Kelowna Mortgage Broker
1890 Cooper Road Unit 222 V1Y 8B7 Kelowna, BC, Canada

Not all mortgages are created equal. This is why it's important to work with a mortgage professional that can help you shop around for a mortgage product that meets the specific needs of you and your family, to help you achieve your financial goals. Here are a three thoughts for you to consider to help you along the way: 1. Don't Always Accept the Lowest Rate... Just because you're being offered a low rate, doesn’t mean it’s the best mortgage product for you. There are plenty of other factors that you'll want to work into the equation as well. For example, if there’s a chance that you may choose to sell your property at any time during the mortgage term, then having mortgage portability may be more important to you than simply opting for a lower mortgage rate. 2. Be Aware of the Penalties Attached to Your Contract While the majority of Canadians typically sign a five-year fixed rate mortgage due to the safety and security they offer, those contracts often come with some of the highest mortgage penalties as well. It's crucial to do your research and make sure you read every line of your contract (including the fine print), so you can sleep well at night knowing that you completely understand the contract you're signing. 3. Don't Do Anything Drastic while You're Pre-approved One of the most important things to do while securing a mortgage is to maintain your pre-approval status. This means you don't want to take any kind of actions that could effect your credit and result in you losing your pre-approval. The most common mistakes are opening a line of credit, changing jobs, or making large purchases on your credit cards. Actions of this nature may lead to your lender revoking your status. Ready to get serious about looking for a home? You'll want to get pre-approved for a mortgage first! Let have a virtual coffee chat about which mortgage product is right for you; give me a call today at 250.212.9124. See more

Home Design Trends that were Retired in 2020 As we've now entered into a new year, it's time to say goodbye to some older trends that are no longer considered fashionable for your home in 2021. Here's a list of five trends that have been retired, according to @forbes ... 1. White kitchens - People are shifting away from the all-white kitchen and are embracing exotic, rare stone surfaces and detailed patterns instead. 2. Open floor plans - During the pandemic, home owners realized that a lack of privacy ultimately becomes a lack of function. 3. Single purpose spaces - Again, due to the circumstances we all faced in 2020, we've had to get creative to double up the functionality of spaces; like setting up a desk in the corner of your bedroom as a dedicated space for productivity. 4. Neutrals - Experts says that design is about exploration, experimentation, and reflecting our personalities. So neutrals are becoming a things of the past and people are now gravitating towards more colour and playful designs. 5. Faux features - Trends for 2021 will see less plastic and human-made materials, while utilizing more natural and organic materials, like stone, wood, and natural fabrics. Do you have plans to re-decorate any of the rooms within your home this year? See more

This week's Mortgage Minute has us taking a closer look at what it means to have a closed mortgage. A Closed Mortgage is a mortgage that locks you into paying the mortgage for that specific period of time, typically offering you the ability to save on interest costs and to pay off your mortgage faster. Not only does it lock you in for a set time, but it also locks in a mortgage rate as well, which means your rate doesn’t increase or decrease throughout the length of yo...ur term. Traditionally, the most common term for a closed mortgage is five years - and if you break this term, you'll be required to pay a penalty that's the equivalent of three months’ worth of interest payments. To chat more about your options for a closed mortgage, give me a call at 250.212.9124. See more

Market value is often used interchangeably with the terms open market value, fair value, and fair market value. As this language suggests, market value is the amount for which something can be fairly sold on a given market. Market value is determined by two factors: 1) The lowest price that a seller agrees for someone to purchase their property... 2) The highest price a buyer is willing to pay for that same home Under normal circumstances, a home is typically purchased within 3-4% of the asking price of the seller. Your REALTOR will be able to advise you on what the fair market value is for any home you're interested in. If you're in the market to purchase a home, make sure you're pre-approved for a mortgage ahead of time, so you know what your budget is. Email me today at [email protected] and let me help you get that pre-approval, so you can enjoy house shopping within an investment level that's realistic for you. See more

Whatever is beautiful. Whatever is meaningful. Whatever brings you happiness. May it be yours this holiday season and throughout the coming year.

