Second mortgage appraisal rebate

Purchase Assist program - First Swiss Mortgage

 

 

 

$400.00 Second mortgage appraisal rebate qualifying conditions

  • Appraisals are paid by borrowers.
  • Appraisals are directly ordered by the lender.
  • A refund of appraisal cost for the maximum of $400.00 is provided to the borrower upon closing only. (Only appraisals that were ordered by First Swiss Mortgage Corp qualify and only upon closing of the transaction with First Swiss Mortgage Corp if the value is confirmed);
  • To qualify for appraisal rebate file must be broker complete and be instructed between January 9th and February 28, 2017.

Simple and secure!. Complete the request form and you'll receive your unique secured personalized link to complete your application

Applicant information

This is a per secured personal application request

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Effects of Recession

Aside

RecessionEconomists officially define a recession as two consecutive quarters of negative growth in gross domestic product (GDP). This is a significant decline in economic activity spread across the entire country.

A short analysis of how recession might affect our families and the positive perspective at the end of all

But, how does affect you as a home owner with a mortgage?

There are a number of different scenarios and a solution to a single scenario should not be considered as a solution to all.

The impact of an economy in recession, besides the slowdown of the industrial production and manufacturing, might be a greater number of job losses affecting first the low levels of a work force, like in retail positions, service industry as the consumer spending slows down, due the decline in real income.

So a small business sees less dynamism in sales ,products may stay longer in shelves as demand of the products slows down as well, obtaining a line of credit now should be considered to improve cash flow

Large companies may stop hiring or even reduce workforce or reduce benefits and other alternatives seeking to cut costs.

May I offer you a one on one advise?

In regards to credits, as income from sales or salaries decreases, repayments to debts may suffer the same effect, damaging credits and leading to reduction of possibilities to obtain new credits or even to keep existing ones, seriously affecting the cash flow in a family or business.

Borrowers with current mortgages with fixed rates, may be more at peace than those with a variable rate if the devaluation of the currency persist, as the bank of Canada may be dragged to increase the prime lending rate and mortgages with variable rates may become un-affordable suggesting an early refinancing early rather than late may be the best to do.

For those who are currently renting and planning to finally purchase their home in the near future, and their source of income is not at risk of being lost, the best advise might be to accelerate their plan as much as possible (see mortgage assessment) and secure a mortgage with a low fixed mortgage rate and take advantage of the first time home buyers credits offered by the government.

The good part of the story is that history shows that those who were prepared to stand during recessions, may become stronger once the economy rebounds, and it will, there is no question about it. They be stronger as some competitors may fade or even be out of business because they were not prepared.

Recessions don’t last forever be prepared!

Contact your mortgage agent

Residential Construction Mortgages

Residential Construction Mortgage

Faster approvals and easy advances

For you who are looking to start a new project and looking for financing options, why not getting faster approvals and easy advances, simply the best lending solution.

Residential Construction Mortgages details: 

  • For builders or borrowers wanting interim financing for a new construction project, for renovating an existing structure and for land acquisition
  • Loan commitments are made at the time of approval and may not exceed 85% of budgeted costs, up to 75% of the land value and may not exceed 65% of Pro-forma appraised completion value
  • Draw advances are easy with support from our Construction Specialist and can be made up to 5 times though the project
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New To Canada Mortgage

 

New To CanadaNew to Canada Mortgage is for people who have immigrated or relocated to Canada within 60 months, offers credit record or history flexibility, lower down payment required than a conventional mortgage.

The New to Canada  mortgage is for the new immigrants that have obtained landed status and have not already owned a house It presents the opportunity to start owning a home instead of renting.

The following are some borrower qualifications for the New to Canada Mortgage:

  • High ratio secured mortgage loans with only 5% Down payment from own resources; For LTV’s less than 95%, the remainder may be gifted from an immediate family member or from a corporate subsidy. (3 years landed immigrant)
  • Or Conventional unsecured mortgage loan with 35% Down payment or more from own resources.
  • Amortization up to 30 years in Conventional & 25 years insured mortgages
  • No 3rd party/Guarantors

  • Number of units, Max 2

  • Must provide valid work permit or verification of landed immigrant status

  • International Credit Report or 2 alternative sources of credit

  • Bank reference letter or 6 months bank statements
  • 3 months minimum full-time employment in Canada (borrowers being transferred under a corporate relocation program are exempt)
  • All debts held outside of the country must be included in the total debt servicing ratio (Rental income earned outside of Canada is to be excluded from the GDS/TDS calculation)
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