Check Your Credit Score Before You Start the Mortgage Process

Before you are at that point of seriously looking at houses and applying for your first mortgage, have a deep look at your credit score. Pulling your credit report can be very inexpensive or even free. Most likely, everything will look satisfactory to your mortgage lender. But there is no reason to wait until that […]

Separated ? Separate Those Accounts, Too!

I recently had a client that thought because his separation agreement stated that a joint debt was to be entirely the responsibility of his ex-wife, the lender still considered the debt as part of his application. This type of problem can be avoided by pulling your credit report early on in the process. Joint accounts […]

How To Pay Down Your Mortgage Faster

Your mortgage can be one of the largest and longest-running debts you pay. Your monthly payments reduce your cash flow and may impact other lending you may apply for. Paying down your mortgage will not only lower your debt, but it will also reduce the amount of money you spend on interest. Lump Sum Payments […]

Interest-only mortgages, what are they good for?

Most Canadians would balk at paying more interest and nothing in principal. And while this product doesn’t make sense for most people, there are select cases where paying just the mortgage interest can boost one’s net worth. What’s it good for? An I/O mortgage increases a borrower’s cash flow. The idea is to use that […]

Fixed Rate Mortgages

Only the most devoted variable-rate mortgage believers are staying loyal today. As your licensed Surrey mortgage broker, I can help you choose if fixed or variable rate mortgage is the best option for you.  Having a comprehensive overview your financial situation is key in determining the best borrowing strategy.   Variable-rate mortgages have for decades […]

First Time Home Buyers Incentive Coming September 2019

How will it work? Starting September 2019, the Canadian government will be introducing a new way to help first-time home buyers to get into the market introduced by the Trudeau government as the ‘First-Time Home Buyer Incentive.’ This program will be available to households who earn less than $120,000 annually and the amount of the […]

Claim your exemption to the Speculation and Vacancy Tax 2019

The Speculation and Vacancy Tax The speculation and vacancy tax is part of a plan to address the BC housing crisis. This new yearly tax is targeted at people who earn the majority of their income outside of British Columbia contribute their fair share of taxes. The government hopes this will discourage foreign buyers from […]

What 5 Things Will Jeopardize Your Mortgage Approval (And How To Avoid Them)

How is your mortgage approved ? It’s based on all the information provided to your lender at the time of your application.  It is not uncommon for weeks or even months to go by before your possession date.  Your lender has the right to confirm that the initial information you provided is still valid, and […]

6 Closing Costs You Should Be Budgeting For

WHAT ARE CLOSING COSTS? First-time home buyers need to be aware of these expenses and not just focus on the down-payment.  A standard calculation that lenders use is that the borrower should have 1.5% of the purchase price in available funds to cover the conditions of financing. For example, if you purchase a home for […]

Changes to the CMHC’s Self-Employed Borrower’s Guidelines

CMHC announced changes for self-employed borrowers qualifications in 2018.  Self-employed Canadians should find the changes advantageous when trying to qualify for a mortgage. In the announcement, CMHC declared “Self-employed Canadians represent a significant part of the Canadian workforce.  These policy changes respond to that reality by making it easier for self-employed borrowers to obtain CMHC mortgage loan insurance […]