Amortization is the period of time over which the mortgage is calculated to be paid off, and usually range from 20 to 30 years. With a longer amortization period, you will pay less each month, but build equity at a slower rate.
A conditional offer to purchase is an agreement that binds the buyer to purchasing the property if and when specified conditions are met. This type of offer is often used when a buyer must sell an existing home to have the funds to purchase the new one.
A Home Appraisal is an independent valuation based on current market value; i.e. an assessment of what your home would sell for in the very near future. This value is often used by lenders to verify that the home is at least as valuable as the mortgage loan, and by insurers to set a replacement cost. An Appraiser is usually hired by the lending institution.
A Home Inspection is quite different, and does not relate directly to the value of the home or property. The purpose of an inspection is to ensure that the home is safe, built to acceptable standards, and that its systems are in good working order. A Home Inspector will examine the roof, basement, electrical, plumbing and heating systems to look for any deficiencies, hazards, or signs that major repairs are required. An Inspector is usually hired by the buyer. We would be happy to provide a referral.
There are basically two differences between the value shown on your BC Assessment report and market value. First, BC Assessment evaluates homes as of July of the previous year, while market value is based on similar homes sold in the very recent past.
Second, BC Assessment evaluation is largely based on the size of the property and home, and does not take things like landscaping features or interior finishings into account. Market value is what potential buyers are likely willing to pay. Therefore, market value is often higher than BC Assessment's valuation, however, this is not always the case.
For a free market value assessment, just give Ravi a call at 604-556-9524.
Three words! Clean. Repair. De-clutter.
A thorough cleaning will brighten your home and make it more inviting. Making small repairs, like touch up painting and fixing faucet leaks, can also be a big help in making a good first impression. Most importantly though, is creating more space by boxing up family photos and knick-knacks on shelves, extra clothes from closets, and infrequently used small appliances. This sort of de-cluttering gives your home a more open and spacious feeling.
Are you tired of paying someone else’s mortgage? You don’t want to deal with landlords any more however, you have no money to buy a place of your own. We have the solution for you in the form of a $0 down mortgage. This means that almost anyone can own their own home. We have lenders who will finance 95% of the purchase price and allow you to borrow 5% in the form of a loan for your down payment. Also, you have the option to have your 5% down payment gifted from family. This program is available to first time home buyers and anyone else who has owned a home before.
Are you self employed and don’t show the required income on paper to qualify for the mortgage you need? Then call and ask us about our stated income mortgages. You can borrow up to 90% of the value of a home based on income that you state you make and not what you declare on paper. This means that self employed people can save taxes by declaring minimal income and still qualify for the mortgage they need.
You don’t want to make principal & interest payments on your mortgage. You want the flexibility of paying off the mortgage against your house and then re-borrowing without further legal fees. How about a totally open line of credit secured by your house that allows you to pay it off without penalty at any time. Ask us about a secured line of credit.
Have you been turned down by your bank for mortgage financing? Do you have credit problems that are holding you back financially. We have access to a variety of lenders for many different situations and may be able to help you. Give us a call to discuss your situation and we will endeavor to find a solution for you.
Are you looking to purchase or refinance a commercial property? We have access to a variety of commercial lenders to satisfy your requirements. This includes non-traditional commercial lenders & private lenders that will finance many different properties.
Do you want to build your home and save the cost of someone building it for you. We are experienced in construction financing and will be able to guide you through the process. Call us for more details on the construction mortgage process.
We have a wide variety of mortgage rate options to suit all of the needs of our clients. We offer fixed rate mortgages in terms from 6 months to 10 years. On the variable rate side, we have closed variable rate mortgages that offer the most competitive mortgage rates in the market. We also have access to open mortgages as well as line of credit products that are fully open.