Mortgages
Mortgages are on the minds of many British Columbians this year as low rates lay the foundation for record-breaking housing markets in BC. To help you serve your clients, here are some of the products offered by two Canadian mortgage insurance companies.
GE Capital Mortgage Insurance
- Age-Restricted Buildings
GE Capital Mortgage Insurance will consider applications where the borrower is purchasing in an age restricted building. They will look at the applications on a case to case basis, insuring up to 95 per cent loan to value (LTV) for strong applicants purchasing marketable properties.
- Foreign Employee Program
Designed for professionals who are new to Canada, GE Capital’s Foreign Employee Program allows borrowers to buy with as little as 10 per cent down. The applicant does not need to be a Canadian citizen, but does need to be working in Canada.
They will need a work visa, an international credit report or letter of reference from a recognized financial institution, and must be employed by an established and highly-respected company at a minimum annual salary of $60,000. Please visit www.gemortgage.ca
- Family Plan
Home buyers purchasing properties for immediate family members to live in with as little as 5 per cent down payment, can now qualify for GE mortgage insurance through their Family Plan. (Designed for people purchasing a home for a child to live in while attending a post secondary institution, or a home for parents to live in.)
An immediate family member is defined as a father, mother, child, brother, sister, grandparent, legal guardian or legal dependent. All qualifying applicants, including the resident family member, must be on title.
For more information, visit www.gemortgage.ca
Canada Mortgage and Housing Corporation (CMHC)
- Purchase Plus Improvements Program
This popular program allows consumers to apply for mortgage financing to purchase a home as well as add on the costs of home renovations at the time of purchase. To be eligible, the improvements must be for the borrower’s principal residence.
- CMHC Refinance Program
Consumers can use CMHC insured financing to not only buy a home, but for a variety of other purposes through our very flexible Refinance Program. Does your client need funds for the renovation of an existing home, education or other purposes? Homeowners can refinance their existing mortgage, or apply for a second mortgage up to 90 per cent of their home value with few restrictions concerning the use of funds. Refinancing is available on the borrower’s principal residence only.
- Portability Program
CMHCs enhanced portability feature allows borrowers to take advantage of a lender’s portability plan and save on the costs associated with a new mortgage insurance premium. CMHC’s Portability Program is available on a borrowers principal residence anywhere in Canada.
CMHC’s improved premium structure allows repeat users of CMHC Mortgage Loan Insurance to save money by reducing or even eliminating the insurance premium on a new mortgage loan. Portability is applicable where the original CMHC insured loan was approved on or after April 1, 1996.