Bob Sethi, B.Comm | 604.273.2828

 
Property Photo: 10891 STEVESTON HWY in Richmond
I have listed a new property at 10891 STEVESTON HWY in Richmond.
Country-style rancher on potential townhouse site property! Close to schools, shops & transit in family-friendly McNair neighborhood. Updated with easy access circular driveway. Lots of flex-space in this 3 (or 4) bedroom home. Call today!Move-in condition country-style rancher on a potential townhouse site property! Close to schools, shops and transit in family-friendly McNair neighborhood (Ironwood). Three bedroom home with Den, large Living/Dining Rooms plus 200 SF of flex space. Fourth bedroom possible. Lots of flexible space in this great home with easy access circular driveway offering two entrances from road. This potential townhouse property is right next door to a new townhouse development. Call today!
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Homeowners - if you have or want a line of credit, read below for changes effective April 18, 2011.
 

New Parameters Regarding the Application of the Government Guarantee for Mortgage Loan Insurance

On January 17, the Government of Canada announced new mortgage insurance parameters regarding the application of the government guarantee. The News Release and Backgrounder issued by the Department of Finance, summarizing the new rules, is attached for your information.
 
Consistent with the parameters, CMHC will:
 

Effective March 18, 2011

  • Limit the maximum amortization period to 30 years for a mortgage loan with a loan-to-value (LTV) ratio above 80%. (The maximum amortization period will continue to be limited to 25 years for chattel loans insured under CLIP and for on-reserve loans secured by a Ministerial Loan Guarantee.)
  • Limit the loan to value ratio to 85% for the refinance of an owner-occupied residential property with 1 to 4 units.

Effective April 18, 2011

  • Mortgage Insurance for non-amortizing housing loans (lines of credit) will no longer be available. (CMHC Mortgage Insurance will continue to be available for amortizing housing loans with loan to value ratios of up to 80, with single or multiple components, secured by a collateral mortgage).
CMHC supports the Government of Canada’s on-going efforts to maintain a strong Canadian housing market and encourage Canadians to save through homeownership. Consistent with the parameters, CMHC will no longer offer insurance for mortgages falling outside the scope of the new parameters after the effective date. Similarly, only mortgage loans that fit within the scope of the new parameters will be eligible for CMHC securitization programs.
 
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News update from CMHC's website:
 

New Government Guarantee Parameters for Mortgage Loan Insurance and CMHC Product Changes

The Government of Canada has recently announced new parameters regarding the application of the government guarantee supporting the Canadian mortgage insurance industry (view the Department of Finance’s news release). The effective date when the new rules are to come into force is April 19, 2010. 
 

CMHC supports the Government of Canada’s on-going efforts to maintain a strong Canadian housing market. Consistent with the parameters established by the government, CMHC will no longer offer insurance for mortgages falling outside the scope of the new parameters after the effective date.  CMHC will be implementing the following changes with respect to the new parameters on April 19, 2010:

  1. The qualifying interest rate used to assess borrower eligibility will change only for loans with a loan to value ratio (LTV) greater than 80% as follows:
  2. Fixed Rate Mortgages and Variable Rate Mortgages: For loans with a fixed rate term of less than 5 years and for all variable rate mortgages, regardless of the term, the qualifying interest rate is the greater of the benchmark rate1, and the contract interest rate.  For loans with a fixed rate term of 5 years or more, the qualifying interest rate is the contract interest rate.

    Mortgages with Multiple Interest Rates (e.g. Multi-Component Mortgages): Each component must be qualified using the applicable criteria defined above.

    1CMHC defines the benchmark rate as the Chartered Bank — Conventional Mortgage 5-year rate that is the most recent interest rate published by the Bank of Canada in the series V121764 as of 12:01 AM (Eastern Time) each Monday.

