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We are an innovative group of industry professionals employing a holistic, evaluatory approach to today’s best available mortgage financing. By combining your real intentions with assessed, best-suited mortgage financing options through Canada’s major banks and mortgage lenders, you are assured best interest rates, the most flexible prepayment options, expedited approvals, and excellent overall service.

The mortgage industry has changed, and today’s best mortgage brokers now provide you access to the most desirable financing options in Canada. Each day, Canada’s major banks and lenders update our company specifically, with their best interest rates, prepayment privileges, approval requirements, and mortgage policy available.

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Fixed vs Variable, Locked vs Flexible – Which Is Better For You?

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The difference between the two types of mortgage rates has dwindled in recent years, largely due to the historically low interest levels. Fixed rates offer a conservative approach to mortgages, with each payment being the same as the last until your term is renewed. Variable rates are historically better, but have a certain amount of risk associated with them. If interest rates were to rise dramatically in a short span of time your payments would rise accordingly.

It’s an age old struggle of risk vs reward. Your income bracket and savings will likely factor into the equation as well.

When looking at a variable rate mortgage, try and decide whether or not you are comfortable with the risk. Assess your current income level as well as your future potential income. In the worst case scenario, could you weather a rapid rise in interest rates?

A good rule of thumb is to look at what your payments would be if the interest rates were two percent higher than they are currently. If you don’t think you can handle the increase, it might be a good idea to avoid this type of financing. If you are the type of person who can’t deal with any level of uncertainty, then perhaps it’s best to look at the alternative.

Most mortgage professionals are big proponents of variable rate mortgages, because statistically they outperform fixed rates. If you can, try and pay extra every week or month – whatever your frequency may be. Paying the minimum is never a good way to go about decreasing debt, and variable rate mortgages are no exception to this rule.

Fixed rates are a much more popular choice among consumers, as most people are naturally averse to risk. Five years terms are considered the standard in the Canadian mortgage market as they have been historically popular among real estate buyers. These days there isn’t a lot of difference between the two different types of rates, which is making fixed even more popular among consumers.

The other factor to look at with your mortgage purchase is how much flexibility you want with the term and the ability to put extra money down when it becomes available to you. Prepayment privileges are often available, and can vary from the ability to put a lump sum of 15 to 20 percent of the overall principle of the mortgage.

Another smart way to pay down your mortgage a little quicker is to round up your payments if possible. If your payment comes in at $1875 per month, why not round it up to $1900 if possible? Your budget won’t really notice the difference, but you will notice it when your mortgage is finished 6 months earlier in the long run.

When it comes to exploring your options, it’s always best to call and speak with a professional. Always feel free to call me anytime to discuss your financing, I can be reached on (778) 320-4346.

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How To Clean Up Your Finances

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The new year is here, and it’s time to look in the mirror and see how we can improve our lot in life. A lot of people will start the year with dreams of property ownership, but are limited by their financial capability. Let’s have a look at some practical solutions you can implement to get yourself on the right track.

Make Sure You Pay Your Bills On Time

Might seem like a simple suggestion, but you would be surprised how many people struggle with this. A good way to overcome is simply to pay the bills immediately once they arrive in the mail. This leaves you with no other alternative, and keeps it nice and simple.

An alternative structure is to set up automatic bill payment in your bank account. All banks offer this service via their online platforms, so unless using computers is a challenge for you this method is a sure fire way of making sure your bills are paid in a timely manner.

Get Rid Of Your Debt

The first school of thought on debt is to just always make sure you make your minimum payment, no matter what. This is definitely a requirement, credit providers don’t like seeing missed payments on your docket. When you go to apply for a mortgage the lenders will look at your debt servicing ratio, so it is important to keep this ratio as low as possible.

The second school of thought is to pay off your debt as quickly as you possibly can. This requires some belt tightening, but at this time of year that’s on everyone’s mind already! Getting rid of your debt completely is always the best possible scenario, that goes without saying.

Save For A Rainy Day

Automating your savings if at all possible is the best possible solution. In this day and age it’s difficult for people to put money aside, but if you’ve committed to it and it happens automatically there isn’t much room to spend. People are creatures of habit, and if you get in the habit of knowing that $250 is being put into savings every pay period it’s likely you will get used to it before you know it.

It’s important to have a fair amount of money tucked away when you are heading into the market to buy a property. How much is needed will depend on your credit situation, how much you are willing to borrow, how much the home you are looking to buy costs, and the closing costs associated with the transaction.

Get A Better Job

Loyalty is this day and age is kind of irrelevant. Most people expect that their employer has a certain amount of loyalty towards them, but that is often not the case. Everyone’s circumstances are different, but as a rule of thumb it’s always best to look out for yourself.

Advancing your career, and most importantly your salary, can help with all aspects of your finances. Getting rid of debt suddenly becomes much easier when you are earning $10,000 a year more, as does saving towards a down payment.

Listen To The Experts

Sometimes it’s best to learn from the pro’s, and when it comes to finances this is quite simply the truth. A qualified mortgage professional will always be able to give you great advice on the best steps to take towards home ownership.

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