Archive for the ‘For Buyers’ Category
Tuesday, February 2nd, 2010
Mortgage Pre-Approvals are NOT Guarantees of a Mortgage!
I recently had the pleasure of interviewing Chad Watts of The Mortgage Group about mortgage pre-approvals. He brought up a very important point for Buyers, particularly First Time Home Buyers. And that is a mortgage pre-approval is NOT a guarantee that you will get a mortgage at the amount the Lender originally mentions or get a mortgage at all.
What is a Mortage Pre-Approval?
This is a preliminary estimation by a Lender of how much the Lender will loan you based on very basic information . This number is subject to change based on what property you (more…)
Tags: Borrower , Chad Watts , Do I Need to go to the Bank before I Buy a Condo , Do I Need to go to the Bank before I Buy a House , Financing and Pre-approval , First Time Home Buyer Tips , First Time Home Buyers , First Time Home Buyers Mortgage Advice , How do I get a Mortgage , How to Get a Mortgage in Vancouver , Lender , Loan Preapproval , Mortgage Borrower , Mortgage Broker , Mortgage Information for First Time Home Buyers , Mortgage Lender , Mortgage Lending , Mortgage loan , Mortgage Pre-Approval , Mortgage Pre-Approval Canada , Mortgage Pre-Approval Vancouver , Mortgage Preapproval , The Mortgage Group , Vancouver Mortgage Broker , What is a Mortgage Pre-Approval First Time Home Buyers , For Buyers | No Comments »
Friday, January 22nd, 2010
BC HST and Vancouver Real Estate
Hi All,
There are A LOT of misconceptions about British Columbia’s Harmonized Goods and Services Tax and Vancouver Real Estate. The one I hear most is that HST will payable on all real estate transactions in BC. This is not true! HST in BC will ONLY BE PAYABLE ON BRAND NEW PROPERTIES Land (more…)
Tags: 2010 , B.C. housing rebates , B.C. HST , B.C. 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Tuesday, December 15th, 2009
Last week I had the pleasure of meeting up with Jessi Johnson of the Jessi Johnson Mortgage Team to discuss the merits of a Variable Rate Mortgage versus a Fixed Rate Mortgage.
What is a variable rate mortgage?
This is a mortgage that has an interest rate that changes in line with the Bank of Canada’s prime rate .Variable rate mortgages tend to have a lower interest rate than a fixed rate mortgage, but the interest rate on a variable mortgage can change at any time.
What is a fixed rate mortgage? (more…)
Tags: Assumable Mortgages , Bank of Canada , Canadian Mortgages , Financing Advice , Fixed Rate Mortgage , Fixed Rates versus Variable Mortgages , Fixed Rates vs Variable Rates Mortgages , Fixed Versus Variable Rate Mortgages , Interest Rate Volatility , Interest Rates and Real Estate , Jessi Johnson , Jessi Johnson Mortgage Broker , Jessi Johnson Team , Mortgage , Mortgage Advice , Mortgage Broker , Mortgage Financing , Mortgage Financing Advice , Mortgage Financing in Canada , Mortgage Financing in Vancouver , Mortgage Rates Fixed or Floating , Mortgages , Mortgages as Investments , Property Advice , Real Estate Advice , Rising interest rates and real estate , Vancouver Real Estate and Falling Interest Rates , Vancouver Real Estate and Rising Interest Rates , Variable Rate Mortgage , Variable Rate Mortgage Loan , Variable versus Fixed Rate Mortgages , what are the risks of a fixed rate mortgage , What are the risks the risks of a variable rate mortgage , What is better a variable or a fixed mortgage , Which Mortgage is Better Fixed or Variable , why are fixed rates better , why are variable rates better Downtown Vancouver Real Estate and Economics , For Buyers | 5 Comments »
Tuesday, December 8th, 2009
Assignments of Pre-Sale Condos in Vancouver
Along with the rise of the Vancouver’s Pre Sale Condo market, the market for Pre Sale Condo Assignments has been a huge money maker for investors in Vancouver Real Estate.
What are Pre Sale Condo Assignments?
A Pre Sale Condo Assignment is when the original Buyer of a Pre Sale Condo sells their rights to a completed condo to another Buyer before that condo is completed. The reason the (more…)
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Monday, November 30th, 2009
The Olympics Won’t Matter That Much.
I stand by what I said in a previous prediction on the Olympics and Vancouver Real Estate that there will be minimal transactions in Downtown Vancouver and surrounding areas because of Olympic security measures. Right after the Olympics there will be a spike in activity from demand caused by all the Buyers who were unable to buy during the time the Olympics are on.
What are your thoughts?
Please feel free to leave a comment, question, or suggestion below! Thanks!
