Mortgage Tips

In this section we discuss mortgages and interest rates, terms and mortization periods, updates to mortgage rules and general mortgage information that is relevant to Vancouver home buyers, Vancouver investors, Vancouver vacation home buyers and Vancouver first time buyers

RBC Offers A Free Mortgage payment for Vancouver First Time Home Buyers

by Maggie Chandler March 6, 2012 Mortgage Tips

From March 1 to May 31, 2012, RBC is offering to pay the first month’s mortgage payment (up to $4,000 principal and interest)* for first time home buyers when they finance their mortgage with RBC.

This offer can be combined with our other special offers:

• All-inclusive banking package – free for up to 6 months
• $25000 …

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Vancouver Mortgage Update

by Maggie Chandler March 2, 2012 Mortgage Tips

Is your mortgage really portable?

Most lenders will tell you that your mortgage is portable, but this isn’t always true. Lenders require two forms of security – the borrower’s personal covenant to repay and the property being mortgaged.

For example, if you have your existing home 95% financed and want to buy a less expensive home, your …

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Vancouver Mortgage Rate Update – Homes for Sale in Vancouver

by Maggie Chandler February 7, 2012 Mortgage Tips

Here’s the mortgage rate update for Vancouver homes for this week

Term
Rate

Prime
3.00%

Variable
2.90%

1 Year
2.89%

3 Year
2.69%

4 Year
2.95%

5 Year
3.09%

10 Year
3.89%

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Mortgage Update – Homes for Sale in Vancouver

by Maggie Chandler January 26, 2012 Mortgage Tips

There’s more to Mortgages Than the Interest Rate

Yes, rates are at a historical low but when you buy a Vancouver home and take out a mortgage, there are many other items to consider. Here ar a few:

Prepayment

With a pre-payment privilege, you can make payments toward the principal portion of your mortgage over and …

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Vancouver Mortgage Rate Update – Homes for Sale in Vancouver

by Maggie Chandler January 17, 2012 Mortgage Tips

Your variable rate mortgage, lines of credit and/or student loans are all based on the Prime Rate

The Bank of Canada again did what we expected them to do… they maintained their overnight rate
What this means to you is that the prime rate on your mortgage or line of credit will not change and remains at …

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Can I Get 2.99% on a 5 Yr Term? Vancouver Mortgage Rate Update

by Maggie Chandler November 21, 2011 Mortgage Tips

This is like free money!

I have never seen such a low mortgage rate for Vancouver home buyers. Only 2.99% on a 5 year term!! Equal to the current inflation rate in Canada.

For purchases and refinances

But you must fund prior to December 12, 2011.

Contact Alma Pasic, mortgage consultant

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What is a Home Buyers Plan for Vancouver Real Estate Buyers?

by Maggie Chandler November 18, 2011 Mortgage Tips

“The home buyers plan is a program that allows qualified citizens to borrow money from their RRSPs to go towards the down payment of a new property”, according to Zoocasa

Currently, a Canadian resident can borrow up to $25,000 to go towards the down payment of their residence. This can be used towards either a used …

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How Can I Pay Off my Vancouver Home Sooner?

by Maggie Chandler November 8, 2011 Mortgage Tips

One of the most frequently asked questions we get asked is how to make extra payments on a mortgage without incurring a penalty. In fact, with all the features available on an RBC mortgage, it’s possible to prepay as much as 20% or more of an original mortgage balance each year.

There are a number …

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What Can RBC Mortgage Specialist Do for You?

by Maggie Chandler October 20, 2011 Mortgage Tips

Jeff Fraser has spent his 16 years in the banking industry forging a reputation as a leading mortgage specialist capable of helping clients achieve their dream of home ownership.

He understands that buying a home is a unique and highly personalized experience and that a mortgage should also be unique. He ensures his clients’ mortgages …

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Vancouver Mortgage Rate Update

by Maggie Chandler October 13, 2011 Mortgage Tips

It’s good news for Vancouver real estate buyers that mortgage rates are forecast to remain low for a year. Next Bank of Canada meeting will be October 25th. Be sure to get pre-approved.

Did You Know?

The increasing popularity of variable rate mortgages due to very low rates may be putting further strain on the profitibality of …

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