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Your Financing Questions Answered

By Gillian Bell on July 17, 2019

Trenton Pittner Group recently interviewed Trevor Fiset of Advanced Mortgage to have your most popular home financing questions answered...

 

 

What Company do you work for?

Advanced Mortgage was founded in 2013 by Trevor Yerema. With over 20 years working in the financial industry, including managing TD’s Western Canadian Mortgage operations, Trevor saw an opportunity to offer his clients more options which single institutions were unable to provide. The belief that clients should have solution based options specific to their needs is how Advanced Mortgage was created and to this day, proudly provides innovative mortgage and lending solutions to the public.

Every client is unique which is why our customized approach to mortgage lending will guarantee the right fit for you, and helping you achieve your lending goal is what we strive to do!

 

Why use a mortgage broker over a financial institution?

Individually we can do so little, together we can do so much! 

When working with a bank, you are only exposed to what that single institution offers. An Advanced Mortgage professional works closely with more than 20 banks and non-banks, allowing you the greatest opportunity to find the perfect lending option for you! Be it rate, amortization, down payment, or whatever unique option you are looking for, Advanced Mortgage has the relationships and reach, all under one umbrella, that the banks do not have! 

Simply put, an Advanced Mortgage Broker works for you and for your best interest!

 

What are the current interest rates?

The best rate in the market right now is 2.79%. This is for an insured mortgage, or, any mortgage with less than a 20% down payment, where the client has paid for default mortgage insurance with a company like CMHC.

For mortgages with 20-35% down payment, the best rate is currently 2.89%. The rate is slightly higher than the above “insured” rate, however the savings of not paying for default mortgage insurance still makes it worth paying the slightly higher rate. 

If you can put down 35% or more towards your down payment, then we get back to 2.79% with no insurance premium. If you can achieve this, it’s the way to go.

 

What is the smallest down payment you can have?

  • 5% down on an owner-occupied property under $500,000
  • If the price is $500,000 to $999,999 we need 5% of the first $500K and 10% on the remainder
  • For properties over $1,000,000 or rental properties, you will need 20% down
  • If you are doing a refinance to take out equity, you must leave at least 20% equity in the property

 

To avoid CMHC, you need to put down 20%, correct? 

That is correct. A lender may still insure your mortgage if you put down 20% or more, but you are not on the hook for the payment.

 

 

For any other Mortgage specific questions please contact Trevor at 403.808.7497

 

Have a property you're interested in viewing? Trenton Pittner Group wants to help!

 

Author

Gillian Bell, Associate

Trenton Pittner Group