McNab’s Corn Maze

Thank you to everyone for making it out to our McNab’s Corn Maze event

TOP 3 THINGS TO DO WHEN BUYING A NEW HOUSE

  1. Get a head start on research:

Read articles online, newspapers, magazines and informative blog posts like this one. This will give you a better idea of housing trends in your area.

  1. Figure out your budget:

Most lenders recommend that people look for homes that cost no more than three (3) to five (5) times their annual income if the buyer is planning to make a 20% down payment and have a moderate amount of debt.

  1. Get pre-qualified or pre-approved for credit:

Before you start your new home search, you need to know how much you can spend. The ideal way is to get pre-approved for a mortgage. To get pre-qualified, you simply need to provide some financial information to one of our trusted mortgage brokers; for example, your income, savings, investments and assets. Your broker will review this information and inform you of your budget of the new home you should be looking for.

Schedule an appointment with one of our knowledgeable mortgage brokers today!

Call 250 753 2242 – We are open Monday to Friday from 9 am to 5 pm. Kevin Decker can also be reached after hours at 250 619 2262 and Jason Barudin can be reached at 250 668 2203.

“LIKE” our Facebook page or “SHARE” this post to be entered into our quarterly draw for a $150.00 gift card!!!

Facebook: www.facebook.com/midislandmortgagenanaimo

We thrive off of your continued support and referrals. Let us reward you for helping us get our name out into the community! Please mention who referred you or how you heard from us, when filling out your mortgage application. The name you give us will also be entered into the same draw for coming in to see us!

In partnership with and written by xoxomelodyinsta on Instagram.

Reasons To Live On Vancouver Island

Vancouver Island will provide you with adventures to last a lifetime. From scenic mountain views to stunning sandy beaches, the island has something for everyone! Here’s a list of 3 reasons you will fall in love with life on the island:

  1. The Hikes: Explore the Juan De Fuca Marine, West Coast or Cape Scott trails! You’ll see awe-inspiring old-growth Sitka spruce trees, waterfalls, suspension bridges, white sand beaches that interpose the coastline and so much more! We mustn’t forget the wildlife as well! Be prepared to spot bald eagles, bears, sea lions, whales, and even rare blond raccoons!
  2. The Cities: From Victoria to Port Hardy, each and every city has its own unique charm and character.
    • Visit Victoria, the capital of British Columbia, to tour the Parliament Building, Chinatown, or partake in a walking tour of Craigdarroch Castle!
    • Stop in Nanaimo! Snack on a scrumptious Nanaimo Bar from McLean’s Specialty Foods or visit Tea on the Quay and watch the sunset over the Harbour City as the Harbour Air seaplanes land and take off.
    • We can’t forget Tofino! Surf, fish, kayak or lounge in Hot Springs Cove! Then finish the day off with a drink from the Tofino Brewing Company.
  3. Museums a plenty! Vancouver Island is rich in history dating as far back as 1843.  You’ll love learning about Nanaimo’s former pirate mayor, Victoria’s engaging and spine tingling Ghost Tours, and Canada’s Indigenous culture and heritage.

These are just a few of the many reasons we call this island home. Contact Mid-Island Mortgage & Savings Ltd. today about finding your perfect home on Vancouver Island! Call us Monday to Friday from 9 am to 5 pm at 250 753 2242. Kevin Decker can be reached after hours at 250 619 2262 and Jason Barudin can be reached after hours at 250 668 2203.

Facebook: www.facebook.com/MidIslandMortgageNanaimo

In partnership with and written by xoxomelodyinsta on Instagram.

Special Thanks to:

Harbour  Air Seaplanes
Unit 1A-90 Front Street
Nanaimo, BC
V9R 5H7
Phone: 250 714 0900

McLean’s Specialty Foods
#426 Fitzwilliam Street
Nanaimo, BC
V9R 3B1
Phone: 250 754 0100

Tea on the Quay
#3-90 Front Street
Nanaimo, BC
V9R 5H7
Phone: 250 591 0330

Tofino Brewing Company
#691 Industrial Way
Tofino, BC
V0R 2Z0
Phone: 250 725 2899

Benefits of using a mortgage broker

  1. Our mortgage brokers, Kevin Decker and Jason Barudin, will do all of the extensive work in finding the right mortgage for your needs and support you throughout the entire application and settlement process. We do all the paperwork, sourcing pre-approval, and keep you up to date with the progress of your application. This frees you up to focus on finding your ideal home!!!
  2. Going to your current bank right away limits you to a narrow range of home loans and researching of all the options would take a very long time to complete on your own. A mortgage broker who takes the time to explore your circumstances, and who has access to a variety of loans and lenders, can quickly identify the perfect options to fit all of your needs.
  3. Our mortgage brokers can explain the various differences of each loan which can make a huge difference to the bottom line. Having someone to take you through the benefits and negatives of different options can be incredibly valuable in ensuring you end up with the best home loan!!!

