Congratulations! You have purchased yourself a house. Now, after taking advantage of the detached housing market that has slowed down and following our advice to buy a house with a rental suite, all you need is good tenants. Let’s look at some minor changes that will not cost you much, will get you to rent fast, and have the right...
When starting the mortgage process with a new client, I’m usually asked to provide a Pre-Approval for their upcoming purchase. What these new clients usually do not know is that the Pre-Approval document provided by banks is the easiest document to get, yet the least reliable to have.
If you have a variable rate mortgage, you belong in a highly respectable group that includes most of my clients and myself. At this time of rising rates, I’m frequently asked whether to lock in the variable rate into a fixed. The math is simple: every 0.25% prime rate increase, will result in a $13 increase (per month) for every...
The recently tabled B.C. 2018-19 Budget Plan has revised some provincial housing regulation in effect immediately: 1. Stabilizing the market. Includes policies for: taxing speculators; increasing foreign buyers tax to 20% Applying the foreign tax outside of Metro Vancouver; For instance, in Victoria and Whistler Increasing taxes (school property tax rate and transfer) on properties over $3 million; implementing an “Airbnb” tax. 2. Cancelling the B.C. first-time...
Congratulations! You’ve gotten your mortgage approved. However, your mortgage is not guaranteed until you meet all its conditions, nor is it guaranteed until it is registered by your solicitor. Many things can happen while waiting for completion and registration date. Some of them can put your approved mortgage at risk. The following is a list I use to guide my...
You have a good credit score, the full down payment, steady job with a high enough salary but still the bank rejected your mortgage application. What are the common reasons for rejection these days?
