Category

Mortgage Options

Alternative Mortgages

By | Alternative Mortgages, Calgary Economy, Life Quotes, Mortgage Minute, Mortgage Options | No Comments

Alternative Mortgages

There are many alternative products available for clients that don’t fit the bank mould due to their type of income, or credit history.

  • Business for self mortgages where reported income is low
  • Cash income sources (ie. roommate pays cash that will help pay the mortgage)
  • Equity lending (strong net worth, low declared income)
  • Private and 2nd mortgages
  • Bruised or damaged credit
  • Consumer proposals
  • Former bankruptcy

If you or a client of yours may benefit from one of these products, please give me a call.  I am happy to see if there’s a match right now, and/or help people understand what changes they may need to make to qualify down the road.

 

BORROWERS:

Full feature, 5 year fixed rates
~ Most Big Bank 5 year fixed rates are around 2.59%.
~ Most Monoline Lender* 5 year fixed rates are around 2.54%.

Basic Feature, 5 year fixed rates
~ Most basic feature mortgages are around 2.44%

Variable rates
~ Most Variable rates are around 2.35%.

*Monoline lenders are lenders that deal only in mortgages. They don’t sell RRSPs, or checking accounts etc.  Mono = 1.

**These rates are generally competitive rates to give you a feel for where the market is at.  Contact me for quick close deals and rate specials!

ECONOMICS:

Calgary Key Market Indicators

Business
~ WTI Crude Oil is at $46.21 this week (last week it was at $43.33).
~ Natural Gas is at $2.10 this week ($2.10 last week).

Money
~ Canadian dollar settled in a little at $0.78 (last week was $0.77)
~ 5 Year bond is at 0.700  (last week it was at 0.691).
~ Year over year (yoy) inflation in Calgary from March 2015 to March 2016 was 1.4%, February 2015 to February 2016 was also 1.4% (2.0% in January).
~ Year over year Canadian inflation in March was 1.27%. February was 1.36%. In January it was 2.01%. In December it was 1.61%. The Bank of Canada preferred bandwidth is 1.0% to 3.0%.

People
~ Calgary unemployment dropped for the first time in a while to 8.3% in April.  It was 8.6% in March. It was 8.4% in February and 7.7% in January.
~ Canadian unemployment in April was 7.1%.
~ Calgary’s population grew by 1900 in April.

LIFE:

“Someone who is rebellious does not want a solution.  Set limits until there is true repentance.”

– Lovingonpurpose.com