Steve Nipius Mortgage Broker

03/20/2019

New Federal Budget First Time Homebuyer Incentives are out.

03/05/2018

A very good reason to be cautious about ever buying from This developer in the future. None of the top developers would ever stoop to this terrible level.

Most pre-sale buyers at a New Westminster condo project have chosen to pay an extra 15 per cent to keep alive their approximately two-year-old contracts.

10/17/2017

Come Jan 1 it will be much tougher to qualify for a mortgage. Once lenders have interpreted these new changes I will keep you updated on how this affects you. At minimum even with 20% qualification has just become much more difficult.

Today 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 i...

09/30/2017

I have my pair of my season tickets to tonight's Oilers vs Canucks game. Free to any of my clients or Refferal partners. First person who wants and texts me gets them. 604-376-9322

09/13/2017

In this era of one off developers from outside of Canada it's extremely important you be cautious who you are buying from. Best to always buy from a local developer with a long trusted history, not a brand new one from outside of Canada.

Vancouver Sun article deals with 2 different strata developments, both with their own set of major issues.

I feel we are going to see more of this as costs rise and prices begin to slow.

http://vancouversun.com/news/local-news/dan-fumano-vancouver-real-estate-developer-faces-mounting-lawsuits-extradition-to-u-s-on-fraud-charges

https://www.pressreader.com/canada/vancouver-sun/20170908/281633895392621

Vi­va­grand De­vel­op­ments, a Van­cou­ver-based firm that de­scribes it­self as the North Amer­i­can of­fice of a prop­erty developer in south­ern China, has can­celled its Lan­gara West condo project in the Cam­bie Street cor­ri­dor. It’s a rare move th...

03/31/2017

Lets hope we don't see any Mortgage AdvisOrs popping up anytime soon! RBC if I had any banking with you I would have cancelled it after hearing about this! I suggest anyone with an RBC Financial "Advisor" or Vice President consider working with someone licensed, message me if you want a wonderful Financial Planner that I've known and trusted for almost 15 years.

Mike Black says he feels "completely betrayed" after investing almost $1 million with the help of an RBC Dominion Securities “vice-president” who he later learned is only licensed as a salesperson.

01/20/2017

Important Smoke Detector recall affecting approx 1.5 million units in Canada. Time to check your smoke detector and CO alarm for the recall!

This recall involves Kidde NightHawk talking combo smoke/CO Alarm KN-COSM-IBCA and KN-COSM-ICA models with manufacture dates between June 1, 2004 and March 2011. The alarms are hard-wired into a home's electric power.

01/20/2017

CMHC is once again raising it's Mortgage Insurance Premiums. This will only impact new buyers buying with less than 20% down after March 17.

12/15/2016

Some new assistance for First Time Home buyers in BC.

In summary here are the changes:

The B.C. government is offering to help first-time homebuyers cover the cost of a mortgage down payment with an interest-free loan.

The B.C. Home Owner Mortgage and Equity Partnership program will provide a maximum of $37,500 — or up to 5 per cent of the purchase price — with a 25-year loan that is interest-free and payment-free for the first five years.

The intention of the program is to assist people who can afford the mortgage payments on a new home but are challenged to make the down payment.

The province will start accepting applications for the program on Jan. 16, 2017.

Homebuyers will pay no monthly interest or principal payments over the first five years as long as the home remains their principal residence.

After the first five years, home buyers begin making monthly payments at current interest rates.
Homebuyers will repay the loan over the remaining 20 years, but may make extra payments or repay it in full at any time without penalty.

The maximum purchase price of a home that qualifies for the loan is $750,000.

There are substantial eligibility requirements. Applicants must be permanent Canadian residents for the last five years and B.C. residents for the last year.

The income or combined income of applicants must be $150,000 or less. Home buyers needs to be pre-qualified for a mortgage and can buy anywhere in B.C.

The B.C. government is offering to help first-time homebuyers cover the cost of a mortgage down payment with an interest-free loan.

11/10/2016

10/03/2016

Breaking News. Minister of Finance Issues Huge Mortgage Qualification Changes Effective Oct 17, 2016

This morning in an article from the Finance Minister HUGE mortgage qualification changes were announced with their belief this will being “consistency to insured mortgages”.

In summary the mortgage change effective Oct 17th and Nov 30th are:
To help ensure new homeowners can afford their mortgages even when interest rates begin to rise, mortgage insurance rules require in some cases that lenders “stress test” a borrower’s ability to make their mortgage payments at a higher interest rate. Currently, this requirement only applies to a subset of insured mortgages with variable interest rates or fixed interest rates with terms less than five years. Effective October 17, 2016, this requirement will apply to all insured mortgages, including fixed-rate mortgages with terms of five years and more. Homeowners with an existing insured mortgage or those renewing existing insured mortgages are not affected by this measure. The benchmark rate today is 4.64%, this means as of Oct 17th anyone wanting to put less than 20% down will need to qualify at the Benchmark mortgage rate (today is 4.64%).

Additionally effective November 30, 2016, mortgages insured by lenders through portfolio insurance and other low loan-to-value ratio mortgage insurance (20% down or more) must meet the same loan eligibility criteria as high loan-to-value insured mortgages.

I encourage any of my clients to get in touch with me with any questions you might have. We are still getting more info on any grandfathering ect.

[email protected]

Backgrounder: Ensuring a Stable Housing Market for All Canadians