Credit unions: A cheaper, under-the-radar mortgage option – Ask a Vancouver Mortgage Broker

When you last shopped for a mortgage, did you consult with a credit union? If you’re like more than four out of five recent home buyers, you didn’t. Most mortgage shoppers overlook credit unions (CUs) because they think the rates aren’t good enough, or CUs aren’t convenient enough, or that they’ll save more by consolidating banking at […]

CUs: A Lower Bar on Qualification Rates – Ask a Vancouver Mortgage Broker

Starting in 2010, lenders had to ensure that borrowers getting variable or 1- to 4-year fixed mortgages could afford payments at the 5-year posted rate. That rule applied to mortgages with less than 20% equity. In 2012, OSFI asked federally regulated lenders to apply the same rule to all variable and 1- to 4-year fixed mortgages, regardless […]

The ultimate mortgage checklist: How to get the best possible deal – Ask a Vancouver Mortgage Broker

ROBERT MCLISTER – Special to The Globe and Mail These questions will help you snare the most feature-rich mortgage possible, at a rate that’s better than average The lowest possible rate is how many define a good mortgage. But that’s like judging the “best car” by the one with the lowest monthly payment. Anyone who’s had to […]

The Ultimate Mortgage Checklist – Ask Adil Virani, Vancouver Mortgage Broker

Have you ever had a sick feeling in your stomach after buying a car, or a big screen TV, or a boat, or expensive jewelry? It’s that nagging worry that you’ve bought the wrong model or spent more than you should have. Buyer’s remorse is common with big ticket purchases, but it’s not as common […]

Canada’s Top 100 investor neighbourhoods revealed – Ask a Vancouver Mortgage Broker

By Grainne Burns For brokers looking to encourage their property-investor clients into the marketplace, this may be the tool you need. Rocky Mountain House. Brossard South. Doon. These place-names may mean little to investors now, but they have just been listed in the coveted Top 100 Neighbourhoods to invest. They — and the rest of […]

Half Baked Mortgage News – Consult with a Vancouver Mortgage Broker

From the “can’t believe everything you read” file comes this shocker from the Huffington Post: Mortgage Debt Exploded In Past 4 Years An unnamed Huffington Post author claims that mortgage debt at chartered banks soared 56% ($301.4 billion) in just one year—from June 2011 to June 2012. It’s a “risky explosion” in mortgage debt says […]

How to reduce mortgage penalties – Ask a Vancouver Mortgage Broker

How to reduce mortgage penalties Backing out of a mortgage early? You probably won’t be able to avoid fees entirely, but you can limit them. A rise in interest rates appears imminent, so folks with big mortgages might want to lock in the current low rates now! But for some, that means getting out of an […]

Get a mortgage without a salary – Consult with a Vancouver Mortgage Broker

There are things that you can do to help you qualify for a mortgage. Landing a mortgage is trickier for the self-employed than their salaried counterparts. Not only do self-employed people face higher interest rates and CMHC mortgage insurance premiums, they are also more likely to have their loan applications rejected outright. If you’re self-employed, […]

The Gen Y Reality: Expensive to Live, Easy to Spend, Struggle to Save – Ask a Vancouver Mortgage Broker

TD research finds high cost of education, lower salaries and high debt load biggest barriers to saving for 20-somethings today compared to 40 years ago.  TORONTO, June 11, 2013 /CNW/ – According to new research from TD Canada Trust, more than a third of Gen Y (34%) admit they find it an almost impossible struggle […]

Variable vs. Fixed Rates – The Latest – Consult with a Vancouver Mortgage Broker

By Rob McLister, Editor, CanadianMortgageTrends.com As many as 85% of newmortgagors are choosing fixed rates, says CAAMP. It makes you wonder, what is it going to take to get that number back to its historical average of ~65%? For one thing, the fixed-variablespread (i.e., difference between fixed and variable rates) needs to widen. With today’s typical 5-year fixed at 2.84% and […]

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