Vancouver Mortgage Broker Many young people after graduating from university/college and getting a full time job tend to buy one of the biggest investments of their life: a new car or a first home, or maybe both? The question we often hear from first time home buyer is, “should I buy a new car first or buy a … Read more…
Banks have been squeezed by the new government regulations and might not be able to provide you with the mortgage solutions you need. Here are some of the things we can do with non-bank lenders: Rentals Most lenders require 25% down-payment in order for you to avoid paying mortgage insurance premium. We can get it … Read more…
We keep seeing more and more articles in the news about outrageous mortgage penalties banks charge their clients. So what’s the deal? Well banks are in business to make BIG money, their fixed rates have standard penalties as all other lenders do, greater of 3 months interest or interest rate differential. The 3 months interest … Read more…
Summary: Did you know if you are new to Canada (have been in Canada for less than 5 years) you can buy a property and get a mortgage with no credit history or income? There are currently 2 programs that exists: This is an equity program that requires the client to have 35% down-payment. In this … Read more…
How does the Credit/Beacon Score number work? This three digit number is a statistical formula that takes your personal credit information from your credit report Scores range from 300 – 900 The ‘Beacon Score’ is branded by Equifax FICO – Fair, Isaac & Co (created to assess profitability) Everything counts: age, address, phone number, dependents, length … Read more…
Scenario: Purchasing a townhome with 5% down-payment Mortgage Required: $500,000 1st Mortgage Obstacles: The borrower has been self-employed for 4 years and incorporated 2 years ago. Client is paying himself dividends from his company. What we did: Approved the client based on dividend income declared on his NOAs With verified income we were … Read more…
Scenario: A purchase of a Single Family Dwelling in Richmond, BC to be the new principal residence. The existing residence located in Surrey is still listed for sale. The borrowers require bridge funds for a short period of time to close on the purchase. Once their existing home sells, they will pay out the 2nd … Read more…
Scenario: Client was a first time home buyer with AAA credit and 5% down-payment, but couldn’t qualify for the purchase price based on single income. Mortgage Required: $300,000 Obstacles: Client does not have enough income to qualify for the mortgage on the property they want to buy. What we accomplished: – Thinking outside the box, … Read more…
Scenario: Clients were purchasing a primary residence with one applicant being newly self-employed (only 1 year of financials available). Mortgage Required: $600,000 Obstacles: Husband is newly self-employed with 1 year of tax returns to confirm income (Banks require minimum 2 years for qualification) and we needed his income to qualify the deal. What we accomplished: … Read more…
Scenario: Client was in foreclosure and needed extra money to pay-off debt. Mortgage Required: $290,000 Obstacles: Client was already behind on payments for his second mortgage and the lender has started foreclosure proceedings. Client also had no income verification as he just started a new business. What we accomplished: – Found a lender that was … Read more…