Top Interior Design Trends for 2021 From the growing importance of sustainable materials to a celebration of individuality and uniqueness, @homesandgardensuk offer these five trends for 2021 to provide you with a curated look that will bring your home into the New Year with sensational style. 1. RUSTIC VOGUE... Appealing to anyone who loves their modern home comforts, but wants to inject some character details into their living spaces, too. It creates a balance of old and new pieces that work together in harmony. 2. EARTHY, GROUNDED SHADES Packed with rusts, warm greens, deep reds and muddy browns; it's comforting, welcoming - and just what we need for the new year. 3. GLOBAL INFLUENCE The Global Influence trend pairs perfectly with wooden, woven and rattan home accessories, as its bold safari feel is influenced by wildlife and African plains. 4. CLASSIC TRADITIONALISM A timeless trend taking inspiration from the 18th and 19th centuries, incorporating classic art, antiques and pieces with history. Classic traditionalism brings a sense of harmony and order to any living space 5. HOUSE PLANTS House plants have never been more fashionable. Not only are they beautiful, bringing vibrancy and colour to your home, but they also freshen the air, filtering out pollutants and releasing oxygen. See more

Looking to take advantage of the time we have indoors over the coming month by doing some bigger home renovation projects? One of the first steps you'll want to take is to inquire about the permit process to make sure you're prepared BEFORE you begin your renos. Permits help ensure that construction and major renovations comply with local bylaws, the building code, and health and safety standards. ... Before any stage of a project can start, you need to get required permits - because the last thing you want is to be slowed down in the middle of the renovations because you don't have the proper permits in place. Here are some questions you'll want to ask when you contact your local municipality to get answers: What permits do I need for the project I am doing? How do I apply for permits? How long will it take to process a permit application? How much will the permits cost? Do I have the right zoning? There are three categories that required permits fall under; 1) Building, 2) Demolition, and 3) Trades (such as Plumbing and Electrical). Typically, homeowners can go to the BC Safety Authority to be issued electrical and gas permits. However, you'll want to check with your local government's building department to establish the legal requirements for all permits before you start your renovation project. Having your permits in hand and your completed home equity line of credit approval will ensure you have a smooth renovation foundation. For further detail in regards to using your home equity to renovate your property, reach out to me today: [email protected] See more

The concept of home equity is important to understand when it comes to investing in real estate. At a high level, home equity is the portion of your home's current value that you actually possess. Digging into this concept a little deeper, as you make continuous mortgage payments over time, your home equity increases - as does your ability to leverage the equity in your home to open up new opportunities for you. As an example, you could leverage your home equity as collat...eral to use it to secure a home equity loan or a home equity line of credit. If you're purchasing a home, you can receive immediate equity by making a large down payment. From there, as mentioned above, more equity is achieved through your ongoing mortgage payments. In addition, you benefit from the appreciation of your property, as that causes your equity value to increase as well. Watching your home equity rise in value is very exciting! If you'd like to determine the equity in your current home, email me at [email protected] to discuss what possibilities are available for you. See more

Do you want to create the perfect house that fits your lifestyle? Or maybe your family wants to upgrade because you need more room to grow? Your dream home may be more affordable than you think!... When you're ready to sell your current home and buy a new one, your first move should be to look into your mortgage options. If you need a bigger mortgage, your options will include bringing your mortgage with you, if it is portable. You can often "blend" your current mortgage rate with the mortgage rate on the additional funds you need. With interest rates today still hovering at historic lows, you might want to consider breaking your current mortgage and getting a new one for the total amount you need. To break your mortgage, your lender typically has the right to charge a penalty based on the greater of three months' interest or the interest rate differential (IRD), which is essentially the difference between your old rate and current rates for your remaining term. Lenders can calculate IRD differently; you should always get the actual penalty from your lender. If you're in a term longer than five years and you have passed the fifth year, the three-month penalty applies and not the IRD so this may make breaking your mortgage more appealing. You'll want to compare your new blend/extend rate with the rate you'd get with a new mortgage. Of course, the exact terms and conditions of your current mortgage need to be examined closely to determine if there are other factors to consider. Give me a call at 250.212.9124 to take advantage of a free professional mortgage analysis to determine which option is the most beneficial to you. I'll be able to provide you with insight on current rates and all of the new opportunities available - from a wide range of lenders - so I can help you with all of your mortgage needs for your next home. (Article courtesy of https://invis.ca) See more

A construction loan (also known as a self-build loan") is a type of loan where a borrower obtains financing to cover the cost of the construction a a home or another real estate project. The home buyer takes out a construction loan to cover the costs of the project before obtaining longer term funding, like a mortgage. With a construction loan, the lender advances funds to the borrower in intervals, known as draws. As the portions of the construction project are completed, more funds are then released in order to complete the next step in the construction process. Are you considering a new build home? Let's talk about the various loan opportunities that are available to you - and long-term funding for the future; give me a call at 250.212.9124.

