In a sea of uncertainty over the past two years it’s been difficult to obtain a mortgage if you were self employed – not the case anymore. It seems that there are still lenders available that want to help the Self Employed…and at spectacular low interest rates.
Whether you can prove your earnings or not, there is a mortgage product out there that may suite your needs.
Thanks to lending partners like CIBC Access, Toronto Dominion Financial Services, and most recently Equitable Trust (New in Saskatchewan!) – we can help even more people.
Now, it goes without saying – but I will state it for the record…”Some Conditions Apply” – so be sure to call for details!
Call us toll free at 877-75-FOCUS (877-753-6287) or locally in Regina at 306-205-1270!
That’s all for today!
Archive for Mortgages
Great News for Self Employed Professionals!
Posted in Uncategorized with tags Best Mortgage Rates, Canada Mortgage, Mortgage Broker, Mortgages, Regina Mortgage, Regina Mortgage Broker, Saskatoon Mortgage, Saskatoon Mortgage Brokers on June 20, 2011 by focusmortgagesolutionsNew Rules For EVERYONE!
Posted in Uncategorized with tags Best Rates, mortgage, Mortgage Broker, Mortgage Rates, Mortgages, New Mortgage Rules, Regina Mortgage Broker, Saskatchewan Mortgages on February 14, 2011 by focusmortgagesolutionsOkay…I got a tad long winded on this one…get yourself a coffee!
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I mentioned not so long ago that the Federal Government had been rambling on about “they were not afraid to tighten the mortgage rules…AGAIN”. Well, they have done it. As I am sure by now you have heard – there have been some changes…some enhancements.
Let me first take you on a little journey back in time…let’s go back to 2005. The New Conservative Party was in power and ready to make some changes that would have a GREAT BENEFIT to the future of Canadians. They gave us CHEAP and EASY Money with almost no end to our borrowing power. They gave us an eternity to pay it back too! UP TO 40 YEARS! Not to mention – they made it possible for Canadians to buy a home with NO MONEY DOWN (100% Financing)…and they would INSURE it! But wait – it get’s even better…they permitted that we could “STATE OUR INCOME!”…that means we could LIE to their faces…but they didn’t care. This was the dawning of NEW ECONOMIC GROWTH!
They paraded themselves through the streets as “advocates for Free Enterprise” – the FUTURE for Economic Privilege for All Canadians!
I was a little scared when this decision was made…I recall a conversation I had with a new client at that time and we both agreed it was like giving the keys to the family car to the neighbour’s irresponsible kid! Someone didn’t do the math.
In October of 2007 – they (our fearless leaders that is) realized their decision to provide access to this Cheap Money, and the eternity to pay it off, was quite premature and that maybe they (that too would be our fearless leaders) didn’t do enough research on it. They quickly made a Knee Jerk reaction and did away with the 40 year mortgage and the 100% Mortgage Financing…and they started asking for PROOF of our Earnings again.
Everyone got in an uproar. EVERYONE! Borrowers, Lenders, Realtor’s, Mortgage Broker’s, Lawyers, etc. At one point I think even our Neighbour’s irresponsible kid was in the uproar. Even with everyone feeling this “Blow” to the industry…somehow we adapted. Life went on.
Then, last April – the Fed’s stepped in again and this time they said we couldn’t borrower 95% of the value of our house…we could only borrow 90%! They also said we could only purchase up to 2 properties that they would insure…because too many people were buying Revenue and Rental properties under the old rules and that was just not fair for them to buy low and sell high! HOW DARE CANADIANS MAKE MONEY?!! SHAME ON YOU!
Guess what…just like in 2007 – Everyone got in an uproar. Yup – even the neighbour’s irresponsible kid. I hate that kid. But – just like before…we adapted and Life goes on.
Most recently the Fed’s stepped in again and said, “We Need To Get Tougher! We Have Done it Before…We’ll Do it Again – WE AREN’T AFRAID TO TIGHTEN THE RULES FURTHER!”. For those of you keeping score…this was in December 2010. Then in January, while I was away in sunny Orlando (I saw Mickey Mouse!) – our Fearless Leader’s did it again…they said that 35 Years is TOO LONG for Canadian’s to pay off their Mortgages, and said that 90% is TOO MUCH for Canadian’s to borrower against their homes…and also said that “Lines of Credit” are TOO RISKY to be insured.
They are now parading themselves through the streets for being Tough on the Mortgage Industry. They have effectively “marked their territory” as the Watch Dog on Consumer Spending and Borrowing…wait a minute. This must be one of those hidden camera TV shows…they can’t possibly expect us to believe that what just happened was a good thing…THEY WERE THE ONES THAT SET THE STAGE FOR THE INITIAL DISASTER!! They can’t rightfully take credit for cleaning up the mess they spear headed. Do they really think we are that Naive??
