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* HOME * CALCULATORS * APPLY NOW * MORE * BLOG * VIDEOS * RESOURCES * VIP CLUB * RATE UPDATES * REALTOR SIGN UP * AWARDS LET'S CONNECT -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- YOU BELONG HERE LET'S CONNECT LET'S RUN SOME NUMBERS Purchase Price Total Monthly Cost $1,680 Monthly Mortgage $1,472 Home Expenses $208 Funds Needed $15,500 Down Payment Min 5% $12,500 Closing Costs $3,000 Estimated with a 5.25% interest rate, 25 years amortization and other assumptions Schedule a CallCustomize Christine Buemann Owner | Mortgage Broker MEET THE TEAM -------------------------------------------------------------------------------- Introducing Christine, a seasoned Mortgage Broker who embarked on her journey in 2010 and has been making waves in real estate investment throughout Northern BC since 2005. With an unwavering passion for mortgages, Christine is renowned for her ability to think "outside of the box," consistently delivering innovative solutions. When it comes to qualifying or maximizing cost savings, she prides herself on protecting her clients' interests and making their well-being her utmost priority. "I believe the role of a Mortgage Broker is to help you explore and understand your available options so you can make your own, educated decisions. Our team is dedicated to providing exceptional and personalized service. Leveraging our extensive knowledge and experience, we create tailored mortgage plans and ensure your needs are met at every stage of the process. We work tirelessly on your behalf, having access to a diverse pool of lenders offering a wide range of mortgage products. Building strong relationships is at the core of our values, and we strive to be a continuous resource for our clients long after their mortgage is secured." Beyond her professional endeavors, Christine finds solace in cherishing precious moments with her family, diving into captivating books, and embracing the wonders of the great outdoors. Whether she's exploring serene nature trails or embarking on exciting adventures, she knows the importance of balancing work and life to nurture her own well-being and maintain a fresh perspective for her clients. So, if you're seeking a Mortgage Broker who goes above and beyond to ensure your financial success, look no further than Christine. With her expertise, dedication, and commitment to personalized service, she will guide you through the mortgage process and be a trusted partner on your journey. Let's create a solid foundation for your dreams together! VIEW ALL AWARDS WE WOULD LOVE TO HEAR ABOUT WHICH STAGE OF THE JOURNEY YOU ARE IN. -------------------------------------------------------------------------------- Mortgages are complicated and we understand that. If you prefer to review your situation in detail together, we are always happy to help. I'M JUST GETTING STARTED Find out how much you can afford in 2 minutes. > HAVE A SPECIFIC HOME IN MIND Find out if you can afford it in 2 minutes. > WANT TO REFINANCE A HOME YOU OWN? Find out how much you can take out in 2 minutes. > LET'S CONNECT THE MORTGAGE INDUSTRY IS CHANGING QUICKLY. WATCH THIS SHORT VIDEO TO LEARN WHY IT'S IMPORTANT TO USE A MORTGAGE BROKER. MORTGAGE FINANCING -------------------------------------------------------------------------------- Whatever your mortgage needs; our team has the knowledge, experience and resources to guide you! FIRST TIME HOME BUYERS? If you're looking to buy your first home, we have all of the tools and resources you need! Check out this page for basic information and contact Christine to start the conversation! GOING THROUGH A DIVORCE? We have a program designed specifically for those who are navigating this often new and uncomfortable journey. Whether you are looking to keep your matrimonial home, to be removed from title or simply to understand your options - contact our team to learn about how Christine’s unique strategies can simplify the process. MORTGAGE INTO RETIREMENT? Senior Canadians are looking for options. Although a great product for some people, the reverse mortgage isn't your only option into retirement. Let's discuss ALL your options, instead of making assumptions. EXPERIENCED HOME OWNER? If you are looking to refinance, renew or purchase a new home, our team will review your current and future financial goals to ensure you have the best possible strategy to lower your cost of borrowing. Christine’s unique and holistic view of financial structuring and integration is an experience you won’t want to miss! INTERESTED IN EXPLORING INVESTMENTS? Whether you are experienced at real estate investing or just looking to get started, Christine is an invaluable resource for information in this area. As a long-time investor herself, she