I recently had the pleasure of interviewing Jessi Johnson of the Jessi Johnson Mortgage Team and he was kind enough to explain a term that I hear regularly as a Vancouver Realtor and that is Amortization.
Amortization – What is it? (more…)
Posts Tagged ‘Mortgage Broker’
A Mortgage Pre-Approval is NOT a Guarantee of a Mortgage!
Tuesday, February 2nd, 2010Mortgage 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…)
Variable Versus Fixed Rate Mortgages with Jessi Johnson Mortgage Broker!
Tuesday, December 15th, 2009Last 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…)
Mortgage Penalties and Selling Real Estate – Check with your Lender before Selling or be Prepared to Pay!
Tuesday, October 20th, 2009Don’t Let Mortgage Penalties Bite you in the Backside – Check with your Lender Before you List!
A lot of people assume that when they sell a property they can pay off the principal of their mortgage with the sale proceeds and be done with their lender.
This is not the case.
A mortgage is a legally binding contract between you and your lender for you to pay them a stream of principal and interest payments for the term of the mortgage. The lender will h (more…)