Apparently so! And can you guess what’s going to happen? Let me tell you. EVERYONE is going to be in an uproar again…even the neighbour’s irresponsible kid. But, like before, we will adapt – and Life will go on. Don’t worry – we’ll help you along the way.
Mortgage Fraud – Surprise! It can happen here!
Posted in Uncategorized with tags Best Rates, BMO, Calgary Fraud, Mortgage Brokers, Mortgage fraud, Mortgages, Regina Mortgages, Saskatoon Mortgages on May 11, 2010 by focusmortgagesolutionsBy now you should know that the Bank of Montreal has uncovered an enormous FRAUD issue that started off as being in the 30 million dollar range…most recently it was announced it is in the HUNDREDS of MILLIONS of DOLLARS! And…they uncovered this fraud in CALGARY! YIKES! NOT CALGARY!
So what is going on? Simple – GREED.
TSK TSK TSK. I thought we as Canadians were better than that…it’s quite disheartening to see an MP brought in to this mess – I thought our politicians were all hard working, honest men and women…okay – I can’t go on like that…it’s just to hard to keep a straight face!
I have made mention on a number of occasions that this industry needs to be policed a lot better – and that we need to have stronger penalties for rogue brokers, realtors, and lawyers. I hope this is the wake up call that has been gone without for so long.
All in all, it’s a sad time for broker’s the whole country over – I am pleased however to announce that FOCUS Mortgage Solutions is Squeaky Clean. We stop fraud in it’s tracks.
We hold firmly that there is NO GREY AREA in the mortgage industry – that’s why our colours are black and white…we know other’s are exploiting loop holes – we have chosen to be better than that – we are setting the bench mark.
You can be confident when you choose a FOCUS Mortgage Solutions Agent – we really do have you as our focus – if we can’t get you a mortgage today, we work with you to help you get to the point where you can get a mortgage.
To stay current on Canada’s mortgage trends, I encourage you to visit www.canadianmortgagetrends.com often!
Cheers!
Jason Dornstauder AMP
FOCUS Mortgage Solutions Inc.
Let’s get some things straight…Do you really need 20% Down Payment???
Posted in Uncategorized with tags 5 year Mortgage Rate, Bank of Canada, Best Rates, CMCH, Jim Flaherty, mortgage changes, Mortgage Solutions, Mortgages, New Mortgage Rules, Rates, Regina Mortgages on April 28, 2010 by focusmortgagesolutionsThe answer is “YES” if you are buying a RENTAL PROPERTY.
The answer is “NO” if you are purchasing your own First Home.
Other questions on people’s minds:
“I am Self Employed…How Does this affect me?” – Simple…you need to prove your income if you have been Self Employed for more than 3 years…you only need 5% for Down Payment. HOWEVER, if you have been in business for less than 3 years but have minimum 2 years industry experience you can STATE YOUR INCOME…you will be required to put down minimum 10% and it has to be from your own resources…NO Gifts from family and NO Borrowing!
Another Question on People’s minds is “If my house is worth $300,000.00 and I only owe $200,000.00, how come I can only get $70,000.00 if I refinance?” BECAUSE THE NEW RULES STATE YOU CAN ONLY ACCESS 90% OF THE VALUE OF THE HOME…SO, $300,000.00 X 90% = $270,000.00…you already owe $200,000.00 and the extra $70,000.00 is what is left over. These are the rules – Love them, hate them…whatever. DEAL WITH IT! Don’t forget…we don’t like them either but how do you fight the government? I suppose you can call your MLA or write a strongly worded letter to his highness Jim Flaherty…I really don’t like this guy…even putting his name in my blog get’s my negative energy going…see my previous blogs to get an idea of how I feel about this “Finance Minister”.
Got any other burning Mortgage Questions?? Give us a call – it’s not by accident that we are called FOCUS MORTGAGE SOLUTIONS…we actually like solving problems!
The Truth is Out There!
Posted in Uncategorized with tags Best Rates, CMHC, FOCUS, Interest Rates, Mortgage Rates, Mortgages, New Rules, Regina on March 8, 2010 by focusmortgagesolutions…We have some news of the upcoming Mortgage Changes. Effective April 9, 2010 – if you are Self Employed…you better be able to prove your income and have at least 10% down payment! There is some room for Newly Self Employed people – but only if you have more than 2 years but less than 3 as Self Employed. It’s a little silly – we know.
