Welcome to My Blog
Mortgages – So Much More Than Just the Lowest Rate!
There aren't too many Canadians who are able to save up enough money to pay cash for their home. This is why we have mortgages. A mortgage is a loan made to assist a borrower to purchase a property. The property is held as collateral and interest is charged on the...
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Can I Get a Mortgage with No Downpayment?
The simple answer to this question is no. In order to secure mortgage financing in Canada you have to come up with at least a 5% downpayment. Now, if you haven't set aside the 5% for a downpayment in your savings account, that is okay. There are still a few ways to...
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How Much Difference Will Extra Payments Make Towards My Mortgage?
Have you ever wondered how much difference extra payments actually make in paying down your mortgage? Let's take a look and maybe do a little math. The first (and largest) factor to look at is the amortization, which is the remainder of your mortgage’s life. A...
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How Can I Pay Down My Mortgage Faster?
Although getting a mortgage is exciting as it allows you to become a homeowner, a mortgage is, in fact, a lot of debt. So if you have a mortgage, your goal should be to get rid of it as quickly as possible. Here are four things you can do to help pay off your mortgage...
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Bank of Canada Rate Announcement April 24th, 2019
The Bank of Canada today maintained its target for the overnight rate at 1 ¾ per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1 ½ per cent. Global economic growth has slowed by more than the Bank forecast in its January Monetary Policy...
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Tips for Homebuying with Family Members
Pooling resources with parents or siblings opens possibilities when it comes to buying a home everyone can afford. Homebuying requires careful planning though, since there’s so much at stake—and money is the least of it; we’re talking love and loyalty here. If you...
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CMHC Releases Statement On Liberals’ Mortgage Plan
Canada's housing agency says new spending measures aimed at helping first-time buyers afford homes won't push prices up more than a few tenths of a percentage point. A report Thursday from the Canada Mortgage and Housing Corp. estimates prices could go up between 0.2...
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5 Reasons Why You Should Consider Investing in a Small(er) Home
The larger home is not always the better home. Yes, there still exists a large group of individuals who enjoy owning a grand estate, complete with all the modern conveniences, in addition to everything you could ever want; and of course, there’s nothing inherently...
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Buying A Home, The 30,000 Foot View
Did you know that the average Canadian will spend roughly 11 months actively engaged in the house buying process? However, most of the dreaming (and preparation) happens before then. Buying a home is a big deal, and it's a decision that shouldn't be taken lightly....
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Top Dollar: How High Can You Go?
Affordability is a major concern for today’s aspiring first-time homebuyers. In hot real estate markets like the Greater Toronto and Greater Vancouver regions, however, the desire for affordability can be challenged by the competitive fervour caused by escalating...
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The Big Banks are your MOST expensive mortgage option.
If you qualify for mortgage financing at any of Canada’s big six banks, chances are you will be eligible somewhere else as well. And you could be paying A LOT less interest and have a more flexible mortgage. Recent analysis shows that in 2018 having a mortgage...
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Bank of Canada Rate Announcement Mar 6th, 2019
The Bank of Canada today maintained its target for the overnight rate at 1 ¾ per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1 ½ per cent. Recent data suggest that the slowdown in the global economy has been more pronounced and...
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The Benefits of Consulting a Mortgage Broker
Navigating the real estate and mortgage processes with the help of an expert mortgage broker can help set your mind at ease when making one of the largest financial decisions of your life.Mortgage brokers negotiate with lenders on behalf of borrowers daily, so they...
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What is Bridge Financing?
Let's say you have a home that you've outgrown, it's time to make a move to something more suited for your family. You have no desire to keep two houses, so you decide that selling your existing home, and moving into something new is the best idea. Ideally, when...
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5 Things You Need to Know Before You Co-Sign a Mortgage!
So you're thinking about co-signing for a mortgage? Okay, do you really know what that means do you know what you are getting yourself into? Co-signing isn't necessarily a bad thing, but there is certainly a lot of misinformation floating around on the subject....
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Don’t Assume Anything!
A lot of people get into hot water when they assume that because they've qualified for a mortgage in the past, they will qualify for a mortgage in the future. This article has one point to make and it's this: Don't assume anything when dealing with mortgage financing!...
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Reasons You Might Need an Emergency Fund
You’ve heard the horror stories: basement floods gone wrong, cars that randomly stop running, or a pal suddenly losing their job. Perhaps you’re the type of person who thinks “that will never happen to me!” when hearing one of these stories, but the cold reality is...
