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Title Insurance BC

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Title Insurance What Is It & Why So Many Private Lenders Require It.

British Columbia works on the modified Torrens land title system that “guarantees” your title. It is questionably one of the best systems for land registration. This system is very accurate in determining who the owner is and what registered charges are against the property. The province assurance fund also pays financial compensation in appropriate cases where the possibility of lose of title through fraud occurs.

This system has been in place for many years and is considered great for normal transactions.

What Is Title Insurance & Why You Might Consider Getting It.

Title Insurance insures buyers or lenders against potential loss of title (for example, ownership of the property you’re buying) &/or problems with the title. Almost all private mortgage lenders require title insurance on all mortgages they do.

mortgage broker BCExample of a Problem with Title: Client purchases a home with a shared driveway. The home in question has no other access to the road system without using this driveway. Later the home owner finds out that the driveway has no right of way or easement for the title of his/her home and the other home owner will not grant this to them. This is a case where title insurance can cover the lender & possible the home purchaser.

mortgage broker BCAs well title insurance might cover you for construction done by the previous home owner without permits or building by-law infractions, land use as well as set back problems.

Very few mortgage fraud cases happen in BC in the past two decades but they do get quite a bit of media attention when they do.  If an innocent home owner is defrauded through transfer of their title and the fraudster who then takes out a mortgage and takes off with the money, then the lender now bears the risk of loss. This makes the small cost of Title Insurance worth it for you in BC.

Mortgage BrokerIf you are considering the purchase or refinance of  a home consider  title insurance or talk to a Real Estate lawyer to better understand the benefit or other useful product for your particular transaction.

10 Hilarious Secret Santa Gift Ideas to Share With Friends Amazon.ca

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Pizzacutter Chopper Motorbike Pizza Cutter $16.29 

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Big Mouth Toys The Beast Giant Fist Shaped Drink Kooler $17.99

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EZ Drinker Happy Man Funny Set of Bottle Opener, Bottle Stopper and Corkscrew, Red $21.27

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Thumbs Up I’m A Twat Surprise Mug TWATMUG $19.89

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Chalktrail FA076-2 for Bikes, Blue $21.95

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Please note that Amazon.ca prices change frequently and the prices here may not reflect the current price on Amazon.ca.

Please enjoy these Secret Santa Gift Ideas under $25 dollars I have made up for you to share with your friends and family. Make the holidays more enjoyable by shopping online.

Self Employed Mortgages & CMHC – Is It The End For Self Employed Mortgage Insurance?

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salaried iconIs this the end of stated income mortgage insurance or a push to reduce the risk to the crown corporation? Many think this is the first steps in the crown corporation to offset the risk to private insurers.


CMHC controls a majority of the market with just two other insurers that are private. CMHC is getting out of the market of second homes and requires self-employed Canadians to have third party income validation. (Job letter paystub, NOA, 3rd party audited financials etc.)

child tax credit iconIf you are purchasing a home with less than 20% down payment through a Canadian regulated bank then you must get mortgage insured. CMHC is 100% secured by the federal government while insurers like Genworth & Canada Guaranty are only 90% backed.


Moving forward CMHC is looking to invest in less of the market and has a mandate to get smaller.

These tow programs according to the release will only effect three percent of CMHC’s insured business volume.


Mortgage Insurance Premiums Increased CMHC

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CMHC will increase its mortgage loan insurance premiums for homeowner and 1 – 4 unit rental properties effective May 1, 2014.

Increase applies to mortgage loan insurance premiums for owner occupied, self-employed and 1-to-4 unit rental properties, including low-ratio refinance premiums.

For the average Canadian homebuyer requiring CMHC insured financing, the higher premium will result in an increase of approximately $5 to their monthly mortgage payment. This is not expected to have a material impact on the housing market.

Effective May 1st, CMHC Purchase (owner occupied 1 – 4 unit) mortgage insurance premiums will increase by approximately 15%, on average, for all loan-to-value ranges.

Loan-to-Value Ratio Standard Premium (Current) Standard Premium (Effective May 1st, 2014)
Up to and including 65% 0.50% 0.60%
Up to and including 75% 0.65% 0.75%
Up to and including 80% 1.00% 1.25%
Up to and including 85% 1.75% 1.80%
Up to and including 90% 2.00% 2.40%
Up to and including 95% 2.75% 3.15%
90.01% to 95% – Non-Traditional Down Payment 2.90% 3.35%



