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How to Prepare Your Suite to Attract the Best Tenants

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...

Pre-Approval, Approval, and Pre-Qualification Process

I Got an Approval. Am I Protected? When you receive an accepted offer and have all the building documents, you are issued an Approval. Most of our clients prefer an Approval and like to skip the phase of getting a Pre-Approval because of the lack of certainty we mentioned in the last blog. The Approval is a document that in fact...

Pre-Approval, Approval, and Pre-Qualification Process

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. What is a Pre-Approval? A Pre-Approval is usually a one-page document that acts...

Rate War – What an Opportunity!

The Day the Rate War Started... It all started last week when BMO announced its fantastic variable rate of Prime -1% = 2.45% Until then, we had this type of rate offered by trust companies and credit unions only to insured mortgages with a down payment of less than 20% of property’s value. Clients that wanted to buy with 20% or more...

More Housing Regulation Changes, This Time In The BC Provincial Level

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....

Six Things to Avoid After Getting Your Mortgage Approved

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...

5 reasons why your mortgage application is denied

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? You have an excellent credit score but you were still rejected due to your credit Credit score of over 700 will allow you access to the best...