The Interest Rate Spring War Has Arrived, Lower Rates to Come

March 14, 2019 by Mortgage Broker Dave Browne

Hi Abbotsford, Chilliwack and Mission mortgage clients! We have good news for you. Rates appear to be dropping further, therefore this may be an opportune time to renegotiate and secure a mortgage. If you’ve considered buying, refinancing or renewing your mortgage, we suggest giving our team a call so we can look at your current mortgage and see if it’s worth making a move. Here are a few reasons why we believe now would be a good time to review your mortgage or for home buyers, a good reason to consider purchasing while rates are at historical lows.

A shifting economy will push the BOC (Bank of Canada) to lower interest rates further
Negative growth in demand over the last two quarters
The BOC has recently moved to a more neutral bias, rather than tightening
US Federal Reserve has entertained the idea to make a cut mid way through 2019, Canada generally follows
Recessionary conditions in other parts of the world will likely influence Canada

We have a seasoned mortgage consultant on our team who specializes in placing those looking to refinance, in a strategic mortgage plan during the spring rate wars that take place every year. We are prepared to work hard on your behalf because feeling a little more financially free, or paying off your mortgage sooner, is a priority to each one of our team members.

Give us a call for your complimentary mortgage review.

Source: https://www.mortgagebrokernews.ca/news/boc-will-likely-cut-interest-rates-next–economist-255388.aspx

First-Time Home Buyers’ Tax Credit

February 12, 2019 by Mortgage Broker Dave Browne

Abbotsford, BC – If you are a first-time home buyer and recently purchased a home, we encourage you to speak with your Abbotsford mortgage broker as you may qualify for a tax credit up to $5,000, which can reduce your taxes by $750. The home buyers tax credit was introduced to assist first time home buyers purchase a home.

There is also a a credit for those with or living with those with disabilities.

For more information on the First-Time Home Buyers’ tax credit visit Canada Revenue Agency., or follow this link: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-369-home-buyers-amount.html

BRMC Vs. The Banks. Bigger Bang For Your Buck.

February 14, 2018 by Mortgage Broker Dave Browne

Here is another reason to use BRMC as your Abbotsford, Chilliwack and Mission mortgage brokers this year. If you are putting 20% down payment or more toward the purchase of your next home, working with an award winning BRMC broker will allow you the same purchase power as you could find last year before the new rule changes introduced Jan 1st 2018. That is 21%+ more home with us!

Here is an example of how we differentiate ourselves besides lower rates:

BUYING POWER – 21%+ Greater with BRMC

We can also help you purchase or refinance your home without the need of the financial stress if you are putting 20% down or more where as the majority of lenders have to qualify using the financial stress test which effectively reduces your purchase power by approximately 20% as indicated by the above example. The difference in not only a reduction purchase power but the style of home you are looking for ie townhome or home. In our current market renting a home is the same amount and if not more in some cases as owning your own home. . So ask yourself this question, why not use BRMC?

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The 10 Not-To-Do’s after Subject Removal

January 6, 2018 by Mortgage Broker Dave Browne

Buying a home is the largest purchase most of us ever encounter. Yet a small percentage of people sometimes take less time considering it than they do when buying an online item. The reason is, it’s unique territory to many. We don’t know what to ask and we are aided by many professionals unlike when we buy items on online.

We also may take things for granted, rely on others too much, and sometimes this leads to buyers remorse. So let’s help you arm your self with the mortgage not-to-do’s that can cause you to lose your new home, before you even move in.

Regardless if you are pre-approved for a mortgage or currently engaged in negotiating a home purchase with an approved mortgage, these rules below apply. The rules are especially important after you have removed your subjects on your purchase contract and put up your deposit to hold your home because if you make one bad move here you could lose your deposit which can be $10,000 to $100,000 and be subject to lawsuits.

Thou shall not buy a new car, no matter what, or you may be living in it! It will impact your debt ratio’s and you could be declined.
Thou shall not co-sign a loan for anyone, for anything. It will impact your debt ratio’s and you could be declined.
Thou shall not quit or change your job. New job income’s can not be used for a mortgage application, and it will impact your debt ratio’s and you could be declined.
Thou shall not use your Credit Cards or Line Of Credits for big purchase. It will impact your debt ratio’s and you could be declined.
Thou shall not spend your down payment savings or closing costs savings verified by your mortgage company. They will decline you if they recheck.
…Did I mention don’t quit your job?? That’s a big one. I’ve seen it twice in 15 years to my amazement and yes the lenders check up to 10 days before closing. They frown upon this.
Thou shall not apply for new credit of any type, especially lines of credit for reno’s or furniture purchase. It will impact your debt ratio’s and you could be declined.
Thou shall not make large deposits into your savings and chequing accounts. All deposits must now be verified and this takes time and could result in long delays at closing.
Thou shall not allow any mortgage application to be processed with omitted OR missing debts or non-disclosed support payments. It will be found eventually and usually too late. This is your responsibility ultimately – your bank and mortgage brokers can’t read minds and don’t always see all debts up front.
Thou shall not miss a payment or a cell phone bill. Any missed payments may lower your score and cause the lender to pull their approval.

I hope this list was helpful and if you are looking for a mortgage in Chilliwack, Abbotsford or Mission we have offices and mortgages brokers standing by!

I personally would like to wish you and your families a healthy and prosperous 2018.