A Mortgage Broker is your One-Stop Shop for maximum qualification options to help you buy your next property. Tim Osborn presented with CMHC Laura Kershaw to the enthusiastic team at Royal LePage Downtown realty.
Don’t buy that…. yet! While a “0% Financing” or “No payments for 12 months!” sale might seem like perfect timing, it could destroy any hopes of buying a home soon. Your maximum mortgage is affected by all debts, including unpaid credit cards, car loans, even deferred payments. A $100 monthly debt can reduce your buying[…]
Don’t Stress about the Stress Test Borrowers presenting with 20%+ downpayment are frustrated after new stress test rules resulted in approximately 20% reduction in borrowing power. However, there’s good news (for now)! The stress test does not apply to provincially regulated lenders; while some have voluntarily implemented it, a few are still qualifying under[…]
The BC government announced a program late 2016 that would match a first time buyer’s down payment contribution up to 5% of the home purchase price. No payments are required on the loan for the first 5 years. This program will be discontinued, but applications received by March 31, 2018 will be honoured for 6[…]
Mortgage Amortization – is short or long better? You’ve found your dream home and financing has been approved at a great rate, but how long should you amortize your payments? Amortization is the length of time if takes you to pay off your entire mortgage and affects how much interest you will pay over the life[…]
Did you know with a variable rate mortgage you can pay down MORE principal, pay LESS interest, and enjoy LOWER payments? Check out this first 5 year cost comparison for a $250,000 mortgage amortized over 25 years. And if you top up your variable rate payments to match what the fixed rate payments would have[…]
There will never be a shortage of things to do, but not everything is the best and most profitable use of your time ‘right now’. And profitable doesn’t necessarily mean money. It is easy to bury ourselves in long hours of work based on a genuine desire to provide a better life for our loved[…]
When choosing a mortgage, will a Fixed or Variable rate best serve your needs? This video explains the differences so you can make an informed decision with confidence.
RRSP (Registered Retirement Savings Plan) season is here! Use the first 60 days of the year to contribute to your RRSP. You have until March 1st, 2017 to reduce your 2016 income and get a higher tax refund. Additionally, you can withdraw tax-free funds from your RRSP for qualifying home purchases. The Home Buyers’ Plan (HBP)[…]
B.C. Home Owner Mortgage and Equity partnership From middle class families to young professionals, first-time home buyers are looking to invest in a secure and stable future. For many British Columbians dreaming of buying their first home, the hardest step is saving for a down payment. That is why the Province is partnering with British[…]