1. How much can I afford? Before you go home shopping, a mortgage broker can tell you what you can afford, and give you an idea of what your payments may look like.  A pre-approval will help narrow down your home search, and let you budget your monthly expenses in preparation for a new mortgage. […]

Sometimes we face financial crises and let debt get out of hand.  If the situation becomes untenable, you may turn to bankruptcy or consumer proposal. Consumer Proposal: A debtor makes an offer to creditors to modify his or her debt obligations. This can include lower payments over a longer period of time, or a percentage […]

  It’s not surprising that housing affordability has become a contentious election issue in BC.  Due to skyrocketing prices and unsustainable growth in the real estate market, many Vancouverites have a written off owning a home in Metro Vancouver, resigning themselves to owning elsewhere or a life of long-term renting.  With speculation that Vancouver’s red-hot […]

Evaluating your credit score has just become more complicated.  Today, more than ever, lenders are placing  huge importance on your credit score when deciding to lend you money.     Old system = Beacon 4,  New system = Beacon 9.  With Beacon 9, every 10 points = higher probability of default.  For example, a score of […]

  Home buyers who are self-employed may face many added challenges when applying for a mortgage.  Before 2012, applicants with a credit score of 680 or higher and a high enough stated income could expect to get approved for a mortgage. Since the government tightened lending rules with Guideline B-20, it has been increasingly difficult […]

  Your credit score is an important tool banks will consider when deciding whether or not to give you a mortgage, as well as the type of mortgage and rate.  Your credit history begins when you first apply for credit or borrow money.  Your credit score is a judgement on your credit history and financial […]

In hot real estate markets like Vancouver, first time buyers may find it difficult to come up with enough of a down payment to buy a home.  However, sometimes buyers can be lucky enough to have family able and willing to “gift” them some money to assist with their down payment for their home purchase. […]

    Navigating the different programs and tax credits available to first time buyers can be overwhelming.  However, it is crucial that first time home buyers be aware of the ways in which they can offset some of the costs of home ownership. First-Time Home Buyers’ Tax Credit (HBTC) The HBTC is a non-refundable tax […]

The Down Payment The down payment may be the first thing first time home buyers consider when looking to make their first home purchase.  A down payment is what you pay up front when you purchase your home, with the remainder of the cost being paid through a mortgage. When you apply for a mortgage, […]