Matthew Jackson
1425 Ellis St V1Y 2A3 Kelowna, BC, Canada

Thank you, Axiom Mortgage Solutions, for the warm welcome! I'm looking forward to doing great things together!

Cosigning a mortgage is a decision that should be thought out and carefully examined. Depending on the situation, there can be major repercussions that land on the cosigner if the borrower isn’t able to pay for the loan. But, cosigning can also be a fantastic way to help a loved one qualify for a mortgage when they otherwise wouldn’t be able to. In this blog post, I’ll discuss cosigning and what to know when cosigning for someone else’s mortgage. ... https://mortgageokanagan.com/cosign-mortgage/

You’ve been thinking about adding a second property to your real estate portfolio. You have the idea that with your second property, you’ll move into that one, have it become your owner occupied and then rent out your first home. Kudos to you! This is an exciting opportunity and with the right mortgage broker on your side, this adventure is totally possible! In this blog post, we’ll discuss buying a second home, renting out the first and how it’s all possible.... https://mortgageokanagan.com/buy-second-home-rent-out-first/

I wanted to write this blog post to help you understand what you shouldn’t do when qualifying for a mortgage. As a borrower, you need to be aware of things that can damage your credit, in order to hold onto qualifying for your mortgage. Here are five things you should avoid doing when trying to buy a home.

Your employment status means more to a lender than you may think. Your status is a strong indicator of your employer’s commitment to your continued employment. There are many differences when it comes to variable income and part-time work for getting approved for a mortgage. In this blog post, I explain what both of them mean, what the lenders want to see and what I need to help you gain a mortgage. https://mortgageokanagan.com/part-time-or-variable-employm/

For homeowners, there may come a time when refinancing mortgages of your properties will be something you need to consider. Owning a home allows you the opportunity to build credit, grow equity and invest in your future. As a homeowner, it’s important to understand all aspects of refinancing a mortgage. In this blog post, we discuss what a mortgage refinance is and when you might refinance your mortgage.

Are you thinking of buying your first home? There's a lot that goes into buying a house. From working with a realtor to qualifying and getting a mortgage. In this blog post, I'm going to shed some light on the process of receiving a mortgage to fund your first purchase! If you have any questions after reading this article, send me a message. I am more than happy to chat about your situation.

Finding the right mortgage broker is an important step in the house buying process. Take a look at my latest article to find out 5 different things to consider when looking for the right broker. Visit my website to get pre-approved today!

Happy Wednesday everyone! One of my lenders passed on this document from Canada Guaranty who is one of the three mortgage insurers in Canada. It explains how to understand and improve your credit and is the best explanation I have seen so far! Do you know how your credit score is broken down?... - 30% credit utilization (Your Debt Burden) - 35% payment history (Any derogatory payments) - 15% length of credit history - 10% inquiries - 10% type of credit It is recommended to have 2-3 different types of credit with good repayment history for 24 months or more ongoing in order to establish good credit. When you first start out, you will have a score around 700 and then it will go up or down depending on how you manage your credit. There is much more detail at the Canada Guaranty website. Go to their website and then go to the heading "for Home Buyers" and click on "Credit Tips: Understanding and Improving Your Credit" I hope this helps and let me know if any questions! #credit #mortgagecanada #managecredit

Yesterday, CMHC who is one of the primary insurers in Canada for mortgage insurance. This insurance is applicable on any home purchase with less than 20% down payment or any mortgage considered insurable. Effective July 1, 2020:... 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 What does this mean for you? For anyone who has bought a property in the last several months, the lending guidelines have already been tightened considerably. So this is another tightening but so far for only 1 of 3 insurers. There are two other Private Insurers who have not made an announcement of any change yet and so far are expected not to. We continue as is for the time being and make sure to keep our credit as tidy as possible! All of this lingo is confusing, so if any questions please reach out to me by email or phone! #realestate #mortgagebroker #lovethesedumbchanges

Check out my latest blog post on Missed Mortgage Payments and Mortgage Deferrals! https://mortgageokanagan.com/missed-mortgage-payments-mort/

When is the right time to start planning for a mortgage? It all depends on what you are doing whether it be a purchase, refinance or renewal. For a purchase, planning can start up to 2 years away if you are self employed or need to work on your credit. For clients who have a down payment, good income and credit, you would normally want to start minimum a month in advance but more like 4 months.... For a refinance, usually it would be to pay out debts or finance a renovation or restructure your mortgage and planning for this can be within 2-3 months. For a renewal, since we can lock in a rate up to 120 days away with lenders, that would be the optimal time frame. If you are self employed for any of these scenarios, it is best to check as far in advance as possible in case you need to plan your income. Hope this helps and have a great rest of the week! #mortgageplanning #mortgageokanagan #lowrates

Did you know Chickens sing after laying an egg? Well they do, I witnessed it this morning and my Spouse Molly told me previous to this. It's pretty great! In the Real Estate world there is also cause for celebration as this last week and a bit I have seen normal to somewhat above normal amount of new clients asking for a pre-approval. I was and am very surprised by how many people are reaching out. This can mean only one thing, that confidence is building and people are want...ing to buy or at least plan to buy! Things are looking up in the Real Estate world and come the long weekend and our expanded social group, our normal world too! Have a great Friday and enjoy the sunshine. #sunshine #endinsight #mortgageokanagan #preapproval