  • Mortgage loan insurance helps protect lenders against mortgage default and enables consumers to purchase homes with a minimum down payment of 5% with interest rates comparable to those with a 20% down payment. Mortgage loan insurance is typically required by lenders when homebuyers make a down payment of less than 20% of the purchase price.
  • CMHC mortgage loan insurance premium is calculated as a percentage of the loan based on the loan-to-value ratio. The premium can be paid in a single lump sum but more frequently is added to the mortgage principal and amortized over the life of the mortgage as part of regular mortgage payments.
  • CMHC reviews its premiums on an annual basis and has adjusted them several times since being commercialized in 1998. Adjustments have included both increases and decreases to the premiums.
  • CMHC’s new premium rates will be effective for new mortgage loan insurance requests submitted on or after May 1, 2014. The current mortgage loan insurance premiums will apply for applications submitted to CMHC prior to May 1, 2014, regardless of the closing date. As is normal practice, complete borrower and property details must be submitted to CMHC when requesting mortgage loan insurance.
  • The increase applies to mortgage loan insurance premiums for residential housing of 1-to-4 units. This includes owner occupied, self-employed and 1-to-4 unit rental properties, including low-ratio refinance premiums.
  • In 2013, the average CMHC insured loan at 95% loan-to-value was $248,000. Using these figures, the higher premium will result in an increase of approximately $5 to the monthly mortgage payment for the average Canadian homebuyer. This is not expected to have a material impact on the housing market.
95% Loan-to-Value
Loan Amount $150,000 $250,000 $350,000 $450,000
Current Premium $4,125 $6,875 $9,625 $12,375
New Premium $4,725 $7,875 $11,025 $14,175
Additional Premium $600 $1,000 $1,400 $1,800
Increase to Monthly Mortgage Payment $3.00 $4.98 $6.99 $8.98

Based on a 5 year term @ 3.49% and a 25 year amortization

*Premiums in Manitoba, Ontario and Quebec are subject to provincial sales tax — the sales tax cannot be added to the loan amount.

85% Loan-to-Value
Loan Amount $150,000 $250,000 $350,000 $450,000
Current Premium $2,625 $4,375 $6,125 $7,875
New Premium $2,700 $4,500 $6,300 $8,100
Additional Premium $75 $125 $175 $225
Increase to Monthly Mortgage Payment $0.37 $0.62 $0.87 $1.12

Based on a 5 year term @ 3.49% and a 25 year amortization

*Premiums in Manitoba, Ontario and Quebec are subject to provincial sales tax — the sales tax cannot be added to the loan amount.

For more information visit https://www.cmhc.ca/en/hoficlincl/moloin/moloin-013.cfm

Stop Dating Your Debt & Commit Already! Are Your Christmas Bills Still Around at Valentines Day?

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Debts still Piled up from Christmas Holiday? images (6)The thrill of the Christmas Holiday Season is well past. Are you still dating the debt you built up over the holiday season due to shopping, eating out, or maybe even a vacation. Its time to get serious about reducing or the elimination of your debt and here are some tips how:



Five Simple Steps To Pay Off or Eliminate Your Debt

  1. Keep it simple, Target one card first: Try making the minimum payment on all your cards but pay as much as you can to the card with the highest interest rate. Paying one card off fast can give you self satisfaction and keep you motivated to become debt free faster.
  2. Propose to Creditors to lower the interest rate on your card: In some cases creditors are willing to lower your rate of interest on your card. Even a percent or two can save you hundreds of dollars on annual bases.
  3. Transfer your balance to a lower rate card (cautiously): Transferring higher interest rated debt to a card or LOC with a lower rate and significantly reduce the interest you pay on debt. But be careful: You should transfer a balance only if you’re committed to paying off the debt within an introductory low-interest-rate window (which typically lasts 12 to 18 months after the first billing cycle closes) Be sure to commit to the relationship of debt reduction or debt repair.
  4. Debt Consolidation Loan: Using a secured debt consolidation loan or unsecured through your bank can consolidate into a lower payment. This can allow you to focus on paying off your debt gradually over a year or two.
  5. Home Equity Loan: If your debt is affecting your cash flow and you are looking for payment relief a home equity loan maybe an option for you. There are many different equity loan products out there at great home equity loan rates. Since these loans are based on equity it doesn’t matter if you have bad credit or low income. There is a product out there for most home owners. Call Today to Learn More!

Jeff DiLorenzo  The Mortgage Group Canada Inc. 1-877-744-3436

Small steps towards mortgage freedom

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Learn how you can baby step your way to mortgage freedom saving thousands of dollars in interest in the process.  A Scotiabank’s Mortgage Landscape Study, almost 2/3 of mortgage holders agree they could make additional payments to help pay off their mortgage faster without impacting their lifestyle. It can take — only an extra $20 a month.
While many homeowners think in terms of lump-sum payments, which are a great option, there are other ways to save money and pay down that debt. Seventy-nine per cent of mortgage holders have taken at least one of these steps:
1. Refinancing for a lower interest rate
2. Renegotiating for a lower interest rate
3. Switching to bi-weekly payments
4. Increasing amount of regular payments
5. Lump-sum payments
Mortgage Broker YourEquity.ca

Save Interest on mortgage

Increasing your payment by just $20 a month will have a positive impact because the extra money is applied directly against the mortgage principal. This decreases the amount of interest you will pay over the life of the loan. For example, the average borrower would save almost $2,800 in interest over 25 years and reduce the amortization by 10 months. Imagine if you added $40 or $60 a month.

