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 the borrower's preferences. The widely quoted number is that 77% of the time, variable borrowers end up paying less. But that means that 23% of the time, they pay more. And based on today’s circumstances, that could definitely be…
On March 18, there are some new mortgage rules coming into effect that will have a direct impact on your buying power. You can afford more: Before March 18, you will be able to qualify for a mortgage 8% larger. As an example, if you qualified for a $500,000 mortgage before the new rules, you would get $40,000 less after March 18. Lower monthly payments:…
Get your applications in, because it looks like rates in BC are going up.
I've received a lot of questions about the new mortgage rules that will be taking place on March 18th. Basically, there are three main things: 1. Maximum high-ratio mortgage amortization is reduced from 35 years to 30 years. Ok, Cool. What does this mean? A high-ratio mortgage is anything with less than 20% down payment. So if you have 20% down, you can still…
By using me as your mortgage broker, you will have access to some of the lowest rates in BC. I pool my deals with several other Vancouver mortgage brokers in order to get maximum discounts from the banks.
There is never any fee or charge for using my services on a residential mortgage. You can leave at any point for any reason. My only incentive is to keep my clients happy and returning.
I will never try to sell you on anything. All I do is present you with a list of options and give my professional, unbiased advice.
This is what should happen in the ideal home buying process in British Columbia: You are thinking of buying a place. You contact a Mortgage Broker, and he gets you pre-approved. You speak to a Realtor and tell him you have been pre-approved for X dollars. You find the home of your dreams and the Realtor negotiates a price for less than X dollars. Your…
BC Home Owner Grant: The basic grant can reduce your property tax by as much as $570. To be eligible for the grant, you must meet the following criteria: You are a Canadian citizen or landed immigrant and ordinarily reside in British Columbia. You are the registered owner or eligible occupant of the home. The home must be located within the province. The home is your principal residence -where you live and conduct…
The Home Buyers' Plan (HBP) is a program that allows you to withdraw up to $25,000 from your registered retirement savings plan (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability. I've tried to cut out some of the extra content, but you can also view the government’s official Home Buyer’s Plan description. I also compiled a booklet for first time home…
