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What is the difference between a standard charge and a collateral charge mortgage? This video will take you through: The Process (0:28)... What is a standard charge mortgage? (0:55) What is a collateral charge mortgage? (1:15) Pros & cons of a standard charge? (1:55) Pros & cons of a collateral charge? (2:35) Check out our YouTube Channel for more informational mortgage videos! Please like the video or subscribe if you would like to support as this really helps and is appreciated! . . #yeg #yegmortgagebroker #yegmortgages #yyc #yycmortgagebroker #yvr #yvrmortgagebroker #ylw #ylwmortgagebroker #preapproval #yegrealestate #newhome #yegrealtor #yycrealestate #yycrealtor #yvrrealestate #yvrrealtor #ylwrealtor #ylwrealestate #youtube #youtubechannel #ratefair

IF YOU GET PRE-APPROVED THIS MONTH YOU CAN LOCK IN A RATE UNTIL JUNE 2022! . . Are you looking to buy a new home in the spring? If so, now is a great time to get that mortgage pre-approval started and lock in your rate for 120 days (4 months). February is a short month, and it will be March before you know it so now is a great time to get the process started! .... . Check out our quick pre-approval form in our Instagram bio or visit ratefair.ca. This is a great way to give us some basic information and one of our mortgage brokers would be in touch shortly to discuss starting an application! Once you are ready, we send out an electronic application, consent form and a concise list of documents to provide and upload in your own secure portal! . . As always, you can also reach out directly by DM or contact one of our mortgage brokers personally and we would be happy to answer any questions you may have! . . #yeg #yegmortgagebroker #yegmortgages #yyc #yycmortgagebroker #yvr #yvrmortgagebroker #ylw #ylwmortgagebroker #preapproval #yegrealestate #newhome #yegrealtor #yycrealestate #yycrealtor #yvrrealestate #yvrrealtor #ylwrealtor #ylwrealestate #ratefair See more

TODAY’S TIP THE LOWEST RATE ISN’T ALWAYS THE BEST RATE . . When getting a mortgage, it is important to not ONLY focus on the rate. Although this is an important part of your mortgage, there are other factors to consider, and a lot of times the lowest mortgage rate specials come with high pay out penalties or other clauses such as a Bonafide Sales clause. .... . It is best to read the fine print and have a mortgage broker that can make sure you are aware of anything that may cost you more money down the road. For example, rather than the standard Interest Rate differential (IRD) or 3-month interest penalty, some low rate programs/specials may charge a 3% penalty. This could be pricey depending on your mortgage balance and if your circumstances end up changing and you had to move or break your mortgage for any reason. . . There could also be a Bonafide sales clause, meaning you must stay with that lender until your term is up, unless you sell the property in an arms-length sale. You can’t make any changes to that mortgage, for example, if you wanted to refinance to take equity out of your home you wouldn’t be able to do that until the term is up. Keep in mind, these programs can work for some people who know they are going to have their property for a long time without needing any changes to their mortgage. As always, we do our best to get the lowest rate possible for our clients while educating you and making you aware of the fine print so you can make the best choice for you and your family! . . Feel free to share this and as always, if you have any questions leave a comment below, send us a DM or fill out our contact form on ratefair.ca and one of our team members would be happy to answer your questions and assist in the mortgage process! . . #yeg #yegmortgagebroker #yegmortgages #yyc #yycmortgagebroker #yvr #yvrmortgagebroker #ylw #ylwmortgagebroker #preapproval #yegrealestate #newhome #yegrealtor #yycrealestate #yycrealtor #yvrrealestate #yvrrealtor #ylwrealtor #ylwrealestate #ratefair See more

HAPPY LUNAR NEW YEAR! . . Wishing a Happy Lunar New Year to our clients, referrals and everyone celebrating! 2022 is the year of the tiger which serves as a symbol of power, majesty, vigor and bravery. .... . #lunarnewyear #lunarnewyear2022 #yearofthetiger #yeg #yegmortgagebroker #yegmortgages #yyc #yycmortgagebroker #yvr #yvrmortgagebroker #ylw #ylwmortgagebroker #yegrealestate #yegrealtor #yycrealestate #yycrealtor #yvrrealestate #yvrrealtor #ylwrealtor #ylwrealestate #ratefair See more

