Mortgage Solutions for the Bow Valley, Canmore, Banff and Exshaw
Building Lasting Relationships in Banff and Canmore Through Exceptional Service
If you need a mortgage, we have the solution!
We know that different people need different things in a mortgage. That's why up here in the Canadian Rockies, we have solutions for all kinds of homeowners. Whether you are buying your first home, an investment or vacation property, or looking at home renovations or renewing your mortgage, Trisha Isaac and Heather Petecky have a mortgage solution for you.
Check out this program! Equity Income Qualifier 65
There are still great equity programs available for buyers
This equity program with 35% down is available to Business-for-Self, Commissioned and Salaried applicants with good established credit and stable employment
Maximum 65% Loan to value
Available for both purchase and refinances
No income confirmation required and Notice of Assessments are NOT required
No minimum net worth requirement
Minimum Beacon score for primary applicant must be 680 with established credit history
Down payment must be from applicant’s own resources. Gifted down payments are not acceptable
Full appraisal is required regardless of LTV or mortgage amount
The maximum loan amount is $750,000. In the metropolitan areas of Toronto, Vancouver and Victoria the maximum loan amount is $1 Million
Think twice before signing on the dotted line
When it comes time to choosing a mortgage, many homeowners opt for the lowest rate they can find, at the traditional five-year term, without paying attention to the fine print. In many cases, these no-frills mortgages - and even some that have frills -can make a huge dent in your wallet if you ever try to break them.
The concept of Interest Rate Differential (IRD) is one that often comes up in these situations - and is currently in the news thanks to a single mom's lawsuit against CIBC. The woman, who recently went through a divorce and was forced to break her mortgage, is suing CIBC for using vague language in her mortgage contract that is forcing her to pay the IRD - the amount of money the financial institution will lose in interest payments as a result of the broken contract. In this situation, it's around $45,000 because she had eight years left on her mortgage.
The formula that banks use to calculate the IRD are among life's great mysteries, and often differ between bank to bank, and whether you have a fixed or variable rate mortgage. If you're signing a mortgage, it's best to find out what your bank's policy is upfront, just in case you may have to break it at some point. You may also want to pay a few extra points to ensure your mortgage is portable (can be moved to another home, if you choose to move during the term of the mortgage) or, if you're not quite sure what the future might bring, sign on for a shorter term. There's no rule that says you have to sign on for five years - and, in many cases, a lesser term makes more sense, and might even save you money.
Refinance Season is Back. Did You Know?.....
- On average Canadian homeowners have $222,000 in home equity, 66% of the value of their homes. –CAAMP Spring 2011 Survey Report
- During the past year, Canadian homeowners borrowed $26 billion in equity from their homes. – CAAMP Spring 2011 Survey Report
- 15% of Canadian homeowners withdrew equity, on average $30,000 – CAAMP Spring 2011 Survey Report
- Top three refinance reasons in Canada in 2010? #3 Debt consolidation #2 Investments 3# HOME RENOS! – CAAMP Spring 2011 Survey Report
Call Heather or Trisha today for sound professional advice on whether today is the right time to refinance your home.
| Trisha Isaac. B.comm Mortgage Professional
Office: 403-688-0166 Office: 250-460-2759 Toll Free 1-877-609-0155 Toll Free Fax: 1-866-207-9093 Email: trisha@canmoremortgagesolutions.com Member of AMBA - Alberta Mortgage Brokers Association
Heather Petecky. BSc. Mortgage Professional Tel: 1-403-688-3716 fax: 1-888-875-3716 Email: heather@banffmortgagesolutions.com
We are conveniently located at: 221-1001 6th Ave Mistaya Place Canmore, Alberta T1W 3L8 Free Parking
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