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A refinance is an important part of the mortgage process. You will hear us say it a lot and you will likely see many more blogs about it in the future. In simple terms, a mortgage refinance is a new mortgage on your home. It involves paying out your existing...
The Difference Between Pre-Qualified & Pre-Approved Not everyone get’s pre-qualified first. Usually, the mortgage broker will go through a 50/50 state, where they decided whether being pre-qualified is the best fit for the client or if they should move straight to...
How Much Down Payment Do I Need? A down payment is the amount you put towards the purchase of a home. Then your lender deducts the down payment from the purchase price of your home. Your mortgage then covers the rest of the price of the home. The minimum down payment...
Late mortgage payments are not a fun topic on top of the pandemic that has been a source of worry for people in a variety of different ways. It has brought up health concerns, anxiety increases, financial concerns and much more. Inflation is up to 6.8%, gas prices are...
Guide To Getting A Mortgage A mortgage is a type of loan that is used to purchase or refinance property. A few basic features of a mortgage include the purchased property, which is always used as collateral, and regular payments to the lender are required. Mortgages...
How Interest Rates Affect Your Mortgage Mortgage Interest Rates have been increasing for the last couple of weeks. Making it more challenging for people to afford a mortgage, and perhaps get the rate they wanted or saw weeks prior to the changes. These changes are...
Home Refinancing FAQs Mortgage refinancing may offer lower interest rates but entering into this type of agreement is ONLY beneficial or advantageous to the borrower under certain circumstances. Therefore, you must do some research about the current value of your...
14 Home Purchase FAQs To get an idea of how much you can afford, you'll need to know your taxable income, along with any outstanding debts and monthly payments. First (for purchasing a principal residence) calculate 39% of your income for use toward a mortgage...
The Mortgage Pre-Approval Becoming a homeowner is a life-long dream for many. With all new experiences, there’s uncertainty, and you may second-guess yourself once or twice. You’ll be interviewing realtors, looking at homes, worrying about bidding wars, and of course,...
How to Purchase A Pre-Sale Condo Pre-sale condo are brought to the market by a developer before the units are completely built. Buyers can choose to put money down on presales and own the rights to a future home. Buyers still pay the full price, but until the...
Breaking Your Mortgage in 2022 In our previous blog from 2020 on Breaking Your Mortgage, Vancouver's Top Mortgage Broker talked about how 6 out of 10 consumers will break their mortgage within the first 3 years of a 5-year term. That means that 60% of borrowers will...
Federal Budget Updates 2022 This bright industry is constantly evolving and growing at a rapid pace. In our previous Federal Budget Updates blog from 2019, we had discussed updates that were made to the CMHC First Time Home Buyer’s Incentive Plan and Home...