TODAY’S TIP GET ORGANIZED EARLY FOR TAX SEASON . . Can’t believe January is already coming to an end, where does the time go? It may be a in your best interest to start scheduling some time to get organized for tax season. This year’s deadline is May 2, 2022 as April 30 falls on a Saturday. .... . This is especially important for those who are wanting to buy in the spring or who have fluctuating income. Although lenders do understand that people may not have their taxes done until April, some may require that they at least be submitted to the CRA and ask for T1 generals. This depends on the timing of your application and what you do for work. Company financials may also be requested if you are an incorporated company. . . Also, it may be in YOUR best interest to have that income available if it was better than your 2020 income. If you have a job where your pay is fluctuating (ie. Commission, hourly with overtime, self-employed) we would have to use a two-year average and having your 2021 income available may help you increase the income we can use on your application. . . It’s best to start early on this to avoid any unnecessary delays or stress if you are considering to buy a home in the spring. The market is already pretty crazy right now and not sure what to expect in the spring. It's best to be as prepared as you can be! . . Feel free to share this and as always, if you have any questions leave a comment below, send us a DM or fill out our contact form on ratefair.ca and one of our team members would be happy to answer your questions and assist in the mortgage process! . . #yeg #yegmortgagebroker #yegmortgages #yyc #yycmortgagebroker #yvr #yvrmortgagebroker #ylw #ylwmortgagebroker #preapproval #yegrealestate #newhome #yegrealtor #yycrealestate #yycrealtor #yvrrealestate #yvrrealtor #ylwrealtor #ylwrealestate #ratefair See more

BANK OF CANADA RATE ANNOUNCMENT DATES . . If you are in a variable mortgage where your interest rate typically follows the BOC prime rate, this might be a good post to save or screen shot. Next Wednesday will be an interesting announcment to see whether they raise rates or not. A recent article has said they are weighing the option and are at 50/50 right now of whether to raise them or not. .... . Stay tuned for updates! . . #yeg #yegmortgagebroker #yegmortgages #yyc #yycmortgagebroker #yvr #yvrmortgagebroker #ylw #ylwmortgagebroker #preapproval #yegrealestate #newhome #BOC #primerate #bankofcanada #mortgagerates #yegrealtor #selfemployed #yycrealestate #yycrealtor #yvrrealestate #yvrrealtor #ylwrealtor #ylwrealestate #ratefair See more

3 THINGS THAT COULD JEOPARDIZE YOUR MORTGAGE APPLICATION . . Avoiding these items and any major changes to your financial situation through out the mortgage process is crucial. Consider holding off on these changes until after you get the keys to your property and making sure that they fit with your new financial situation. It may be in your best interest to experience being a home owner for some time before making any additional large purchases. .... . We hope this helps and as always if you are looking for help with the mortgage process we are always here to help! . . #yegmortgagebroker #yvrmortgagebroker #yegrealestate #yvrrealestate #yegliving #yvrliving #yeg #yvr #yegre #yvrre #ratefair See more

Wishing everyone a very Merry Christmas today from the Ratefair team! . . #yeg #yvr #yyc #yegmortgagebroker #yvrmortgagebroker #christmas2021 #yycmortgagebroker #yegrealestate #yvrrealestate #yycrealestate #yegrealtor #yycrealtor #yvrrealtor #ratefair

WELCOME ANNA TO THE RATEFAIR TEAM! . . We are so excited to welcome Anna and tell you a little bit about her! She was born in Minsk, Belarus but she’s an Edmontonian at heart! She is currently located in Vancouver and is our first team member located in BC. Fun Fact, she is fluent in Russian and English and comes to us with 6 years of finance experience. She has never turned down an opportunity to learn a new skill such as, being a makeup artist or oilfield administrator (on-...site!). Food and travel are her passion, but best enjoyed in the company of family and friends. Catch her in Edmonton or make sure to say hi when visiting Vancouver! . . Help us welcome Anna in the comments and give her a follow! @anna.syra . . #yvr #yvrmortgagebroker #ylw #ylwmortgagebroker #preapproval #yegrealestate #yegrealtor #yycrealestate #yycrealtor #yvrrealestate #yvrrealtor #ylwrealtor #ylwrealestate #ratefair #yeg #yegmortgagebroker #yegmortgages #yyc #yycmortgagebroker See more

TODAY’S TIP SELF EMPLOYED INCOME . . Since there are only 2 weeks until the end of the year, those who are self-employed could be coming up on their year end and thinking about tax season in a few months! Our Tip today is to seek advice from your accountant AND your mortgage broker. .... . Your accountant may recommend certain structures for income etc. however, if you are considering purchasing a home in the next year or two you may want to let your mortgage broker know as well. I am sure your accountant is trying to save you as much money as possible which is great! However, that could affect your ability to purchase a home as most lenders look at a two-year average of income if you are self-employed. For example, if you have claimed a lot less one year and then decide you want to purchase a home you may not be able to qualify for the home you thought you could. . . Obviously, every financial situation is different, but the amount you claim on your taxes for income could possibly place you with an alternative lender for a few years. We have had this happen with a few clients as 2020 was a year with a lot of unknowns and we understand that, however, lenders have specific guidelines to follow and it's nice to be aware of that so you can plan accordingly! . . If you have any questions, please visit our website at ratefair.ca or reach out directly and we would be happy to help! . . #yeg #yegmortgagebroker #yegmortgages #yyc #yycmortgagebroker #yvr #yvrmortgagebroker #ylw #ylwmortgagebroker #preapproval #yegrealestate #newhome #GDS #grossdebtservice #yegrealtor #selfemployed #yycrealestate #yycrealtor #yvrrealestate #yvrrealtor #ylwrealtor #ylwrealestate #ratefair See more

