Chan & Mark Mortgage Group Inc.
550 - 2608 Granville Street V6H 3V3 Vancouver, BC, Canada

A Conversation About Mortgage Pre-approvals Thinking of buying a property, but don’t know where to start? Well that’s where a mortgage pre-approval comes in. Start here. Just like you wouldn’t go into a restaurant without having enough money to buy your meal, so you shouldn’t start shopping for a home without an understanding of how much you can afford. So let’s have a conversation about a mortgage pre-approvals so you can get this house hunting party started. Although a pr...Continue reading

Planning Ahead to Get the Best Terms on Renewal! If your mortgage term is almost up for renewal, there’s a good chance you’ll be pleasantly surprised with the low-interest rates available on the market today. While the pandemic has caused a lot of economic uncertainty, the result has been very low interest rates. In fact, the Government of Canada has indicated that rates will most likely stay low until 2023. So if your mortgage is up for renewal in the next 6 months, here’s ...Continue reading

Is Your Mortgage Up For Renewal In The Next 3-6 Months? While this potential second wave of COVID-19 is causing uncertainty in the Canadian economy, understandably, many homeowners are on edge. And although it might feel right to sit tight and see how things pan out, if your mortgage is up for renewal in the next 3-6 months, now is actually the best time to have a conversation with an independent mortgage professional to discuss your mortgage options. This is especially true... if you’ve seen a reduction of income due to the pandemic, taken any government assistance, or if you’ve deferred (or missed) any of your mortgage payments. Any of the above might not impact your renewal, but the whole reason you plan ahead on things like this is to make sure you aren’t left without options by leaving it to the last minute. We haven’t seen the full impact COVID-19 has had on mortgage financing, don’t wait until the last minute to secure your renewal. Planning ahead is the smart move. Did you know that many Canadians sign the renewal letter they receive in the mail from their current lender without a second thought? They assume that the lender is looking out for their best interest. The truth is, all lenders know this and rarely offer their best rate or terms at the onset of negotiations. And that is exactly what a mortgage renewal is, a negotiation. Don’t be led to believe that a mortgage renewal is a simple transaction, that you should just take what your lender offers you, look at all your options. Now, this doesn’t mean just looking at all the terms offered by one lender; it means looking at products from multiple lenders. You do this by working with an independent mortgage professional. When you work with an independent mortgage professional, you receive the expertise of a trained banking professional who is working for you and not the bank; at no cost to you! As we move into an uncertain economic future, you might want to look at mortgage terms and options that might be different from what you’ve gone with in the past. Just because you took a 5-year term previously doesn’t mean you have to go with another 5-year term. You have lots of options. Interest rates are at an all-time low, making it a perfect time to ensure you’re getting the best deal on a mortgage. We’d love to help you with that. Contact us anytime! At the very least, by having a quick conversation, we can assess your financial situation and see if the renewal letter you received is a good deal.

Bank of Canada Rate Announcement December 9th, 2020 Bank of Canada will maintain current level of policy rate until inflation objective is achieved, continues its quantitative easing program. The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of percent, with the Bank Rate at percent and the deposit rate at percent. The Bank is maintaining its extraordinary forward guidance, reinforced and supplemented by its quantitative ...Continue reading