Marko Gelo, Mortgage Broker in Vancouver
2600 - 4720 Kingsway Avenue V5H 4N2 Burnaby, BC, Canada

On my recent podcast I talk about the 3 main types of mortgages - insured, insurable, or uninsured. Each classification features different qualification and interest rate thresholds...what type of mortgage do you have? https://www.homefinancingsolutions.ca//insured-insurable-/

Did you know that self employed mortgage applicants can qualify using a higher income than they declare on their personal income taxes? Yep, its true...read, or listen on below... https://www.homefinancingsolutions.ca//how-to-qualify-wit/

Check out my latest podcast! -> for some, down payment verification is a tedious/frustrating experience...understand why -> a recent press release about a coming vaccine and its immediate impact on interest rates Have a great weekend!... https://www.homefinancingsolutions.ca//rates-on-the-rise-/

My latest podcast episode talks about how to transfer ownership of a property when buying out a family member, or during a separation...check it out, stay well!

My latest podcast episode talks about two upcoming events that could potentially cause interest rates to rise in the coming months...check it out, have a great weekend https://www.homefinancingsolutions.ca//events-that-can-tr/

MORTGAGE QUALIFICATION TIP: Work with a broker that has access to at least 10 lenders/banks. Qualification guidelines vary from lender to lender and in some instances your application may be better suited with one lender than another. I have access to over 30 lenders and am able to present your application to every single one of them. The submission of your application to several lenders is seamless and the end result is impactful; approved mortgage and fully discounted int...erest rate. One Application, One Credit Check, and access to Canada's Top Lenders!

MORTGAGE NEWS UPDATE: *there is talk of further tightening of mortgage qualification guidelines *If true, debt service limits will apparently be reduced and minimum credit score requirements will increase *rumoured date of changes slated for July 1 Here is an example of how this would impact an applicant with an annual income of $60,000:... > Today's Rules --> max qualification amount of $285,000 > Proposed Change --> max qualification amount of $250,000 Just a heads up! See more

Check out my latest podcast episode...Credit Reports and Mortgage Qualification https://www.homefinancingsolutions.ca//credit-reports-mor/

MORTGAGE QUALIFICATION TIP: Work with a broker that has access to at least 10 lenders/banks. Qualification guidelines vary from lender to lender and in some instances your application may be better suited with one lender than another. I have access to over 30 lenders and am able to present your application to every single one of them. The submission of your application to several lenders is seamless and the end result is impactful; approved mortgage and fully discounted int...erest rate. One Application, One Credit Check, and access to Canada's Top Lenders!

Check out my newest podcast episode, "The Canadian Mortgaging Experience" https://www.homefinancingsolutions.ca//the-canadian-mortg/

MORTGAGE NEWS UPDATE: *there is talk of further tightening of mortgage qualification guidelines *If true, debt service limits will apparently be reduced and minimum credit score requirements will increase *rumoured date of changes slated for July 1 Here is an example of how this would impact an applicant with an annual income of $60,000:... > Today's Rules --> max qualification amount of $285,000 > Proposed Change --> max qualification amount of $250,000 Just a heads up! See more

Check out my latest podcast episode..."The secret to renewing your mortgage" https://www.homefinancingsolutions.ca//the-secret-to-rene/

Here's my latest podcast episode, "Why are mortgage rates going up?!"...have a listen https://www.homefinancingsolutions.ca//podcast-why-are-mo/

Mortgagenomics Canada Podcast, Episode 21...The First Time Home Buyer Incentive - do you qualify? https://www.homefinancingsolutions.ca//podcast-first-time/

Listen to the most recent episode of Mortgagenomics Canada Podcast to learn more about the recently launched 6 Month Mortgage Payment Deferral Program https://www.homefinancingsolutions.ca//podcast-mortgages-/