Do you have questions about Private Mortgages?

Not everyone can qualify for bankable mortgage loans. Private mortgages are a great alternative for while you are trying to establish or fix your credit, but are not meant to be a long-term solution. Private lenders tend to be less strict about your credit history, and have less requirements for an approval than a bank will. Since there is a higher risk of default in these situations, private lenders often charge higher fees (lender & broker fees, legal fees etc.), and a higher interest rate (typically anywhere from 10%+) and the terms are normally shorter at 1-3 years vs. the traditional 5 years.

Private mortgages are not always the most sought after option, but they definitely have a role within the market.

These are examples of when a private mortgage may be a good option:

  • Borrowers with little to no credit or have low credit
  • Emergency funding for those going through foreclosure, or those with property/income taxes in arrears
  • Mobile homes or micro-condos ( < 600 sq ft) since banks will not finance/refinance these types of properties
  • Second mortgage/investment properties
  • Self-employed borrowers have a hard time qualifying for bank loans, especially when their income is unstable or unverifiable
  • Non-residents

Broker Lender Market Share Results – Q2 2017

Rank  Broker Channel Lender Market Share
Q2 2017*
12 Mo Share
Change
1 Scotiabank 26.7% +1030 bps
2 MCAP / RMG 14.2% -120 bps
3 First National 12.7% -250 bps
4 TD Canada Trust 8.6% +190 bps
5 Street Capital 6.3% -210 bps
6 Equitable Bank 4.5% -10 bps
7 Merix Financial 4.5% -240 bps
8 B2B Bank 3.7% +140 bps
9 Home Trust 3.6% -310 bps
10 Canadian Western Bank 1.3% +40 bps

Source: https://www.canadianmortgagetrends.com/2017/08/broker-lender-market-share-q2-2017/

These are the to 10 lenders who have funded mortgages with mortgage brokers in the most recent quarter. We are proud to say we work alongside all but 1 of these lenders!

Give us a call today, to see what we can do for you: 250-753-2242

Tips For A Better Credit Score

Struggling to Understand Your Credit Score?

Have you ever wondered how your credit score is compiled? Your score is out of 900 – 0 being the lowest and 900 the highest or best credit. Any score over 680 is considered to be “A” credit. No one will ever have a score of 900 because as soon as you use your credit your score lowers.

The largest % of your score is made up of repayment history. Pay your minimum balance on time rather than your full balance 5 days late. The second largest % of your score is based on your balance versus your limits. Keeping your balances under 70% of your available limit will help keep your score in good standing. The third largest % of your score is based on your ability to manage different credit accounts. Lenders look for a minimum of 3 different credit accounts on your bureau.  Showing different credit accounts in good standing will show lenders how responsible you are with you credit. A small % of your score is based on the average age of your account. Avoid closing out old accounts and opening up a number of new accounts as this will lower the average age of your accounts. The remaining % of your score is the amount of inquiries on your credit. Applying for a number of different types of credit gives the perception that you are a credit seeker. Try to keep your inquiries under 6 per year.  (The exception to this is if you are shopping for a truck, etc. if you “hit” your bureau several times within a 24 hour period it will count as one hit.)

Remember:  Your score will lower much quicker than it will increase.  Equifax and Trans Union are automated scoring systems so if you know the facts you are empowered with obtaining and maintaining a strong credit score,

It is recommended that as a consumer, you verify your Credit Report annually to ensure that there is no fraudulent activity occurring in your name.  Please visit www.equifax.ca or www.transunion.ca

*Additionally, many insurance companies now offer a credit protection program on your homeowners or rental insurance policy

The Bank of Mom & Dad

BC Home Owner Equity & Mortgage (HOME) Partnership

(believed to be current to January 8th 2017)

Background:

  • Applications accepted starting January 16th 2017
  • Completion on or after February 15th 2017

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