YOUR SOURCE FOR UP-TO-DATE MORTGAGE RATES As an @invismortgageintelligence Mortgage Broker, I'm always aware of the current environment and the resulting implications, so at any time I can recommend a mortgage that gives you an edge - and meets your current needs and future goals. Check out the current rates below, with various term options. Current Prime: 2.45%... 6 MONTH TERM Posted Rate: 3.09% Invis Best Rate: 2.79% 1 YEAR TERM Posted Rate: 3.14% Invis Best Rate: 1.74% 2 YEAR TERM Posted Rate: 3.19% Invis Best Rate: 1.74% 3 YEAR TERM Posted Rate: 3.49% Invis Best Rate: 1.74% 4 YEAR TERM Posted Rate: 3.74% Invis Best Rate: 1.74% 5 YEAR TERM Posted Rate: 4.59% Invis Best Rate: 1.79% 7 YEAR TERM Posted Rate: 5.35% Invis Best Rate: 2.34% 10 YEAR TERM Posted Rate: 5.60% Invis Best Rate: 2.99% (You may have noticed a trend that our Invis best rates are all lower than the posted rates. ) Contact me today at 250.212.9124 to learn more about the rates mentioned above, unpublished rate specials, and for your personalized rate and mortgage plan. Rates courtesy of http://invis.ca Mortgage rates are subject to change. Conventional and refinance rates may be higher. Some rates may not be available in all provinces.

What is Title Insurance? In its simplest form, title insurance protects the lender and homeowner against a number of risks related to the property’s title or ownership. If you're buying or refinancing your home, expect title insurance to be a requirement of your lender. In terms of what title insurance covers, from the point of view of most lenders, the main coverage is fraud, which can occur in a variety of ways, such as spousal impersonation, lawyer fraud, and identity t...heft. With identity theft on the rise, it's not difficult for a fraudster to obtain legitimate identification claiming to be the true owner. They then deal with realtors and lawyers as if they were the owner, and proceed to sell the property. Alternatively, the person committing fraud may work with a lender or mortgage broker, again with identification, to place a new mortgage on the property. In either situation, the true owner is unaware of the fraud and the fraudster vanishes with the sale or mortgage funds. In most cases the Assurance Fund of the Land Title Office may reimburse the true owner, but this may take several months and thousands of dollars in legal fees. Title insurance is usually quicker and less expensive. In addition to protecting against title fraud, title insurance can cover: Violations of municipal by-laws Encroachments onto an adjoining property Property tax arrears Existing work orders Lack of legal access to the property Unpaid strata assessments Zoning and setback non compliance Legal status of any septic system Gap coverage Forced removal by a governmental authority of a structure built without a required building permit (Article courtesy of Spagnuolo And Company, BC Real Estate Lawyers) See more

With winter on its way, and likely spending more time indoors, take the opportunity to refresh and update the interior of your home. It can leave you feeling extra fulfilled - plus it can add value to your home too! Traditionally, some benefits of doing winter home renovations are:... Better contractor availability Lower likelihood of scheduling issues with tradespeople Building permits can be obtained faster due to lower demand Completing interior home upgrades lets you prioritize exterior home improvements when it warms up Here are six suggestions for some winter home renovations: 1. Remodel your closet: Establishing a proper storage space for all of your items will eliminate the time you waste looking for things - and it keeps your closet looking much tidier. 2. Make some small-scale home decor upgrades: You might not consider moving furniture around or changing light fixtures to be renovations, but they are. Simply rearranging the furniture in a space can dramatically alter the flow and energy of a room. 3. Freshen things up by painting: Any room’s look and feel can be significantly changed just by slapping a fresh new coat of paint on the walls. It’s also one of most inexpensive winter home renovations you can do. 4. Transform a spare room into a more useful space: Make that space work harder for you by transforming it into something that allows you to get more functionality out of your home, like an office or a gym. 5. Upgrade your home energy efficiency: You’ll start recouping your expenses for this project right away with monthly savings on your utility bills and benefit from these upgrades years from now. 6. Finish that basement: A finished basement also adds value to your home and is considered to have a good-to-excellent return on investment of anywhere from 70-80%. Adding value to your home could increase your net worth, allowing you to sell for more profit, and potentially qualify for a higher mortgage. Contact me today to learn more about your options: [email protected] (Article courtesy of http://OrganizedInteriors.com) See more

Today, and every day, we remember. Thank you for your sacrifice for our freedom. Poppies are the recognized symbol of remembrance for those who lost their lives in war. The flower owes its significance to the poem "In Flanders Fields", written by Major (later Lieutenant-Colonel) John McCrae, a field surgeon in the Canadian artillery, in the midst of the Second Battle of Ypres. The poppy is an emblem of remembrance and a symbol of new growth amidst the devastation of war.

