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Leaky Condos in Vancouver and Getting a Mortgage: Fun!

View on ExposureRoom So You’ve Got an Accepted Offer on a Leaky Condo, Can you get a Mortgage? Chad Watts, a Vancouver Mortgage Broker and I recently worked on a file were a first time Buyer fell in love with a gorgeous suite in a condo building in Vancouver with the classic Leaky Condo Syndrome. Fun! The accepted offer on the suite in the leaky condo was of course subject to financing, documents (ESPECIALLY the Engineering Report), and inspection among others. To make a long story short, the Buyer could not get a mortgage on the property. And here's why:…

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First Time Home Buyers Guide Vancouver BC – Episode 1 – Getting Started!

This is the First Video in a Series of Videos with Tips for First Time Home Buyers in Vancouver's Property Market. So you're thinking of taking the plunge and buying your first home in beautiful Vancouver! How Much Can I Spend? What to Know Exactly? Get Pre-Approved! If you have several hundred thousand dollars in your bank account, great! If not, you should speak to your bank or a mortgage broker to find out how large of a mortgage you can get. The bank or broker will give you a mortgage pre-approval which is a rough estimation of what you…

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Variable Versus Fixed Rate Mortgages with Jessi Johnson Mortgage Broker!

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? A fixed rate mortgage has a set interest rate…

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