TODAY’S TIP TRAVEL PASSPORT PROCESS DURING COVID . . This isn’t a mortgage related tip today, however I thought it would be useful for some people to share my experience if you are needing to get/renew a passport right now! .... . I decided to get a first passport for my daughter and ended up seeing that you can request a call online for someone to set up an appointment with you. You must submit the request online and then someone will call you within 2 business days. I found they typically called within one day and will leave a message and call the next day if you miss the call. They always called from an unknown caller so if you don’t pick those calls up, I would suggest doing so during those two days to avoid missing it. If you miss both calls, they will let you know in their voicemail that you will have to submit a request again. . . They typically had appointments available the following week or two weeks from the time I called. So, if you are going on a vacation, I suggest doing this a few months ahead to avoid delays. Also, the parkade in the building at Canada Place is not busy at all, so parking shouldn’t be a problem. Entrance is on the east side of the building. . . When I arrived, there were a lot of people waiting in lines and there are separate lines for those who showed up that day and those with an appointment. The appointment line had no one in it and they got me in to see someone to help with my application in 10 mins. I did hear that a lot of people waiting that day were waiting for upwards of 2-3 hours or longer. I highly suggest booking an appointment if you don’t want to be stuck there all day. Make sure all the information was filled out properly as well. I missed the guarantor signature on the back of the passport photo and had to book another appointment. . . I was probably only there for about 30-35 mins total from beginning to end. It was a relatively smooth process if you book an appointment. . . Hopefully this tip helps some people, feel free to share or comment below!

TOP 5 OFFICE PLANTS . . Here’s a few of our favourite office plants! With all of this snow, cold weather and not being able to do much lately, it might be a good idea to bring some greenery in to brighten up your mood. Plants are also a great way to naturally filter the air. . ... . [Peace Lily] can grow in low office lighting and great for cleaning the air [Jade Plant] succulent that requires minimal watering [Aloe] has air-filtering qualities and the gel inside can be used to treat cuts and burns [Snake Plant] leaves can grow tall for a larger office plant [Spider Plant] one of the easiest plants to grow indoors . . Which plant would you choose for your office? . . #yeg #yegmortgagebroker #yyc #yycmortgagebroker #yvr #yvrmortgagebroker #yegrealestate #plants #officedecor #WFH #workfromhome #yegrealtor #yycrealestate #yycrealtor #yvrrealestate #yvrrealtor #ratefair See more

PROPERTY TAX ASSESSMENT . The City of Edmonton will be mailing out property tax assessment notices on February 12 this year. So keep a look out and file this document in a safe place as you will need to pay this on or before June 30. This is a notice and the actual property tax bill typically gets sent out in May. Three ways to pay your property taxes: - with your mortgage payments ... - payment plan with the city - lump sum to the city . . #yeg #yegpropertytaxes #propertytaxes #yegre #yegmortgagebroker #yegrealtor #yegliving #edmonton #yegmortgages #ratefair See more

DIY & HOME RENOVATIONS . . With everyone staying home more lately you may have been getting some projects done around the house with a little DIY here and there. Or maybe you want to do a larger renovation and wondering what the best way is to go about financing the project! . ... . With mortgage rates being at historical lows it might make sense to refinance, get a Home Equity Line of Credit or if you are purchasing you can do a Mortgage Plus Improvements. There are many options at low rates to help finance renovations. Feel free to send us a DM or contact us directly if you are interested to seeing if this makes sense for you! . . What part of your house would you like to renovate? . . #yeg #yegmortgagebroker #yyc #yycmortgagebroker #yvr #yvrmortgagebroker #yegrealestate #DIY #renovations #homerenos #homerenovations #yegrealtor #yycrealestate #yycrealtor #yvrrealestate #yvrrealtor #ratefair See more

Happy Thanksgiving from the Ratefair Team!! . . #happythanksgiving #ratefair #holidays #autumn #yegmortgagebroker #yycmortgagebroker #yvrmortgagebroker

REVERSE MORTGAGE . . A reverse mortgage can be a great option for those who are eligible and have some equity to take out of their home! Swipe to find out what a reverse mortgage is and who is eligible. >>>>> .... . #reversemortgage #equitytakeout #yegmortgages #yegmortgagebroker #yyc #yycmortgagebroker #yvr #yvrmortgagebroker #mortgagerates #covid19 #ratefair See more

