Primary Choice Homes Rent to own privacy policy

Primary Choice Homes rent to own Privacy Policy

This privacy policy has been compiled to better serve those who are concerned with how their personal information is being used online. Personal Information is information that can be used on its own or with other information to identify, contact, or locate a single person, or to identify an individual in context. Please read our privacy policy carefully to get a clear understanding of how we collect, use, protect or otherwise handle your personal information in accordance with our website.

 

What personal information do we collect from the people that visit our blog, website or app?

 

When applying or registering on our site, as appropriate, you may be asked to enter your name, email address, phone number, credit score, employment data, home ownership status or other details to help you with your experience.

 

When do we collect information?

 

We collect information from you when you fill out a form or enter information on our site.

How do we use your information?

We may use the information we collect from you when you fill out an application, respond to a survey or marketing communication, surf the website, or use certain other site features in the following ways:

To allow us to better service you in responding to your customer service requests.

 

How do we protect your information?

We use security measures on all our mobile devices, tablets and computers to ensure all personal information is protected.
We only provide articles and information. We never ask for credit card numbers.

 

Do we use ‘cookies’?

 

We do not use cookies for tracking purposes
You can choose to have your computer warn you each time a cookie is being sent, or you can choose to turn off all cookies. You do this through your browser settings. Since browser is a little different, look at your browser’s Help Menu to learn the correct way to modify your cookies.

 

Third-party disclosure

 

We do not sell, trade, or otherwise transfer to outside parties your Personally Identifiable Information.

 

Third-party links

 

Occasionally, at our discretion, we may include or offer third-party products or services on our website. These third-party sites have separate and independent privacy policies. We therefore have no responsibility or liability for the content and activities of these linked sites. Nonetheless, we seek to protect the integrity of our site and welcome any feedback about these sites.

 

Google

 

Google’s advertising requirements can be summed up by Google’s Advertising Principles. They are put in place to provide a positive experience for users. https://support.google.com/adwordspolicy/answer/1316548?hl=en

We have not enabled Google AdSense on our site but we may do so in the future.

 

How does our site handle Do Not Track signals?

 

We honor Do Not Track signals and Do Not Track, plant cookies, or use advertising when a Do Not Track (DNT) browser mechanism is in place.

 

Does our site allow third-party behavioral tracking?

 

It’s also important to note that we do not allow third-party behavioral tracking.

 

Anti-spam

Canada’s anti-spam legislation sets the rules for commercial email, establishes requirements for commercial messages, and gives email recipients the right to have emails stopped from being sent to them.

We collect your email address in order to:
Send information, respond to inquiries, and/or other requests or questions
Market to our mailing list or continue to send emails to our clients and prospects after the original contact has occurred.
To be in accordance with Canada’s anti-spam legislation, we agree to the following:
Not use false or misleading subjects or email addresses.
Identify the message as an advertisement in some reasonable way.
Include the physical address of our business or site headquarters.
Monitor third-party email marketing services for compliance, if one is used.
Honor opt-out/unsubscribe requests quickly.
Allow users to unsubscribe by using the link at the bottom of each email.

If at any time you would like to unsubscribe from receiving future emails, you can email us at
info@primarychoicehomes.com and we will promptly remove you from ALL correspondence.

 

Contacting Us

If there are any questions regarding this privacy policy, you may contact us using the information below.

www.primarychoicehomes.com
Nelson, British Columbia
Canada
info@primarychoicehomes.com
Last Edited on April 21, 2018

Mortgage and Refinancing changes

 

Hi Jessica,

On March 26th you will have significantly fewer options to purchase or refinance. A major banks’ “Mortgage for Self-Employed” program will be decommissioned April 1st and the cut-off for submission will be March 26th.

This is due to continuing regulations from the Office of the Superintendent of Financial Institutions (OSFI). Our concern is that if this is an OSFI rule, more lenders may follow and soon it may be much more difficult to obtain financing if you are self employed unless you are willing to work with a “B” lender, who generally have rates that are 1% – 2% higher than banks.

