HELOC is a term you maybe have heard from a friend, broker or on the news. It stands for Home Equity Line of Credit. But what exactly is a HELOC? Below is a quick summary of this mortgage product, what it is, and how it works: The Basics: A home equity line of credit is … Continued
This week is all about BC Assessments. Here are a few property tax Myths! 1. Myth: My BC Assessment went up 50% my taxes are going to go up like crazy! Fact: In general, if assessments go up overall, the tax rate will go down. Property taxes are calculated by each municipality individually using a … Continued
We are starting a new rate update to be presented 8 times per year to co-inside with 8 times per year the Bank of Canada updates their rates. These rates directly effect variable rate holders. Fixed rates are generally more impacted by the Canada bond yields. We will include a summary of what is happening … Continued
Generally there are 2 options when your mortgage is up for renewal:
1) Renew with your current lender
2) Switch/refinance your mortgage to another mortgage lender
Lately, we have had an increasing number of clients asking about financing Airbnbs and what it takes to run them. After owning an Airbnb rental condo myself, we’ve decided to create a series of posts with the need-to-knows of buying, financing and running Airbnbs in Victoria, B.C. Not all buildings can legally run an airbnb! … Continued
We find clients often ask about bi-weekly mortgage payments. There are actually two types of Bi-weekly payments: Regular bi-weekly and Accelerated bi-weekly. When most people use the term biweekly, they are referring to accelerated biweekly. However, many may not even reailze that there is also a non-accelerated version. What’s the difference between a biweekly and … Continued
What is it? Title insurance is an insurance policy that protects the lender (banks) and the property owner against a number of risks related to the property title/ownership. If you are buying a home in BC you can expect title insurance to be required by your lender. Your lawyer will process the title insurance and … Continued
Have you been looking at a great home, maybe even your dream home, but you just can’t get past the ugly carpets? Or maybe it’s that dated kitchen and wall-to-wall carpet in the master bath? What if the house is in desperate need of a new roof? Don’t worry! We’ve heard it all and have … Continued
What are they? These are costs on top of your down payment that you should understand and budget for. The name of the game is to be as prepared as possible for all potential and likely scenarios. This includes budgeting for the appropriate expenses and also knowing just how many people are involved in a … Continued
Not sure how to make the pre-approval process run as smoothly as possible? Here are a few insider tips that can help! Don’ts Do not change your employment status or leave your current job! We will need to confirm your employment again before your purchase is complete. Do not take on a new Car, Truck, … Continued