Reminder: CMHC Changes April 19th |
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On any deal where the contract rate is less than 5 years or the client is opting to take a variable rate we MUST qualify the deal on the 5 year bank posted rate. As of today the posted rate is 5.85%. On a 5 year term we can qualify the deal based on the 5 year Accelerator rate.
Rentals can now only be written to a maximum LTV of 80%.
Rental Income Debt Offset - No longer exists. The calculation is now to use 50% of the rental income as income. For non-owner occupied properties we must have T1 Generals to support the rental income. Where we are using income from an owner occupied property a lease agreement or market rents is acceptable. I have attached a new quick calculation form that has been amended for the use of rental income.
Business for Self (BFS) Stated Income. 90% max purchases, 85% max refinance. An applicant applying under the BFS Simplified program must be self employed for a minimum of 2 years and a maximum of 3 years. Any client who has been self employed more than 3 years must qualify under the standard income program.
Contact us to get your pre-qualification done before April 19th! The CMHC changes affect everyone! |
Alta West Mortgage is Here to Help |
Alta West Mortgage would like to help you with your mortgage! We have access to over 60 lenders across Canada. Rates are at historic lows, but not for long. Give us a call,
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Dave McKitrick Nominated for Prestigious Award |
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Our COO, Dave McKitrick has been nominated for "Alternative Lending Broker of the Year" by the Canadian Mortgage Awards. The awards show, which runs April 23, 2010 at the Liberty Grand Toronto, gathers the most successful mortgage industry professionals in one gala event, recognizing achievements throughout the past year.
Good luck Dave, we will be cheering for you! |
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New Branch Office Opened |
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We are happy to announce that we have opened up a new branch office at the Royal LePage Solutions office located at #16-11625 Elbow Dr.
"This is a fantastic opportunity for Alta West Mortgage and a mutually beneficial opportunity for Royal LePage Solutions" stated Chuck McKitrick. "We will be able to service Royal LePage Solutions instantly, and provide their real estate clients with fast, quality, and reliable service; it's a win/win scenario for all of us". |
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Alta West Sponsors Event |
Alta West Sponsors the First Annual Calgary Open Martial Arts Championship!
150 participants all under the age of 16 competed in 5 elements of martial arts during the competition. |
