Self-employed income

If you work for yourself, in most cases, lenders require a 2 year history of your income to approve you for mortgage financing. By presenting your last 2 years of T1 Generals and Notice of Assessments from Revenue Canada, we can use a 2 year average of your income. Some lenders will also allow us to gross up the income. If you work for yourself and are not sure if you can qualify to buy a home, call me toda For more information about all kinds of mortgages, call me today!

24 hours!

It is yet another amazing week in the land of mortgages with clients looking for all kinds of financing. So far, this month has been full of mortgage renewals, refinances, property purchases, construction financing and a private deal that had to be approved an funded in less than 24 hours (which we successfully did!). Regardless of the kind of mortgage financing you are looking for, I have the expertise to assist you. Call me today to review your options. The market seems to be as warm as the weather. Housing prices across the country are remaining strong and this is encouraging for everyone. If you are considering selling your home and upgrading, call me for advice about how best to structure your financing. I can also recommend a wonderful realtor if needed. I look forward to assisting you!

Collateral Charges

Many chartered lenders secure their mortgages as collateral charges or as running accounts on the title meaning that, although a client's mortgage term may be over, the charge held by the lender does not expire. Collateral charges are typical for secured lines of credit where there is no set end date for the loan. A mortgage term however, does typically expire and having a collateral charge means the client is not able to transfer their mortgage to a new institution without incurring legal fees. Always ask your broker or lender about collateral charges, they can limit your ability to move your mortgage in the future. See the article below for news on changes to collateral mortgage rules. For more information about all kinds of mortgages, call me today!

Expanded living

New studies are showing that the housing market has been fairly strong in 2014 despite stating that home prices across the nation seems to be overvalued. This is creating a challenge for move up buyers who are wishing to expand from living in stratified properties to single family dwellings. Thankfully, in the Lower Mainland, prices have not risen dramatically compared to cities like St. Johns, Quebec City and Victoria which posted price increases of 5% so far in 2014. Because housing prices are too high for some buyers, many will opt to renovate rather than upgrade. If you are looking at options of whether to move or renovate, call me. I can offer you a full assessment of the numbers. Please remember that my services are free and I have access to over 50 lenders across Canada. I can advise you on financing for purchasing a home, refinancing a current mortgage or offer you options for your mortgage renewal. Call me today!

Bank accounts

It really doesn't matter where you do your banking however, when buying a home, you will need to ensure that the money you have saved for your down payment is sitting in a bank account or is invested with a reputable firm. The reason is that, in order to confirm your down payments funds, you will need to provide 3 months of banking or investments statements to show you have had the funds in your possession.

Bank of Canada met today - Did rates go up?

Welcome to September! The Bank of Canada met this morning and left the prime rate stable and it doesn't look like rates will be increasing any time soon. The expectation is that, next year once the American Federal Reserve starts to increase rates, the Bank of Canada will follow suit. For the time being, variable rate mortgages are a an excellent option for those looking to make larger payments and decrease their principals more quickly. This week I am really excited to be helping several families buy homes. Many have been looking for a long time and finally found what they are looking for. If you are considering a home purchase and are not sure where to begin, call me! I can get you pre-approved for financing and introduce you to my team of realtors who can assist with searching for a new home, and selling your current home, if necessary

Green is the new Orange

We are almost at the end of August and the summer sure has flown by! Our office has been very busy making me hopeful that we will have a strong Fall market. This week many clients have been asking about mortgage refinances. Refinancing a mortgage is a great way to pay for renovations, consolidate debts or restructure a first and second mortgage into one low rate mortgage. The rules are such that, so long as 20% equity is left in the home, we can refinance a mortgage based on the clients' ability to qualify. If you are not sure if a refinance is right for you, call me today to look at numbers and discuss options. I also just want to give a shout-out to all my clients in Rider Nation. The Lions played a good game versus us over the weekend and I am proud to say that Green is certainly the new Orange. Guaranty that!