Of Prime Interest: Find the right mortgage

We can’t stress enough the importance of maintaining your mortgage payments on time and paying your credit card balances.

  • Jun. 24, 2015 7:00 a.m.

Today’s mortgage landscape is very different from what it was a few years ago.

Every situation mortgage brokers deal with is different, so we must do our due diligence to know your wants and needs for today and in the future.

Each of our clients differ in various ways and it’s up to us to decipher the details to place you in a position that will not over-extend your finances and give you peace of mind knowing you can move forward with your lives without worry.  In today’s financial world, amortizations have decreased from 40 years to 30 years for conventional mortgage financing and 25 years for high ratio financing.

Lenders require a lot more paperwork from you to ensure all of the mortgage requirements are met. They look at your employment history and will require letters of employment from your employer along with a recent pay stub.

In the case of self-employed borrowers, it is generally a requirement to obtain a minimum of two years of verification of income which will vary if you are a sole proprietor, partnership or a limited company. You must fit within debt servicing ratios that the lenders establish.

Credit checks are very important in the mortgage process.  We can’t stress enough the importance of maintaining your payments on time and ensuring you utilize your credit cards by revolving the balances and not being at their limits.

As is usually stated, past credit is generally a reflection as to your future credit. Mortgage brokers and lenders will take a strong look at the type, location and condition of the property you are hoping to purchase.

As that is the security for the mortgage, there can’t be any negatives to the property.

For example, is the property a former grow op? Is it located in an area away from a major center? Is the property close to a major centre?

All of our clients have different needs and wants and it is up to us to get to know you so we can get the entire picture of what you are looking for.

Due diligence will enable us to do our best to get that mortgage approved by a prospective lender.

Just Posted

Rose Valley Rd. fire in West Kelowna has now been extinguished

West Kelowna Fire Chief says first two grass fires Tuesday were human caused

Two vehicle incident at Leckie and Baron

UPDATE: 5:56 p.m. RCMP is on the scene at a two-vehicle crash… Continue reading

Grounded: Kelowna Falcons early season struggles continue

The Falcons move to 2-8 after another loss Monday night

Collision on Harvey Avenue and Dillworth Drive

The road should be cleared up momentarily

UBC Okanagan soccer season gets early start

Both men’s and women’s Heat squad gear up for early start to new season

Murray McLauchlan delights Okanagan crowd

Canadian music icon puts on wonderful two-hour show at Performing Arts Centre

Life’s work of talented Shuswap sculptor leads to leukemia

Former Salmon Arm resident warns of dangers of chemical contact

Shuswap car dealership seeks return of unique stolen Jeep

The red 1989 four-by-four was taken from Salmon Arm GM’s lot early Monday morning.

College investigates Okanagan physiotherapist

Stephen Witvoet’s matters are currently before the courts

Horgan says he’ll still defend B.C. coast after second Trans Mountain approval

Meanwhile, one B.C. First Nation has announced plans for a legal challenge

Demonstrators on either side of Trans Mountain debate clash in Vancouver

Crowd heard from member of Indigenous-led coalition that hopes to buy 51% of expansion project

MPs hear retired South Okanagan nurse’s petition to change compensation for fatal medical errors

Teri McGrath wants provinces to implement no-fault system for medical errors

Public weighs in Okanagan rail trail parking development

“It was a great evening to interact with the community and hear the input for the property”

Grieving B.C. mom hopes Facebook message leads to new investigation into son’s Surrey homicide

Criminal Justice Branch didn’t lay charges, concluding no substantial likelihood of murder or manslaughter conviction

Most Read