has personally experienced “the good, the bad and the ugly” and will use this deep level of knowledge and experience to help design a plan which will maximize your profits and align with your long term goals VALUED RELATIONSHIPS -------------------------------------------------------------------------------- With over a decade of experience, our team has developed excellent relationships with many lenders. Here are a few of our trusted partners: * Button * Button * Button * Button * Button * Button * Button * Button LET'S CONNECT Katelyn Campbell 1 month ago Christine and the team were wonderful to work with! They provided prompt and thorough guidance through the process which I really appreciated as a first time home buyer. Read more Posted on Google Riley Johnson 6 months ago Quick and seamless process. Posted on Google Laurie R. 2 months ago We thoroughly enjoyed the services from Christine Buemann's MortgageTeam. Her team was very helpful and made this transition into our first home an easy quick process. Christine, Erin, Dakota & Azra.. all worked together for us with every document that was required. Highly recommend. Thank you for the gift basket & most importantly thank you for helping us with our beautiful home. Tom, Fran & Laurie Read more Posted on Google Matt Putnam 1 year ago Christine and team made our home buying experience very pleasant and effortless. 10/10 would recommend! Read more Posted on Google Deanna Hodgins 2 months ago When it was time for us to renew our mortgage we booked an appointment to renew with the bank. RBC passed us around from investment people to tellers “helping out” and anyone else the bank could use and us never once actually getting a mortgage professional. Our questions weren’t getting answered and we were loosing money taking days off work for these appointments only to have people that had no experiences with mortgages tell us “I don’t know” and “ I’ll have to ask someone else”… we decided it was time to look for a professional that would help us navigate our renewal. We looked up reviews and I looked on Facebook to see who was most often referred and Christine Beumann always came up and everyone spoke highly about her and her team. We seek a dentist for dental work, a mechanic for our vehicles, a doctor for our ailments, a vet for our pets; and yet we never thought to seek a mortgage professional for our mortgage. Our mortgage journey went from frustrated with RBC to simplified, organized, educational, and accommodating with the Christine Beumann team. The pictures I’ve attached are the thank you gift we received once everything was done with our mortgage. This is a team that is interested in getting your business, through trusting relationships that respect your time, value your money and maintain the highest integrity. We will never again seek a bank for a mortgage, we will stick to a mortgage professional, specifically Christine and her team. We worked a ton with Erin Wareing, she was incredibly knowledgeable, kind, patient, and was highly organized. Thank you to this team for helping us navigate a mortgage renewal with the higher rates we were facing. We got great rates and good service! Read more Posted on Google eeyrak eeyrak 1 year ago Christine and her team were very patient, helpful and friendly. Thank you so much for helping us through our house buying process. Thank you for the cake pops. Read more Posted on Google Shannon Horrigan Real Estate Agent 3 months ago Wow! Christine and her team never disappoint! Christine fights hard for her clients to find a solution or the best option. Always communicates to keep you in the loop and makes the process easy and stress free. I can't recommend her more. Read more Posted on Google Katey Mclellan 1 year ago Christine and her team are beyond wonderful. They made one of the most stressful times of my life more than bearable and I absolutely can’t recommend her enough. They are brilliant, kind and so supportive. I’ve sang their praises to everyone, you can’t go wrong! Read more Posted on Google Laura Bennett 3 months ago Christine’s team has been such a pleasure to work with! They made the whole process very easy and were so quick to respond to all my questions. Read more Posted on Google Kenny Clark 1 year ago Have used Christine and her team for a house purchase and refinance and have been happy with their work. They helped me get approval on my second house when Scotia pre approved me for 0. I will be using them in the future for any new purchases or refis. Read more Posted on Google Tanaka Gwanzura 1 year ago Christine and her team are absolutely AMAZING. Very knowledgeable and patient. They give you all the options you have and explain everything for you to understand the pros and cons of each option. The