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02

Jul 2013

Mortgage Pre-Payment Privileges 101

by Iain in Vancouver Mortgage Blog

Photo Credit: Globe and Mail When shopping for a mortgage a lot of first-time homebuyers make the mistake of only looking for the lowest mortgage rate. Although your mortgage rate is very important, pre-payment privileges can be just as important, especially if you plan to pay off your mortgage a lot sooner.   Homebuyers have the choice between two types of…

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19

Jun 2013

How To Choose A Lawyer For Your Real Estate Purchase

by Iain in Vancouver Mortgage Blog

Two of the most costly closing costs for homebuyers are home inspections and legal fees. Although most homebuyers know the importance of a home inspection, it’s important not to overlook the crucial role your real estate lawyer plays. Buying a home is a big investment – you’ll want to make sure your best legal interests are looked after. An experienced real estate lawyer will ensure…

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10

Jun 2013

Understanding Mortgage Penalties in Canada

by Iain in Vancouver Mortgage Blog

Photo Credit: Steve Cassidy Mortgage lenders usually have mortgage penalty calculators on their websites. Here are the calculators for the largest lenders: National Bank of Canada Bank of Montreal CIBC Scotiabank Manulife Bank Laurentian Bank TD Canada Trust Royal Bank When you’re shopping for a mortgage, probably the last thing on your mind is mortgage penalties. If you’re a savvy homebuyer you’ll look for the…

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03

Jun 2013

Mortgage Insurance? Life Insurance? I'm confused.

by Iain in Vancouver Mortgage Blog

[color-box] Next week we will be publishing a complete, straight forward guide on choosing life insurance. It will be completely transparent and will remove a lot of the confusion surrounding life insurance.[/color-box] Talking about ones own demise is never easy or fun, but it is essential. When protecting your family from unexpected loss the mortgage can take the center stage. You can’t have loved ones wondering if…

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27

May 2013

Are 30-Year Mortgage Amortizations on the Chopping Block?

by Iain in Vancouver Mortgage Blog

The once red hot real estate market has had some air let out of its balloon. Last year the federal government tightened mortgage rules, capping the maximum mortgage amortization at 25 years for high ratio mortgages (buyers with less than a 20 per cent down payment) to avoid a major housing correction. Vancouver has been among the hardest hit – home sales reached their lowest…

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20

May 2013

HST to GST: What it means for Homebuyers

by Iain in Vancouver Mortgage Blog

Buying a property in B.C. just got a lot less expensive. Starting April 1, 2013, the 12 per cent Harmonized Sales Tax (HST) is being replaced by the 5 per cent federal GST and the 7 per cent B.C. PST. Although homebuyers of newly-constructed houses will save the most, even homebuyers of resale homes will save hundreds. History of HST Introduced July 1, 2010, the HST…

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30

Apr 2013

Why You Shouldn’t Skip Your Home Inspection

by Iain in Vancouver Mortgage Blog

In hot real estate markets like Vancouver, a recent trend has been for homebuyers to skip home inspections. If you’re been searching for a home for months and you find your dream home, you might consider ditching the home inspection, especially if you’re in a multiple offer situation. While a home inspection can lose you a house, you’re taking a big risk by not getting…

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27

Apr 2013

Don’t Forget To Budget For Closing Costs

by Iain in Vancouver Mortgage Blog

For many first-time homebuyers saving for a down payment can be challenging. You may have saved the minimum 5 per cent down payment, but have you set enough money aside for closing costs? First-time homebuyers often make the mistake of not budgeting for closing costs. Closings costs can easily amount to over $10,000 in Canada’s most expensive market, Vancouver. Let’s take a look at the…

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17

Apr 2013

30+ Major Lenders

by Iain in Vancouver Mortgage Blog

One of the biggest advantages of using a mortgage broker is that you get access to the best rates and products from over 30 major lenders. We save you the work by submitting your application to the most suitable lender.

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23

Jan 2013

Chapter 1 – Broker vs Bank

by Iain in Vancouver Mortgage Blog

Here is a 90 second video that explains the main differences between a broker and a bank:   Before I really knew about the mortgage industry, I assumed that brokers made their livings in one of three ways: charging a fee, increasing a lender's rate, or using a small lender with high rates for the sake of a commission. Not a very positive image, but…

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