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Chris Marriner Mortgage Broker, Centum Professional Mortgage Group www.chrismarriner.ca
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Lethbridge Mortgage Broker for Hire
Lethbridge Mortgage Broker for Hire

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Another example of the government increasing fees - this will cost anyone who has less than 20% down payment. It's sad because the net effect is that people will have less equity and their costs will go up.

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Happy New Year everyone!
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Please be diligent with your credit... People's oversight causing damage to their credit happens more often than one would think.

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New mortgage down payment rules coming in February explained well.

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Today the Federal government announced that starting February 15 the minimum down payment required will increase to buy a home priced greater than $500,000. You'll still pay 5% on the first $500,000 but you'll pay 10% down on the remainder for homes up to $1,000,000. Example: an $800,000 purchase price will cost you $25,000 down on the first $500k and $30,000 down on the remaining $300k to make the total down payment required $55,000. This will cause concern for those who've been planning on buying soon & spending over a half million. What do you think of this change?

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Thinking of buying a home or refinancing your existing home? With Alberta's new budget, the registration cost of your new mortgage is going up, I mean A WAY UP! The basic registration cost for the average mortgage is going to quadruple effective July 1st.

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I agree with this article - please don't get looped into the madness of low teaser rates and the hype of big banks finally lowering their rates after many years of charging more than every other lender out there and maximizing their profits... 

Purchase + Improvements Mortgage Explained:

So you’ve found yourself a new home but it needs some renovations, new floor coverings, a garage, etc.  The Purchase Plus Improvement program will allow you to add the renovation cost to the purchase price so you can include it in your mortgage.

This type of mortgage transaction requires a certain amount of speed - you'll need to supply quotes &/or a renovation contract quickly because they have to be submitted with the mortgage application to the bank.

Here's an example - you buy a house for $300,000 & want $20,000 for a new garage.  You can add the garage cost to the purchase price and CMHC or Genworth will lend against the total value (purchase price plus the renovation cost).  Purchase price $300,000, garage $20,000, total cost $320,000, new lending value $320,000, maximum mortgage $304,000 (95% of $320,000), minimum down payment $16,000.

One thing to remember is you'll have to pay for the garage up front or have the contractor float you, and after the work is complete and we've proven the work is complete the bank will allow your lawyer to release the money to you.  I recommend you use your line of credit or your mom to cover the renovation costs until the money is released to you.

Purchase Plus Improvement mortgages can be complicated so please call me if you have any questions.  Chris  403-894-8836.
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