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30

Apr 2013

Why You Shouldn’t Skip Your Home Inspection

by Iain in Vancouver Mortgage Blog

In hot real estate markets like Vancouver, a recent trend has been for homebuyers to skip home inspections. If you’re been searching for a home for months and you find your dream home, you might consider ditching the home inspection, especially if you’re in a multiple offer situation. While a home inspection can lose you a house, you’re taking a big risk by not getting…

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27

Apr 2013

Don’t Forget To Budget For Closing Costs

by Iain in Vancouver Mortgage Blog

For many first-time homebuyers saving for a down payment can be challenging. You may have saved the minimum 5 per cent down payment, but have you set enough money aside for closing costs? First-time homebuyers often make the mistake of not budgeting for closing costs. Closings costs can easily amount to over $10,000 in Canada’s most expensive market, Vancouver. Let’s take a look at the…

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17

Apr 2013

30+ Major Lenders

by Iain in Vancouver Mortgage Blog

One of the biggest advantages of using a mortgage broker is that you get access to the best rates and products from over 30 major lenders. We save you the work by submitting your application to the most suitable lender.

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23

Jan 2013

Chapter 1 – Broker vs Bank

by Iain in Vancouver Mortgage Blog

Here is a 90 second video that explains the main differences between a broker and a bank:   Before I really knew about the mortgage industry, I assumed that brokers made their livings in one of three ways: charging a fee, increasing a lender's rate, or using a small lender with high rates for the sake of a commission. Not a very positive image, but…

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23

Jan 2013

Chapter 2 – The Home Buyer’s Process in a Nutshell

by Iain in Vancouver Mortgage Blog

The idea of buying a home can seem really overwhelming, but it’s actually pretty straight forward. Step 1 You decide that it’s time to buy. The first step is to contact your mortgage broker or bank to figure out how much you can afford based on your income and your down payment. They will usually send in your application to hold the current rates for…

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23

Jan 2013

Chapter 3 – The Main People Involved

by Iain in Vancouver Mortgage Blog

When buying a home or other property, you’ll have to rely on a range of professionals to guide you through the process.  For first time home buyers in particular, it helps to be acquainted with these specialists and their roles.   Mortgage Broker – A mortgage expert who introduces buyers to a full range of mortgage products, interest rate options, and strategies to pay off a…

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23

Jan 2013

Chapter 4 – Mortgage Types

by Iain in Vancouver Mortgage Blog

One of the most important pieces of information to know is your down payment percentage. This will determine whether your mortgage is conventional or hi-ratio, and both have different rules that will affect how much you can borrow.   HIGH-RATIO MORTGAGE If you have under 20% of the purchase price as your down payment, your mortgage is considered hi-ratio. Hi ratio mortgages must be insured…

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23

Jan 2013

Chapter 5 – Term vs Amortization

by Iain in Vancouver Mortgage Blog

It’s quite common for borrowers to confuse amortization and term. Amortization is the number of years it takes to pay off your entire mortgage. Term is the length of your contract. When your term is up, you can change your mortgage amount, amortization, and interest rate. Choosing a longer amortization reduces your monthly payment and therefore increases how much you can borrow. Longer amortization periods…

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23

Jan 2013

Chapter 6 – Variable vs Fixed

by Iain in Vancouver Mortgage Blog

One of the questions I get asked frequently is whether to choose a fixed product or a variable product.  Which route to take ultimately depends on your preferences. Here are some things to look at when making your decision: 1. Fixed payments vs Fluctuating payments There is a certain premium that you pay to have a guaranteed payment for a given time period. That's worth…

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23

Jan 2013

Chapter 7 – Pre Approvals

by Iain in Vancouver Mortgage Blog

Before beginning the bidding war on a potential property, it helps to have an indication of how much you can afford.  Some home buyers don’t fully understand pre-approvals. Even if you obtain a pre-approval, it does not guarantee you will qualify for the financing. The main benefit of a pre-approval is that it will give you a good idea of how much you can afford…

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