How Much Can Rental Income Add to Your Mortgage Approval? Mortgage lenders may allow you to use a portion of future basement suite income when calculating what you qualify for. Buying a home with a suite in Kamloops can sometimes help increase your mortgage approval amount. This comes up a lot with first-time buyers trying […]
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An Option When Banks Say “No” If you’re having trouble getting approved through a bank, private mortgages in Kamloops can sometimes be a way forward. These are short-term options used when income, credit, or timing doesn’t quite fit traditional lending rules. I’ve had a few clients locally run into this, usually self-employed, dealing with credit
Buying your first home? The GST exemption could save you thousands If you’re a first-time home buyer and considering a new build, there’s a GST exemption that can reduce—or in some cases completely remove—the 5% GST on your purchase. On a home around $800,000, that works out to roughly $40,000. For a lot of buyers,
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If your mortgage renewal is coming up, there’s a good chance your lender has already sent you a letter with a rate and a spot to sign. It’s quick. It’s easy. And it’s exactly what most people do. But here’s the thing—this is one of the few times you can make a change without penalties.
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The Bank of Canada’s prime rate went down how come the fixed rates haven’t dropped? Understanding the Connection Between Prime Rates and Fixed Rates When we talk about mortgage rates, it’s important to understand that there’s a difference between prime rates and fixed rates. Here’s a simple way to look at it: Prime Rate: This is
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The Bank of Canada announced its third consecutive rate hold in its final announcement of the year, maintaining the target rate at 5%. In Canada, the economy continues to slow down after hitting a roadblock in the middle of 2023. Higher interest rates are helping to alleviate inflationary pressures and curb spending; consumption growth was
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Owning a home and retirement planning are interconnected in several ways. Firstly, homeownership provides stability in old age by eliminating concerns about rent increases or the potential need to move due to landlord decisions. Having paid off your mortgage by retirement can significantly reduce monthly expenses, making it more feasible to live on a fixed
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The Purchase Plus Improvements Mortgage plan is designed to help homebuyers finance both the purchase of a home and the cost of renovations or improvements. Here’s how it typically works: 1. Home Purchase: You start by purchasing a home that you intend to renovate or improve. This can be a new purchase or a refinance
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Are you waiting for the market to crash so you can buy at rock bottom prices? What if we’re already there? What if houses are on sale and you can’t see it? Two years ago interest rates were 2% lower and the price of a single family home was $100,000 higher. What do you think
Are you waiting for interest rates to drop before you buy a house? Read More »
Are you paying off your landlord’s mortgage?? You want to buy but don’t know where to start and probably don’t have enough for a down payment?? If you’re thinking about take the leap into home ownership as a first time buyer it’s a great time to do it — interest rates are low, home prices
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