Example –

Jim owns ABC Electronic, the business grosses $750,000 but Jim’s accountant uses write offs to reduce Jim’s net income to $75,000 a year.

With the current rules we are currently able to “state” Jim’s income by adding back certain tax write offs and deductions. In this example we may be able to support an income of $140,000, or a maximum mortgage of roughly $700,000.

As of March 27th we will only be able to gross up Jim’s net income by 15%. This would give a maximum usable income of $86,250, or a maximum mortgage of roughly $400,000.

These changes will lead to a significant drop in most self employed applicants usable income. If you are considering refinancing to access the equity in your home, purchasing a new home to live in, or have a renewal coming up in the next 6 months please call or email the Green Mortgage Team within the next 24 hours as there is not much time left.

Thank you,

Kyle Green and The Green Mortgage Team

The Green Mortgage Team
Ph. 604-229-5515

Kyle@GreenMortgageTeam.ca

A Stress Test Best Practices Tool Kit

Jackie Bowen

 

 

Now that Canada’s new mortgage stress test rules have been in place since January 1, arming home buyers with a best practices tool kit is in order.

Introduced by the Office of the Superintendent of Financial Institutions (OFSI), the new stress test requires the qualifying rate for an uninsured mortgage to be the greater of the Bank of Canada’s benchmark rate or the rate homebuyers negotiate with their financial institution plus two percentage points.

Financial experts across the country are making recommendations that start with ensuring your timing is right for the mortgage plans you have in mind. For example, some contracts that may have been signed prior to January 1 of this year may still fall under the old rules. This would include purchases made prior to January 1 even if the closing date falls after January 1, however the purchase offer in these instances must be considered firm.

Canada’s financial advisors are also recommending potential home buyers look to clear their debts before they start shopping for a mortgage. This would be one definitive way to ensure the new stress test rules don’t disrupt home-buying plans.

Those who took advice to lock down a mortgage pre-approval prior to the start of 2018 and received an exemption to the rules with the idea they would buy a home within 120 days of being pre-approved now need to contact their mortgage broker. Analysts are recommending this group work with a broker and pay close attention to the fine print, so they have a clear understanding of the 120-day deadline and what all will be required to meet it.

Finally, analysts also caution owners who already have a mortgage.  If you want to switch lenders at renewal, you will have to requalify under the new stress test.  This is also a perfect time to review your financial and mortgage plans.

Contact me if you are unsure how the new stress test will impact your long term home financing plans.

 


2018 CMHC Prospective Home Buyers Survey

 

In October 2017, CMHC surveyed 2,507 prospective home buyers on-line. Respondents were all prime household decision-makers who intend to purchase a new home within the next two years, including approximately 1,500 First-Time Buyers, 500 current owners, and 500 previous owners.

The survey results highlight that:

  • First-Time Buyers and Previous Owners share the same top motivator to purchase a home: they want to stop renting. Improved accessibility (physical obstacles and barriers) and investment opportunity were also noted as top motivators across all groups. Changes to mortgage regulations and concerns about possible future interest rate increases were not among the top motivators.
  • Over four-in-ten First-Time Buyers and Previous Owners say they would delay their home purchase if they were not able to find their ideal home, with a fairly similar proportion saying they would be willing to compromise on the size of the home and location.
  • The majority of future home buyers intend to obtain a mortgage to finance their home purchase, with First-Time Buyers showing higher incidence compared to Previous Owners and Current Owners.
  • Across all future home buyers groups, more than six-in-ten say they are likely to have a financial buffer in case their expenses change in the future. Furthermore, the majority of future home buyers, especially Current Owners, agree that they feel confident they have the necessary tools and information to manage their mortgage and debt load.
  • Among all groups, the two most common actions completed one to two years prior to the purchase of a home were saving for a down payment and determining what type of home to buy. On the other hand, in the last three months before purchasing, about two-in ten of prospective buyers pre-qualify for a mortgage.
  • About one-in-four prospective home buyers stated that they would be very likely to consider delaying their purchase in the event of an increase in interest rates.

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