regular updates of the process are amazing. From Christine to Monique, to Dakota, they truly are the best. Buying a house isn’t the easiest process, especially if it’s your first time, but they do an fantastic job of making it a more informative and less stressful process. I know for sure we will be going back to them in the future, no doubt about that. Highly recommend them. You can’t go wrong with the team they have. Read more Posted on Google Eric Hansen 1 year ago Amazing team to work with. Made entire mortgage process a breeze, and offered numerous choices that fit our needs, cannot recommend them enough Read more Posted on Google Cole Vandenheuvel 1 year ago Was an awesome experience, the whole team was great to deal with and very knowledgeable. They went above and beyond in breaking everything down and explaining all the details in renewing my mortgage. I will definitely be using them again in the future. Read more Posted on Google Gayleen Whyte 1 year ago Definitely 5 star service! Always someone available to ask questions, flexible hours and very friendly and understanding! I highly recommend this morgage broker! Read more Posted on Google Cory Smith 1 year ago I have worked with Christine and her team several times since my first house purchase in 2011. If I recall she was just a team of 1 back then. I have bought and sold several residential houses since then and I have always called Christine first. She is beyond knowledgeable with what she does, but it’s her welcoming and patient approach that stands out to me. Give her a try, you won’t be disappointed! Read more Posted on Google Matthew Hodgson 1 year ago Christine and her team did an excellent job helping me get a mortgage with a reputable and fair mortgage provider. They were very helpful and explained the entire process in an understandable way which helped mitigate the stress that comes with purchasing a home. I would recommend this team to anyone looking to purchase a home now or in the future. Read more Posted on Google -------------------------------------------------------------------------------- MORTGAGE ARTICLES Looking for a little more information before getting in touch? No problems! Have a look through my mortgage blog where we share valuable information about mortgage financing and the home buying process. Once you're ready, feel free to connect with me in whatever way you feel comfortable. I'm here for you! OSFI ANNOUNCES REMOVAL OF STRESS TEST FOR UNINSURED MORTGAGE SWITCHES By Christine Buemann • 30 Sep, 2024 Starting November 21, 2024, borrowers switching lenders with uninsured mortgages will no longer face the stress test, thanks to a new policy from OSFI. Previously, uninsured borrowers needed to prove they could afford their mortgage at a higher rate, which created barriers to switching for better terms. This change encourages competition among lenders and aligns the rules with insured mortgages, providing more flexibility and choice for homeowners. The decision responds to concerns raised by the Competition Bureau and reflects shifting risk management trends in the mortgage market. Key Points: Applies to Straight Switches: This policy is for borrowers switching lenders while maintaining their loan amount and amortization schedule. Stress Test Removed: No more proving affordability at higher rates during switches, allowing for easier access to competitive offers. Supports Borrower Flexibility: Homeowners now have more options to find the best mortgage rates at renewal without the stress test obstacle. Why the Change? OSFI initially maintained the stress test to manage risk but has now reversed this stance after evaluating that the original concerns have not significantly materialized. This move is designed to balance fairness for borrowers and enhance competition in the mortgage market. How It Affects You For those with uninsured mortgages approaching renewal, this policy change is a win. You'll now have the opportunity to seek out better mortgage rates without facing a stress test, making it easier to reduce financial strain, especially in a rising interest rate environment. Stay informed and take advantage of these changes by reviewing your mortgage options today! HOW PAYMENT FREQUENCY IMPACTS MORTGAGE FINANCING By Christine Buemann • 26 Sep, 2024 You’ve most likely heard that there are two certainties in life; death and taxes. Well, as it relates to your mortgage, the single certainty is that you will pay back what you borrow, plus interest. With that said, the frequency of how often you make payments to the lender is somewhat up to you! The following looks at the different types of payment frequencies and how they impact your mortgage. Here are the six payment frequency types Monthly payments – 12 payments per year Semi-Monthly