Cecilia Ragragio - Filipino/Canadian Mortgage Agent

01/11/2021

08/13/2019

👉Is your 🏠mortgage interest rate above 3%?

💥Good News! Fixed Interest rates are diving so take advantage of it. PLUS it's time to consolidate all your loans into one and save on interest 😀

You can get as low as 2.39% for purchase deal.🤙

Call me now @289-200-2277 for more info☎️☎️☎️

04/20/2019

BENEFITS OF GETTING A PRE-APPROVAL!
Pre-approvals are one of the easiest way to start off the home buying process on the right foot.

It's a very good idea to get a pre-approved mortgage before you start shopping. Many Realtors will ask if you've been pre-approved. A lender will look at your finances and figure the amount of mortgage you can afford. Then the lender will give you a written confirmation, or certificate, for a fixed interest rate. This confirmation will be good for a specific period of time. A pre-approved mortgage is not a guarantee of being approved for the mortgage loan.

Even if you haven't found the home you want to buy, having a pre-approved mortgage amount will help keep a good price range in mind.

Lenders may require the following for pre-approval:
Your personal information, including identification such as
your driver's license
Details on your job, including confirmation of salary in the form of a letter from your employer
All you sources of income
Information and details on all bank accounts, loans and other debts
Proof of financial assets
Source and amount of down payment and deposit
Proof of source of funds for the closing costs (these are usually between 1.5% and 4% of the purchase price)

Getting a pre-approval helps you establish a maximum spending limit when looking for your dream home before you shop, so you know what price range to target! Many home buyers aim too high, bidding on a home outside of their budget. Later they learn the home is beyond their means due to other financial factors. Having a pre-approval eliminates the stress of not knowing what you can afford and what your payments will be.

Received a guaranteed interest rate for 120 days!
In today's rising interest rate environment, it's smart to protect yourself from rising rates down the road. Our Lenders guarantee the interest rate for 120 days from the date of the pre-approval.

Eliminate the guesswork!
When obtaining a pre-approval your Mortgage Agent will discuss the full range of mortgage options available to you, eliminating any assumptions and myths you may have about mortgages and buying a home, especially if you're a first time homebuyer.

A pre-approval is very different than simply calculating how much you can afford. Taking the time to calculate your income, existing payment obligations and proposed mortgage payment to determine a rough estimate of how much you might be able to borrow is a valuable step in the planning process.

(Source: CMHC)

04/20/2019

3/22/2019 First-Time Home Buyer Incentive

To help make homeownership more affordable for first-time home buyers, Budget 2019 introduces the First-Time Home Buyer Incentive.

The Incentive would allow eligible first-time home buyers who have the minimum down payment for an insured mortgage to apply to finance a portion of their home purchase through a shared equity mortgage with Canada Mortgage and Housing Corporation (CMHC).

It is expected that approximately 100,000 first-time home buyers would be able to benefit from the Incentive over the next three years.

Since no ongoing payments would be required with the Incentive, Canadian families would have lower monthly mortgage payments. For example, if a borrower purchases a new $400,000 home with a 5 per cent down payment and a 10 per cent CMHC shared equity mortgage ($40,000), the borrower’s total mortgage size would be reduced from $380,000 to $340,000, reducing the borrower’s monthly mortgage costs by as much as $228 per month. Terms and conditions for the First-Time Home Buyer Incentive would be released by CMHC.

CMHC would offer qualified first-time home buyers a 10 per cent shared equity mortgage for a newly constructed home or a 5 per cent shared equity mortgage for an existing home. This larger shared equity mortgage for newly constructed homes could help encourage the home construction needed to address some of the housing supply shortages in Canada, particularly in our largest cities.

The First-Time Home Buyer Incentive would include eligibility criteria to ensure that the program helps those with legitimate needs while ensuring that participants are able to afford the homes they purchase. The Incentive would be available to first-time home buyers with household incomes under $120,000 per year. At the same time, participants’ insured mortgage and the Incentive amount cannot be greater than four times the participants’ annual household incomes.

Budget 2019 also proposes to increase the Home Buyers’ Plan withdrawal limit from $25,000 to $35,000, providing first-time home buyers with greater access to their Registered Retirement Savings Plan savings to buy a home.

04/20/2019

3/20/2019
Federal Gov’t has increased the limit of RRSP withdrawal from $25k to $35k per person to use for downpayment on a home – FIRST TIME HOME BUYERS ONLY! This applies to anybody who wishes to withdraw from their RRSP account effective March 19th, 2019.

04/20/2019

4/12/2018
With the new Office of the Superintendent of Financial Institutions stress test rules firmly in place since January, Canadian homebuyers have learned they need to arm themselves with practical information on how they can ensure they are “stress-test ready”.
The following is a guide and best practices tool kit for those about to embark on securing their new or next mortgage:

Make a financial plan
Any time a big purchase is at stake, laying out a financial plan is always the best first step to take. By creating a plan, home buyers can protect themselves from increased interest rates and ensure they are staying on budget.

Have a contingency fund
Without question and now more than ever, home buyers need to establish contingency funds. It’s incredibly important to have funds set aside when unexpected costs such as property repairs arise. An established contingency fund also looks good to financial lenders.

Pay off debts and increase downpayment
The most important tool in the Best Practices Tool Kit is to pay off debts as quickly as possible and maximize your down payment. If you already have a mortgage, increase the frequency of payments by taking advantage of what the financial institution offers such as accelerated bi-weekly payments.

Broaden search parameters
Although you may have an ideal neighbourhood in mind, it is important to also consider broadening those search parameters. Often there are homes in other neighborhoods that could be a perfect choice if you are willing to commute a little longer.

I’m here to help you
I can help you to navigate confusion surrounding the stress test. Ultimately, being stress test ready means being ready for future increases in rate so that you can afford your next home comfortably on your budget.

04/20/2019

10/18/2017
The Office of the Superintendent of Financial Institutions Canada (OSFI) published the final version of Guideline B-20 − Residential Mortgage Underwriting Practices and Procedures. The revised Guideline, which comes into effect on January 1, 2018, applies to all federally regulated financial institutions.

The changes to Guideline B-20 reinforce OSFI’s expectation that federally regulated mortgage lenders remain vigilant in their mortgage underwriting practices. The final Guideline focuses on the minimum qualifying rate for uninsured mortgages, expectations around loan-to-value (LTV) frameworks and limits, and restrictions to transactions designed to circumvent those LTV limits.

OSFI is setting a new minimum qualifying rate, or “stress test,” for uninsured mortgages.
Guideline B-20 now requires the minimum qualifying rate for uninsured mortgages to be the greater of the five-year benchmark rate published by the Bank of Canada or the contractual mortgage rate +2%.
OSFI is requiring lenders to enhance their loan-to-value (LTV) measurement and limits so they will be dynamic and responsive to risk.
Under the final Guideline, federally regulated financial institutions must establish and adhere to appropriate LTV ratio limits that are reflective of risk and are updated as housing markets and the economic environment evolve.

OSFI is placing restrictions on certain lending arrangements that are designed, or appear designed to circumvent LTV limits.
A federally regulated financial institution is prohibited from arranging with another lender a mortgage, or a combination of a mortgage and other lending products, in any form that circumvents the institution’s maximum LTV ratio or other limits in its residential mortgage underwriting policy, or any requirements established by law.

To find out how this will affect you, please contact me at anytime.

04/20/2019

Please feel free to open my website and you will find a lot of information's you might need!

https://www.mortgageweb.ca/ceciliaragragio