Evan Lamontagne - Mortgage Broker

06/08/2020

Hey,

So many of you may have seen announcements that CMHC is changing mortgage rules as follows for people with less than 20% down:
-minimum credit score moved to 680
-Max debt servicing ratios reduced (lowers max purchase price by up to 11%)
-No borrowed Down payment

Now, I held off on posting about this news because I was under good understanding the other mortgage insurers, notable Genworth, was not in support of this.

Today Genworth announced they will not follow any of the changes implemented by CMHC. What does this mean for you? Business as usual in most cases and no changes to preapprovals or home buying circumstance!

One thing you should know, some lenders only use CMHC and do not have access to other insurers (such as Genworth). I have access to all 3 insurers so that we can find the best fit for you. You may be able to afford more than you think come July 1st, and your bank may even say you don't meet credit requirements because of the changes. You very much could still qualify! Reach out anytime with questions or concerns.
(306)577-7297

06/02/2020

I wanted to take a little time to highlight another promo currently available! The Peace of mind promo Helps to put some cash back in your pocket that can be used for anything you deemed fit. When using this program my most common recommendation is using this to pay off high interest debts. It avoids having to refinance your property for smaller amounts and the difference in having more interest payable for the 5 year term vs the amount of cash back works out close to a wash (you actually come out slightly ahead). If you factor that in with the fact you can eliminate credit card debt or other high interest payments you're coming out way ahead!

It can also help you qualify for more on a mortgage for new purchasers by paying out debt and excluding it from your servicing requirements.

This product isn't the right fit for everyone, so please reach out if you're interested so we can discuss if it's right for you!
(306)577-7297

05/20/2020

Just wanted to take a moment to show everyone one of our lenders fantastic spring offers! They'll pay your interest for you for the first 3 months, no deferral or repayment of it at any point in time! If you'd like more information reach out anytime! Available for purchases and transfers.

I'll be posting more of the spring offers that have been a little delayed with Covid, I can assure you that the real estate market has been quite busy though in May and the deals are all starting to roll out.

Reach out to myself anytime for free consultations and if your curious about what other promos may be available.

04/13/2020

Hey Everyone,

Just wanted to let people know that I'm still able to help with refinances, renewals, new purchases, and preapprovals throughout all of Covid and Social distancing. The process is completely contactless from start to finish with me right now! I have tools in place that allow:
-Online Applications
-Phone/Zoom Meetings
-Electronic signatures
-Electronic document collection (it's as easy as drag and drop!)
-Legal now has access to electronic signatures with video witnessess

Myself and most brokers are trying to keep the process as simple as possible for everyone! Please understand that there are longer timelines in completing deals than normal due to the circumstances the virus has created, so best not to wait if you have a mortgage you'd like to review!

Contact me anytime (306)577-7297

03/30/2020

Hello everyone,
Amidst Covid-19 I wanted to reach out and let everyone know a bit more about the mortgage deferral programs being offered by lenders. If you are facing financial difficulties as a direct result from Covid-19 such as layoffs or reduced income and need assistance with your mortgage help is available.

With that being said mortgage deferrals is not having someone else pay your mortgage for you. The program would have all interest accrued over the deferral period added back into you mortgage amount owing and would add payments onto the end of your mortgage. You will also pay interest on the interest that is put back into your mortgage amount so this does end up costing you more in the long run, but it's better than missing your payments which will hurt your credit and be charged NSF fees to boot.

If you need someone to talk to don't be afraid to shoot me a text or call to inquire about the program (306)577-7297. I can give you more in depth information and point you in the right direction.

Below I would also like to include a full list of banks and lenders with their contact centres if you need to apply for the program. Most places will also allow you to apply online now if you have access to it that way. Please note that lenders have extremely high call volumes right now and expect to have longer wait times.
Here is a list of customer service numbers:

ATB 1-800-332-8383
B2B 1 800 263 8349
BMO 1-877-895-3278
Bridgewater 1-866-243-4301
CIBC 1-800-465-2422
CMLS 1-888-995-2657
Optimum 1-866-441-3775
Equitable 1-888-334-3313
Connect First 403-736-4000
Chinook Financial 403-934-3358
First Calgary Financial 403-736-4000
First National 1-888-488-0794
Haventree 1-855-272-0051
Home Trust 1-855-270-3630
HSBC 1-888-310-4722
ICICI 1-888-424-2422
Manulife 1-877-765-2265
MCAP 1-800-265-2624
Merix 1-877-637-4911
Marathon 1-855-503-6060
RBC 1-800-769-2511
RFA 1-877-416-7873
RMG 1-866-809-5800
Scotia 1-800-472-6842
Servus 1-877-378-8728
Street Capital 1-866-683-8090
TD 1-866-222-3456
ATB 1-800-332-8383
Servus CU 1-877-378-8728

03/11/2020

Does switching your payments from monthly to bi-weekly or weekly save you money on your mortgage? Short answer is no. I've taken some time to explain how there are payment options that you can take advantage of to save thousands of dollars though!

On almost every new mortgage I complete I get asked this question, my friend told me that if I do biweekly payments or weekly payments, I’ll save thousands of dollars in interest vs monthly payments....

03/04/2020

Did you know banks give loyal customers higher rates than Joe blow who has never even had a bank account with them? If you're coming up for renewal with your bank, or with any other lender for that matter here is some tips for your next mortgage renewal! Rates are low and it pays to be an informed consumer!

Mortgage renewals are a very important part of home ownership and making sure you’re still in a suitable product with a competitive interest rate are a couple of the biggest things to consider at this...

03/04/2020

As some may have seen, the Bank of Canada has dropped their overnight rate today by a half percent. Variable rates are moving accordingly with it and as a result the bond market has dropped tremendously which is the biggest determining factor in fixed rates!

If you have a renewal coming up or have been on the fence about buying rates couldn't be better for the spring market now! Would recommend reaching out for free consultations and pre approvals!

The Bank of Canada today lowered its target for the overnight rate by 50 basis points to 1 ¼ percent. The Bank Rate is correspondingly 1 ½ percent and the deposit rate is 1 percent.

02/27/2020

How you can reduce and save! Direct comparisons on how I can save you thousands of dollars on your mortgage!

Did you know you could save thousands of dollars over the life of your mortgage with favourable terms that tend to get buried in the fine print? As a broker, I make sure to obtain the most flexible...

02/20/2020

My latest post is now up! Focusing on the fixed vs variable rate debate. It's definitely something everyone should have a conversation with their mortgage professional about to ensure they are receiving an appropriate product.

A common question I get asked is should I go with a variable rate mortgage or a fixed rate mortgage? The answer? Yes. There is no one size fits all for the fixed vs variable and a lot of it comes...

02/19/2020

Yesterday the federal government announced a change to their stress test starting April 6th of this year!

Rather than bore you with all the mortgage terminology I'll get down to how this effects you.

Starting April 6th, most buyers will now qualify for about 5% more than they would have prior to that date. So if you qualified for 300k, you'll now qualify for roughly 315k. Results will vary depending on interest rates!