  3. The maximum amount Canadians can withdraw in refinancing their mortgages will change to 90 per cent from 95 per cent of the value of their homes.
  4. A 20 per cent down payment will be  required for 1-4 unit rental (non-owner occupied) properties.
In support of the government position, CMHC will also be implementing changes to the calculation of a borrower’s Total Debt Service Ratio where rental income is generated from the subject property.  Effective April 19, 2010, fifty percent of the gross rental income from the subject property may be included into the borrower’s gross annual income for the purposes of calculating the borrower’s Total Debt Service Ratio.  Additionally, CMHC Second Home product will only be available for a one unit owner occupied property. 
 
Furthermore, CMHC subsequently announced that effective April 9, 2010 self-employed borrowers with more than 3 years in the same business and commissioned-income borrowers will be required to provide third party validation of income to qualify for CMHC’s Self-Employed Product.

For the majority of self-employed borrowers, income validation is readily available through financial statements, contracts, T4s and other third party income validations. The changes will ensure that self-employed borrowers with third party income validation will benefit from a lower premium.

A small portion of borrowers, such as those recently self-employed, may continue to apply for the CMHC Self-Employed Product Without Traditional Third Party Validation of Income, subject to a maximum loan-to-value of 90% for purchase transactions and 85% for refinance transactions.
 
Inquiries should be directed to CMHC’s Client Service Centre at 1-888-GO-emili (I 888 463 6454).
 
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RE/MAX Canada and I are offering you a chance to win tickets to upcoming WHL games. Click the CONTEST tab for a chance to win @ http://www.facebook.com/WHLHockey#!/WHLHockey?v=app_11007063052.  

 

If you already entered to win tickets to WHL games follow the @TheWHL on Twitter and answer the weekly question for additional chances to win!

 

Enter as often as you like and good luck to you all!

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New, tighter mortgage rules coming!

 

The Goverment of Canada has announced new, tighter mortgage rules effective March 18, 2011 with the goal of keeping Canadians out of unmanageable debt http://www.ctv.ca/CTVNews/Canada/20110117/flaherty-mortgage-rules-110117/.

 

New mortgage rules include:
  1. 35-year mortgage amortization period reduced to 30-years maximum;
  2. 90% mortgage loan to home value reduced to 85%; and
  3. Home equity loans no longer backed by the goverment.
 
The above changes are meant to encourage more Canadians to secure their financial position before buying and limit extra secured loans to home improvement projects. 
 
If you would like to purchase a home or investment property under the current rules, or want to know how this will affect your home equity loan, give me a call at 604-273-2828 or email bob@bobsethi.com.
 
