Tag Archives: kelowna mortgage broker

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 🙂

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 🙂