To compete for business, banks will often incentivize homeowners by offering either cash-back or cash bonuses to earn their mortgage business.

This isn’t just a way of earning business, but by dangling a carrot and getting you focused on the cash it steers the conversation away from the fine print and important features of the mortgage that could easily cost you more money in the long run.

With interest rates being the highest they’ve been in over 10 years, along with the stress test reducing what buyers qualify for this has created a number of issues for buyers attempting to find an approval for their home purchase or homeowners to complete their refinancing.

For this reason, among many others alternative financing is becoming increasingly popular as people try to find creative ways to get the job done.

Alternative financing allows current and future homeowners access to bank programs otherwise unavailable through traditional forms of financing.

Simply put, these programs are very versatile and open the door of possibilities when you keep running into rejections from your traditional lender.

1. Not Making the Mortgage Re-Advanceable

This tip stems from tip #3 from the first part of this series where we discuss putting your attention towards the type of financing that leaves room for cash flow and avoiding the common pitfall of thinking the lowest possible interest rate should be the primary focus of your financing.

With the real estate market on its way to a correction in market values for many parts of Canada, savvy investors who are prepared will have some great opportunities to purchase new assets to add to their portfolios. 

Applying for a mortgage is never simple, but it’s even trickier when you don’t know what to expect. There are different aspects that you need to consider before settling on a mortgage product. You need to consider the mortgage term, conditions, down payment, etc. But most importantly, you need to consider what kind of interest rate to choose for the term of your mortgage.

Original Article Source Credits:   Better Dwelling , https://betterdwelling.com/

Article Written By:  Daniel Wong

Original Article Posted on:  JULY 2, 2021

Link to Original Article:  https://betterdwelling.com/canadian-real-estate-brokers-see-a-big-cut-in-revenue-pushing-the-gdp-sector-lower/

Original Article Source Credits:   Better Dwelling , https://betterdwelling.com/

Article Written By:  NA

Original Article Posted on:  FEBRUARY 8, 2021

Link to Original Article:  https://betterdwelling.com/the-pandemic-was-bullish-for-canadian-real-estate-confirms-national-stats-agency/#_

1. Get Pre-Qualified in Under 60 Seconds

• With our industry leading software, you can find out how much you would qualify for on your next home, within 60 seconds! Just answer the questions, and you will generate a pre-qualification certificate to let you know where you stand on your next home purchase. Additionally, when your ready to lock in a rate you can easily move on to the next step of completing your application online through the app or reach out to your mortgage also inside the app.

Original Article Source Credits:   Canada Mortgage and Housing Corporation  , https://www.cmhc-schl.gc.ca/

Article Written By:  NA

Original Article Posted on:  December 23, 2020

Link to Original Article:  https://www.cmhc-schl.gc.ca/en/housing-observer-online/2020-housing-observer/mortgage-consumer-credit-trends-q3-2020-data

Original Article Source Credits:   CANADIAN MORTGAGE TRENDS , https://www.canadianmortgagetrends.com/

Article Written By:  Steve Huebl

Original Article Posted on:  December 11, 2020

Link to Original Article:  https://www.canadianmortgagetrends.com/2020/12/how-canadas-mortgage-lenders-adapted-to-the-new-normal/

Original Article Source Credits:    Dominion Lending Centres , https://dominionlending.ca/

Article Written By:  Sherry Cooper

Original Article Posted on:  December 4, 2020

Link to Original Article:  https://dominionlending.ca/economic-insights/jobs-growth-slows-in-november-struck-by-second-wave

Original Article Source Credits:   Dominion Lending Centres  , https://dominionlending.ca/

Article Written By:   Sherry Cooper

Original Article Posted on:  November 6, 2020

Link to Original Article:  https://dominionlending.ca/economic-insights/canadian-job-growth-slowed-in-october

Original Article Source Credits:   CANADIAN MORTGAGE TRENDS , https://www.canadianmortgagetrends.com/

Article Written By:  Steve Huebl

Original Article Posted on:  November 11, 2020

Link to Original Article:  https://www.canadianmortgagetrends.com/2020/11/optimism-returns-to-the-markets-could-fixed-rates-start-to-rise/

After the whirlwind year of 2020, making your finances work for you is already top of mind for Canadians. Why not roll that into a brand-new resolution moving forward into 2021? Here are some ideas to make your finances work for YOU in the New Year:

Whether you’re buying your very first home, purchasing a vacation or investment property, or renewing or refinancing an existing mortgage, there are many considerations to make along the way.

And with the many changes we’ve experienced in mortgage qualification rules, it has never been more important to rely on the expertise of a licensed mortgage broker to guide you through the homebuying and financing processes.

If you are new to the world of mortgages, you probably have a lot of questions

I’m Cody Rowe, a mortgage broker from Victoria, British Columbia. I specialize in working with first-time buyer purchases, those with bruised or poor credit, and alternative financing. I began operating as a broker four years ago but previously worked for Scotiabank as a Financial Advisor, and as a Supervising Agent in the insurance industry. My knowledge and expertise is based on experience in various roles within the financial industry and has allowed us to provide creative solutions for clients.

We are delighted to announce the launch of our new website!

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