KB Mortgage
201-46126 Yale Road V2P 0J6 Chilliwack, BC, Canada

What is a HELOC? A home equity line of credit is a revolving credit line secured against your home. You can usually have a HELOC for 80% of the home’s equity, but it will vary case by case. You can take out the money for any reason, and you will make monthly payments (interest being the minimum) but only when money is withdrawn from the HELOC. They typically do not have an amortization period like a standard mortgage loan. To obtain a HELOC, you still must qualify within ce...rtain debt to income ratios, so they may not be the best product for retirees (who may benefit more from a reverse mortgage). Credit checks, appraisals, income verification and legal fees are standard procedures when applying for a HELOC. HELOC’s are a good option for people who don’t want to stay in their home and have access to low interest cash for whatever they need, whenever they want.

An intro to private lending Private lending is a good option for people who fit the following criteria: - They are looking to buy a property that major lenders don’t want to loan money on... - You need a fast turn around time - You only need a loan in the short term - You went through a bankruptcy or have credit issues that you need to repair How does private lending work? They are short term interest only loans on 1 to 3 year terms. At the end of the term, you still owe the full principal amount, and the lender usually charges a fee for providing the loan. Loan to value is usually 85% at a minimum. They are funded by private investors or MIC’s (mortgage investment corporations) that are looking for a good return on their investments. You pay a higher interest rate in the short term to meet your long-term goals. Why are they beneficial? If you want to get into the housing market but cannot get approved by a major lender for one of the reasons above, private lending can get you there. Once your contract is up with the private lender, and with improvement on your credit in the interim, the goal is to switch you into a mortgage with the current market interest rate. We have access to several well-established private lending institutions. If you need help getting into the market with your unique financial state, we can help.

We moved! New office is open, downtown, right at 5 corners!

We wanted our new logos to represent our core values as a business, as well as the experience we strive to provide for our clients: Simplicity and Professionalism. December is a busy time for all, but our lines are always open to answer your mortgage, refinance, buyout, and other real estate related financial questions!

Benchmark qualifying rate dropped to 4.79% :)

We’ve been hard at work with many first time home buyers this summer! One of the most rewarding aspects of mortgage planning is helping people get into a home for the first time. Settling fears, planning for the future, and building relationships. . . . .... . . #firsttimehomebuyer #realestate #vancouverbusiness #fraservalley #chilliwackrealestate #newhomes #newconstruction #finance #mortgages #financialplanning See more

Want cash back for your next purchase ? Receive up to 3% back of your total loan amount for a new purchase or switch! Use this money to... * Pay down debt and qualify for more money * Pay balance of a penalty on a Transfer * Pay for closing costs ... * Future mortgage payments * Rainy day fund * Investments * A new scooter See more

CMHC is significantly tightening up the rules for home buyers that will be effective on July 1st. The following changes are as follows: The maximum gross debt service (GDS) ratio drops from 39 to 35. The maximum total debt service (TDS) ratio drops from 44 to 42. The minimum credit score rises from 600 to 680 for at least one borrower.... Non-traditional sources of down payment that increase indebtedness will no longer be treated as equity for insurance purposes. In blunt, non-technical language, this means that it's going to be harder to borrow money for the average person. This is not an insignificant change, and it's critical that you or anyone you might know that wants to buy a home, act fast. Call us to find out what you can afford to buy, today! 604-819-4593

Stress Test Drop: New Benchmark Rate for Qualifying For Insured Mortgages! __ "Effective April 6, should reduce the qualifying rate by about 30 basis points if contract rates remain at roughly today's levels. According to a Department of Finance official, "As of February 18, 2020, based on the weekly median 5-year fixed insured mortgage rate from insured mortgage applications received by the Canada Mortgage and Housing Corporation, the new benchmark rate would be roughly 4.89%." That's 30 basis points less than today's benchmark rate of 5.19%."