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Friday, July 22nd, 2016

Rent-to-own works, but beware the pitfalls – Ask a Vancouver Mortgage Broker

Renting to own a house can be a very effective way for a buyer without enough of a down payment to buy a home. But do your homework. By: Mark Weisleder Real Estate The concept of rent-to-own can be a very effective way for a home buyer who does not have enough of a down payment, or […]

The cost of buying a home: It’s not just the mortgage, silly! – Ask a Vancouver Mortgage Broker

Associated costs include down payment, closing costs, moving costs and new appliances. By: Kristin Kent Special to the Star,  Adam Frank and his girlfriend MaryAnne, both 29, knew they wouldn’t become homeowners overnight. The two were realistic and grounded in their approach. They had conversations. They researched. They crunched numbers. Infographic: It’s your money (a practical guide) – […]

What first-time buyers really need: affordable housing prices – Ask a Vancouver Mortgage Broker

What first-time buyers really need: affordable housing prices DIANNE NICE The Globe and Mail  While mortgage brokers are pressing the federal government to bring back 30-year mortgages and give first-time buyers a bigger tax break, Globe and Mail readers are not convinced that easing mortgage rules is the answer to the problem. When the Globe and Mail […]

Urban Mortgages on an Extreme Budget – Ever wondered what kind of mortgage you can get on minimum wage in a big city? – Ask a Vancouver Mortgage Broker

Ever wondered what kind of mortgage you can get on minimum wage in a big city?  Minimum wage in Canada ranges from $9.75 per hour in Alberta to $11 in Nunavut. In Ontario and BC, it’s $10.25. Using standard insured lending guidelines, someone earning even $11 per hour and working 40 hours a week could […]

Can Vancouver Home Mortgages Still be Obtained with Low Down Payments? – Ask a Vancouver Mortgage Broker

Can Vancouver Home Mortgages Still be Obtained with Low Down Payments? – Ask a Vancouver Mortgage Broker The answer is yes. Vancouver home mortgages can still be found even if you don’t have much in the way of savings for a down payment. It’s a lot tougher than it was just a few years ago […]

Canadians can still buy a house without saving their pennies – Ask a Vancouver Mortgage Broker

It would seem that regulators want to dissuade Canadians from buying homes with nothing down. Yet despite all of the recent changes, buyers can still get into the real estate market with little cash on hand. Ottawa did away with Canada Mortgage and Housing Corp .-insured 100 per cent financing back in 2008. Home buyers with few […]

The Rules have Changed for Vancouver Revenue Property

The Rules have Changed for Vancouver Revenue Property It wasn’t so long ago that you could buy a rental unit with virtually no money down and low interest rates to be used as revenue property in Vancouver. Times have changes drastically when it comes to buying revenue property in today’s mortgage market. Now, if were […]

Dunning: Mortgage Rules (Round 4) Were Overkill – Consult with a Vancouver Mortgage Broker

“…The changes to mortgage insurance criteria are unnecessarily jeopardizing the health of Canada’s housing markets and the broader economy.” That’s the conclusion from economist Will Dunning inCAAMP’s just-released State of the Residential Mortgage Market report. (Link) Dunning says his research suggests the Finance Department has created “a policy-induced housing market downturn” that could reinforce existing […]

Insured Buyers are the Majority – Ask a Vancouver Mortgage Broker

October 15, 2012 by  
Filed under Latest News, Latest Rates, Mortgage FAQ, Recent News

Mortgage insurance is typically mandatory for homebuyers without 20% equity. Putting down 10% on theaverage $350,152 home, for example, means you’ll cough up a $6,302 insurance premium (given fully documented income and decent credit). Since insurance premiums are tacked on to your mortgage, that adds up to $9,000+ if you amortize it over 25 years. Of course, you can avoid insurance […]

More than 60% of Home Buyers Need Mortgage Insurance

October 12, 2012 by  
Filed under Latest News, Latest Rates, Mortgage FAQ, Recent News

More than 60% of Home Buyers Need Mortgage Insurance   With the new federal regs coming into play in the near future, what does this mean for your Vancouver Mortgage Broker? Will new home buyers get squeezed out, or are they going to have to pay through the nose to own a home? How will […]

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