Secondary Suite Refinance Program

Latest News Maggie Yam 8 Nov

Starting in January 15th 2025, this program allows refinancing of insured mortgages for homeowners looking to add secondary suites to their home. Borrowers will be able to access up to 90% of the home value, including the value added by the secondary suite(s), with a 30-year amortization, capped at $2 million. It is designed for bigger builds like laneway homes, it offers significant financing power.
*Insured mortgages requires to pay one time mortgage insurance premium.

First Time Homebuyers 30 Year Amortization!

Latest News Maggie Yam 16 Oct

 

Effective today, First Time Homebuyers purchasing New Construction properties are able to qualify on a 30 year amortization! This Insured offering is an exciting opportunity for First Time Homebuyers looking to alleviate the pressures of affordability.

A First Time Homebuyer is defined by meeting one of the following criteria:

• The borrower has never purchased a home before; OR

• In the last 4 years, the borrower has not occupied a home as a principal place of residence that either they themselves or their current spouse or common-law partner owned; OR

• The borrower recently experienced the breakdown of a marriage or common-law partnership.

For more questions, Feel free to call/text me 604-441-2271.

No Stress Tests for Homeowners Switching Mortgage Providers

Latest News Maggie Yam 15 Oct

The Office of the Superintendent of Financial Institutions (OSFI) has announced that borrowers with uninsured mortgages will no longer need to undergo a stress test when straightforward switching providers, based on the borrower’s existing amortization schedule and loan amount.
This update will be formally communicated in the upcoming quarterly report on November 21, as the regulator works with financial institutions to ensure they are prepared for the transition.