Tags: +what+happens+to+real+estate+prices+after+olympics , 2010 Canadian Olympic Predictions , 2010 Olympics and the Real Estate Market , 2010 Olympics and the Vancouver Real Estate Market , 2010 Vancouver BC Canada Olympic Predictions , 2010 Vancouver British Columbia C Canada Olympic Predictions , 2010 Vancouver Canada Olympic Predictions , 2010 Vancouver Olympic Predictions , 2010 Vancouver Olympics Real Estate Predictions , 2010 Vancouver Winter Olympics Real Estate Predictions , Affect on Vancouver Real Estate after the Olympics , Bank of Canada , Bank of Canada and Prime Rare , Bank of Canada and Prime Rate , Bank of Canada and Vancouver Real Estate , Bank of Canada Interest Rates , bc real estate market after the 2010 olympics , Canadian Export Competitiveness , Canadian Exports to the US , Downtown Vancouver Real Estate after 2010 Olympic , Downtown Vancouver Real Estate after Olympics , Effect on Vancouver Real Estate after the Olympics , Effect on Vancouver Real Estate after the Vancouver Olympics , Federal Reserve and US Dollar Weakness , Housing Market after Olympics , Housing Market after the 2010 Olympics , Housing Market after the 2010 Vancouver Olympics , Housing Market after the Vancouver Olympics , Housing Market Vancouver after 2010 Olympics , Housing Market Vancouver after Olympics , Mike Stewart Real Estate Predictions , Mike Stewart Realtor Predictions , Real Estate after 2010 Olympics , Real Estate after 2010 Vancouver Olympics , Real Estate after Olympics , Real Estate Predictions after 2010 Olympics , Real Estate Predictions after 2010 Vancouver Winter Olympics , Real Estate Prices after 2010 Olympics , Real Estate Prices after 2010 Vancouver Olympics , Real Estate Prices after 2010 Winter Olympics , real estate prices after olympics , Strong Canadian Dollar and Low Interest Rates , Ultra Low Interest Rates and the Bank Of Canada , Vancouver Condo Real Estate after Olympics , Vancouver House Prices after 2010 Olympics , Vancouver House Prices after 2010 Winter Olympics , Vancouver House Prices after Olympics , Vancouver Housing after 2010 Olympics , Vancouver Housing after Olympics , vancouver housing market after olympics , Vancouver Real Estate after 2010 Olympic , Vancouver Real Estate after Olympics , Vancouver Real Estate after the 2010 Olympics , vancouver real estate after the olympics , Vancouver Real Estate Predictions after 2010 Olympics , Vancouver Realtor , Vancouver Realtor Predictions , Vancouver Realtor Predictions for the 2010 Vancouver Winter Olympics , what will happen to Vancouver Real Estate after the Olympics , Will Downtown Vancouver Real Estate go up or down after 2010 Olympics? , Will my house be worth more after the Vancouver Olympics , Will Real Estate go up or down after 2010 Olympics? , Will Vancouver Real Estate go up or down after 2010 Olympics? For Buyers , For Sellers | 11 Comments »
Thursday, November 26th, 2009
Pre-Sales in Vancouver, British Columbia Canada
Open the Georgia Strait or any other local paper and you’ll notice advertisements for apartments and condos. Most of these places don’t yet exist. Why? Because they are pre-sales!
What is a Pre-Sale?
A pre-sale is when a Developer sells a Buyer a property before that property is built or completed. The Buyer purchasing the pre-sales is buying the right to a completed property that will be built in future. In the UK and elsewhere Pre-Sales are referred to as Off Plan Investments.
Why do people buy Pre-Sales?
Pre-sales are popular with investors and other Buyers because it allows these Buyers to have the benefit of increasing prices without having to pay a mortgage, propert (more…)
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Friday, November 20th, 2009
Hi All,
I have been getting A LOT of questions about The British Columbia Government’s new Harmonized Sales Tax and how it will affect Vancouver Real Estate.
4 Quick Facts on BC’s proposed new 12% HST effective July 1, 2010: (more…)
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Friday, November 13th, 2009
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Tuesday, October 13th, 2009
Subject Free Offers are Powerful and Effective, but in Scary in the Wrong Hands!
With the resurgence of the Vancouver real estate market, Subject Free Offers are making a comeback along with Multiple Offer Situations. The downside is that without preparation and professional advice, mishandled Subject Free offers can quickly result in lawyers getting involved making it expensive and painful for all.
What is a Subject Free Offer?
A Subject Free Offer is an offer prepared by the Buyer that does not allow the Buyer to walk away for ANY reason if the Seller accepts. If the Buyer cannot get a mortgage on the (more…)
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Wednesday, October 7th, 2009
What is an Offer that is Subject to Financing?
This is an Offer to buy a property that is “Subject To” or conditional upon the Buyer getting a mortgage within a set period of time, usually one week. In plain language, the Buyer and Seller agree to give the Buyer a week to get a mortgage and if the Buyer cannot get a mortgage in that time, the Buyer can walk away from the deal with nothing lost.
Why do we make offers Subject to Financing?
Safety! If a Buyer presents an offer to a Seller without a Subject to Financing clause (like with a Subject Free Offer) and the Buyer can’t get a mortgage, the Buyer will have to pay th (more…)
Tags: First Time Home Buyers , First Time Home Buyers Downtown , First Time Home Buyers in Canada , First Time Home Buyers in Downtown Vancouver , First Time Home Buyers in Vancouver , First Time Home Buyers in Yaletown , First Time Home Buyers Safety , How do you write an offer subject to Financing , Mortgage Financing on Property , Mortgage Financing on Real Estate , Offers Subject to , Offers Subject To Financing , Real Estate Offer Preparation , Real Estate Offers Subject to Financing , Subject Offers , subject removal , Subject to Financing , What is an Offer Subject to Financing First Time Home Buyers , For Buyers | 2 Comments »