Interestingly, the poll also showed that 21% of mortgage holders have not taken any steps to pay down their mortgage for the following reasons:

1. Don’t have available funds
2. Have other payment priorities
3. Don’t know what steps to take

The poll also revealed that 51% of mortgagors have spoken to their mortgage professional about how they can become mortgage-free faster.

It’s easy to forget about your mortgage when you’re making automatic payments. It’s a good idea to keep up-to-date on mortgage options and interest rates .You could potentially save a ton of money by understanding those options.

The freedom that being completely debt-free brings is a dream for many Canadians. If you’re unsure of what your next step should be, it’s advisable to contact your mortgage professional. Together we can review your mortgage, look at your financial picture and devise a mortgage-reduction plan that works for you.
Reaching Out to Newcomers
You’ve made Canada your new home and are probably in the process of searching for a place of your own. Looking for a home can be a very exciting experience that can be both rewarding and challenging.
As Canada’s national housing agency, Canada Mortgage and Housing Corporation (CMHC) has been providing Canadians – including new Canadians like you – with information and tools to help you make informed homeownership decisions.
Mortgage Broker YourEquity.caTo help new Canadians make informed housing-related decisions and find safe, affordable homes for their families, Canada Mortgage and Housing Corporation has developed a multi-language one-stop online source for housing-related information. Visit CMHC at www.cmhc.ca/newcomers to access a series of guides and tools that take you through the home buying process.
CMHC wants to provide newcomers to Canada with relevant and simple housing-related information. A wealth of information on renting and buying a home is available for newcomers in both official languages – English and French – as well as in Mandarin/Simplified Chinese, Arabic, Punjabi, Spanish, Tagalog and Urdu.
The “Housing for Newcomers” site features information on home buying, including such topics as:
  • What to Look For When Buying a Home
  • How Much Home Can You Afford?
  • Choosing the Right Mortgage For You
  • Making an Offer and Closing the Deal
  • Location, Location, Location: Finding a Home of Your Own
Furthermore, the following information to help guide you with your mortgage planning is available in 8 languages:
  • Mortgage Fraud will teach you how to protect yourself from becoming a victim of mortgage fraud when purchasing or refinancing a home
  • Mortgage Planning Tips will give you tips to help you save money and provide for greater economic stability in the event of financial challenges down the road and
  • Your Credit Report will give you some simple steps you can take to maintain a good credit score and history and improve your chances of being approved for a mortgage.
Home Equity LoansThe site also features information on renting an apartment – for most newcomers, your first home will likely be a rented house or apartment. Renting a home should provide you with a safe place where you can begin to adjust to your new life in Canada. It can also give you the time to look for a home to buy without feeling pressured into making a quick decision.  Topics include:
  • Understanding “For Rent” Ads
  • Checking Out a Home or Apartment
  • Signing a Lease
  • Keeping Your Home in Good Condition
  • How to Find and Rent a Home if You Have a Large Family
  • Paying the Rent: What’s Included – and What’s Not.
A series of interactive videos have also been produced as well as translated and featured in subtitles in all the other languages to provide you with information on home buying mortgage literacy and home renovation.  These consumer friendly videos offer tangible information to help with decision making.
For more information or for FREE information on other aspects of renting and buying a home in Canada, visit www.cmhc.ca/newcomers. For 65 years, Canada Mortgage and Housing Corporation has been Canada’s national housing agency and a source of objective, reliable housing expertise.

Benchmark Rate Remains the same. September 12 2012 Your Equity Mortgage Vancouver BC

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The latest rate setting by the Bank of Canada, once again, maintained the benchmark at 1%. It has been there for two years, the longest run ever without a change. Still, Governor Mark Carney continued to express the Bank’s desire to move rates up as soon as possible. That position seemed to take another hit when the Chairman of the U.S. Federal Reserve indicated The Fed was prepared to hold its borrowing rate at 0.75% to 2015 if necessary.

Now a new report from Moody’s Analytics is bolstering Carney’s cause. It says Canada could move on rates well before the end of next year. The sister company to global ratings agency points to Canada’s GDP growth being broadly in line with projections; the fact that Canadians appear to be reducing their debt levels; and the housing and building markets appear to be cooling. All of these contribute to an environment that would allow for a gradual increase in rates, that wouldn’t shock the economy.

British Columbia Bad Credit Mortgage Broker / Refinancing with BAD CREDIT VANCOUVER BC

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Most people that call a Mortgage Broker with a bad credit mortgage questions are doing so because they have went through something or many things that has left them in a position where their bank has said no. First thing you should do is call me or any mortgage broker to get a free assessment of your financial position. A good mortgage broker should be able to asses a plan of action which could include obtaining a 2nd mortgage or refinancing your current mortgage with a B-Lender or lastly a new 1st private mortgage lender.