Kelowna mortgage tips

Porting Your Mortgage

Porting your mortgage is when you transfer the remainder of your current mortgage term, outstanding principal balance, and interest rate to a new property if you’re selling your existing home and buying a new one. Now, despite what some big…
Kelowna mortgage tips

Locking in a Variable Rate Mortgage

If you have a variable rate mortgage and recent economic news has you thinking about locking into a fixed rate, here’s what you can expect will happen. You can expect to pay a higher interest rate over the remainder of your term, while you…
Kelowna mortgage tips

Credit and Mortgage Financing

What is credit and mortgage financing? Credit. The ability of a customer to obtain goods or services before payment, based on the trust that you will make payments in the future. When you borrow money to buy a property, you’ll be required…
Kelowna mortgage tips

How to Handle Missed Payments

If you’ve missed a payment on your credit card or line of credit and you’re wondering how to handle things and if this will impact your creditworthiness down the road, this article is for you. But before we get started, if you have an overdue…
Kelowna mortgage tips

How to Save Money for a Downpayment

How to Save Money for a Downpayment Whether you want to set aside money to buy a car or take a vacation, save up for a down payment on a property, or plan for your retirement, the principles are the same.  However, as you’re reading this…
Kelowna mortgage tips

GDS/TDS Ratios Explained

GDS/TDS Ratios Explained One of the major qualifiers lenders look at when considering your application for mortgage financing is your debt service ratios.  Now, before we get started, if you prefer to have someone walk through these calculations…
Kelowna mortgage tips

4 Ways to Access Your Home Equity

4 Ways to Access Your Home Equity If you've been a homeowner for many years, it is likely your property value has increased significantly. One advantage of homeownership is the opportunity to build equity. Home equity growth, partnered with…
Kelowna mortgage tips

What is a “No-Frills” Mortgage?

A no-frills service or product is where non-essential features have been removed from the product or service to keep the price as low as possible. And while keeping costs low at the expense of non-essential features might be okay when choosing…
Kelowna mortgage tips

An Overview of the Home Buying Process

If you’re in the early stages of planning to buy either your first home or your next home, you’ve come to the right place! Even if you’ve been through it before, the home buying process can be daunting, but it doesn’t have to be when…