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Getting on the Property Ladder
As property prices continue to rise across Canada, the conversation around "how to climb the property ladder" has made a subtle shift to "how to get on the property ladder in the first place." Especially if you're single. Whereas before it was assumed anyone would...
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5 Things to Help You Survive Your 40s & 50s
You know those days where everything goes wrong and you’re so tired you don’t know what direction’s up? They’re a lot more manageable when you know what you’re working towards. Here’s 5 things that’ll help you survive—and make the most of!—your 40s and 50s. 1. Do...
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Bank of Canada Rate Announcement Jan 9th, 2019
The Bank of Canada today maintained its target for the overnight rate at 1 ¾ per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1 ½ per cent. The global economic expansion continues to moderate, with growth forecast to slow to 3.4 per cent...
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Should You Keep a Small Balance on Your Credit Card?
Recently the good people over at Nest Wealth published an article called "The Worst Money Advice We've Ever Heard". On the list was "Always keep a small balance on your credit card". What they have to say on the subject is spot on: Someone, somewhere, starting telling...
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Homebuyers: Avoid These Common Mortgage Pitfalls
A home is the largest purchase most people will make in their lives. That should reinforce the importance of planning ahead, doing your research, relying on the advice of experts and not rushing through the process. With nearly 700,000 homes purchased in Canada each...
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Finding the Right Home Without Blowing Your Budget
If you have been looking to find the right first home within your budget, it's a matter of mind over money, here's some tips from Genworth Financial that will help you keep perspective! It’s hard to say “goodbye” to your dream home. But if you fall for a house that’s...
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Bank of Canada Rate Announcement Dec 5th, 2018
The Bank of Canada today maintained its target for the overnight rate at 1 ¾ per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1 ½ per cent. The global economic expansion is moderating largely as expected, but signs are emerging that trade...
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As Simple as Porting Your Mortgage!
As simple as porting your mortgage! Said by no one ever. The truth is, there is nothing simple about porting your mortgage. "Porting your mortgage" involves transferring the remainder of your existing mortgage term, outstanding principal balance, and interest rate to...
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I Missed a Credit Card Payment… Now What?
If you've missed a payment on your credit card (or line of credit) and you're wondering how this will impact your creditworthiness down the road, this article is for you. But before we get started, if you have an overdue balance on any of your credit cards at this...
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Payment Frequency, Does it Really Make a Difference?
It has been said that there are two certainties in life; death and taxes. Well, as it relates to your mortgage, the single certainty is that you will pay back what you borrowed, plus interest. However, how you make your mortgage payments, the payment frequency, is...
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Deposit vs Downpayment
As part of the mortgage and real estate processes, there’s a lot of confusion around the differences between the deposit and the downpayment. It's important to understand what sets them apart so you don’t get confused when it’s time to secure financing on a property...
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The 10 Don’ts of Mortgage Closing
Okay, so here we are... we have worked together to secure financing for your mortgage. You are getting a great rate, favourable terms that meet your mortgage goals, the lender is satisfied with all the supporting documents, we are broker complete, and the only thing...
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Bank of Canada Rate Announcement Oct 24th, 2018
The Bank of Canada today increased its target for the overnight rate to 1 ¾ per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1 ½ per cent. The global economic outlook remains solid. The US economy is especially robust and is expected to...
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Mortgage Documentation, Plan Ahead!
Collecting the right documentation to prove you are a worthy candidate to borrow a lot of money to buy a property can be an arduous task. The most recent government rule changes and tightening of mortgage qualification isn't making things easier. If you seem to think...
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Spousal Buyout Mortgage?
If you happen to be going through, or considering a divorce or separation, you might not be aware that there are mortgage products designed to allow you to refinance your property in order to buyout your ex-spouse. For most couples, their property is their largest...
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Benefits of Homeownership Reaffirmed in New Study
Despite deteriorating housing affordability across the country, buying a home is still the more affordable option when compared to renting. A new report from Mortgage Professionals Canada has determined that, despite the rapid rise in home prices, those who are able...
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Your Work Makes You Happier Than You Think
While we may think we dislike our work, research shows we’re considerably less happy doing nothing. The great paradox of working for a living, according to a recent longread by Derek Thompson for The Atlantic, is “that while many people hate their jobs, they are...