Investing in real estate can be a solid path to wealth-building. Real estate is an asset that can provide both ongoing income and value appreciation, making it attractive to those who seek long-term growth and mitigated risk. For many investors, the approach is to acquire a property that can be rented out for recurring income, then sold at a profit. However, there are some real estate investing strategies that sometimes fly under the radar. Here are three lesser-known in...vesting strategies that could pay off in a big way. Short-term Rentals: Thanks to a few online rental businesses, short-term rentals are now accessible to more property owners. And short-term rentals, which charge a nightly rate - more like a hotel - can often provide more rental income than properties rented out over longer terms. For example, a place in a desirable location with a ton of tourist demand might be rented for $1,000 per month on a long-term lease but go for $100 a night as a short-term rental. If such a property was filled with visitors just half the days in any given month, the investor is looking at 50% more rental income ($1,500 vs. $1,000). Student Housing: Properties near college campuses can often generate more income than similar properties farther away. The college housing model is set up for property owners to rent space not just per month, but per student. If the investor can convert more living space into additional sleeping space, they can increase the monthly income from a property. For example, a traditional house that might be rented at $1,000-per-month may instead offer room for five students each paying $300 a month making $1,500 instead of $1,000. Vacant Land: Land without buildings might not be the most attractive real estate investment in terms of income, but land is durable, versatile and scarce. Vacant land typically has lower acquisition and carrying costs than land with structures. Those lower costs can make it attractive to 'flippers' who seek to buy low and sell high. Finding a piece of vacant land can be lucrative if it can be developed down the road. DM me to chat about this. See more

What is a property title search and how is it done? If you're new to the real estate market, a conversation with your real estate agent or mortgage broker is likely what prompted this question for you. A property title search is typically conducted after an offer to purchase your new home has been accepted. There are a variety of sources that are searched; including deeds, county land records, tax liens, divorce cases, bankruptcy court records, as well as any other financ...ial judgments against an owner that could potentially be attached to the property. It's recommended to use a real estate lawyer to complete this search, as they're an expert in this area. However, for general knowledge, the process to request a title search would be to contact BC Registries and Online Services, as they maintain a record of the registered owner, location and description for manufactured homes in British Columbia. When you submit your request, you'll want to include as much information as you have about the home, as well as your contact information and the applicable fee associated with the title search. There are a few ways you can make your request: In person at a Service BC location By mail directly to the Manufactured Home Registry Through a Qualified Supplier (for example, a real estate lawyer) Through BC Online, if you're an account holder You can use the contact details below for more information about requesting a property title search within BC: Toll Free for Canada: 1.877.526.1526 Victoria Office: 1.250.387.7848 Search Unit Email: [email protected] See more

If you've been think about how fantastic a winter vacation property would be, there's a few things to consider before you pull the trigger on a purchase. One of the big items you'll want to do your research on is what kind of taxes would apply to your winter getaway. Here are a few examples: Taxes on Rental Income Earned: If you plan on renting out your winter vacation home during the weeks you're not using it, keep in mind that the Canada Revenue Agency requires you to c...laim any income you earn from the rental process. As well, the CRA considers providing cleaning, security, and meal services as part of running a business, so that will need to be claimed on your taxes as well. One-Time Property Transfer Tax: Not every province has this tax, but it typically applies to popular vacation destinations - like our beautiful British Columbia. When you purchase or gain interest in a property, you'll be charged a one-time transfer tax which is based on the assessed value of the property and its use. Out-of-Province Taxes: If you’re buying outside of British Columbia, you may incur additional taxes as an out-of-province property owner. As mentioned above, not all provinces have this tax but you'll still want to look into it so you're prepared in advance. Annual Taxes: This is the standard property taxes of your property, based on its assessed value. All taxed out? Feel free to connect with me at [email protected] to go over each of these items in more detail, so you're able to have a greater understanding of what to consider when investing in your own little winter wonderland property. See more