payments – 24 payments per year Bi-weekly payments – 26 payments per year Weekly payments – 52 payments per year Accelerated bi-weekly payments – 26 payments per year Accelerated weekly payments – 52 payments per year Options one through four are straightforward and designed to match your payment frequency with your employer. So if you get paid monthly, it makes sense to arrange your mortgage payments to come out a few days after payday. If you get paid every second Friday, it might make sense to have your mortgage payments match your payday. However, options five and six have that word accelerated before the payment frequency. Accelerated bi-weekly and accelerated weekly payments accelerate how fast you pay down your mortgage. Choosing the accelerated option allows you to lower your overall cost of borrowing on autopilot. Here’s how it works. With the accelerated bi-weekly payment frequency, you make 26 payments in the year. Instead of dividing the total annual payment by 26 payments, you divide the total yearly payment by 24 payments as if you set the payments as semi-monthly. Then you make 26 payments on the bi-weekly frequency at the higher amount. So let’s use a $1000 payment as the example: Monthly payments formula: $1000/1 with 12 payments per year. A payment of $1000 is made once per month for a total of $12,000 paid per year. Semi-monthly formula: $1000/2 with 24 payments per year. A payment of $500 is paid twice per month for a total of $12,000 paid per year. Bi-weekly formula: $1000 x 12 / 26 with 26 payments per year. A payment of $461.54 is made every second week for a total of $12,000 paid per year. Accelerated bi-weekly formula: $1000/2 with 26 payments per year. A payment of $500 is made every second week for a total of $13,000 paid per year. You see, by making the accelerated bi-weekly payments, it’s like you end up making two extra payments each year. By making a higher payment amount, you reduce your mortgage principal, which saves interest on the entire life of your mortgage. The payments for accelerated weekly payments work the same way. It’s just that you’d be making 52 payments a year instead of 26. By choosing an accelerated option for your payment frequency, you lower the overall cost of borrowing by making small extra payments as part of your regular payment schedule. Now, exactly how much you’ll save over the life of your mortgage is hard to nail down. Calculations are hard to do because of the many variables; mortgages come with different amortization periods and terms with varying interest rates along the way. However, an accelerated bi-weekly payment schedule could reduce your amortization by up to three years if maintained throughout the life of your mortgage. If you’d like to look at some of the numbers as they relate to you and your mortgage, please don’t hesitate to connect anytime; it would be a pleasure to work with you. NEW MORTGAGE RULES MAKE HOMEOWNERSHIP MORE AFFORDABLE FOR CANADIANS By Christine Buemann • 17 Sep, 2024 As of August 1, 2024, the federal government introduced changes to support homebuyers, particularly Millennials and Gen Z. First-time homebuyers purchasing new builds can now access 30-year insured mortgage amortizations , reducing monthly payments and making it easier to afford a home. Additionally, as of December 15, 2024, several major reforms will take effect: The price cap for insured mortgages will rise from $1 million to $1.5 million, helping more Canadians qualify for mortgages with less than 20% down. 30-year amortizations will be available to all first-time homebuyers and buyers of new builds , including condominiums. This expansion will incentivize new housing supply, addressing the country’s housing shortage and making homeownership more accessible. These reforms are part of a broader housing strategy that includes the Canadian Mortgage Charter , which enables insured mortgage holders to switch lenders without undergoing a new stress test at renewal. This promotes competition among lenders, ensuring more Canadians can access better mortgage deals. In addition to these housing measures, the government has introduced the Renters' Bill of Rights and the Home Buyers' Bill of Rights to protect Canadians from unfair practices, ensure transparency in leases and sales, and simplify homebuying procedures. With $5 billion available through the Canada Housing Infrastructure Fund , the federal government is working with provinces and territories to make housing fairer and more accessible for all Canadians. Stay tuned for further updates, and if you’re planning to buy a home or need more information, book a call with me to learn how these new rules can benefit you! NEW MORTGAGE RULES AND CMHC UPDATES: A GUIDE FOR FIRST-TIME BUYERS By Christine Buemann • 17 