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Can’t Find the Perfect Property In Your Price Range?
You're pre-approved for a mortgage, you've been shopping with location in mind, but unfortunately the perfect property isn't jumping out at you. There is no doubt about it, finding the perfect property (within your price range) is a difficult task, especially for...
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In the Middle of a 10 Year Term? You Have Options!
If you bought a house, or had a mortgage renew roughly five years ago, there's a chance the struggling economy and the relatively low interest rate environment (at the time) influenced you to "play it safe" and lock in a mortgage term for the next ten years. Because,...
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Bank of Canada Rate Announcement Sept 5th, 2018
The Bank of Canada today maintained its target for the overnight rate at 1 ½ per cent. The Bank Rate is correspondingly 1 ¾ per cent and the deposit rate is 1 ¼ per cent. CPI inflation moved up to 3 per cent in July. This was higher than expected, in large part...
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How to Not Qualify for a Mortgage
If you have no desire at all to qualify for a mortgage, here are some great ways to make sure you don't accidentally end up buying a house and taking out a mortgage to do so. One of the best ways to ensure you won't qualify for a mortgage is to be unemployed. Yep,...
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Employment Status | How it Impacts Your Mortgage Application
Chances are, if you're applying for a mortgage, you feel confident about the state of your current employment, or your ability to find a similar position if you needed to. However, your actual employment status probably means more to the lender than you might think....
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Is the Housing Market Turning a Corner?
While Vancouver area home sales are still posting year-over-year declines, signs are appearing in the Greater Toronto Area that the worst of the housing correction is now over. Experts say that likely won’t be enough to stave off a slowdown in national GDP growth,...
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Mortgage Post Bankruptcy
This should come as no surprise, but sometimes life throws you a financial curveball. Bankruptcy and consumer proposals happen. It doesn't mean your life is over, and it doesn't mean you won't ever qualify for a mortgage again. The key here is to get a plan in place...
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Is Right Now a Good Time to Buy?
If you've been thinking about buying a new home; whether that be your first home, your next home, your forever home, or your retirement home, the doom and gloom of it all might be causing you to question... is right now a good time to buy a home? Well... what if I...
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Improving Your Credit Score
Along with employment stability, and downpayment/equity, your credit score and how you manage your credit is a huge factor in qualifying for a mortgage. If you want the best interest rates available on the market, the higher your credit score the better. However, if...
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More Flexibility for Self-Employed Home Buyers, Coming Soon!
Over the last few years, it's been more a story about tightening rules and regulations, mitigating risk, and restricting lending practices than anything. However the Canadian Mortgage and Housing Corporation (CMHC) just announced that it looks like mortgage financing...
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Thinking of Selling? Call Me First!
If you've been thinking about selling your existing property, for whatever reason, it would be in your best interest to give me a call before you list for sale. Here are a few scenarios that explain why... Buying a New Property! You have to live somewhere! If you plan...
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Bank of Canada Rate Announcement July 11th, 2018
The Bank of Canada today increased its target for the overnight rate to 1 ½ per cent. The Bank Rate is correspondingly 1 ¾ per cent and the deposit rate is 1 ¼ per cent. The Bank expects the global economy to grow by about 3 ¾ per cent in 2018 and 3 ½ per cent in...
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Interest Rate Hikes Eroding Housing Affordability
After improving slightly late last year, housing affordability has now reached “crisis levels” in Vancouver and is posing a “tremendous challenge” in Toronto. That’s the assessment from RBC’s latest Housing Trends and Affordability report, which says higher interest...
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Minimum Required Credit Profile
Credit. The ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future. When you borrow money to buy a house, you will be required to prove that you have a good history of managing your credit. But what...
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Online Mortgage Calculators, Can You Trust Them?
You'd think an online calculator is a pretty straight forward device, one that you should be able to place your full confidence in, and for the most part they are. Calculators calculate numbers, the numbers are reliable, but how you interpret those numbers... not so...
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Can I Give Someone The Downpayment to Buy My House?
Although it might not always be this straightforward, the question "Can I give someone the downpayment to buy my house?" presents itself in many different ways. And the answer to all of them is no, well... except in one circumstance, but we will get to that later....
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Sabeena Bubber, AMP
Mortgage Professional
P: 604-862-8526
F: 604-677-6167
E: sabeena@xeva.ca
Office Location
#213 – 1455 Bellevue Avenue West Vancouver, BC