunday that foreigners with work permits who live and work in B.C. will be exempted from the province’s 15-per-cent homebuyers tax.

Clark made the statement during a scrum at Vancouver’s Chinatown Lunar New Year Parade in response to questions on U.S. President Donald Trump’s travel ban on people from seven predominantly Muslim countries.

“We believe that people who are seeking refuge around the world should be able to find safe haven here in our province,” Clark said. “We believe that people, the best and the brightest, should be able to come to British Columbia.

“We are going to lift the foreign owners tax on people who have work permits who are paying taxes and living in British Columbia, as a way to encourage…

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How Buyers can win in a Seller’s Market

The housing market is crazy and out of balance right now.

It’s 2017 and interest rates are still low, home values are up, but something is lacking. It’s SELLERS! Inventory is down from this time last year, and we were thin on inventory at that time. What does this all mean? It means that we are seeing homes sell the first day they are on the market, with multiple offers, and with many offers over asking price. It is tough sledding for buyers right now. This makes for a hard time for people moving with their job to Kamloops and are forced to maybe overpay or cannot find a great home.

There are always some steps you can take to get at the front of the queue, get a great Realtor working for you, get yourself put on the MLS PCS (Private Client Services)…

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7 things you may not know about mortgages

A mortgage is a huge undertaking

Just getting one sometimes can be hard. You have got your mortgage but did you look at the small print and read it? Here are some handy facts that you may not know.

1. How much of your payments go toward interest

Most mortgage payments are what they call blended payments, which combine repayments of the principal as well as the interest at once. When you start paying off your mortgage, a significant part of your payments are going toward the interest, not the principal. Over time, however, the principal of your loan decreases, which means that the amount you will owe in interest decreases as well. As such, the portion of your payment that goes toward the interest will decrease over time, and the amount that…

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Is now a good time to get a mortgage?

January is the time for resolutions, and for many people, one of those resolutions is getting a mortgage and buying a house.

But if you’ve been keeping abreast of the recent changes in the mortgage industry or even casually following economic forecasts, then the prospect of 2017 may have you a little wary.
 

Assessing your personal situation

Only about half of Canadians think that this this is a good time to buy a home or a condominium in their community, according to a survey that was part of the latest Annual State of the Residential Mortgage Market in Canada.
 
“The fall 2016 responses to this question have been contrasted with consumer opinions on how the new mortgage insurance rules would affect their ability to buy a home or condominium.…

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Advantages of Buying a Duplex, Triplex or Fourplex

There’s Strength in Numbers, Especially When It Comes To Making Mortgage Payments

So you’ve been renting for several years and you’ve worked your way into a sound financial situation. Time to buy a house, right? Absolutely. But the important question is: what kind of a house? After sharing buildings with other tenants you’ll probably be imagining moving your family into a snug little single dwelling castle of your own. However, that isn’t necessarily the wisest decision for everyone. Of course, there is something undeniably appealing about having a place all to yourself – but don’t forget to consider the charms of sheltering a tenant or two under your newly purchased roof. Buying a Duplex, Triplex or Fourplex can have a huge impact on your future as a…

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Home Appraisal Tips for Refinancing

When you refinance your mortgage, a very important stage in this process is getting a great home appraisal.

This can make the difference between getting a good deal or losing even more money. While your home’s location is something that can add up value (or not) to the final price, there are many things you can do to drive the price up.

Here are few home appraisal tips

Do your homework

Don’t let the appraiser do all the ‘digging‘ (especially if he’s not from the area). Even if you get to work with a very well prepared professional, knowing the price for similar houses in your area and what’s cool and new in the neighborhood, can set you up for a better appraisal. It all matters: housing prices, a new restaurant, a great high-school etc. Make…

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Understanding Your Listing Agreement

If you bought or sold a home recently, chances are you signed a listing agreement – but did you truly understand what you were signing?

Selling a home is a stressful time and can be worse if an employment change for example is forcing you to move quickly. While a common component of real estate transactions, listing agreements can have language that can be overlooked. Here’s what you should know about them – before signing on the dotted line.

What is a Listing Agreement?

A listing agreement is standard paperwork between the listing agents brokerage and the Sellers of the property. This document is much like an employment contract between the Sellers and the Listing Brokerage. This paperwork is completed before the listing can be active as an…

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B.C. Home Owner Mortgage and Equity partnership

Every British Columbian deserves a place to call home. That is why we are taking action to control the cost of housing, increase access to affordable rental units, and help families make their dream of homeownership come true.

What is the Home Owner Mortgage and Equity (HOME) Partnership?

From middle class families to young professionals, first-time home buyers are looking to invest in a secure and stable future.

For many British Columbians dreaming of buying their first home, the hardest step is saving for a down payment. That is why the Province is partnering with British Columbians to help make that dream come true, through the B.C. Home Owner Mortgage and Equity (HOME) Partnership program.

Through the B.C. HOME Partnership program, the…

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TD hikes mortgage rates for rental properties and lengthy loans

Toronto-Dominion is raising mortgage rates again

This time the lender is going much farther than its recent hikes.

Starting December 1, all fixed rate mortgages that take more than 25 years to pay back will cost borrowers an extra 10 basis points, or 0.1 per cent. TD is also implementing an extra cost for mortgages on rental properties, charging borrowers 25 basis points more.

The changes follow Royal Bank of Canada’s precedent-setting decision early in November to hike rates, and to also charge more for lengthy mortgages. The latter move marked the first time such a policy was implemented in Canada.

In response, TD increased its own fixed-mortgage rates a week later, but took a more measured approach. Royal Bank hiked its fixed five-year…

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