• Vancouver: (604) 908-3959
    Penticton: (250) 486-2959
    Email: grant@grantpowell.ca

  • Pre-approval

    It is very important to feel comfortable with your mortgage payment. It is a good idea to complete a realistic budget of all your monthly expenses and include the funds you still wish to save every month, this new mortgage payment, property taxes, condo fees if applicable and home insurance.  

    Rates: seems to be the first topic that always comes to people's minds. As this is a very important part of a mortgage other small print should also be a concern. 

    Planning: Implementing a plan which includes specific mortgage products and time lines etc. will help make sure you save time and thousands on your mortgage! 

    Timing for different aspects around getting a great mortgage can be extremely important. So is placing your financing with the right lender at the right time. 

    It is very important to feel comfortable with your mortgage payment. It is a good idea to complete a realistic budget of all your monthly expenses and include the funds you still wish to save every month, this new mortgage payment, property taxes, condo fees if applicable and home insurance.  

    Fixed vs Variable

    This topic is often over thought in the earlier stages of the mortgage / home purchasing or refinancing process. There are pros and cons to each.

    Fixed:

    1. Budget Comfort: Your monthly mortgage payments will be guaranteed for the full length of the term. This make budgeting really easy and predictable.
    2. Maximum Approval:  Best way to go when you want to get approved for a mortgage amount as high as possible
    3. Higher Prepayment penalty: If you want to break the loan before the term has ended typically with a fixed term mortgage your penalty will be higher.

    Variable:

    1. Lower Payments: When you start your mortgage your monthly mortgage payments will be lower than with a fixed term mortgage
    2. Lower Prepayment Penalty: If you need to get out of a mortgage before the end of the term the standard prepayment penalty is 3 month interest.
    3. Payments are not Guaranteed: Your mortgage payments can fluctuate since they are not fixed for the length of the term.  

      

  • Home Search: Now that your have an understanding of your finances it is time to search for a home. If you would like the recommendations of a realtor who specializes in the area or areas you are looking for a home let me know.

     

    Accepted Offer: Even though you have been pre-approved now is the time we need to make sure the property you have the accepted offer on is financeable by mortgage lenders. In purchasing a condo or a house there will be some due dilligence needed before you firm up the purchase and hand over your deposit. In many cases a home inspection may be needed, an appraisal or if purchasing a condo reviewing the minutes, AGM, Depreciation report etc.    

    Closing & Possession: Even though you