27 Oct

How will Bank of Canada’s recent development affect you? 

Latest News

Posted by: Adam Sale

How will Bank of Canada’s recent development affect you? The Bank of Canada announced they are no longer printing money to purchase the Government of Canada’s bonds, but what does this mean for the consumer, and where are mortgage rates going in the near term? Ending the bond buying program is the initial step required […]

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14 Oct

25 Year Mortgage or 30 Year Mortgage?

Mortgage Tips

Posted by: Adam Sale

Is a 25-year mortgage, or a 30-year mortgage better? Amortization is the total length of time it takes to pay off a mortgage. The most common mortgage lengths in Canada are 25-years and 30-years. Deciding which mortgage length to choose will depend on your personal financial goals. A great rule-of-thumb is: 25-year mortgage for owner-occupied […]

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29 Sep

How to Purchase a 2nd Home with a 5% Down-Payment

General

Posted by: Adam Sale

How to Purchase a 2nd Home with a 5% Down-Payment Did you know you can purchase a 2nd home or a vacation property with as little as a 5% down-payment? That’s right, these mortgage products are available to home-owners, renters and first-time home buyers! Why don’t more people take advantage of this program? Lack of […]

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16 Sep

Niche Mortgage Solution Designed for the Equity Rich

General

Posted by: Adam Sale

There’s a new niche mortgage solution in British Columbia designed for the Equity Rich Think of this mortgage solution as a reverse mortgage with no minimum age limit, no monthly payments & no income requirements! Making this mortgage solution worth exploring for those who are interested in using their equity to purchase a 2nd home or investment property. This mortgage solution […]

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8 Sep

Interest Rate Update: September 8, 2021

Latest News

Posted by: Adam Sale

Interest Rate Update Bank of Canada announced today they will maintain the overnight interest rate at 0.25%. This interest rate directly effects the Prime interest rate charged by lenders on Variable interest rate mortgages. In addition to maintaining the overnight lending rate, the Bank of Canada will continue their Quantitative Easing program of purchasing $2bn […]

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14 Jul

Using Rental Income to Purchase Your Next Investment

General

Posted by: Adam Sale

Using Rental Income to Purchase Your Next Investment There are 3 categories of rental properties on a mortgage application, each has a distinct way of calculating rental income. The 3 categories are: owner occupied + basement suite, subject property, non-subject property. Owner-occupied + Basement Suite Rental – When the property is owner-occupied, lenders typically allow […]

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28 Apr

Writing a Subject Free Offer – Mortgage Tips

General

Posted by: Adam Sale

Writing a Subject Free Offer – Mortgage Tips Subject free offers seem to be the new normal in Vancouver’s real-estate market. In regards to financing, here are some tips for purchasers writing a subject free offer: Prior to writing the subject-free offer obtain the Property Disclosure Statement, MLS Listing, Strata Form B (if available) & Depreciation Report (if […]

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8 Apr

Proposed New Stress-Test for Uninsured Mortgages – June 1st 2021.

General

Posted by: Adam Sale

OSFI Proposes New Stress-Test for Uninsured Mortgages The new proposal for the qualifying rate for uninsured mortgages is the higher of 5.25%, or the mortgage contract rate +2%. This is an increase from the current stress-test of 4.79%. Increasing the stress-test specifically on uninsured mortgages will affect homebuyers purchasing with a 20% down-payment by decreasing […]

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