mortgage broker bc Archives

March 31, 2021

March 31, 2021

Downpayment Assistance Programs in Canada

What is Downpayment Assistance Program It is true to believe, but grants to help new home buyers really exist. Such assistance are grant or loan programs that provide a portion of the down payment to qualified borrowers. Down payment assistance (DPA) helps home buyers with grants or low-interest loans that reduce the amount they need to save for a down payment. The incentive is available to first-time homebuyers with qualified annual incomes of $120,000 or less. A participant’s insured mortgage and the incentive amount cannot be greater than four times the participant’s qualified annual income. With this incentive, Government of […]

March 23, 2021

March 23, 2021

Credit Score Information and Strategies by Gurbir Sandhu

What is a credit score? A credit score is a number between 300–900 that depicts a consumer’s credit worthiness. The higher the score, the better a borrower looks to potential lenders. Borrowers with scores between 800 and 900, are at excellent position. A credit score is based on credit history: number of open accounts, total levels of debt, and repayment history, and other factors. Can I check my credit score? You can order a copy of your credit report from both Equifax Canada and TransUnion Canada. Each credit bureau may have different information about how you have used credit in […]

March 12, 2021

March 12, 2021

Are you Confused, to choose between Mortgages or Buying Upfront?

Are you Confused, to choose between Mortgages or Buying Upfront? Then the answer is simply YES Go for a Mortgage, it gives you a lot of benefits. Apart from being an option for those unable to buy a home upfront, one major benefit to financing has been the ability to write off mortgage interest. When you deduct your mortgage interest, your payments don’t decrease month to month, but your income taxes for the year do, lowering your costs overall. Taxes: Government of Canada offers various tax breaks and credits for home buyers. Growth: It is expected of you to experience growth […]

March 3, 2021

March 3, 2021

Types of Mortgages

The different types of mortgages available in the Canadian Mortgage Market offer a great variety of solutions to a borrower. The right kind of mortgage selection is, where a Mortgage Broker can help you with. Based on mortgage rates and repayment options, primarily there are the following 6-kind of mortgages Conventional Mortgages High Ratio Mortgages Open Mortgages Closed Mortgages Fixed-Rate Mortgages Variable Rate Mortgages (VRM) / Adjustable Rate Mortgages (ARM) Conventional Mortgages A mortgage where the down payment is equal to 20% or more of the property’s value/purchase price. A low-ratio mortgage does not normally require mortgage protection insurance. High Ratio Mortgages A high ratio mortgage is […]

February 24, 2021

February 24, 2021

Basics of Canadian Mortgage Market

No two home buyers are alike, so the best mortgage option for one borrower is likely unsuitable for another. It’s up to the buyer and his or her mortgage broker to make the right decision based on the individual needs. What are the most popular mortgage options in the Canadian Market? Well! in general, small to mid-size mortgages are most popular, as demand for these is certainly the most. Small size mortgages are secure for both lender and borrower. Canada Mortgage and Housing Corporation (CMHC) + The Canada Mortgage and Housing Corporation (CMHC) is a government department that acts […]