Category Archives: News

5 Fall House Hunting Tips

Falling leaves may bring first day of school and pumpkin-flavored delicacies to mind. But what about homebuying? Spring and summer are known to be the housing market’s favorite season, fall may be just the right time for you to look for a new home. While buying a home in the fall isn’t necessarily the norm, you may still be able to find the right house for you at a reasonable price. Check out some tips to help you find success on your home search this fall.

Speak soon 🙂

Dave

Going from Renting to Owning a Home in 60 Seconds

It will only take you 60 seconds to read this post and by the time you finish, you can be well on your way to plan out the next steps of your home ownership dreams or to help someone who you really care about to start investing in their own home.

If you’re a renter then chances are you have high hopes of owning your own home one day. You want to put those rent payments towards something you’ll eventually own, and the closer you get to finally achieving the goal, the better you feel. But, while you’re saving up for that down payment, are you doing anything else to prepare? Having the downpayment is just one piece of the puzzle…..

Take a look at these tips to help you get closer to finally owning your own place!

As always if you have ANY questions, never hesitate to get in touch.

 

Waiting for fixed mortgage rates to drop? You might be disappointed

If you’re a mortgage shopper stressing about whether to lock into a five-year fixed rate, you’re probably wondering if rates can drop further.

No one wants to leave interest savings on the table and it’s way more fun to say you timed your mortgage like a champ.

But those of us waiting for fixed rates to drop much more might be disappointed. Here’s why. 

Banks Don’t Provide Proper Pre-qualifications, Mortgage Brokers Do

Mortgage tip of the week & food for thought for those who are considering house hunting…

First time home buyer should confirm their eligibility to purchase through a mortgage pre-approval in conjunction with their real estate agent. Mortgage Brokers ensure FTHB’s are pre-approved prior to searching for property so a budget is established and a pre-approval rate hold is tied down. If the client is already working with a realtor, that realtor can rest assured that the client is motivated, and looking in their appropriate price range. It saves all 3 parties involved a lot of time, and headache. A mortgage broker can be considered more valuable in this regard, as banks do not provide proper pre-qualifications based on a full application or review of documents, leaving less room for error.

If you have any questions NEVER hesitate to get in touch & stay tuned for more tips 🙂

Summer lovin, happened so fast- Here’s how to make it last.

So we are officially 85% through summer, stores are getting geared up for “back to school” and I even dare to say I saw a Christmas decorations being added to the isles at Costco (insert eye roll)!

If you are one of the lucky ones, you have manged to take some time and get away and enjoy some fun in the sun. Whether you call it a cottage, a cabin or a camp, when the temperature begins to rise, the dreams of sitting on the dock at a place of your own start this time of year….. Wondering how to make your dream a reality?

Well…. lets talk truths, if you don’t have the cash on hand to buy one outright, you’ll have to borrow the money. And while the basic process of applying for and qualifying for a mortgage are the same, lenders will look at many more variables when assessing a property before lending money to buy a cottage.

Summer lovin, has happened so fast! Find out more on how YOU can make it last 🙂

mortgage broker kelowna

Kelowna Mortgage Broker

As Kelowna mortgage brokers go, if you are living in or moving to Kelowna and in need of a mortgage, just like choosing the right real estate agent you will often be better off working with a mortgage broker who is experienced in and really knows the Kelowna area. Finding a mortgage broker who knows the Kelowna area AND really knows mortgages can be a little difficult. Dave Lytton gives you knowledgeable, personalized service and always works with your best interest at heart.

