As a property owner you may think you know what to expect.  After all, you’ve already been through the purchase process before, and probably think it can’t be too different the second time around. However, even if you are a seasoned property owner, there are three things you need to consider when you are […]

Lenders need to see that you have the income to support a mortgage.  When you apply for a mortgage, you should have the following ready to go: 1. Recent paystubs; 2. Job letter stating your position, salary, and duration of employment; 3. T4 from the previous year; 4. Tax return; and  5. Notice of Assessment […]

The Office of the Superintendent of Financial Institutions (OFSI), announced today its recommendations to all federally regulated institutions to promote “prudent underwriting of residential mortgage loans.” OFSI made several recommendations that will put mortgage applicants under increased scrutiny, including suggestions that lenders more closely examine rental income and appraisals.  OFSI is also calling for an […]

As a first time home buyer, you may not be aware of all the costs in buying a home.  This makes determining how much of a mortgage you can afford difficult. Qualifying ratios Generally, lenders will use a 32/42% Gross Debt Service (GDS)/Total Debt Service (TDS) ratio.  This means that 32% of your GROSS income […]

  Pre-approvals are often the first step you take when you are seriously looking to buy a home.  Pre-approval: a lender has committed to loan you money, subject to conditions, such as a property valuation. This should not be mistaken with a rate-hold, whereby a lender is simply holding a rate and has not reviewed […]

You’ve done it!  Your hard work, saving, and relentless home-searching has finally paid off and you’ve found your first home purchase! Congratulations!  The next step is to find the mortgage that best suits your circumstances.  For many first time home buyers, the mortgage application and approval process can be stressful and intimidating.  In today’s market, […]

  When buying a strata property, most of the time your offer will include a subject that the seller must provide various strata documents to the buyer by a certain date. As part of your mortgage approval, the lender will ask for the Form B, which cannot be more than 30 days old, and possibly […]

In today’s fast-paced Vancouver real estate market, your best offence is a good mortgage broker. Mortgage brokers have access to multiple lenders, so if one lender does not seem to be working out on your file, they can quickly send your file to another lender.  And quickly is the key word here. To be a […]

You have bought a property, your financing has been approved and you now have a month before you close on your purchase! Congratulations!     While most of the hard work may be done, you are not out of the woods just yet. Your mortgage broker may have found you the perfect mortgage, but there are many […]

While a hot housing market and a rise in home values may be a boon to those looking to sell, those not looking to sell their homes may also benefit. An increase in your home’s value may allow you to reach the minimum 20% home equity, thus making you eligible to refinance your home.  What […]