Also – with respect to qualifying – it looks like we will have a Bank of Canada 5 year posted rate that we will be subject to. This means that banks will and brokers will all have to play the same game for qualifying our clients – BUT – don’t just go to the bank blindly. Just because you have to qualify at a high interest rate, does not mean you have to pay a high interest rate! That type of logic is best left for sheep. Those who are savvy and are in the know will be able to save thousands and thousands of dollars…consider yourself (yes you – the reader) to now be in the know…yup – you are savvy!
Call us toll free at 877-75-FOCUS (877-753-6287) with any questions!
Cheers!
We knew Changes to Canadian Mortgage’s was coming…and here it is!
Posted in Uncategorized with tags Best Rates, Canadian Mortgage Changes, finance minister, FOCUS, Mortgages, Rates, Solutions on February 16, 2010 by focusmortgagesolutionsHere is the quick and dirty:
MORTGAGE INSURANCE RULES ANNOUNCEMENT
This morning, Federal Finance Minister Jim Flaherty announced prudent changes to mortgage insurance rules intended to come into force on April 19, 2010. The Canadian Association of Accredited Mortgage Professionals (CAAMP) was actively engaged in the discussions around these changes which are as follows:
1. All borrowers must meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term;
2. The maximum amount one can withdraw in refinancing their mortgage will be reduced to 90% from the current 95% of the value of one’s home;
3. Non-owner occupied properties will require a minimum down payment of 20%.
There were no changes to down payment requirements or length of amortizations for owner-occupied residences.
For answers on how these changes will affect you. Please call FOCUS Mortgage Solutions at 1-877-75-FOCUS (1-877-753-6287).
Breaking News!!!!!! NO PROOF OF HOUSING BUBBLE!
Posted in Uncategorized with tags Bank of Canada, Canada Mortgages, FOCUS, Housing Bubble, Mortgage Solutions, Mortgages, Rates on February 8, 2010 by focusmortgagesolutionsLooks like I was…dare I say it…….”RIGHT!”.
Mr. Flaherty has changed his tune…after all of his off the cuff remarks – it turns out he got someone to do a little research on the subject.
Take a look at this link -hot off the press!
http://www.theglobeandmail.com/report-on-business/ottawa-says-housing-bubble-not-a-concern/article1459673/
Oh Canada! Sure we are boring, says our neighbours to the south, but – - – we are Solvent!
Posted in Uncategorized with tags Canada Mortgages, Focus Mortgage Solutions, Mortgage Rates, Mortgages on February 1, 2010 by focusmortgagesolutionsI had a smile on my face when I read this article. I am sure you will too!
Take a look at the article below or visit the following link for the story at
http://trueslant.com/caitlinkelly/2010/02/01/canadians-may-be-boring-but-their-banks-are-solvent/
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Canadians May Be Boring — But Their Banks Are Solvent
Yeah, yeah. Canada’s boring, So say many (snotty) Americans.
Boring is one aspect of being risk-averse. Risk aversion can also mean being smart, conservative, cautious, prudent.
Yesterday’s Financial Times has a terrific piece on this; as does today’s New York Times, with Paul Krugman’s column:
The New Republic famously pronounced “Worthwhile Canadian Initiative” (from a Times Op-Ed column in the ’80s) the world’s most boring headline. But I’ve always considered Canada fascinating, precisely because it’s similar to the United States in many but not all ways. The point is that when Canadian and U.S. experience diverge, it’s a very good bet that policy differences, rather than differences in culture or economic structure, are responsible for that divergence.
And anyway, when it comes to banking, boring is good…
Above all, Canada’s experience seems to support those who say that the way to keep banking safe is to keep it boring — that is, to limit the extent to which banks can take on risk. The United States used to have a boring banking system, but Reagan-era deregulation made things dangerously interesting. Canada, by contrast, has maintained a happy tedium.
More specifically, Canada has been much stricter about limiting banks’ leverage, the extent to which they can rely on borrowed funds. It has also limited the process of securitization, in which banks package and resell claims on their loans outstanding — a process that was supposed to help banks reduce their risk by spreading it, but has turned out in practice to be a way for banks to make ever-bigger wagers with other people’s money.
There’s no question that in recent years these restrictions meant fewer opportunities for bankers to come up with clever ideas than would have been available if Canada had emulated America’s deregulatory zeal. But that, it turns out, was all to the good.
What Krugman doesn’t address is one important and fundamental difference between snoozy Canucks and their southern neighbors — and it isn’t a government policy but a cultural norm. Owning your own home, whether you actually have the means to buy, maintain and pay your mortgage obligations in full every month for decades, is a deeply American fantasy.