WELCOME DAVID TO THE RATEFAIR TEAM! . . We are so excited to announce our newest team member joining our team! David comes to us with a wealth of knowledge and over 6 years of experience in the financial industry. He has assisted many clients through the lending process, so don’t hesitate to reach out to him for your mortgage needs! .... . Along with his experience, David also speaks Mandarin & Cantonese making him a great asset to our team when communicating with our clients. He has always been interested in learning new languages! In his downtime, he enjoys playing basketball, various outdoor activities such as running and biking and spending time with his family! We are excited for what the future holds for David and the Ratefair Team as we continue to grow. We enjoy taking you on the journey with us and educating you along the way! Give @davidtran_yeg a follow for some great information on mortgages and much more. Thank you for following along, let's show David a warm welcome in the comments! . . #yegmortgagebroker #yeg #yegliving #yegrealestate #yegrealtor #yeggers #yegre #ratefair See more

Wow! 56% increase in Vancouver and 60% increase in home sales in Victoria in September. . . #yvrmortgages #yvrmortgagebroker #yegmortgagebroker #yvrrealestate #vancouver #victoria #beautifulBC #ratefair

MOUNTAIN LIVING! . . Check out this beautiful condo located in Banff National Park, Alberta! This beautifully upgraded, 520 sf condo is listed at $415,000. It has 1 bedroom & 1 bathroom and a few of the upgrades include, quartz countertops in kitchen & bathroom, new sinks & faucets and new tile/flooring! Also included is one underground parking stall. This beauty could have a new owner for $988 bi-weekly payments and $20,750 for a down payment. .... . This listing is located near downtown Banff with all the amenities and restaurants you need. The best amenity of all being the gorgeous Rocky Mountains with beautiful trails and two major ski resorts @sunshinevillage & @skilouise close by! If you are interested in this property or any other property in the Banff and Canmore region reach out to @brittney.banff_canmore_realtor . She would love to help you achieve your mountain living goals! . . #banff #explorealberta #banffrealestate #mountainliving #canmorerealestate #banffrealtor #canmorerealtor #yeg #yegmortgagebroker #ratefair See more

Enjoying a little working vacation in BC with the family! . . #yvr #yvrmortgagebroker #yeg #yegmortgagebroker #yyc #yycmortgagebroker #yegrealestate #yvrrealestate #kitsilanobeach #vancouver #ratefair

A new concept, but would be beneficial for those trying to build credit for sure! #yeg #yyc #yvr #yegmortagebroker #yycmortgagebroker #yvrmortgagebroker #creditscore #creditbureau #equifax #ratefair

Separation & Divorce [Top 4 Mortgage Options] . . Although this may not be the easiest topic to discuss, the best thing to do is be prepared and take charge of your own financial situation. Check out our video for some helpful tips to possibly avoid some future stress. .... . Mortgage options include: 1. Both parties remain on mortgage/title 2. Refinance your mortgage (spousal buyout) 3. Mortgage Assumption 4. Sell your property If you have any questions please don't hesitate to reach out directly! . . #separation #divorce #divorcelaweyer #refinance #spousalbuyout #yegmortgagebroker #yycmortgagebroker #yvrmortgagebroker #yeg #yvr #yyc #westerncanada #ratefair

Check out Haupt Realty's latest video on the amazing neighbourhood of Summerside! #yeg #summerside #lakesummerside #southside #edmonton #yeggers #yegliving #yegre #yegrealtor #yegmortgagebroker #ratefair https://www.youtube.com/watch?v=V1OPCaahAkg

CERB PROGRAM COMING TO AN END . . With CERB coming to an end, people may have to transition to traditional EI or one of the 3 new program options. Check out the remaining slides for details on these programs. >>> .... . Canada Recovery Benefit (CRB Canada Recovery Sickness Benefit (CRSB) Canada Recovery Caregiving Benefit (CRCB) . . Those who were receiving CERB from Service Canada will transition automatically to EI, however those who received CERB through the Canada Revenue Agency (CRA) will have to apply for EI or one of the other programs, depending where you fit. These are basic details as the programs start in October, please reach out to Service Canada for assistance on applying for these programs! . . #servicecanada #canadarevenueagency #CRA #CERB #COVID19 #yegmortgagebroker #yycmortgagebroker #yvrmortgagebroker #ratefair . . Source: https://beta.ctvnews.ca//poli/2020/9/26/1_5121648.amp.html See more

Check out Haupt Realty's new YouTube video on the neighbourhood of Windermere! . . #yegrealtor #yegmortgagebroker #yeggers #yegliving #everythingedmonton #windermere #alberta #edmonton #ratefair #yegre