Calculating Income.  Part One Being prepared to apply for a mortgage to purchase or refinance property can save you time and may make things easier when the time comes to verify your income.  In part one of this two-part series, we’ll look at what lenders need when calculating your income for a mortgage approval. full-time […]

9 Reasons Borrowers Break Their Mortgage Term Early. Did you know approximately 60 percent of mortgages are broken before the term expires? While this is not necessarily avoidable, most homeowners are blissfully unaware of the penalties that can be incurred when they break their mortgage contract. Unfortunately, these penalties can be painfully expensive at times, […]

  The BC Home Owner Grant reduces the amount of property tax you pay for your principal residence. You must apply for the grant each year to be eligible.  Applying online is usually quick and easy.  Please see below for the link. If your lender is collecting a tax installment each month together with your mortgage […]

  Another Jumbo Rate Hike, Signalling More To Come The Governing Council of the Bank of Canada raised the overnight policy rate by a full 50 basis points once again today, marking the third rate hike this year. The two back-to-back half-point increases are without precedent, but so were the dramatic pandemic rate cuts in […]

Although the process may be simple, simply renewing with your current lender may cost you.  Renewing your mortgage with another lender requires a new approval and can take time to process.  However, renewing with another lender may save you thousands of dollars over your next term.  Should you qualify, you may even save tens of […]

Your credit score indicates to lenders whether or not you are a “good investment” by relaying how long you’ve had credit, your habits in paying back that credit, and how much you currently owe in total. Your credit score is affected by how much debt you’re carrying in relation to the limit of each account, […]

  What’s involved in replacing the windows of a home? And what are the indications that you might need to replace yours?  Let’s take a look at some questions you might have. new home, old windows When you purchase a home, you receive a seller’s declaration. This is a document that contains all the information […]

Getting a home ready for sale or lease is a big job on its own. For some, the thought of staging your home may be overwhelming. Realtors may offer this service as part of their package, but if not, don’t worry, it’s easy to do it yourself with a little inspiration. Beyond the basic advice […]

How does this affect my mortgage?   If you don’t have a mortgage yet and are thinking of making a purchase in the next few months, please see below.   If you have a variable rate mortgage or home equity lines of credit (HELOC’s), either your monthly payment will increase, or more of the payment […]

There’s Often an Alternative. When it comes down to getting approved for a mortgage, there are a lot of factors and not everyone will qualify. So what are your options if the banks say “no”? When conventional lenders (such as banks or credit unions) deny mortgage financing, it can be easy to feel discouraged. However, […]