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.

If you’re planning to purchase a vacation property, pay for children’s education, or require cash to cover a sudden expense, then pulling equity from your home through refinancing can be a good option.

Once you’ve decided to buy your first home, there’s a good chance that you’re planning to obtain a mortgage to finance the purchase. Acquiring a mortgage can seem intimidating and complicated to most first-time homebuyers, but it doesn’t have to be. When you prepare appropriately and have the right professionals to assist you, applying for a mortgage is pretty easy.

Does consumer debt have you down about your hopes of buying your first home? When applying for a mortgage, your current expenses and debt will be considered before actually approving you for a mortgage. This is used to determine what you can afford and the level of risk that comes with lending to you. Having too much consumer debt during your pre-approval process can reduce the amount you qualify for, or in the worst case you may be declined for a mortgage entirely.

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

Article Written By:  Daniel Wong

Original Article Posted on:  APRIL 20, 2021

Link to Original Article:  https://betterdwelling.com/canadian-real-estate-is-moving-from-pent-up-demand-to-pent-up-supply/

As a mortgage professional, I understand that purchasing a house for the first time can be quite daunting. Buying a home can be a stressful task, but you can quickly and efficiently handle your mortgage approval and legal requirements with a little preparation.

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 in Victoria, BC.

Prior to my finance career, I spent several years in the hospitality industry as a service manager; which provided me the attributes needed to understand someone’s situation while creating and building a solution. I would then go on to opening my first business in the textiles industry, which enhanced my financial acumen and love for numbers. During this period as a clothing entrepreneur, I received help from a mortgage broker and was surprised by how valuable the position could be in providing creative solutions to someone’s home purchase and financial plan.

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.

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