19 Apr

Mortgage Survival Guide – Abbotsford Mortgage

Mortgage

Posted by: Matt Robinson

Matt Robinson | Dominion Lending Centres

604-852-1703

info@matthewrobinson.ca

 

As a first time homebuyer, trying to figure out how to get a mortgage can be overwhelming. Matt Robinson, at Dominion Lending Centres, has created a mortgage survival guide to help you be more organised throughout the home loan process. Working with Matt Robinson to obtain your first Abbotsford mortgage can help you get the best options and rates on the market.

 

  1. Organisation:

Being organised with your finances can help prepare you for a mortgage. Before you start your home loan application, make sure you know your current credit score. Your income and credit score largely affected how much you are able to borrow. If you notice any faults on your record then you should fix these problems before your application is sent in.

 

  1. Pre-approval:

Contact your local Abbotsford mortgage lender to get pre-approved. This can be beneficial because it will let you know exactly how much you can borrow from the lender, and therefore, know exactly what price range to shop in. Knowing your affordability in advance can save you time by avoiding homes that are not in your budget.

 

  1. Income:

You are given more credibility depending on how long you have been working at your current job for. Lenders appreciate borrowers who have a steady income of at least two years with their current employer. If you constantly switch jobs, now might not be the best time to buy a home because lenders want to see that you are financially responsible.

 

  1. Savings:

Before you start your home loan application, make sure you have enough money in the bank to pay at least 5% of your home’s down payment. The more savings you have, the better your application will look. If you have a lot of debt and no savings, you will most likely be declined for a home loan. In addition, continue saving and avoid making other big purchases until after your loan has been approved. Taking on unnecessary debt can hurt your application.

 

Buying a home is most likely the biggest purchase you will ever make. Make this an exciting time instead of a stressful one. Following this mortgage survival guide will help prepare you for homeownership. If you have any questions or are wanting to get started on your application today, please contact your Abbotsford or Chilliwack mortgage lender at 604-852-703 or email info@matthewrobinson.ca.

13 Mar

The Difference Between Fixed and Variable Rate Mortgages

Mortgage

Posted by: Matt Robinson

Are you in the market for an Chilliwack mortgage, or are looking for an Abbotsford mortgage broker, well look no further because Matthew Robinson is here to help you!

When deciding which home loan is your best option, it is important you evaluate your finances. Be aware and honest about your income, the specific lifestyle you lead, and your personality. Some mortgage rates are riskier than others so it is important you recognise whether or not you can handle the inconsistency and potential risks that are associated with those loans.

So what loan is right for you? There are two main types of loans: fixed rate mortgages and variable rate mortgages.

Fixed Rate Mortgages

A fixed rate mortgage is a loan where the rates are consistent throughout the term of the loan. No risk is associated with this loan in terms of interest rates going up unexpectedly. Your monthly payments will not fluctuate, and instead stay consistent. This is a great option if you do not like to take risks. With this loan, you know exactly how long it will take you to pay off because the rate never changes. It allows you to accurately budget, however, higher interest rates are usually associated with fixed mortgages.

Variable Rate Mortgages

A variable rate mortgage is a loan where the interest rates are a lot lower than a fixed mortgage. This mortgage is associated with a lot more risk. Without a heads up, the interest rates could increase or decrease. This inconsistency can cause people a lot of stress, so it is important to understand if you can handle the risk or not. Assessing your financial situation and seeing if you can afford at least a 2% increase in your variable rate, is a good way to know if this option works for you.

Get Started Today!

Regardless of which loan you would like to go with, your local Abbotsford and Chilliwack mortgage broker can work with you and advise you on your best option. So don’t wait, contact Matt Robinson today at 604-852-1703 or info@matthewrobinson.ca.

8 Nov

Chilliwack Mortgage Broker – Characteristics of a Great Broker

Mortgage Tips

Posted by: Matt Robinson

There are already enough tough decisions to make when it comes to the financing of your new home – choosing the right mortgage broker shouldn’t be one of them!

Great mortgage brokers will always be available to their clients and will usually come highly recommended by friends, family, past clients and sometimes even real estate professionals. In addition to these qualities, there are several other characteristics every great mortgage broker should possess. To help you narrow down your search, and to make sure you are considering all your options fully, I have created a list of a few of the most important characteristics you should look for when you are choosing a mortgage broker for your home loan.

  1. Great mortgage brokers ask a lot of questions. (The more they know about you and your financial situation, they better equipped they are to help you find the perfect loan.)
  2. Great mortgage brokers are experienced. (Ask how long they have been working in and how often they improve their knowledge of the mortgage industry.)
  3. Great mortgage brokers keep their clients in the loop. (Find out how often you can expect to be updated on the progress of your mortgage.)
  4. Great mortgage brokers are honest. (Look for a broker who operates with integrity and is always straightforward with their clients.)
  5. Great mortgage brokers will find the best options for their clients. (This doesn’t always mean the lowest rate, so don’t automatically discount a broker because of that.)
  6. Great mortgage brokers clearly understand finance. (Brokers who are experts at finance can help you with the financial planning that is involved with purchasing a home.)

As a Chilliwack mortgage broker, I know that there are plenty of options available when it comes to who you will work with on your mortgage, but they aren’t always equal. It is important for you to choose a great mortgage broker who is the right fit for you and your situation.

If you are looking for a mortgage broker who possesses all these characteristics and more – who will always put your best interests above everything else – give me a call today! I would love to go over your loan options with you and show you smoothly the mortgage process can go when you work with a great mortgage broker.