Author: atrina

Insurance Premium Increase Announced for CMHC & Genworth

Last Friday (February 28) CMHC announced that they plan to increase their insurance premiums by 15%. Currently CMHC’s premium rates are between 0.5 to 2.75%. As of May 1, 2014, new CMHC premiums will be slightly higher, ranging from 0.6-3.15%. Shortly after the announcement, Genworth (one of the two private mortgage insurance providers) also announced their premium increase matching CMHC’s affective May 1, 2014. It’s left for us to see if the other mortgage insurer (Canada Guaranty) will follow. What does this mean to the public? The changes will take […]

The end of investing for a Canadian passport

It has been a week since Canada decided to scrap the immigrant investor program that sped up the visa process to high net worth foreigners. This program established in 1986, allowed wealthy investors who had a net worth of at least $1.6 million to apply for citizenship after investing $800,000, interest free, with the government for a period of 5 years. According to Jim Flaherty, Canada’s Finance Minister, “For decades, [the investor scheme] has significantly undervalued Canadian permanent residence, providing a pathway to Canadian citizenship in exchange for a guaranteed […]

Atrina Kouroshnia February 17, 2014 Post Comment

Vacations Too Good To Be True

Your winter vacation is finally over and now you in serious recovery mode. Are you craving your next vacation already? Either because you just had way too much fun and there just wasn’t enough time or you are mentally, physically, and/ or financially drained. After all holidays are a lot of work and expensive! It would be nice to get rid of at least one responsibility and take a vacation from it wouldn’t be? Well a vacation from your mortgage shouldn’t be one of them. Mortgage Payment Vacations- How they […]

Atrina Kouroshnia January 22, 2014 Post Comment

Save 7 years and $55k on your mortgage

As Canadians become more informed about their mortgage more and more people are looking at taking advantage of their prepayment options to pay off their mortgage sooner and in return save thousands of dollars on interest. Although some are quite happy making the minimum payments, others are keen on making the most of their payments and being mortgage free sooner, or as well call it on Lava Rates, burning through their mortgage. People are usually really surprised on what simple steps can lead to great savings. You have probably looked […]

Atrina Kouroshnia December 13, 2013 Post Comment

Canadian real estate 2014

The Deutche Bank released a study today unveiling that Canada’s homes are the most over valued in the world be by 60%. Deutche economist Peter Hooper came to this conclusion from taking the average of the ratio of home prices to rent values  (88%) and home prices to income (32%) comparing them to historical averages. It also concluded that based on median house price to the median household income Vancouver a coastal city is actually more expensive than the financial capital of the world New York! Canada housing bubble about […]

Atrina Kouroshnia December 13, 2013 Post Comment

CMHC client premiums stays put despite the new risk fee

In Canada, if purchasing a home with less than 20% as down payment, it is required to have mortgage insurance cover the lender in case the borrower defaults. Currently, there are three mortgage insurance providers offering this service to lenders; CMHC, a crown corporation and Genworth & Canada Guaranty private mortgage insurance providers. A lot of confusion has come out of recent headlines regarding CMHC planning to charge a risk fee premium. This is the most recent attempt by the finance minister to control the housing market. Along with tighter […]

Atrina Kouroshnia December 11, 2013 Post Comment

Monoline lenders

If your mortgage is up for a renewal and you are speaking to your mortgage broker, chances are the term “Monoline Lender” has come up at least one or twice. This term is pretty vague and ambiguous to non-mortgage brokers and outside industry professionals. Monoline lenders focus just on mortgages. What this means is that they are non-deposit taking lenders like a normal bank and secure their mortgages on the property. They have much lower overhead and costs, as they are usually online with few offices. They deal only with […]

Atrina Kouroshnia December 11, 2013 Post Comment

The scary mortgage penalty

Like anything else there is a fine print that comes with your mortgage. A growing mortgage trend for people is looking for the best rate but failing to see what the fine print or the conditions of the mortgage. Why should the fine print matter if you get the best rate and make your payments? The reality is that most people tend to break their mortgage and move at least once within a 2-4 year period. The easiest mortgage to get qualified for is a 5 year fixed mortgage. So […]

Atrina Kouroshnia December 11, 2013 Post Comment

Looking at getting in the Condo Market?

Canadian Association of Accredited Mortgage Professionals (CAAMP)’s fall’s report indicated 57% of total homebuyers in Canada were first time homebuyers. Year to date this number is roughly around 250 000. Looking at the Canadian Real Estate Market stats, average prices in Canada have increased by 6.3% from last October. Forecasted growth for the housing market in 2014 is expected to be at 3.4%. Condo living is becoming the norm for many Canadians. Homebuyers are leaning more towards buying condos vs single-family, detached homes. Purchasing a home is by far one […]

Atrina Kouroshnia November 27, 2013 Post Comment

Understanding Collateral Mortgages

If you are thinking of going to your lender for your mortgage, it is important for you to know what a collateral charge is, and the pros and cons that come with it. Collateral charge mortgages are becoming the norm for most banks and credit unions. If the option is given to opt out of a collateral charge, it’s presented as a small detail (usually a check box) in a 10+ paged document. A collateral mortgage is not registered the same way as a traditional mortgage and because of that […]

Atrina Kouroshnia November 11, 2013 Post Comment
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