Did you know that most lenders have a “sliding scale” for purchases that are over 1.25 million dollars.

What this means is you will have to put more than 20% down.  The sliding scale differs with each lender, but the majority of them will lend up to 80% of the first 1.25 million and then up to 50-60% of the price above 1.25 million.

For example:  You are purchasing a home for 1.6 million dollars.  The down payment required would be $425,000.

$1,250,000 x 20% down payment = $250,000
$350,000 x 50% down payment = $175,000
Total = $425,000

If you are looking within that price range, please contact us first so that we can make sure you have all the details and understand this sliding scale.

Excited to share we are moving to a new location in Pitt Meadows! We will still have the option to meet clients at our Port Coquitlam location as well but as of October 1st we will be in our new space! Stay tuned for further details to come!

If you are self-employed, this new announcement could be really good news!  Canada Mortgage and Housing Corp. is making changes in hopes to make it easier for you self-employed borrowers to qualify for a mortgage. “The national housing agency says it’s giving lenders more guidance and flexibility to help self-employed borrowers.”

However some of you may have a harder time qualifying for a mortgage if your income vary’s, making it less predictable for lenders.  Click here to read the full article on this announcement.

BANK OF CANADA RATE ANNOUNCEMENT: As expected the Bank of Canada has raised its benchmark interest rate .25% from 1.25 to 1.50. If you are wondering how this affects your mortgage, message us.

Banks are following suit by raising prime rates by .25%, prime is now 3.70%.  This equals a payment increase of approximately $13 for every $100,000 in mortgage amount.

Message us or call the office at 604-552-6190 if you have any questions at all! That’s what we’re here for!

This great article talks more about the rate announcement.

CALLING ALL HR AND COMPANY OWNERS!

We are offering a great new benefit to BC companies that will help attract and retain employees by staying ahead of the most talked about topic among staff in the work place, HOME OWNERSHIP!

The goal of the program is to provide education to employees about all things home ownership, from credit scores to mortgages, real estate transactions and the legal process of buying and selling a home.  There is no cost to the employer or employees for taking advantage of the program, the only benefit is learning about the process and saving money while doing it.

We have carefully chosen our partners that will help with the process and represent employees when navigating the mortgage and real estate transaction.  Employees will receive discounts on mortgage rates, real estate fees, legal services and home inspection and appraisal.  Along with that they will get free service such as home staging, cleaning and many other benefits and services.

By taking part in the program we will visit your work place once a month with a fully paid for lunch and learn while we present to the employees the ins and outs of home ownership.  You will also receive material for your break room that will help employees stay up to date in today’s crazy real estate market.

Your employees will also receive 24 hour access to all resources and VIP service from all of our service providers.  As long as they are employed by your company, they will receive these benefits from our team.

We would love the opportunity to set up an in person meeting or schedule a call so we can give the rest of these great benefits.  You have nothing to lose as there is no cost to your company for us to offer these services, other than you will have well educated staff when it comes to home ownership or relocation.

We hope to hear from you.

5 Tips on how to get out of debt and into your own home

Are you wanting to access the equity in your home?  If so you need to read this fantastic article.  It provides a better picture of what it looks like to refinance in 2018.   The mortgage world is ever changing, with new rules being implemented what seems to be regularly.  It is our job to stay on top of these changes and keep you well informed.  If you have any mortgage related questions, please do not hesitate to reach out to us directly at 604.552.6190.  We would love to navigate you through these constant changing waters!

Are you or someone you know a First Responder? If so, you have to contact our office 604-552-6190 to find out about our amazing First Responder Program!!  We have teamed up with other like minded individuals in this industry to help save you money around the costs with purchasing or refinancing.

We are always looking for ways to save you money and ensure you have the best products when it comes to home ownership. Whether your home insurance is expiring next month or next year, just like a mortgage, don’t sign on the dotted line without shopping first. We have a partner that will do that for you.

I personally tried it when my home insurance with TD was up for renewal and the process was so easy, a quick 5 minute email and within a day I had a quote back from Canada’s top 3 insurers on one simple page and I saved over $200 with better coverage.

Take the time, it’s worth it and there is no obligation or cost in getting the quote. If you have any questions or would like to discuss it, please contact my office and I will be happy to chat more about it.