Credit Mortgages and Finance

How can you master your credit score and ways to improve it.

Found 127 blog entries about Credit Mortgages and Finance.

Cost of borrowing in KamloopsThe cost of borrowing for a home is predicted to get a little cheaper this year.

That's according to the latest mortgage rate forecast from the B.C. Real Estate Association.

"The average contract rate for 5-year mortgages has declined about 30 basis points from its peak in 2018, reaching 3.44 per cent in March," the BCREA states in a two-page report. "Unfortunately, this still means a stress test rate of 5.44 per cent, even for the highest quality borrowers."

However, the association points out that if five-year bond yields remain at the current level, "a 5-year qualifying rate of under 5 per cent should follow suit." The contract rate refers to the interest percentage listed on the face of a note or a bond.

The qualifying rate refers to a

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BCREA BC real estate newsVancouver, BC – March 12, 2019.

The British Columbia Real Estate Association (BCREA) is calling on the federal government to revisit the B-20 stress test so that more BC families can achieve their dream of home ownership. Mortgage lending rules, known as the B-20 stress test, have eroded housing affordability by reducing the purchasing power of families by as much as 20 per cent. Introduced last year, the stress test forces even the most credit-worthy borrowers with large down payments to qualify at an interest rate that is two percentage points above the rate they negotiate with their bank.
 
“We would like to see a review and reconsideration of the current mortgage underwriting ‘stress test,’ as well as a return to 30-year amortizations for

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Royal LePage Red Diamond Award 2018A special thank you to my past and present clients, friends and family for another great year.Danielle Doucet Red Diamond Award Winner 2018

 

I am proud to announce that I have been recognized at the ‘Red Diamond’ award level by Royal LePage corporate. The ‘Red Diamond’ recognizes some of the country’s top performing Realtors, and I have been ranked in the Top 2% of Royal LePage’s 18,000 Realtors. 

 Thank you SO much to all of our clients. Obviously, we could not have achieved this without your trust in allowing us to support you through the buying and selling process. We feel so lucky to be able to do what we do for a living, and we are extremely excited to see what 2019 brings.

 I very very pleased to also announce that I ended the year at the Royal LePage number 1 Realtor for Kamloops

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Millenials and real estateIn a nationwide survey of over 9,000 prospective homebuyers carried out on its platform, Point2 Homes found that 66% of the Millennials interested in purchasing a home would like to do so within one year.

However, almost half (49%) of the survey-takers aged between 25 and 38 years old have savings significantly under the national average down payment amount, which is $25,000. Moreover, some of the Millennials in the survey state that they haven’t managed to set aside anything at all, meaning that the desire to buy a home might be in conflict with Gen Y’s budgetary realities.

Most Millennials Set Aside Less Than 10% of their Monthly Income

35% of Millennials state that they set aside less than 10% of their income each month and 30% of respondents

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Kamloops investment PropertyThere are some parts of Canada where the prices of real estate have already shot up toward what is likely to be a peak for the time being.

In some other areas, though, the markets are just heating up, and interest rates are still relatively low. This makes this a terrific time to start investing in real estate. However, if your liquidity is on the low side, where do you get the funds?

Why borrow against home equity?

What is home equity? It’s the difference between the market value of your home, as determined by an appraisal, and what you owe on the mortgage. If you bought a house for $750,000, and you’ve paid down the balance on the mortgage to $250,000, but the value of the home has gone up to $900,000 in the years since you bought it, you have

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Help your kids save money in KamloopsCreating good spending habits is a very valuable skill for anyone.

Did you have good habits before you left home? If not, what kind of difference would it have made in your life? In the current world economic environment it is more important than ever to get your kids to understand the true value of money. With interest rates for saving low it is critical that as your kids look to move out of the family home and into their new life they can manage their financial obligations and be able to afford the essential items for life. When still young it's a great time to start showing them the costs of things and getting them to manage money early in life. Here are a few powerful concepts that can make a huge difference in the way your teens manage their

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Fix or flip your Kamloops Investment PropertyOne of the beauties of real estate investing is the numerous options to make money which the industry gives you.

Whether you are looking for quick cash or for long-term income, whether you are after passive income or don’t mind rolling up your sleeves, real estate has the right answer for you. Make sure you have a great Realtor and financial advisor when embarking on any of these life altering decisions.

The Advantages Of Fix And Flip

• Quick Money

The number one pro of the fix and flip strategy is that you make fast money. You can conclude your whole endeavor in a few months and walk out of it several thousand dollars richer. As far as real estate goes, this is the fastest way to make money. And depending on how good you are at buying low

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Kamloops Reno IdeasIf you’re embarking on a home improvement project to simply make your home more comfortable and enjoyable to live in, then when you’re looking at the cost it’s a matter of what you can afford, and what you’re prepared to pay for the benefits the improvements will bring.

In contrast, if you’re having work done with a mind to increasing your home’s value in a future sale, then you need to take a somewhat harder-headed approach. Contrary to popular belief, not every improvement to your home will be reflected in its sellable value, so if you want to realize a return on your improvement budget, here are four types of project to avoid – and two others to give more serious consideration.

Home Improvements That Make a Poor Investment

#1 A Home Office

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Home appraisalIn most property transactions the word appraisal comes up sometimes more than once.

As a home buyer you may hear the word appraisal, if you are getting a loan to buy your house, an appraisal could be part of the process. Your lending institution may demand an appraisal on the property if it thinks that the house is not worth what you have offered for it.

This is a professional appraisers estimated value. The appraiser will use recent properties that have sold in the area to help determine the value of the home you choose. The appraiser will also consider the condition of your home, age, size and so forth in determining the value. To better understand what an appraisal typically looks like let me list a few parameters: Sales typically can’t be more

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Mortgage Professionals CanadaIndustry group Mortgage Professionals Canada (MPC) have raised some issues regarding the stress test, specifically its capacity to deter many Canadians from the home market. For this reason, the association is asking the government to reassess such policies.

While the government's good intentions regarding these regulations were acknowledged, MPC said that there is a need to address the condition of many Canadians – millennials, single parents, or recent immigrants – who are seeing increased difficulties when it comes to in owning a home.

"Fewer Canadian now are able to obtain the mortgage they need to acquire a home, and many sellers now find fewer buyers to sell their home too," said MPC President and CEO Paul Taylor.

“As we first outlined at

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