Kim Darwin Mortgage Broker

If you're a Senior and want to learn how much TAX FREE cash you can potentially borrow from the equity in your home, call me today. https://youtu.be/9Y_zo3q5T2U

Curious about Reverse Mortgages for Seniors? The tax-free cash seniors can receive from a reverse mortgage can be used for virtually anything. Whether it’s for eliminating debt, buying a vacation property, increasing cash flow, or providing family with an early inheritance it’s up to you! Seniors can access up to 55% of the home's equity and receive money in a lump-sum, periodic installments, or a combination of the two. If you would like to learn more about how a reverse mortgage can be a tool in your financial plan, please contact me at [email protected] or 604-740-1498.

A huge thank you to all my clients who entrusted me with your mortgage needs in 2019! This award is only because of you!

It sure wasn't what we expected would occur when COVID-19 hit BC, but the housing market has been hopping! For how long, is anyone's guess. If you have any mortgage or housing queries, give me a call. https://www.cbc.ca//british-/ting-column-sept-18-1.5730878

Yesterday afternoon, CMHC announced changes to its mortgage insurance underwriting and acceptance criteria. It is going to be more difficult to qualify for purchase financing effective July 1st based on income qualifying criteria The following changes will apply for new applications for homeowner transactional and portfolio mortgage insurance: -The maximum gross debt service (GDS) ratio drops from 39 to 35 -The maximum total debt service (TDS) ratio drops from 44 to 42... -The minimum credit score rises from 600 to 680 for at least one borrower -Non-traditional sources of downpayment that increase indebtedness will no longer be treated as equity for insurance purposes https://www.cmhc-schl.gc.ca//cmhc-reviews-underwriting-cri

Globe & Mail Article of interest: "Pandemic personal finance update No. 4: How the cost of making your mortgage go away for six months could top $12,000". The banks aren't losing out here! https://www.theglobeandmail.com//article-pandemic-persona/

Wondering what is going to happen in the mortgage world and markets over the next few months? We're in such uncharted territory that no one knows for sure. Here's an idea from a well respected economist. https://renx.ca/sobering-economic-forecast-pandemic-covid-/

Mortgage deferrals are being offered to those who NEED them. This is a compassionate program by banks, mortgage lenders,@CMHC_ca, @GenworthCanada and @CanadaGuaranty, he wrote in a separate post. It is a deferral, not a general amnesty. No shortcuts, only relief: we all need to pay our bills if we can.

Another Canadian Emergency Rate Cut

"If you’re still working and can afford your mortgage, don’t attempt to get a deferral." https://biv.com//what-you-need-know-about-deferring-mortga

The Bank of Canada cut its trend-setting overnight lending rate by half a percentage point to 1.25%, citing the coronavirus outbreak as a "significant health threat."

Understanding the Affordability Crisis

If you're over 55, downsizing should NOT be your only option.

Canadian prime rate hold'n steady...

Come on down to see Mortgage Broker - Natasha Pahljina and I at the SEWN Self-Employed Women's Network Sunshine Coast BC business fair at Shishálh Nation hall.

I'll be out of my office this afternoon (Friday Sep 27) to stand with youth in their call for real climate action.

Come on down and check out the 4th Annual SEWN Business Fair. See you there!

A huge thank you to HomEquity Bank for the invitation to the Platinum VIP Event at Hawksworth Restaurant!

A huge thank you to every client who helped me achieve the Verico Canada President Award. So grateful.

Yesterday in the BC Legislature we debated Bill 23: Land Owner Transparency Act, 2019 at second reading. This is an important bill that is aimed at increasing transparency in property ownership. The bill requires beneficial owners of corporations, partnerships and trusts to file a transparency declaration when there is a transfer of legal title of property or a change in beneficial ownership. It further requires pre-existing beneficial owners to file a declaration. However, the bill will not affect individual property owners who are listed on title at the Land Title Office.

Pretty sure I wrote a Letter to the Editor in 2015 or 2016 saying the same thing. Gawd it takes us so long to start correcting stupid decisions!

4 problems with Canada's mortgage stress test.

Nice to see some data on non-resident property ownership. I'd like to see some local data to determine the impact the lack of foreign buyers tax may have.

They say the unexpectedly weak Canadian housing market is one factor making it likely Bank of Canada Governor Stephen Poloz will take a less aggressive approach to interest rates this year. Who knows if what they say will play out...

Do you suffer from FOMO when it comes to home buying plans?

This darn stress test is knocking an entire generation out of the chance of home ownership. We need to keep pressure on the Federal Government to change it.

Kind of like what happened to the Sunshine Coast in 2016...

'Normally we’d have seen at least one bank chop advertised fixed rates by now. But not this time. Banks are purposely padding margins, he wrote.'

More new rules and how they may affect you.

If you have a HELOC, this new rule the banks have quietly brought in will likely affect your future borrowing ability. The Feds keep bringing in more restrictions without seeing results of the multitude of previous restrictions. Enough is enough!

Congratulations to Ronnalee! The lucky winner of my Foosball/Icebox Cooler at the Self-Employed Women's Network Sunshine Coast BC trade show. Thanks to everyone who entered the draw!

Come down and join us today (Nov 10/18) at the SEWN Biz Fair.

Mortgage Professionals - get to know your clients! Millennials are just one of the surveyed groups from our Mortgage Consumer Survey. http://ow.ly/bnQP30mfO9O

Curious about Reverse Mortgages for seniors? Give me a call. I'd be happy to answer your questions.

How do you feel about property prices on the Coast? Do you hope they continue to increase? or are you ready for a decrease?

We've all heard the saying "What goes up, must come down". Well now... what goes down is comin' UP!

Pretty wild how different housing costs are across Canada! Check this out.