Winona Reinsma Fraser Valley Mortgage Professional

Taking care of (Credit) Business! Achieving an excellent credit history can save you thousands of dollars plus give you access to the best products in the market. Good credit will get you products where you hold your accounts, but excellent credit will get you preferred products that make huge differences in your costs. Join me for a free presentation on Crack the Money Code Seminar Series (online event) on March 3rd at 11 am to learn how to maximize your score and credit report. https://www.eventbrite.ca/e/save-1000s-by-improving-your-cr

Market update! This unprecedented market is full of surprises. Read the latest update and make sure you have a fully qualified preapproval before you start looking for homes. http://www.winonareinsma.com/market-update-caution-and-pati #fraservalleymortgages #mortgagebroker #preapprovals #FraserValleyRealEstate

Confirmed! Competitor DOES NOT follow suit on major mortgage cutbacks! Good news for buyers! As I previously mentioned, last Thursday I was told by Genworth staff that they had no indication of following the CHMC major policy changes. Below is the official announcement of 'no change!" If Buyers go through a mortgage broker, rather than to their bank, we can help you access the best lenders and insurers that give you the best mortgage for your individual situation. If you have... any questions, I'm here to help. June 8, 2020 TORONTO, June 8, 2020 /CNW/ - Genworth MI Canada Inc. (the "Company") (TSX: MIC) confirms that it has no plans to change its underwriting policy related to debt service ratio limits, minimum credit score and down payment requirements. One of the Company's competitors announced changes to their internal underwriting guidelines with respect to the aforementioned underwriting criteria on June 4, 2020. "Genworth Canada believes that its risk management framework, its dynamic underwriting policies and processes and its ongoing monitoring of conditions and market developments allow it to prudently adjudicate and manage its mortgage insurance exposure, including its exposure to this segment of borrowers with lower credit scores or higher debt service ratios," said Stuart Levings, President and CEO.

Effective July 1st, it will be even harder to qualify for an insured mortgage, especially for First Time Home Buyers. CMHC, one of the three insurers in Canada, announced a strategic move to pare back mortgage qualifications if you have less than 20% down payment. At least one applicant’s credit scores will need to be 680, up from the previous minimum of 600. To ensure borrowers can keep up with payments, maximum total debt service ratios will be lowered from 44 to 42. The gr...oss debt service ratio drops from 39 to 35. This means you will qualify for less, and only available to those who have excellent credit. Note that at this point, Genworth and Canada Guaranty have not changed their policy and word from Genworth is that there is no change currently being discussed. Now, more than ever it is extremely important for all consumers to understand how to improve your credit history, check to see that it is accurate and work to ensure you stay above 680. Here is the CHMC reasoning: https://www.cmhc-schl.gc.ca//cmhc-reviews-underwriting-cri #mortgageadvice #CMHC #FirstTimeHomeBuyers See more

We have heard some dire predictions of what 'could' happen but here are the facts for May! Genworth confirmed today that they are seeing positive numbers as well, and they don't support the idea of dire drops in real estate prices here in BC or the lower mainland. Call me if you have any questions - it's important to make decisions based on facts not fears! #fraservalleymortgages #refinancenow #dreamhomes

Please share this and vote today to help Critter Care Wildlife Society win $5000.00 . They are in second place so your vote really counts! This will help save a lot of animals and with the cancellation of their two biggest fundraisers they need help. https://www.nutram.com/ca/vote

You have made the call to your bank and have been granted a 6 month mortgage deferment. However, you need to be watchful of a few things that may still go wrong. Here's what you need to know: http://www.winonareinsma.com/update-on-mortgage-deferment-a #Covid19 #HereToHelp If you have any questions or need an independent opinion, I'm here to help.