There is no “Canadian dream” when it comes to home ownership. Canadians do not receive a tax deduction on their mortgage interest, an attractive pull into home ownership in the U.S. Whether you’re a banker, mortgage broker, realtor, buyer or seller, there is remarkably little Canadian sentimentality attached, at any point, to buying or owning a piece of property. Unlike the U.S., where everyone’s rooting for you to buy a house, condo, co-op, anything, or they once were, there’s no FannieMae or FreddieMac, these faux-people offering money for your cosy little cottage.
In Canada, you can afford to buy your home, or you can’t. However elitist and demanding, banks expect buyers to show up with a hefty down payment — none of these 99% mortgages up north — which means having been Canadian enough (i.e. boring, safe, sober, conservative) to save a lot of money before the privilege of buying your home becomes possible.
Owning your housing is not expected. It’s not a right. It’s not some shared fever “dream.”
Americans seek “life, liberty and the pursuit of happiness.” Now millions of them are in foreclosure, their home-owning reach having far exceeded their grasp — in part, thanks to buyers’ greed and ignorance, in part thanks to the easy/predatory lending by American banks.
Canadians’ constitution promises — zzzzzzz — “peace, order and good government.”
Boring, maybe. Solvent, yes.
Caitlin Kelly
Trueslant.com
Did you Hear???? Homeowners are Playing it Safe afterall!
Posted in Uncategorized with tags 5 Year, Canada Mortgages, CMHC, Fixed Rates, FOCUS, Focus Mortgage Solutions, Limited Time Offer, Mortgage Rates, Mortgage Solutions, Mortgages, Regina Mortgages on January 26, 2010 by focusmortgagesolutions86% of home owners in Canada have chosen FIXED Rate Mortgages…see the full article at
http://money.canoe.ca/money/mymoney/canada/archives/2010/01/20100114-103851.html
Currently you can take advantage of our 5 Year Fixed Rate Mortgage at 3.69% – this is a limited time offer so call today! 877-75-FOCUS (877-753-6287).
Changes to make it harder for us Canadians to get a mortgage?! I thought it was tough already!
Posted in Uncategorized with tags ambulance chaser, bloated gas bag, canada finance minister, finance minister, jim flaherty mortgage, mortgage changes, Mortgages on January 12, 2010 by focusmortgagesolutionsFor those of you who missed it, Canada’s finance minister – Hon Jim Flaherty, thinks Canadians are struggling with too much debt. His answer to combat this is simple – “Make it tougher for Canadians to get Mortgages”.
“Mr. Flaherty said in an interview with CTV the government would consider raising the minimum down payment from 5 per cent “to a higher figure” and reducing the amortization period of 35 years to “something less.”
But the minister stressed that the government has not yet made that decision.
“If there is, in the future, evidence of a residential real estate bubble, the tools we have are the tools we’ve used before, relating to insured mortgages, lending standards, amortization periods and down payments, which is what we acted on in the summer of 2008,” Mr. Flaherty said in an interview with The Globe and Mail. In the summer, the government said it would no longer insure zero-down-payment mortgages or mortgages with an amortization period of more than 35 years. “
Clearly Mr. Flaherty has never had to save 5% for an entry level home that costs $200,000.00 to $250,000.00.
Mr. Flaherty, in my opinion, is nothing but an ambulance chaser. Seriously! His roots are deeply embedded in auto accident injury claims and I question just how much this pseudo watch dog really knows about the typical Canadian consumer…especially when it comes to mortgages.
While his desire to see Canadians carry a lower debt load is admirable, he is flawed in his perception to actually fix it by increasing the minimum down payment criteria. Quite frankly – it is not the people buying homes right now that are causing the problem – so why would we punish them? It’s the credit seekers and constant “refinancer’s” that are causing this grief. Here’s a thought – why not put a “Premium” on mortgage refinances? Think about it – that might deter a few out there from spending lavishly don’t you think?
Well, far be it for me to say I have it figured out – but I would rather take my chances listening to a mortgage professional than a bloated gas bag (you know who you are – ambulance chaser).
If you really want some good insight – call your local mortgage professional – better yet, find an accredited mortgage professional to answer your questions. You can visit the CAAMP.org website to find an AMP in your area! I wager they know a heck of a lot more about our current mortgage market and the typical Canadian consumer than this other fella!
To those of you who think Mr. Flaherty is the messiah – I am sorry that my words about him are abrasive. Trust me, it was intentional. Mr. Harper, Mr. Harper, Mr. Harper – tsk tsk tsk. While you have made a plethora of mistakes since you have been in office – I think your appointment of Mr. Flaherty may be your worsts – at least in my opinion.