  • A Kelowna Mortgage Broker with experience has connections others may not
  • Mortgage Brokers new to Kelowna may not know local people, places, terms and landmarks
  • A Kelowna Mortgage Broker is available to you, locally, when you need them, which is far more convenient
  • An experienced local mortgage broker knows the local financing options
  • A local mortgage broker knows about limited time or exclusive programs only available locally

If you or someone you know is currently in need of a mortgage broker in Kelowna now or in the future, let’s talk. Give me a call today at 250-862-6630, email me at info@thatmortgageman.com or contact me through this website right now. You can also share this information to your preferred social network using the appropriate links below. Remember, even if I don’t ultimately end up being your mortgage broker, I will gladly answer questions and help however I can. I stand firmly by my motto, “My highest interest is you.”

mortgage broker kelowna
Dave Lytton
Mortgage Broker
Kelowna, BC

#kmb15811

Bad credit, credit debt, mortgage debt – Canadians and debt.

I wanted to start by saying, that if you are currently overcome by debt or have bad credit, you are not alone. In fact, there are way more people out there in the exact same position than you think! As a mortgage broker in Kelowna, I see the nitty & sometimes very gritty reality of peoples financial situations. As Canadians we are definitely effected by the old want to “keep up the Joneses” & correctly identifying “need vs. want” is a every day struggle for everyone, including myself!

Some Canadians believe they will be in debt forever  and with debt repayment goals pushing closer into their retirement years the strain becomes even more of a reality.

Do YOU ever wonder when you will become debt free? 40s? 50s? Ever?

Get optimistic about debt repayment & shorten up that road to financial freedom!

Mortgage rules are changing again, but this one will make you smile!

Homes with rental suites will be in even higher demand! As of this morning CMHC has released an amazing change for those house hunting & mortgage shopping…

100% of income from rental suites will now be factored into your mortgage!

Starting Sept. 28th, CMHC will start allowing 100% of rental income from legal suites to be applied when qualifying for a mortgage. Currently, CMHC only allows 50% of rental income to be used.

What does this all mean?

This is a mortgage market change that will leave you smiling 🙂 This will increase your mortgage qualification in the vicinity of $50,000. If you’re looking at a place of $400,000, now being able to bump that up to $450,000 is HUGE!

But dont just take my word for it….. Read more here.

As always, never hesitate to get in touch if you have questions 🙂

 

Tired of your local rental market?

11407279_1599081857013927_4284585288058845517_n                 Done with this?

I was recently sent a really lovely “thank you” card from family of four that I really care about 🙂 The card was to say a simple thanks for helping them into their first house. It had been 1 year since they moved in and their excitement was still buzzing. I must say it made my day & the joy that first time home buyers have is truly contagious! Their deal was not (what we call in the biz) a “slam dunk”…… They didn’t really have much for a down payment, hardly any credit history the other fairly poor. The only asset they had was their car & decent paying jobs, they were just like any normal family with two kids, just working to pay the rent. Even with all my years of experience I knew I had my work cut out for me. All I knew as a certainty, was that they were truly tired of paying 1600 bucks a month in rent and THIS was my drive!!!! So off to work I went, mortgage rates are good right now & our market is strong, if you feel the same… simply fed up with paying high rents give me a call , just like this family, you may be more mortgage ready than you think!

Dave – That Mortgage Man 🙂

PS they now only pay 1350 and they are in their own home!

Bank vs. Mortgage Broker

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Traditionally, those looking to get into the housing market have simply gone to the bank for their mortgage needs, but you now have more options at your disposal with the growing presence of mortgage brokers. Independent mortgage brokers are licensed mortgage specialists who have access to multiple lenders and mortgage rates. We essentially negotiate the lowest rate for YOU & WE WORK FOR YOU & ONLY YOU! Because we have access to high quantities of mortgage products, we mortgage brokers can pass volume discounts & amazing rates directly onto the mortgage shopper. I’m not saying the old way is bad, but using a broker will get you the best. The bank very well may me able to offer you a lower rate, please guard against this & speak to a broker like me. Lower doesn’t always mean better & many of these “hot rates” often come with some fairly tough “fine print” & remember , banks can only access and offer you their own rates/products. They will regularly give discounts on their posted mortgage rates; however, you are responsible for this negotiation.  If you are the type of person that likes options, affordability & flexibility,  give me shout & let me do the shopping for you.