22 Jan

Mortgage Broker Value

General

Posted by: Kimberly and Cindy Walker

Not surprisingly, borrowers often default to their own Banker. And why not? It’s an established and comfortable relationship. Perhaps it’s viewed as the path of least resistance. But is it the right lender for the borrower’s current specific needs? Perhaps not. More sophisticated borrowers may be of a size or scale that they have their […]

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19 Jan

How mortgage brokers help you get approved by ‘A’ lenders

General

Posted by: Kimberly and Cindy Walker

Every year Canadian families are caught in unexpected bad circumstances only to find out that in most cases the banks and the credit unions are there to lend you money in the good times, not so much during the bad times. This is where thousands of families have benefited over the years from the services […]

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18 Jan

9 Reasons Why People Break Their Mortgages

General

Posted by: Kimberly and Cindy Walker

Did you know that 60 per cent of people break their mortgage before their mortgage term matures? Most homeowners are blissfully unaware that when you break your mortgage with your lender, you will incur penalties and those penalties can be painfully expensive. Many homeowners are so focused on the rate that they are ignorant about […]

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17 Jan

No ban on foreign buyers says BC premier

General

Posted by: Kimberly and Cindy Walker

The premier of British Columbia has rejected calls for a ban on foreign buyers of real estate in the province. John Horgan has reacted to the Green Party’s leader Andrew Weaver who has been calling for a ban similar to that implemented in New Zealand. “I just don’t believe, in an open economy, that’s an […]

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12 Jan

New mortgage changes decoded

General

Posted by: Kimberly and Cindy Walker

This week, OSFI (Office of the Superintendent of Financial Institutions) announced that effective January 1, 2018 the new Residential Mortgage Underwriting Practices and Procedures (Guidelines B-20) will be applied to all Federally Regulated Lenders. Note that this currently does not apply to Provincially Regulated Lenders (Credit Unions) but it is possible they will abide by […]

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9 Jan

Insured, Insurable & Uninsurable vs High Ratio & Conventional Mortgages

General

Posted by: Kimberly and Cindy Walker

You might think you would be rewarded for toiling away to save a down payment of 20% or greater. Well, forget it. Your only prize for all that self-sacrifice is paying a higher interest rate than people who didn’t bother. Once upon a time we had high ratio vs conventional mortgages, now it’s changed to; […]

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8 Jan

Bank of Canada Rate Change – Should I lock in?

General

Posted by: Kimberly and Cindy Walker

This month, the Bank of Canada increased their lending rate for the 2nd time in as many months. The changes in the Prime Lender Rates means that those with a variable mortgage rates will have seen that their mortgages rates adjusted alongside the changes to Prime Rate. For those of you with variable rates, the […]

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5 Jan

Mortgage changes are coming—are you prepared?

General

Posted by: Kimberly and Cindy Walker

We know – more changes?! How can that be! With this ever-changing landscape, mortgages continue to get more complicated. This next round of changes is predicted to take affect this coming October 2017 (date not yet available). These new rules contain three possible changes, the most prominent being the implementation of a stress test for […]

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4 Jan

35% Down… The New Conventional Mortgage?

General

Posted by: Kimberly and Cindy Walker

If you’re looking to buy a new home, one of the most difficult things can be putting together a down payment for the mortgage. So how much do you really need to put together before you can get into the home of your dreams? Let’s take a look at some of the different options, with […]

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4 Jan

Another big year for Fraser Valley real estate

General

Posted by: Kimberly and Cindy Walker

SURREY, BC – The Fraser Valley housing market had its second highest selling year on record in 2017, with total MLS® transactions and dollar volume sold behind only 2016’s unprecedented level of activity. The Board’s Multiple Listing Service® (MLS®) processed 22,338 sales in 2017, 7.3 per cent less than the record of 23,974 sales set […]

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