Durham Real Estate Finance

Free advice on mortgage financing in Whitby, Oshawa, Clarington, Ajax, Pickering, the Greater Toronto area and beyond.

About Rolf Eikeland

Rolf is a mortgage professional with over 20 years experience in the Canadian mortgage industry. Rolf works in the Durham region and the Greater Toronto Area but has market knowledge and contacts right across Canada.  He knows what different lenders are looking for and can get you the best deal available. Whether you are buying, refinancing, renewing / transferring, consolidating, renovating, investing or making a major purchase, he can help you get the lowest rate and the terms that are right for you. Rolf also has expert knowledge that will help first time home buyers, clients with credit challenges, previous bankruptcy or new immigrants.

Rolf and his wife Katarina have lived in the Durham region for more than 20 years and are active in the local church and music community.

The two scenarios

There are so many things to think about when looking for a mortgage, but it really boils down to two main issues:

1. -Getting approved for the amount you need
   

2. -Getting the best rate and terms available
   

If you can not get approved for the amount you need or can not get approved at all, it may be because you have not had your application presented to the right lender. If you get approved, how do you know you are getting the best rate and terms available?

Just like an insurance broker can find the best insurance company for you, a mortgage broker can find the best lender for you. There are dozens of reputable institutional lenders in Canada besides the banks. Many of them specialize in approving mortgages the banks pass on, and most of them can offer better pricing. Let an Accredited Mortgage Professional help you get the best deal and navigate the bureaucracy. In most cases there is NO COST to you, the broker gets paid by the lender.

Latest mortgage related NEWS

Feb. 16, 2009

Minister of Finance, Jim Flaherty, today announced that effective April 19, 2010*, the following changes for government-backed** mortgages will take place:

•All borrowers must meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term.

•The maximum amount Canadians can withdraw in refinancing their mortgages is lowered to 90 per cent from 95 per cent of the value of their homes.

•A minimum down payment of 20 per cent is required for government-backed mortgage insurance on non-owner-occupied properties purchased for speculation. (Borrowers purchasing owner-occupied residential properties (1-4 units) which also include some rental units (e.g., borrowers purchasing a duplex to live in one unit and rent out the other) will still be able to access government-backed mortgage insurance with a 5 per cent down payment.)

* Exceptions would be allowed after April 19 where they are needed to satisfy a binding purchase and sale, financing, or refinancing agreement entered into before April 19, 2010.

** CMHC insured mortgages. (It is expected that the other two mortgage insurers, Genworth and AIG will apply the same rules).