We believe everyone who has a mortgage that will be renewing in the next year or so should absolutely be asking this question. Yes early renewal can mean a penalty but waiting can mean higher interest rates. So what do you do? Seek our assistance and we can go over your specific situation to find out if it makes sense for you to break your term and take advantage of today’s interest rates. Below are examples of both fixed and variable rate terms that can help you see the benefit to early renewal. Remember that these are just estimates however our clients that have opted to pay a…

With all the doom and gloom out there these days i think it is time to re look at things and see there really are some positives as well.  Mortgage rates are low, first time home buyers can still purchase with 5% down payment and in fact all can as long as it is your principal residence.  We can find lenders to fund on construction mortgages, bare land loans, privates lenders, B lenders, acreage financing, renewals for when you mortgage is up for renewal or even earlier, second home purchases and much more.  yes the lenders have gotten tougher due to the stricter lending rules however we are…

We have all heard about the GDP however do we know what is or for that matter what it stands for?  GDP stand for Gross Domestic Product and is used to gauge the health of a specific region.  It is the total dollar value of the regions goods and services. GDP is calculated by adding up what everyone earned during a specific and time and what they spent.  These two should add up to about the same for that time frame.  It is the total dollar value of everything produced as well.  It is very important to know what the GDP is for the time frame in question…

With interest rates consistently climbing there is a lot of talk about the cost of borrowing. Although interest rates have gone up and seem to be continuing in that direction rates are still quite good! It is still a great time to buy. As an example back in January of this year you would have been able to get a 5 year closed term at 2.99% currently you are looking at around 3.44% for the same term. On a $300000 mortgage back in January your monthly payment would have been approximately $1410. At today’s rate the same mortgage comes with a payment of $1474 per month. So really…

There are many ads out there right now that are telling people to get Instantly Pre-Approved anytime, any day!!!  BEWARE, those ads are very misleading and can be very frustrating as well when you do to buy a house and find out the pre approval you have was just a pre qualification based on no information supplied to back up your application. A real pre-approval, or at least as best as you can really get if you have not placed an offer yet, is based on supplying the income documentation that will back-up your income type and also a credit check is done.  From that a Mortgage Broker…

FCT – First Canadian Title is a refinance program lenders use when a client is refinancing or transferring their mortgage in order to deliver improved service and heightened customer satisfaction. This one-stop solution helps lenders complete refinancing or mortgage transfers easily and efficiently.  They take care of all required searches, documentation, funding and reporting. With a quick turnaround time and a competitive fixed price, The FCT Refinance Program eliminates guesswork and unpleasant surprises for borrowers.  It includes a title insurance lender policy that protects your investments from title related risks.  Canada’s top banks, national lending institutions and credit unions use the FCT Refinance Program for smooth, secure transactions.…

In light of misinformation we see being given from time to time we want to shed some light on the issue of pre approvals. We have met with many homebuyers who come to us after visiting the bank. They will tell us they had a pre-approval but when they went to purchase a home they were somehow no longer approved. We see this far too often and it is very difficult on the homebuyers and everyone else involved. If you visited a bank or other mortgage professional and filled in an application but did not provide any documentation to verify income or personal information then the integrity of…

Why do you need to use a Property Inspector and what do they do!!! Most realtors will advise you have your property inspected as there could be issues with the property that only a fully trained professional inspector will find or even know where to look. There will always be wear and tear with an existing home, that we expect and understand. Although the inspector will address those, the real ones to be concerned are major relating to but not limited to electrical, plumbing, structure, leaks, drainage, roofs, and so on. Your inspector will be in the property for about 4 hours and will do a thorough exam…

2nd Stop – The Realtor!!! How important is the Realtor in this process! Really, they are very important and one of the professionals you should never go without. When buying a realtor does not cost you anything, in fact they can save you a lot of not only money but headache as well. To be honest, how many of us really know how to put in place all of the steps needed in order to complete on a huge investment like real estate? I for one would never go without using a realtor and I am in the industry. How do they help: Writing up the offer to…

Our New Series on The Professionals you need to ensure a successful real estate experience has begun!!!! The first professional you need to see is The Mortgage Broker – you need a pre approval first in order to determine what you can qualify for, if you can qualify and what are the steps to get the approval done!!! Remember however pre approvals are just that “PRE” and don’t necessarily ensure you get an approval. To get a full approval you need to not only have your income and debt ratios complete along with the credit check, you also need to have an actual offer in on a property.…