Waiting for the market to correct? Here’s what you should do instead

General Nazarina DiSpirito 18 Aug

  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 […]

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Lenders are changing the way they evaluate your credit score

General Nazarina DiSpirito 16 Aug

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 […]

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Challenges of Getting a Mortgage While Being Self-Employed

General Nazarina DiSpirito 11 Aug

  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 […]

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Tips for Repairing and Improving Your Credit Score

General Nazarina DiSpirito 9 Aug

  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 […]

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Gifted Down Payments

General Nazarina DiSpirito 3 Aug

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. […]

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First Time Home Buyers Series Part Five – Programs and Credits

General Nazarina DiSpirito 26 Jul

    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 […]

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First Time Homebuyers Series Part Four – The Down Payment

General Nazarina DiSpirito 13 Jul

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, […]

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Buying again … Is it easier to buy the second time around?

General Nazarina DiSpirito 13 Jul

  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 […]

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First Time Homebuyers Series Part Three – Income

General Nazarina DiSpirito 13 Jul

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 […]

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