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Property Photo: 316 13728 108TH AVE in Surrey
I have listed a new property at 316 13728 108TH AVE in Surrey.
Quattro3 - your NEW HOME OWNERSHIP opportunity! 7-PC APPLIANCE PACKAGE: Whirlpool S/S kitchen appliances plus Samsung front-loading W/D). STANDARD 9' CEILINGS. FULLY-EQUIPPED GYM in building. Walk to SHOPPING, (T&T, Best Buy, Shoppers + more), SIMON FRASER UNIVERSITY, one of three SKYTRAIN STATIONS. Limited time offer - FREE CAR CO-OP MEMBERSHIP w/access to 237 cars inc. 2 at Quattro3! BUY NEW and save: LOCKED-IN MORTGAGE RATES! Call today!
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Property Photo: 214 13728 108TH AVE in Surrey
I have listed a new property at 214 13728 108TH AVE in Surrey.
Quattro 3 - your NEW HOME OWNERSHIP opportunity! 7 pce APPL PACKAGE: Whirlpool S/S kitchen appliances plus Samsung front loading W/D, STANDARD 9' CEILINGS, FULLY EQUIPPED GYM in building. Walk to SHOPPING (T&T, Best Buy, Shoppers & more). SIMONT FRASER UNIVEISTY, one of three SKYTRAIN STATIONS. Limited time offer - FREE CAR CO-OP MEMBERSHIP w/access to 237 cars incl. 2 at Quattro 3. BUY NOW and save. LOCKED-IN MORTGAGE RATES. Call Today!!
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Property Photo: 502 13728 108TH AVE in Surrey
I have listed a new property at 502 13728 108TH AVE in Surrey.
Quattro3 - your NEW HOME OWNERSHIP opportunity with NET HST INCLUDED! 7-PC APPLIANCE PACKAGE: Whirlpool S/S kitchen appliances plus Samsung front-loading W/D). STANDARD 9' CEILINGS. FULLY-EQUIPPED GYM in building. Walk to SHOPPING, (T&T, Best Buy, Shoppers + more), SIMON FRASER UNIVERSITY, one of three SKYTRAIN STATIONS. Limited time offer - FREE CAR CO-OP MEMBERSHIP w/access to 237 cars inc. 2 at Quattro3! BUY NEW and save: LOCKED-IN MORTGAGE RATES. Call today!
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Property Photo: 110 13728 108TH AVE in Surrey
I have listed a new property at 110 13728 108TH AVE in Surrey.
Quattro 3 - your NEW HOME OWNERSHIP opportunity! 7 pce APPLIANCE PACKAGE: Whirlpool S/S kitchen appliances plus Samsung front loading W/D, STANDARD 9' CEILINGS, FULLY EQUIPPED GYM in building. Walk to SHOPPING (T&T, Best Buy, Shoppers & more). SFU, one of three SKYTRAIN STATIONS. Limited time offer - FREE CAR CO-OP MEMBERSHIP w/access to 237 cars incl. 2 at Quattro 3. BUY NOW and save. LOCKED-IN MORTGAGE RATES. Call Today!!
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Property Photo: 413 13728 108TH AVE in Surrey
I have listed a new property at 413 13728 108TH AVE in Surrey.
Quattro3 - NEW HOME OWNERSHIP! 7 pc APPLIANCE PACKAGE: Whirlpool S/S kitchen appliances plus Samsung front-load W/D, STANDARD 9' CEILINGS. FULLY-EQUIPPED GYM in building. Walk to SHOPPING, (T&T, Best Buy, Shoppers + more), SIMON FRASERUNIVERSITY, one of three SKYTRAIN STATIONS. Limited time offer - FREE CAR CO-OP MEMBERSHIP w/access to 237 cars inc. 2 at Quattro3! BUY NEW and save: LOCKED-IN MORTGAGE RATES. Call today!
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Property Photo: 204 13728 108TH AVE in Surrey
I have listed a new property at 204 13728 108TH AVE in Surrey.
Quattro3- NEW HOME OWNERSHIP opportunity! 7 PC APPLIANCES PACKAGE: Whirlpool S/S kitchen appliances plus Samsung front-loading W/D. STANDARD 9 CEILING. FULLY EQUIPPED GYM in building. Walk to SHOPPING. (T&T, Best Buy, Shoppers + more). SIMON FRASER UNIVERSITY, one of three SKY TRAIN STATION. Limited time offer - FREE CAR CO-OP MEMBERSHIP w/access to 237 cars inc. 2 at Quattro3! BUY NEW and save: LOCKED IN MORTGAGE RATES! Call today!
Read Full Story
Property Photo: 409 13728 108TH AVE in Surrey
I have sold a property at 409 13728 108TH AVE in Surrey.
Quattro3 - your NEW HOME OWNERSHIP opportunity! 7-PC APPLIANCE PACKAGE: Whirlpool S/S kitchen appliances plus Samsung front-loading W/D. STANDARD 9' CEILINGS. FULLY-EQUIPPED GYM in building. Walk to SHOPPING, (T&T, Best Buy, Shoppers + more), SIMON FRASER UNIVERSITY, one of three SKYTRAIN STATIONS. Limited time offer - FREE CAR CO-OP MEMBERSHIP w/access to 237 cars inc. 2 at Quattro3! BUY NEW and save! Call today!
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Bob Sethi, B.Comm
Office:604.273.2828
Fax:604.273.0685
RE/MAX Westcoast
#110-6086 Russ Baker Way
Richmond, BC
V7B 1B4 Canada

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