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Down payment

Mar 30, 2015 / 5:00 am

If you have less than 20% down payment, mortgage insurance is required through Canada Mortgage & Housing (CMHC), Genworth or Canada Guaranty. Homeowners no longer need the minimum 5% down payment from their own funds to purchase a home. You can now use borrowed funds for your 5% down, but keep...

Pre-approved for mortgage?

Mar 16, 2015 / 5:00 am

There seems to be a lot of confusion around the term pre-approval when it comes to mortgage pre-approvals. Pre-approvals can range from a client giving a lender or mortgage broker their income and asking how much mortgage they qualify for to a full documented pre-approval with all the necessary...

Refinance your mortgage?

Mar 2, 2015 / 5:00 am

Canadian Mortgage rates are low and could be dropping down in time for the spring market following a drop in the Bank of Canada Rate on January 21 by 1/4% which will save new buyers and those with mortgages up for renewal on their home costs. If you have a variable rate mortgage...

What will Bank of Canada do next?

Feb 16, 2015 / 5:00 am

One of the big questions facing the markets right now is what the Bank of Canada will do next. One economist believes it will continue to cut. In a new forecast the HSBC Bank PLC predicts the BOC will cut the benchmark rate again in this quarter to 0.50%, and then again in the second quarter to...

Expect record low rates for spring

Feb 2, 2015 / 5:00 am

The Bank of Canada made an unpredicted move by cutting its overnight rate from 1% to 0.75% on January 21. This is the rate that the Big Banks pay for interest when they borrow money from each other in the overnight market. This rate in turn reflects the Prime rate which is the rate the Banks lend...

Beware of mortgage insurance!

Jan 19, 2015 / 5:00 am

Congratulations! You have the house of your dreams since the vendor accepted your offer and the bank approved your mortgage. What a bank will typically offer you now is its own brand of mortgage protection insurance to protect your family should anything happen to you and pay off the debt it...

Goal setting keeps resolutions on track

Jan 5, 2015 / 5:00 am

January is a popular time of year to set resolutions for physical fitness, personal finance or new career directions. But with the admission of failed resolutions in February becoming as much of a ritual as the resolutions themselves, it’s worthwhile to take a look at how you approach...

First-time homebuyer mistakes

Dec 22, 2014 / 5:00 am

If you’re on the hunt for your first home and want to have a smooth and successful home purchasing experience avoid these common first-time homebuying mistakes. If you are looking for your first home and need advice on how much you can afford, please feel free to contact me at (250)...

Reasons to use a mortgage broker

Dec 8, 2014 / 5:00 am

1. Get independent advice on your financial options. As independent mortgage brokers, we are not tied to any one lender or range of products. Our goal is to help you successfully finance your home or property and start by getting to know your home ownership plans. We will provide you a...

The last great Canadian tax shelter

Nov 24, 2014 / 5:00 am

A guide to how flow-through fund limited partnerships can mightily aid your tax planning! The end of the year will raise concerns among many professionals, self-employed persons, business owners and even regular wage earners about the amount of tax they will owe the Canadian Revenue Agency...

Danger of focusing on low rate mortgages

Nov 10, 2014 / 6:00 am

Mortgage brokers know that a great rate and a great mortgage are not always synonymous. Many clients have tunnel vision when it comes to interest rate but it is only one component. How do we as mortgage professionals convince our clients of this when rate is the only thing they can easily...

Keep your haunted home safe

Oct 27, 2014 / 5:00 am

Eerie sounds, spooky lights and Jack-o’-lanterns aglow—extra efforts at Halloween will keep visitors coming back for both tricks and treats. However, to keep the fun going, it’s important to plan your home’s scary set-up with safety in mind. Decorations for special...

Big bank predicts rate hike

Oct 13, 2014 / 5:00 am

The end of record-low rates is nigh, according to one major bank, which has taken a stance and predicted when the Bank of Canada will raise its long-standing overnight rate. “Firming price pressures and strengthening labour markets are consistent with a gradual path to...

Power-save your way to a down payment

Sep 29, 2014 / 5:00 am

Part 2 of 2 to read Part 1, click here. 5. Dial down your vacations. New York is out. Maybe Buffalo. For West coast, maybe Seattle instead of Hawaii. Use sites like Airbnb (aribnb.ca) to find cheap accommodations instead of staying in a pricey hotel. Or stay home and...

Power-save your way to a down payment

Sep 15, 2014 / 5:00 am

Part 1 of 2 1. Move in with your parents or in-laws Explain that you're thinking strategically in moving back home. The quickest way to get into the housing market is to maximize savings, which is difficult to do when you're paying the cost of rent in a big...

How much mortgage should you carry?

Aug 23, 2014 / 5:00 am

There are several things to consider when deciding how much home to buy. 1. Draw up a budget including the new mortgage payments. While the rules used by most lenders require that the mortgage payment along with property taxes and heating costs not exceed 32% of your household income,...

VERICO: a decade later...

Aug 9, 2014 / 5:00 am

VERICO Canada celebrates its 10th year in business and makes strategic plans to compete and win in the next decade. As we come up to VERICO’s 10th year in business, we are pleased to announce that B2B Bank will be making an equity investment in Verico Financial Group. “This...

Take charge of your debt

Jul 26, 2014 / 5:00 am

Ways to reduce your Debt: Make a budget and get budget counseling A basic first step for debt reduction is to prepare a budget and plan your spending. Once you have a budget, you must stick to it. When you follow a budget, you can take any extra money you have each month and put it toward...

Mortgage payment difficulties

Jul 12, 2014 / 5:00 am

When unforeseen financial circumstances impact your ability to make regular mortgage payments, it’s important for you to take quick action. With early intervention, cooperation and a well executed plan, you can work together with your mortgage professional to find a solution to your financial...

Credit fitness: how to stay healthy

Jun 28, 2014 / 5:00 am

Many people worry about what their credit score looks like, especially if they have missed a payment or two, or worse, claimed bankruptcy. The truth is, credit agencies use several factors to determine your credit score. Understanding how credit agencies look at your credit is the first step in...

About the author...

Laurie Baird is a Mortgage Broker with Verico Complete Mortgage Services. She has been in the mortgage business for 17 years starting as a lender with Royal Trust. She later worked at the Royal Bank as a Mortgage Consultant and 11 years ago became a Mortgage Broker. As a Mortgage Broker she is able to match her clients' needs with a lender who will provide them with competitive rates and products. Laurie has a Bachelor of Education degree from UBC.

Contact her at 250-862-1806 or by fax 712-0209 or visit:

Visit Laurie's blog at: http://www.okanaganmortgages.com/blog.html


The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet presents its columns "as is" and does not warrant the contents.

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