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2.99% for a 5 Year Fixed Mortgage? The Catch Explained!

Lowest 5 year Fixed Rate Mortgages in Canada Ever! The Finance Minister and the heads of the Big Canadian Banks have recently been alluding to the fact that the property market in Canada, particularly in the real estate markets in Vancouver and Toronto may be getting a bit too hot for their liking based on the very low interest rates we are seeing in Canada right now. And then came this... 2.99% on a 5 Year Fixed Mortgage? Whats the Catch? This is the lowest 5 Year Fixed Rate Mortgages have EVER been! I recently interviewed Vancouver mortgage broker, Chad…

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Vancouver First Time Home Buyers Guide 14 – Offer Explanation – Subject to Financing

 Top Vancouver Realtor Advice for First Time Home Buyers - Subject to Financing In Episode 13 of the First Time Home Buyers Guide for Vancouver, we discussed Subject Clauses in general. Today we're going to discuss the Subject to Financing Clause in detail and how it relates to and affects a real estate offer. Chad Watts of the Mortgage Group was kind enough to come and talk to us about subject to financing. What does Subject to Financing Mean? Subject to financing basically means that a Buyer, for up to 7 days after an offer is accepted, can walk…

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Presale Condo Completions in Vancouver – Avoiding Penalties!

 Completing on a Presale Condo in Vancouver and Appraisals. I recently had the pleasure of interviewing Chad Watts of The Mortgage Group about an experience he had during the the Completion of a Pre-Sale Condo here in beautiful Vancouver, BC. Developers in many cases only give 10 days notice of the Completion of a Presale Condo. During this time sometimes up to several hundred appraisers need to get access to and appraise the soon to be Completed suites. (Not sure what an appraiser is? Check out this great explanation with video on What is an Appraisal!) What does Completion…

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A Mortgage Pre-Approval is NOT a Guarantee of a Mortgage!

 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…

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