New mortgage rules impact on Vancouver’s ‘cooling’ real estate market

new mortgage rules impact on Vancouver’s ‘cooling’ real estate market.

Part One of Two: The new mortgage rules impact on Vancouver’s ‘cooling’ real estate market. 5 months after the latest mortgage rule changes, we are starting to see some impacts in the real estate market, especially here in Vancouver. Many homeowners have been forced to come up with even larger down payments. Furthermore, they must undergo a new ‘stress test’ which in some cases limits their qualifying amount substantially. Affordability:All of this ‘market cooling’ hasn’t exactly impacted ‘affordability’ as some may have hoped. Many families were optimistic these new rules […]

Credit Score: Q & A On How to Improve Your Credit Score Before Applying For A Mortgage

Improve Your Credit Score

Credit Score: Q & A On How to Improve Your Credit Score Before Applying For A Mortgage It’s time for this week’s hot topic. This week’s questions revolve around credit score and how to improve yours before applying for a mortgage. This is an important subject I have covered before. However, I wanted to provide a source that not only answers these common questions, but that also links to other posts I have shared in one place. Hopefully, this will make gathering information an easier and less stressful task for […]

Pre-sales & Everything You Need to Know About the Mortgage that Goes with It

Pre-Sale Mortgages: What are they & How are they beneficial? Time for the new hot topic of the week. This week’s questions revolve around pre-sales, specifically “what are they and how are they beneficial?” Let’s quickly talk about what pre-sale homes are so that it is easier to navigate the questions that follow. A pre-sale home, condominium, townhouse, or apartment is when the property is available for purchase prior to its construction, or before it’s move-in ready. Pre-sale homes typically come with the 2-5-10 warranty. You will start paying the […]

Source of Income: How does your source of income impact your mortgage options & what to do

Source of Income: How does your source of income impact your mortgage options & what to do

It’s time for another hot question of the week. This is one I get asked ALL THE TIME when I am helping process a mortgage application for my clients. The question simply is “How does my source of income impact my mortgage options?” Lets quickly talk about what an ‘income source’ is so that it’s easier to navigate the questions that follow. Your income source is the description of how you earn your income. It’s not your job per sae, but it’s HOW your job pays you. Ie. are you […]

A New Mortgage Qualifying Rate Increase? Again?!

A New Mortgage Qualifying Rate Increase? Again?!

Hello mortgage advice seekers! Today I want to talk about something that is a very hot topic in the Canadian mortgage market right now. Actually, it’s been something that’s been the topic of conversation for quite some time, but a recent announcement just a couple weeks ago has changed things yet again for Canadian homeowners and want-to-be homeowners. There is no shortage of information floating around on how this may or may not impact you or your friends and family, so I feel that it’s very important today to shed […]

Rising Stress Test Rates – Qualifying for less – and Current Market in the GVA @PULSEFM

Officially all the major banks in Canada have raised their 5-year posted rate. TD was the first national bank that discreetly increased its 5-year posted rate from 5.14% to 5.59%. Other lenders followed with Scotia being the last lender to increase its 5-year posted rate. And just like that the benchmark rate went up. If you already have a mortgage, you are unaffected. If you are house hunting even this little increase will mean that you qualify for a smaller mortgage. What if you have a pre-approval/rate hold? Unfortunately, that […]

What Makes Prime Fluctuate- Podcast with Ian Power @PulseFM

If you have or thinking of getting a mortgage, or a loan you may have heard the term prime. If you are in the industry you have probably heard of the “overnight lending rate.” Lines of credit, Home equity lines of credit, and variable mortgages are all considered fluctuating rates. These rates go up or down based on the prime rate. Prime is a rate that financial institutions lend at. Depending on the product that you are getting ie. mortgage or loan, the rate offered would be at prime – […]

New Stress Rate – Interview with Pulse FM

We entered 2018 with yet another big change for mortgages. The stress test previously reserved for insured mortgages became the norm for all mortgages (insured and conventional) originated at federally regulated financial institutions. I had the pleasure of being on Pulse FM with Ian Power discussing what the stress test means for home buyers, predictions on how it will affect our market, and tips on getting into the real estate market. If you are planning to invest in real estate, check out this short interview. Hopefully, it will answer some […]

Atrina Kouroshnia January 24, 2018 Post Comment

Advice for Non-Residents Looking to Purchase Real Estate in British Columbia

After helping a number of foreign buyers recently purchase real estate in Vancouver, I’ve realized just how many people are interested in putting down some roots in our beautiful city. For those of you eager to have a bit more information, here is some straightforward yet concrete advice for non-residents looking to purchase real estate in British Columbia. Where to Buy? Where you buy in BC will depend entirely on what your ultimate goals are. If you plan on spending time in BC and would like to be close to […]

Atrina Kouroshnia December 1, 2017 Post Comment

Why Working With An Impartial Mortgage Broker Is More Important Than Ever

Earlier this year we heard of those “crazy Canadian banks” at it again. Despite pains the Bank of Canada has taken to prevent a housing crash of the 2008 variety, the volume of uninsured mortgages and home equity loans is startling, maybe because it’s getting harder to get an insured mortgage. Not just that; the pressure to oversell at the big lending institutions, even when it’s not in the client’s best interest, was finally been brought to light. Now, more than ever, working with an impartial mortgage broker is more […]

Atrina Kouroshnia November 23, 2017 Post Comment
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