If I have less than 20% downpayment, do I need mortgage insurance?  Most Lenders require mortgage insurance if you are under 20% for your downpayment.  There are 2 companies in Canada that insure mortgages against default: CMHC or Canada Mortgage and Housing Insurance and Genworth Canada.  There will be a fee to you to pay between .05%-3% on the total amount borrowed.  This 'fee' will be paid ...

Here are 8 great ideas to 'winterize your home': 1) Seal cracks - check all your doors, windows and walls for cracks and gaps that allow drafts through and then seal them with caulking. 2) Install a programmable thermostat - save money on your home heating bill by programming the thermostat to be cooler when you are not home and have it only come on when you need it.  Sweaters and slippers al ...

Should I use a Banker or a Mortgage Broker for my mortgage pre-approval?  This is a completely your choice, however, it is always a good idea to shop around for the best mortgage interest rates you can get.  You may have a long standing relationship with your banker or you may find a mortgage broker who will suit your needs.  Some mortgage brokers are "independents" and therefore have a wider ...

Should I use a real estate professional to help me purchase my home?  It is always good practise to find someone that you are comfortable with to help your through your home buying journey.  After listening to your 'wish list', a real estate professional can help you find the right home within your "pre-approved" home purchase range.  An agent will advise you on price and conditions in your o ...

Does a "pre-approved" mortgage guarantee my financing?  A "pre-approval" simply means that your banker or mortgage broker has looked over your assets, earning and debt and has determined the amount of money that you should be able to borrow for purchasing a home.  Before "final" approval can be given, your lender will want to confirm the value of the property by way of appaisal and get a fina ...

Third party warranty coverage is only available on new home construction and only builders/developers can get this insurance if they are registered through the Homeowners Protection Office of British Columbia.  www.hpo.bc.ca.The 2-5-10 coverage is as follows:  2 years on labour and materisl (some limits apply), 5 years on building envelope (including water penetration), and 10 years on struct ...

How much purchasing power do I have when shopping for a home? Two important ratios that lenders use to determine how much home you can buy are: 1) GDS - Gross debt ratio - which is a combination of your possible monthly mortgage payment, heating costs, and property taxes divided by your gross monthly income.  This ratio cannot exceed 32% for the GDS.  The second ratio that lenders look at is ...

How can I easily save for my downpayment?   Generally the best way to save your downpayment is with an automated savings plan.  Set a budget for an amount that you can afford from each paycheque and you will watch your downpayment build quickly.  You may also consider looking at a Tax Free Savings Account (TFSA) or direct your automated savings to a Registered Reitrement Savings Plan (RRSP).  ...

First time homebuyer?  Watch my Blog for answers to your Top 10 first time homebuyer questions. 

Drop, cover and hold on—these three simple actions will help protect you if a large earthquake occurred in British Columbia. To promote earthquake awareness and emergency preparedness, the City of Richmond is encouraging all residents to participate in the ShakeOut BC earthquake drill on Thursday, October 20 at 10:20 a.m. During the drill, hundreds of thousands of participants will simultane ...