Filed under: Mortgage rate updates
Mortgage News
MARCH 2010
Latest Announcement - MORE FinancingChanges from Government of Canada
Our Best Rate
3.69%*
QUALIFYING INTEREST RATE DEFINED
EFFECTIVE APRIL 19TH, 2010, the qualifying interest rate used toassess borrower eligibility will change for loans with a loan to value ratiogreater than 80% as follows:
FIXED & VARIABLE RATE MORTGAGES:For loans with a fixed rate term of LESS than 5 years, and for ALL variable rate mortgages, the qualifying interest rate is the greater of the Benchmark Rate and the Contract Interest Rate
For loans with a fixed term of 5 years OR MORE, the qualifying interest rate is the Contract Interest Rate.The benchmark rate can be found at the Bank of Canada link: http://www.bankofcanada.ca/en/rates/interest-look.html. This rate is set every Wednesday, and is item V121764. This rate is currently 5.39%.
5 YEAR FIXED RATE
* Conditions Apply
CHANGES TO THE CMHC SELF EMPLOYED PROGRAMEFFECTIVE APRIL 9TH, 2010
· Commissioned individuals are no longer eligible, and will now have to income qualify.
· Self employed applicants that have been in business longer than 3 years will have to income qualify. A copy of the borrower’s business or GST license or Articles of Incorporation will have to be provided to confirm the length of time the business has been operated.
· The typical borrower who is eligible will have 2 years of self employment, but less than 3, OR
· Will have less than 2 years of self employment, but will have been in the same field working as a non-self-employed worker for a minimum of 2 years prior.
|
Purchase |
Cash-Out Refinance The Lesser of Premium as % of |
|||||
|
LTV Ratio |
Bureau Scores |
Premium |
Total Loan Amount |
Top Up Portion |
||
|
65.01% - 75% |
600 |
1.00% |
1.00% |
2.60% |
||
|
75.01% - 80% |
620 |
1.64% |
1.64% |
3.85% |
||
|
80.01% - 85% |
620 |
2.90% |
2.90% |
5.50% |
||
|
85.01% - 90% |
650 |
4.75% |
||||
Annie de la ChevrotiereMortgage Broker/Ownerthe Mortgage Centre, Garibaldi Mortgage Inc.#213-4368 Main Street, Whistler, BC V0N 1B4 Canada/US Toll Free Tel: 1-877-932-2688 ext 10Canada/US Toll Free Fax: 1-877-932-2690Video/Skype: annie.de.la.chevrotiereWeb Site: www.garibaldimortgage.com
Find us on facebook @ www.facebook.com/garibaldimortgageFollow us on Twitter @ www.twitter.com/GaribaldiMtg Whistler Cell: 604-905-8483Squamish Cell: 604-815-9843
Leave a comment
Leave a comment
Line and paragraph breaks automatic, e-mail address never displayed, HTML allowed:
<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <code> <em> <i> <strike> <strong>