Mortgages with Frank

Mindset Monday We've all heard or read the world events out of hatred happened since the Pandemic, it's not too late to share our kindness again. : @iamnewest ... #MindsetMonday #mortgageswithfrank #mortgagebroker #vancouverrealestate

Fun Fact Friday What is an owner occupied purchase? Owner occupied purchase means the purchase is for owner to occupy the property. This is a very common type of purchase today as many buyers are intended to live in the property. ... A major perk for the owner occupied purchase is the down payment. The down payment can be AS LOW AS 5% for purchase price $500,000 or below and 10% for purchase price below $1 million. There will also be mortgage insurance premium in place when the down payment is below 20%. Another major perk for an owner occupied purchase is the interest rate. For example on a purchase price below $1 million home, the interest rate for owner occupied purchase would be LOWER than the purchase for rental property. Also, the owner occupied purchase with down payment less than 20% (also known as the high ratio mortgage) would receive EVEN LOWER rate as oppose to the purchase with down payment more than 20% for some lenders. Sounds interesting? Thinking about getting an owner occupied home soon and struggling with the mortgage? I am here to help with your mortgage inquiries. Let me solve your mortgage puzzles today! Frank Feng 778-788-0568 [email protected] #mortgageswithfrank #mortgagebroker #mortgages #owneroccupied #FunFactFriday

Mindset Monday Today is February 1, 2021. Today not only shows we are moving into a new month but it also proves that we have successfully conquered the difficulties from yesterday. ... 2021, let's move forward! #MindsetMonday #mortgageswithfrank #mortgagebroker #vancouverrealestate

Fun Fact Friday What is YOUR budget? When it comes to home purchase, we all know the common rule of thumb is: Don’t buy the home you can’t afford. However, how can you determine your affordability and how can you understand better with your budget?... Here are some tips for you: #1. Down payment: find out how much down payment have you saved up or available to you. Rule of thumb is a minimum down payment to qualify a mortgage is 5% of total purchase price. #2. Pre-approval: a bank representative or a mortgage broker can help you to do a pre-approval application determining what you qualify for under the current mortgage policies. While a bank representative can only offer you with one resource from its bank, mortgage brokers may offer different options as they typically have access to over 20~30+ lenders for every different mortgage need. #3. Other costs (closing costs, taxes, property taxes, move-in fee, home insurance, etc): One common mistake is overlooking the closing costs. These costs don’t just appear at the end of home purchase stage, sometimes it occurs during the mortgage process. Typically, this would range 1.5-4% of the purchasing price. Hope these tips can help you to clarify some confusions when it comes to home purchase budgeting. I am here to help with your mortgage inquiries. Let me solve your mortgage puzzles today! Frank Feng 778-788-0568 [email protected] #mortgageswithfrank #mortgagebroker #mortgages #budgeting #FunFactFriday

Mindset Monday Earn that interest by gaining the knowledge you need! I'd love to share my knowledge and help you with your mortgage inquiries. Let me unlock your mortgage options today! ... #MindsetMonday #mortgageswithfrank #mortgagebroker #vancouverrealestate #vancouver