I received some good news today! Scotia just informed brokers that they will be accepting Child Tax Benefit (CCB) as an income source. Historically only a few banks would allow this to be used for income in qualifying for a mortgage. Recently though, more and more lenders seem to be allowing it which is a great thing since it can be anywhere from $100 to $1000 a month or more depending on your income levels. ... Most banks want it to be below 15% to 25% of your income in order for it to be used and your children must be 12 years or younger. This is great news and one of the better guideline changes I have seen in a while from lenders to help out purchasers. Have a happy Wednesday! #CCB #mortgageapproval #mortgageokanagan #moreincome

Happy Friday! The Sun is out, work week is over and things are looking up. As I look at the local news I am starting to see businesses starting to open in a full or limited capacity and at least a hint of a timeline of the rest of the economy opening.... In BC we have been lucky as we haven't had any massive outbreaks and when we have had an outbreak its been controlled. How does this tie in with qualifying for a mortgage or buying a property? Listings and activity were down about 50% or more in some areas and if you are in a position where you are working now and wanting to buy or sell, this is seeming like a good time to do so. Rates are heading down, some sellers may be getting anxious, so for buyers you may get a bargain. For sellers, if you price right, you will sell right away. Many of my buyers simply can't find a property they like. Things are looking up! Have a great weekend everyone. #mortgageokanagan #springmarket #bestrates #creative #opentheeconomy

Happy Monday! Every day, Spring is starting to show more and more. Normally this would be when the Real Estate Market starts to really pick up. That isn't the case yet due to all the restrictions we have. Analysts are calling for Real Estate to lead the economic recovery once the economy is able to resume. Fingers crossed we adjust or find a way to resume the economy soon!... With all that in mind, what is everyone doing to adjust? I normally always work from home, so that hasn't been a huge change for me but I am a very social guy and I am not able to do that for now. So I have been playing online board games, video games or (Gasp) seeing some people while social distancing. Let me know how you are adjusting to this right now. #adjusting #socialdistancing #gardening #homeimprovement #mortgageokanagan

Rent Relief Program For Small Business!! The Government just announced today a rent relief program for Small Businesses. The program is targeted to become available for Mid May and would be retroactive for April, May and then June if your business qualifies.... This is for small businesses with a rent of $50,000 or less a month and with revenue that has decreased by up to 70% or more a month. These programs have been a bit vague and have also been amended when called for with requirements being to complicated or strict for most businesses. We will see how this one rolls out as part of the program relies on landlords carrying part of the burden of administering it. Time will tell but it sounds relatively promising! #smallbusiness #rent #affordable #covidrelief

What is the market doing and can we expect home prices to drop? So far analysts are saying that activity is down across the country, which makes sense. Listings are down and many people are unemployed. This makes for a recipe of slowed housing activity. Prices have not come down much comparably but that may be due to low inventory and sellers not in a rush to sell.... If the economy continues as it is now though, in order for people to avoid bankruptcy, properties could become listed with aggressive pricing. Time will tell! Let me know what your thoughts are and where you see the market going? #realestate #bepatient #mortgageinformation #marketupdate #mortgageokanagan

Morning Everyone! I haven't posted much lately as there have been so many changes in lending guidelines that it has been hard to keep up. That being said, I just received a great email from one of the most supportive lenders I have explaining a broad spectrum of where everything is at.... Here is a good summary of some of the important points: - The Bank of Canada (BOC) lowered their rate quite a bit lately which has clients asking if rates are better now. This is not the case as the cost of funds for lenders went up and the normal way that rates correspond to the market broke apart. It is slowly coming together with a government purchase program that is meant to mend this in the short term but rates are still higher than they should be in relation to normal measures. - The Government has responded agressively with supporting initiatives and it is slowly working. As much as people want to hate on the Government and Banks, they and the Government are reacting to this in record times. You won't see or understand everything they are doing, but so far it is helping. This is only in regards to mortgages and yes there is still more to be done. - Mortgage deferrals! This is a big topic and many lenders are using deferrals or other options on a case by case basis. The largest banks have been the best positioned to weather this and offer the best solutions so far. They are doing what they can and while I agree that banks can and do make massive profits, they are also the backbone of our economy and if they fail, Canada fails. - If you have been approved for a deferral, this should not damage your credit or your ability to renew your mortgage. Yes the interest still accrues and as far as I know every lender is doing this. You should not have to pay this as a lump sum separate on your renewal. It will be lumped in with your renewal amount. Last item I will note is that if you have been laid off and have an existing mortgage approval for a purchase, refinance or renewal, most lenders should still carry forward as long as your income was previously approved. If the income wasn't previously approved, this is being dealt with slightly different by each lender. Super long post but I hope it explains a little bit of the background of what is going on. Reach out with any questions.