Sep, 2024 In Budget 2024, the Canadian government introduced significant changes to help first-time homebuyers by extending mortgage amortization periods up to 30 years for those purchasing newly built homes. Effective August 1, 2024, this change will help ease monthly mortgage payments, making homeownership more accessible. Key Eligibility Criteria for First-Time Buyers: First-Time Buyer Status: At least one borrower must qualify as a first-time homebuyer, meaning they have either never owned a home, haven't lived in a home they owned in the past four years, or recently went through a marriage breakdown. Newly Built Homes: The property must be a newly constructed home that has never been occupied. These extended mortgages will only apply to high-ratio mortgages (loans covering more than 80% of the home’s purchase price) and are limited to owner-occupied properties. All other mortgage insurance eligibility criteria remain unchanged. CMHC’s New Amortization Rules for Market MLI and MLI Select Programs The Canada Mortgage and Housing Corporation (CMHC) has also introduced changes. As of June 19, 2024, the maximum amortization period for new construction market projects will increase from 40 years to 50 years. Additionally, the maximum period for re-amortization (for default management) will extend to 55 years for loans under the MLI Select Program. These changes aim to encourage the construction of more rental housing units while managing housing affordability. CMHC’s modifications also include updates to energy efficiency criteria, lowering the maximum points from 100 to 50 based on energy efficiency, which means developers may need to shift focus toward affordable units to receive maximum benefits. Changes to "Use of Funds" and Refinancing CMHC has lifted restrictions on how refinanced funds can be used, reverting to pre-2020 rules. This allows non-approved lenders to offer bridge loans, creating more flexibility in financing options. Environmental Site Contamination Policies In response to industry practices, CMHC is reviewing its environmental site contamination policies. For now, projects with known site contamination will be accepted under conditional approval, pending a contamination-free site confirmation. Why These Changes Matter For first-time homebuyers, the ability to spread mortgage payments over 30 years is a welcome relief in today’s housing market, particularly for newly built homes. These changes are designed to improve housing affordability and supply, especially for younger Canadians looking to purchase their first home. Meanwhile, CMHC’s new rules around extended amortizations and energy efficiency adjustments will have a significant impact on developers, especially those focused on building rental properties or using energy-efficient technologies in their projects. If you're considering buying a home or developing a property, these changes could impact your strategy. To fully understand how these updates may apply to your situation, it's important to consult with a mortgage expert who can offer personalized advice. Want to know how these changes could affect your home buying or property development plans? Book a call with a mortgage expert today to explore your options! MORTGAGE OPTIONS AT RENEWAL By Christine Buemann • 12 Sep, 2024 It’s a commonly held belief that if you’ve made your mortgage payments on time throughout the entirety of your mortgage term, that the lender is somehow obligated to renew your mortgage. The truth is, a lender is never under any obligation to renew your mortgage. When you sign a mortgage contract, the lender draws it up for a defined time, so when that term comes to an end, the lender has every right to call the loan. Now, granted, most lenders are happy to renew your mortgage, but several factors could come into play to prevent this from happening, including the following: You’ve missed mortgage payments over the term. The lender becomes aware that you’ve recently claimed bankruptcy. The lender becomes aware that you’re going through a separation or divorce. The lender becomes aware that you lost your job. Someone on the initial mortgage contract has passed away. The lender no longer likes the economic climate and/or geographic location of your property. The lender is no longer licensed to lend money in Canada. Again, while most lenders are happy to renew your mortgage at the end of the term, you need to understand that they are not under any obligation to do so. So how do you protect yourself? Well, the first plan of action is to get out in front of things. At least 120 days before your mortgage term expires, you should be speaking with an independent mortgage professional to discuss all of your options. By giving yourself this lead time and seeking professional