The GOOD, the BAD, and the UGLY **COVID-19 and it's IMPACT on MORTGAGES** The GOOD:... *interest rates are still at historic lows (especially Prime Rate, 2.95%) *Current variable rate mortgage holders (and Home Equity Lines of Credit) are winning, big time. You can also expect interest savings on credit cards and personal lines of credit (any credit facility that has a variable component) *fixed rates are still under 3% (~2.49% and upward, depending on your loan to value ratio) The BAD: *many are unaware that fixed rate mortgages are currently on an upward trajectory, since Friday March 13 (especially after the recent announcements that Prime Rate has decreased by 1%)...unfortunately, a decrease in Prime Rate doesn't directly translate to a decrease in fixed rates *lenders are decreasing their discount on variable rate mortgages (Prime-1.0% offers are quickly disappearing and currently hovering around P-0.50% and threatening even lower). If you read between the lines here, this decrease in the discount is essentially negating the recent decrease in prime rate. *it remains to be seen if this upward trajectory is temporary, or if its a sign of things to come The UGLY: *lenders and insurers have recently been announcing their respective "skip-a-payment" policies for mortgage holders in distress. And those that do not have such a policy are now discussing plans to create one. *service is going to be an issue moving forward. Much of the financing process involves peripheral parties that meet face-to-face with clients (i.e. appraisers, lawyers, notaries, realtors, bankers). Currently, just a few providers have significantly scaled back their services, but many believe it is a matter of time before more providers pull back their operations and limit their availability (if not, withdraw it entirely). For example, nearly all real estate and finance transactions require an in person signing with a lawyer or notary. Docusign is not an option with the legal practice, at this time. Perhaps that might change? *I have personally heard from peers that some real estate transactions are in jeopardy of completing ahead of their contractural closing dates (on a positive note though, majority of transactions are proceeding as scheduled - at this time) SUMMARY: *Be pro-active, rather than reactive. Inquire about renewing or refinancing now as an interest rate and term can be secured/reserved for up to 120 days. *Also considering refinancing your mortgage now, rather than later. If you do feel at risk of becoming temporarily unemployed, get pre-approved now and decide later (up to 6 months) whether or not to proceed Stay well, keep you posted - Marko Gelo https://www.homefinancingsolutions.ca/

Check out my podcast, "Mortgagenomics Canada"...selected as one of 30 podcasts to follow in 2020 - Thank you Subscribers! More episodes on the way, tune in! https://blog.feedspot.com/mortgage_podcasts/

Heads up to mortgage holders...rates have started creeping up in the last couple of days. But overall, they are still at historic lows...no need to panic, but just wanted to give a heads up if you are planning a purchase, renewal, or refinance - start the process now and save a few $$$ PM me if you have any questions... -Marko Gelo (Mortgage Broker)

Mortgagenomics Canada Podcast, Episode 21...The First Time Home Buyer Incentive - do you qualify? https://www.homefinancingsolutions.ca//podcast-first-time/

Mortgagenomics Canada Podcast, Episode 19...verifying income for mortgage qualification https://www.homefinancingsolutions.ca//podcast-proving-yo/

If your mortgage is coming up for renewal, call me before you sign anything...rates have come down in the past 24 hours. Some key points to know: (i) you can reserve rates up to 120 days ahead of your maturity, (ii) Your existing lender often doesn't offer their 'very best' at renewal time, ... (iii) If you need more time to close on your renewal, simply ask to be placed in the OPEN Variable Term...this allows your existing term to expire and leaves you in a mortgage that is "open" (open mortgages do not have break penalties) Call or message me if you would like to discuss more...have a great weekend!

Catch the latest episode of Mortgagenomics Podcast... Episode 15: My offer got accepted...now what?! https://www.homefinancingsolutions.ca/mortgagenomics-podcast

New podcast episode: Mortgagenomics Topic: Qualification and Rebate programs for 1st time home buyers and repeat buyers https://itunes.apple.com//mortgagenomics-can/id1343367824

The 5 key mortgage qualification criteria...

Mortgage Interest rates are on the rise (fixed terms, not variable rate terms)...PM me if you have a pending renewal or if you're looking to refinance or purchase. But generally speaking...money is still cheap Also worth noting: *qualification criteria for self employed individuals has loosened up *rental property purchases require 20% down payment... *there's a variable rate war going on right now...some aggressive discounts in the market *HELOCs are only available up to 65% loan to appraised value *rates can be reserved for up to 120 days (but the banks are typically 90 days) Enjoy the heat wave!

Ready for tomorrow...gonna live in the moment #vatreni #budiponosan #croatia

Listen to this episode of Mortgagenomics Canada as we have a closer look at the confusing world of interest rate pricing...are you getting the best rate? If not, why??