In the bustling city of Vancouver, BC, the dream of homeownership can sometimes feel like navigating a complex maze. With the real estate market constantly evolving, finding the right mortgage solution is more crucial than ever. Hi there, we’re Rowan Smith Mortgage Broker - City Wide Mortgage Services, your trusted partner in securing your dream home. With 21 years of experience in banking and brokering, I, Rowan, along with my dedicated team of business partners, am here to guide you through the maze and simplify the path to homeownership.
 

From envisioning your dream home to unlocking its front door, the process can be both thrilling and challenging. Between mortgage pre-approval and the final closing, there's a maze of paperwork, negotiations, and financial decisions. But don't let the complexity deter you. In this blog, I'll walk you through how mortgage brokers can simplify your home-buying process, ensuring a smooth transition from the initial pre-approval to the exciting moment you step into your new home.

Finding the right mortgage can be daunting when you're on the path to homeownership. The choices can seem overwhelming, and you might wonder if there's a mortgage that truly fits your unique financial situation. That's where a mortgage broker, with a personalized approach can be your guiding light. In this blog, I'll delve into the benefits of working with a mortgage broker and how their personalized services can help you secure the ideal mortgage for your dream home.

When it comes to one of your life's most significant financial decisions—buying a home—making informed choices can save you both time and money. As an experienced mortgage broker with over two decades of expertise, I understand that navigating the complex world of mortgages can be overwhelming. In this blog, I'll shed light on why using a mortgage broker, particularly one with specialized knowledge like myself, can be a game-changer in your home-buying journey.

If you are rate shopping, you’ll notice that the lowest available rate will be for a variable mortgage. Which is why I am often asked: “What does variable mean, and how is it different from a fixed-rate mortgage?”

DIY or do-it-yourself activities are a great test of creativity and an excellent opportunity to overcome economic constraints. They can also be a therapeutic or fun leisure activity. However, as the DIY craze catches on and with more information about different tasks and jobs readily available on the internet, many believe almost any project can be completed swiftly as a DIY, even applying for and successfully getting a mortgage.

Today more than ever, we worry about rising interest rates. The Bank of Canada has increased the overnight rate several times starting in March 2022. They started at 2.45% and have increased them FAST to 5.45% in a relatively short period of time. During this time, they continue to say that they must keep doing this as inflation (including houses) is still red hot.

Seniors on a pension or fixed income have a very hard time qualifying for a traditional mortgage or line of credit. A Reverse Mortgage is an equity-based lending program that allows seniors over the age of fifty-five to access their equity without the burden of monthly payments that would normally be required on a traditional mortgage or line of credit. This financing solution lets retirees tap their homes for whatever cash they need in their later years.

Mortgage brokers assist clients with home purchases, mortgage approvals, renewals and refinancing. With their expertise, they help you deal with complex transactions.

Home purchases are one of the largest purchases to get through, for most people. While some are meticulous, others can be a complete nightmare. Through the pandemic, there were a lot of people moving because they were finding it easier and less expensive to pay rent when they were not in the city. Additionally, it made a lot more sense to move to the suburbs because they were working remotely for the most part anyway.

It’s official! Interest rates are steadily rising, which could eventually cool down home prices as people’s purchasing power erodes. However, for now, it’s created uncertainty and affected the Stress Test significantly.

You may be surprised if you’re wondering whether you can use your home equity to pay taxes. The answer is yes, you can. If you have good credit and some equity in your home, then you can use that to pay back your taxes. However, doing so is no easy task, and if you are not aware of the procedure, you will probably encounter multiple problems.

I’m Rowan Smith, the proud owner of Rowan Smith Mortgage Broker - City Wide Mortgage Services. I look forward to sharing my story. I hope that you will enjoy getting to know me better.

I’m Rowan Smith, a Mortgage Broker, attached to City Wide Mortgage Services. I have over twenty-one years of banking and brokering experience, which helps me offer effective lending solutions to my clients.

Whether you’re considering buying or building a home, starting a new business, or putting together money to consolidate a previous debt, a mortgage is one of the most cost-effective ways to raise the necessary amount. However, while mortgages are advantageous, availing of them can be challenging depending on your credit history, employment status, and other factors. This can often lead to unnecessary stress and roadblocks.

A mortgage is one of the most significant investments that most people will make in their lifetime. Therefore, to ensure home seekers can afford to take on the massive debt, a stress test was introduced in 2018, which shook up the industry.

I’m Rowan Smith, a mortgage broker at City Wide Mortgage Services, and I understand that closing the deal on a house can be quite a challenge. However, closing is the final and likely most crucial stage of your home buying journey, so being prepared can help you keep the process moving forward so you can get into your dream home quickly and easily.

Completing a pre-approval, finding a mortgage lender, and navigating through the terms and conditions can be made easier with the help of an experienced mortgage broker. However, when it comes to securing a mortgage, clients have a ton of questions regarding the process but often find answers difficult to come by.

Original Article Source Credits:   Yahoo News , https://ca.news.yahoo.com/

Article Written By:  NA

Original Article Posted on:  June 2, 2021

Link to Original Article:  https://ca.news.yahoo.com/tougher-stress-test-makes-harder-025943912.html

Original Article Source Credits:   Global News , https://globalnews.ca/

Article Written By:   Nicole Gibillini 

Original Article Posted on:   June 1, 2021

Link to Original Article:  https://globalnews.ca/news/7908024/new-mortgage-stress-test-rules-june-1-explainer/