Outlook

The summer market is in full effect and it seems that home buyers are out shopping and trying to buy before their 2.99% pre-approval rates expire. The overall outlook for the economy has been positive and, as the Bank of Canada stated last week, interest rates are not expected to soar. Fixed rates will be bouncing around slightly but no major moves. If you are interested in getting into a place of your own, give me a call. I can offer you a pre-approved mortgage to determine your purchasing power and offer you access to special properties that are some of the best priced in the Fraser Valley! How about owning a home for just $800 per month. Give me a call to learn more! If you have mortgage questions, please call me. My services are complimentary and I am happy to help!

Purchase plus Improvements

When buying a new home, sometimes there are renovations that need to be done but funds can be hard to come by. That is why there is a program called Purchase Plus Improvements. This program allows a buyer to add 10% of the improved value of the home up to $40,000 to the mortgage for home renovations. During subject removal, the buyer must provide quotes for the work to be completed so that a budget is established. The buyer must have funds available upfront to do the work and then, once it is confirmed by an appraiser that improvements have been done, the funds are reimbursed to the client from the mortgage funds. If you are considering buying a home that needs a little TLC, ask me about Purchase Plus Improvements!

Bouncing Rates

Could it be that the days of a buyers' market are gone? The real estate market in the Lower Mainland could be suggesting that. Studies are showing that prices and sales are increasing slightly but that overall we are experiencing a stable market. This is the great news as it shows that both buyers and sellers are participating equally in the market signalling great opportunities on both sides. Interest rates have been bouncing all over the place over the last 2 weeks. They go up, they come down and there is no reason to believe anything will last long. With bonds increasing, lenders are taking advantage of a larger spread and jacking up their fixed rates. Prime is remaining stable and expected to stay that way well into 2014. Interest rate movement is nothing to be concerned about and we are not seeing dramatic increases. If you are planning a move or considering a refinance, contact me today to explore options. Mortgage Tip of the Week Sadly it is a part of life that some marriages do not work out. If you and your spouse or partner currently own a home and are both on title, there may be the option to have one partner buy the other out up to 95% of the value of the home. Despite rules that state that you cannot refinance a mortgage unless there is 80% equity in the home, there is one exception and that is divorce/ separation. So long as both partners are on title and there is a separation agreement in place, we can help you to have one spouse buy the other out. Contact me for more information.