advice, you put yourself in the best position to proactively look at all your options and decide what’s best for you. When assessing your options at the time of renewal, even if the lender offers you a mortgage renewal, staying with your current lender is just one of the options you have. Just because your current lender was the best option when you got your mortgage doesn’t mean they are still the best option this time around. The goal is to assess all your options and choose the one that lowers your overall cost of borrowing. It’s never a good idea to sign a mortgage renewal without looking at all your options. Also, dealing with an independent mortgage professional instead of directly with the lender ensures you have someone working for you, on your team, instead of seeking guidance from someone with the lender’s best interest in mind. So if you have a mortgage that’s up for renewal, whether you’re being offered a renewal or not, the best plan of action is to protect yourself by working with an independent mortgage professional. Please connect anytime; it would be a pleasure to work with you! WHY THE SUBJECT PROPERTY MATTERS By Christine Buemann • 29 Aug, 2024 When looking to qualify for a mortgage, typically, a lender will want to review four areas of your mortgage application: income, credit, downpayment/equity and the property itself. Assuming you have a great job, excellent credit, and sufficient money in the bank to qualify for a mortgage, if the property you’re looking to purchase isn’t in good condition, if you don't have a plan, you might get some pushback from the lender. The property matters to the lender because they hold it as collateral if you default on your mortgage. As such, you can expect that a lender will make every effort to ensure that any property they finance is in good repair. Because in the rare case that you happen to default on your mortgage, they want to know that if they have to repossess, they can sell the property quickly and recoup their money. So when assessing the property as part of any mortgage transaction, an appraisal is always required to establish value. If your mortgage requires default mortgage insurance through CMHC, Sagen (formerly Genworth), or Canada Guaranty, they’ll likely use an automated system to appraise the property where the assessment happens online. A physical appraisal is required for conventional mortgage applications, which means an appraiser will assess the property on-site. So why is this important to know? Well, because even if you have a great job, excellent credit, and money in the bank, you shouldn’t assume that you’ll be guaranteed mortgage financing. A preapproval can only take you so far. Once the mortgage process has started, the lender will always assess the property you’re looking to purchase. Understanding this ahead of time prevents misunderstandings and will bring clarity to the mortgage process. Practically applied, if you’re attempting to buy a property in a hot housing market and you go in with an offer without a condition of financing, once the appraisal is complete, if the lender isn’t satisfied with the state or value of the property, you could lose your deposit. Now, what happens if you’d like to purchase a property that isn’t in the best condition? Being proactive includes knowing that there is a purchase plus improvements program that can allow you to buy a property and include some of the cost of the renovations in the mortgage. It’s not as simple as just increasing the mortgage amount and then getting the work done, there’s a process to follow, but it’s very doable. So if you have any questions about financing your next property or potentially using a purchase plus improvements to buy a property that needs a little work, please connect anytime. It would be a pleasure to walk you through the process. ALL ARTICLES admin@premiummortgage.ca 250-613-3282 Schedule a call -------------------------------------------------------------------------------- DEAL FORM What's your first name? What's your last name? How did you hear about us? We love knowing who recommended us. What do you want to talk about? Purchase Refinance Rental Purchase Transfer Other What's your email address? What's your phone number? Anything else you'd like us to know about? Opt in to VIP club? Yes No Thank you for contacting us. We will get back to you as soon as possible Oops, there was an error sending your message. Please try again later CHRISTINE BUEMANN MORTGAGE TEAM admin@premiummortgage.ca 250-613-3282 1338 Central Street E. Prince George, BC V2M 3C1 Schedule a call MENU APPLY NOW CALCULATORS BANK OF CANADA RATE UPDATES RESOURCES VIDEOS VIP CLUB © 2024 Christine Buemann. All Rights Reserved | The Collective Mortgage Group | Privacy and Content Policy Share by: