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* HOME * CALCULATORS * APPLY NOW * MORE * BLOG * VIDEOS * RESOURCES * VIP CLUB * RATE UPDATES * REALTOR SIGN UP * AWARDS LET'S CONNECT -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- PERSONALIZED MORTGAGE SOLUTIONS. LET'S CONNECT Christine Buemann Owner | Mortgage Broker christine@premiummortgage.ca -------------------------------------------------------------------------------- MEET CHRISTINE Christine started as a Mortgage Broker in 2010 and has been investing in real estate throughout Northern BC since 2005. She is passionate about mortgages and is often commended for her ability to think “outside of the box”. Whether it pertains to qualifying or overall cost savings, protecting her clients and working for their best interest is always a top 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 committed to providing exceptional and personalized service. We will use our knowledge and experience to create a tailored mortgage plan and ensure you are taken care of throughout each step of the process. We work on your behalf and have access to a wide variety of different lenders, offering a range of mortgage products. Relationships are very important to us and strive to be an ongoing resource for our clients even beyond when their mortgage is secured. ” When Christine is not working, she enjoys spending time with her family, reading and exploring outdoors. 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 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 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 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 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 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 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 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 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 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 Riley Johnson 2 months ago Quick and seamless process. 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 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 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 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 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 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 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 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 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 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 Riley Johnson 2 months ago Quick and seamless process. 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 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 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 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 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 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 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 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 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 -------------------------------------------------------------------------------- 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! HOW EMPLOYMENT STATUS IMPACTS YOUR MORTGAGE APPLICATION By Christine Buemann • 23 May, 2024 Chances are if you’re applying for a mortgage, you feel confident about the state of your current employment or your ability to find a similar position if you need to. However, your actual employment status probably means more to the lender than you might think. You see, to a lender, your employment status is a strong indicator of your employer’s commitment to your continued employment. So, regardless of how you feel about your position, it’s what can be proven on paper that matters most. Let’s walk through some of the common ways lenders can look at employment status. Permanent Employment The gold star of employment. If your employer has made you a permanent employee, it means that your position is as secure as any position can be. When a lender sees permanent status (passed probation), it gives them the confidence that you’re valuable to the company and that they can rely on your income. Probationary Period Despite the quality of your job, if you’ve only been with the company for a short while, you’ll be required to prove that you’ve passed any probationary period. Although most probationary periods are typically 3-6 months, they can be longer. You might now even be aware that you’re under probation. The lender will want to make sure that you’re not under a probationary period because your employment can be terminated without any cause while under probation. Once you’ve made it through your initial evaluation, the lender will be more confident in your employment status. Now, it’s not the length of time with the employer that the lender is scrutinizing; instead, it’s the status of your probation. So if you’ve only been with a company for one month, but you’ve been working with them as a contractor for a few years, and they’re willing to waive the probationary period based on a previous relationship, that should give the lender all the confidence they need. We’ll have to get that documented. Parental Leave Suppose you’re currently on, planning to be on, or just about to be done a parental leave, regardless of the income you’re now collecting, as long as you have an employment letter that outlines your guaranteed return to work position (and date). In that case, you can use your return to work income to qualify on your mortgage application. It’s not the parental leave that the lender has issues with; it’s the ability you have to return to the position you left. Term Contracts Term contracts are hands down the most ambiguous and misunderstood employment status as it’s usually well-qualified and educated individuals who are working excellent jobs with no documented proof of future employment. A term contract indicates that you have a start date and an end date, and you are paid a specific amount for that specified amount of time. Unfortunately, the lack of stability here is not a lot for a lender to go on when evaluating your long-term ability to repay your mortgage. So to qualify income on a term contract, you want to establish the income you’ve received for at least two years. However, sometimes lenders like to see that your contract has been renewed at least once before considering it as income towards your mortgage application. In summary If you’ve recently changed jobs or are thinking about making a career change, and qualifying for a mortgage is on the horizon, or if you have any questions at all, please connect anytime. We can work through the details together and make sure you have a plan in place. It would be a pleasure to work with you! IS THERE A DIFFERENCE BETWEEN A DEPOSIT AND DOWNPAYMENT By Christine Buemann • 09 May, 2024 If you’re new to the home buying process, it’s easy to get confused by some of the terms used. The purpose of this article is to clear up any confusion between the deposit and downpayment. What is a deposit? The deposit is the money included with a purchase contract as a sign of good faith when you offer to purchase a property. It’s the “consideration” that helps make up the contract and binds you to the agreement. Typically, you include a certified cheque or a bank draft that your real estate brokerage holds while negotiations are finalized when you offer to purchase a property. If your offer is accepted, your deposit is held in your Realtor’s trust account. If your offer is accepted and you commit to buying the property, your deposit is transferred to the lawyer’s trust account and included in your downpayment. If you aren’t able to reach an agreement, the deposit is refunded to you. However, if you commit to buying the property and don’t complete the transaction, your deposit could be forfeit to the seller. Your deposit goes ahead of the downpayment but makes up part of the downpayment. The amount you put forward as a deposit when negotiating the terms of a purchase contract is arbitrary, meaning there is no predefined or standard amount. Instead, it’s best to discuss this with your real estate professional as your deposit can be a negotiating factor in and of itself. A larger deposit may give you a better chance of having your offer accepted in a competitive situation. It also puts you on the hook for more if something changes down the line and you cannot complete the purchase. What is a downpayment? Your downpayment refers to the initial payment you make when buying a property through mortgage financing. In Canada, the minimum downpayment amount is 5%, as lenders can only lend up to 95% of the property’s value. Securing mortgage financing with anything less than 20% down is only made possible through mortgage default insurance. You can source your downpayment from your resources, the sale of a property, an RRSP, a gift from a family member, or borrowed funds. Example scenario Let’s say that you are looking to purchase a property worth $400k. You’re planning on making a downpayment of 10% or $40k. When you make the initial offer to buy the property, you put forward $10k as a deposit your real estate brokerage holds in their trust account. If everything checks out with the home inspection and you’re satisfied with financing, you can remove all conditions. Your $10k deposit is transferred to the lawyer’s trust account, where will add the remaining $30k for the downpayment. With your $40k downpayment made, once you sign the mortgage documents and cover the legal and closing costs, the lender will forward the remaining 90% in the form of a mortgage registered to your title, and you have officially purchased the property! If you have any questions about the difference between the deposit and the downpayment or any other mortgage terms, please connect anytime. It would be a pleasure to work with you. RRSP AS A DOWNPAYMENT By Christine Buemann • 25 Apr, 2024 Did you know there’s a program that allows you to use your RRSP to help come up with your downpayment to buy a home? It’s called the Home Buyer’s Plan (or HBP for short), and it’s made possible by the government of Canada. While the program is pretty straightforward, there are a few things you need to know. Your first home (with some exceptions) To qualify, you need to be buying your first home. However, when you look into the fine print, you find that technically, you must not have owned a home in the last four years or have lived in a house that your spouse owned in the previous four years. Another exception is for those with a disability or those helping someone with a disability. In this case, you can withdraw from an RRSP for a home purchase at any time. You have to pay back the RRSP You have 15 years to pay back the RRSP, and you start the second year after the withdrawal. While you won’t pay any tax on this particular withdrawal, it does come with some conditions. You’ll have to pay back the total amount you withdrew over 15 years. The CRA will send you an HBP Statement of Account every year to advise how much you owe the RRSP that year. Your repayments will not count as contributions as you’ve already received the tax break from those funds. Access to funds The funds you withdraw from the RRSP must have been there for at least 90 days. You can still technically withdraw the money from your RRSP and use it for your down-payment, but it won’t be tax-deductible and won’t be part of the HBP. You can access up to $35,000 individually or $70,00 per couple through the HBP. Please connect anytime if you’d like to know more about the HBP and how it could work for you as you plan your downpayment. It would be a pleasure to work with you. UNDERSTANDING THE RECENT HOUSING AFFORDABILITY MEASURES IN CANADA By Christine Buemann • 19 Apr, 2024 In recent years, housing affordability has become a significant concern for many Canadians, particularly for first-time homebuyers facing soaring prices and strict mortgage qualification criteria. To address these challenges, the Canadian government has introduced several housing affordability measures. In this blog post, we'll examine these measures and their potential implications for homebuyers. Increased Home Buyer's Plan (HBP) Withdrawal Limit Effective April 16, the Home Buyer's Plan (HBP) withdrawal limit will be raised from $35,000 to $60,000. The HBP allows first-time homebuyers to withdraw funds from their Registered Retirement Savings Plan (RRSP) to use towards a down payment on a home. By increasing the withdrawal limit, the government aims to provide young Canadians with more flexibility in saving for their down payments, recognizing the growing challenges of entering the housing market. Extended Repayment Period for HBP Withdrawals In addition to increasing the withdrawal limit, the government has extended the repayment period for HBP withdrawals. Individuals who made withdrawals between January 1, 2022, and December 31, 2025, will now have five years instead of two to begin repayment. This extension provides borrowers with more time to manage their finances and repay the withdrawn amounts, alleviating some of the immediate financial pressures associated with using RRSP funds for a down payment. 30-Year Mortgage Amortizations for Newly Built Homes Starting August 1, 2024, first-time homebuyers purchasing newly built homes will be eligible for 30-year mortgage amortizations. This change extends the maximum mortgage repayment period from 25 years to 30 years, resulting in lower monthly mortgage payments. By offering longer amortization periods, the government aims to increase affordability and assist homebuyers in managing their housing expenses more effectively. Changes to the Canadian Mortgage Charter The government has also introduced changes to the Canadian Mortgage Charter to provide relief to homeowners facing financial challenges. These changes include early mortgage renewal notifications and permanent amortization relief for eligible homeowners. By implementing these measures, the government seeks to support homeowners in maintaining affordable mortgage payments and mitigating the risk of default during times of financial hardship. The recent housing affordability measures announced by the Canadian government are aimed at addressing the challenges faced by homebuyers in today's market. These measures include increasing withdrawal limits, extending repayment periods, and offering longer mortgage amortizations. The goal is to make homeownership more accessible and affordable for Canadians across the country. As these measures come into effect, it's crucial for homebuyers to stay informed about the changes and their implications. Consulting with a mortgage professional can help individuals explore their options and make informed decisions about their housing finances. If you're interested in learning more about these changes and how they may affect you, please don't hesitate to connect with us. We're here to walk you through the process and help you consider all your options and find the one that makes the most sense for you. A FIRST HOME SAVINGS ACCOUNT (FHSA) By Christine Buemann • 19 Apr, 2024 Dreaming of owning your first home? A First Home Savings Account (FHSA) could be your key to turning that dream into a reality. Let's dive into what an FHSA is, how it works, and why it's a smart investment for first-time homebuyers. What is an FHSA? An FHSA is a registered plan designed to help you save for your first home taxfree. If you're at least 18 years old, have a Social Insurance Number (SIN), and have not owned a home where you lived for the past four calendar years, you may be eligible to open an FHSA. Reasons to Invest in an FHSA: Save up to $40,000 for your first home. Contribute tax-free for up to 15 years. Carry over unused contribution room to the next year, up to a maximum of $8,000. Potentially reduce your tax bill and carry forward undeducted contributions indefinitely. Pay no taxes on investment earnings. Complements the Home Buyers’ Plan (HBP). How Does an FHSA Work? Open Your FHSA: Start investing tax-free by opening your FHSA. Contribute Often: Make tax-deductible contributions of up to $8,000 annually to help your money grow faster. Withdraw for Your Home: Make a tax-free withdrawal at any time to purchase your first home. Benefits of an FHSA: Tax-Deductible Contributions: Contribute up to $8,000 annually, reducing your taxable income. Tax-Free Earnings: Enjoy tax-free growth on your investments within the FHSA. No Taxes on Withdrawals: Pay $0 in taxes on withdrawals used to buy a qualifying home. Numbers to Know: $8,000: Annual tax-deductible FHSA contribution limit. $40,000: Lifetime FHSA contribution limit. $0: Taxes on FHSA earnings when used for a qualifying home purchase. In Conclusion A First Home Savings Account (FHSA) is a powerful tool for first-time homebuyers, offering tax benefits and a structured approach to saving for homeownership. By taking advantage of an FHSA, you can accelerate your journey towards owning your first home and make your dream a reality sooner than you think. SELLING YOUR PROPERTY? LET'S TALK By Christine Buemann • 11 Apr, 2024 If you’ve been thinking about selling your existing property, for whatever reason, it would be in your best interest to connect with an independent mortgage professional before calling your real estate agent or listing it yourself. And while talking with your mortgage professional might not sound like the most logical place to start, here are a few scenarios that explain why it makes the most sense. If you’re buying a new property If you’re selling your property, chances are, you’ll have to move somewhere! So, if you plan on buying a new property using the equity from the sale of your existing property, chances are you’ll need a new mortgage. Don’t assume that just because you’ve secured mortgage financing before, that you’ll qualify again. Mortgage rules are constantly changing; make sure you have a pre-approval in place before you list your property. Also, by connecting with a mortgage professional first, you can look into your existing mortgage terms. You might be able to port your mortgage instead of getting a new one, which could save you some money. If you’re not buying a new property Even if you aren’t buying a new property and want to sell your existing property, it’s still a good idea to connect with a mortgage professional first, as we can look at the cost of breaking your mortgage together. Unless you have an open mortgage, or a line of credit, there will be a penalty to break your mortgage. The goal is to work on a plan to minimize your penalty. Because of how mortgage penalties work, sometimes it’s just a matter of waiting a few months to save thousands. You'll never know unless you take a look at the details. Marital breakdown The simple truth is that marriages break down. When that happens, often, people want closure, and unfortunately, they make decisions without really thinking them through or seeing the full picture. So, instead of simply selling the family home because that feels like the only option, please know that special programs exist that allow one party to buy out the former spouse. The key here is to have a legal separation agreement is in place. If you’d like to discuss the sale of your property and your plans for the future, connect anytime. It would be a pleasure to work with you! 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: