Mortgage Education Centre Archives - Page 2 of 3

16Jan

LAND OWNER TRANSPARENCY REGISTRY (LOTR)

[Land Owner Transparency Registry - January 15, 2021] B.C. Real Estate Beneficial Ownership Disclosure Law Takes Effect November 30, 2020 The Land Title and Survey Authority of British Columbia (LTSA) operates the Land Owner Transparency Registry (LOTR), a first-of-its- kind registry to improve transparency of land ownership in BC. What is LOTR? A searchable registry that maintains information about “interest holders” under the Land Owner Transparency Act. These are individuals who do not have direct ownership of land but are considered to have [...]

British Columbia, Mortgage Education Centre

01Jan

Buying a home this year | Mortgage qualification 101

[Synergy Mortgage - January 1, 2021] If you have decided to buy a home this year, we are here to help! While we certainly do all the heavy lifting to ensure your mortgage experience is as easy and seamless as possible, it’s important that you’re fully up-to-speed on all the mortgage basics. Especially given today’s fast-paced real estate market. Whether you’re a first time homebuyer or returning client, stay tuned for our “Buying a home this year” educational series. We will continue to provide you [...]

Mortgage Education Centre, Vancouver Real Estate

06Dec

5 reasons to get a second opinion on your mortgage renewal

[Invis Synergy Mortgage - December 2020] Given the large financial commitment of a mortgage, it's surprising that so many homeowners sleepwalk through the mortgage renewal process and don't look at all their options in the marketplace. Many accept whatever their lender offers or just have a short negotiation to shave a few points off. While it's tempting to choose what is easiest, it's so important to have a mortgage expert give you a second opinion and start working for you as [...]

Mortgage Education Centre, Vancouver Real Estate

10Nov

Mortgage Qualification – 6 C’s of Credit

MORTGAGE QUALIFICATIONS 6 C’s of Credit When you apply for a mortgage you have to undergo a process of evaluation before you will be given an approval. The process called credit evaluation can take time and always involves an end, either an approval for the mortgage or a decline. If you are declined, you may be given alternative options such as private loans or a plan to help you to qualify in the future. The lender’s credit evaluation involves 6 main areas: Capacity [...]

Mortgage Education Centre, Vancouver Real Estate

08Oct

Important Credit Score Tips

[Invis - October 7, 2020] There's a virtual credit file with your name on it! When it comes time to take out a mortgage, that file gets opened and the result is a credit score. This is one of the determining factors for qualification and can also impact your mortgage rate. The good news is that you are entirely in control of your own credit score. Even if your past credit history has been bumpy, there are steps you can take [...]

Mortgage Education Centre

15Sep

Which mortgage product is right for you?

[Synergy Mortgage - September 15, 2020] When it comes to which is better – Fixed, Floating or Line of Credit – there is no wrong answer. They all have pros and cons, and the truth is, we can’t predict what mortgage rates will be in the future, or how the economy will affect the rates over time. The key decision making factor depends on you, your personality, and your personal and financial situation and goals. What we can absolutely commit to [...]

Mortgage Education Centre

01Jul

Canadian Real Estate and the New Mortgage Rules

[Re/Max - July 1, 2020] Canadian real estate has been a tough nut to crack for some homebuyers, and those with less than 20 per cent as a down payment now face another challenge, with Canada Mortgage and Housing Corp.’s (CMHC) tighter qualification rules for borrowers of high-ratio mortgages. This move is in response to the global pandemic that has left many Canadians vulnerable. The changes, which include lower debt thresholds and higher credit ratings, are in effect as of [...]

COVID-19, Economic Outlook, Mortgage Education Centre

29Sep

The right way to buy a home for your adult kids

[Globe and Mail - September 10, 2019] When Ashton Paul was looking for a larger home to settle down, he turned to his parents for help. Mr. Paul, 35, had already proven he could handle the expenses that come with home ownership. In 2009, he gave his parents $70,000 toward a condo they bought for him as an investment property near the Rogers Centre in downtown Toronto. Mr. Paul covered the expenses, including the mortgage, condo fees and insurance, until deciding [...]

Mortgage Education Centre

24Feb

Buying costs

[December 18, 2018 - Real Estate Board of Greater Vancouver] If you’ve decided to buy a home, it’s important you understand all the costs involved in addition to the price you're paying for the property. Mortgage applicationLenders may charge a mortgage application fee, which will vary depending on the lending institution. Mortgage insuranceThe federal government requires high-ratio mortgages with less than 20% down payment to be insured against default. The cost ranges between 0.60 to 3.85 per cent of the mortgage amount which [...]

Mortgage Education Centre

02Jun

The pros and cons of reverse mortgages

[Source: CTV -May 28, 2018] With the high value of real estate, many people have a lot of equity in their properties, making them house rich and cash poor. That may have some retirees considering a reverse mortgage to help make ends meet. But experts say you should make sure you understand the pros and cons of this type of loan before making a decision. If you’re over 55 years old you may qualify for a reverse mortgage if you have [...]

Mortgage Education Centre