Welcome to my Mortgage Blog - Vick Sahota
A and B Lenders: A Quick Guide
Have you ever wondered about the difference between A and B lenders? Let’s break it down.
GDS/TDS and How They Affect Your Mortgage Qualification
When it comes to securing a mortgage, there are two important financial metrics that lenders carefully consider to determine your qualification, Gross Debt Service (GDS) and Total Debt Service (TDS). Let's go into these concepts and explore their impact on your mortgage qualification.
Mortgage Renewals: A Strategic Approach for Homeowners
When it comes to mortgage renewals, timing is everything. Many homeowners may find themselves wondering when the best time is to reach out before their mortgage renewal. In this blog post, we'll explore why sooner is better and how proactive steps can lead to being better prepared at renewal time.
Breaking Your Mortgage: A Comprehensive Guide
Many Canadians find themselves breaking their mortgages before the end of the term, driven by a variety of circumstances. In this blog post, we’ll explore key considerations for those contemplating this decision.
Standard vs. Collateral Charge Mortgages: Pros and Cons
When it comes to securing a mortgage, homebuyers often encounter the terms "standard charge" and "collateral charge." These represent two distinct approaches to registering mortgages, each with its own set of advantages and disadvantages. In this blog post, we'll explore the differences between standard and collateral charge mortgages, shedding light on their pros and cons.
Available Benefits for First-Time Homebuyers (in BC, Canada)
First-time homebuyers in British Columbia may be eligible for several benefits and programs aimed at assisting them with the purchase of their first home. Read more to see some of the benefits.
Mastering the Art of Budgeting: A Comprehensive Guide to Achieving Your Financial Goals
Budgeting is the cornerstone of financial success, providing a roadmap to meet your goals, whether it’s saving for a down payment or securing your future. In this comprehensive guide, we’ll explore essential tips and strategies to help you budget effectively and achieve your financial aspirations.
The Crucial Role of Pre-Approvals in Your Home Buying Journey
Embarking on the journey of homeownership requires careful planning and strategic decision-making. One of the initial and pivotal steps in this process is obtaining a mortgage pre-approval. In this comprehensive blog post, we will look into the reasons why you should get pre-approved for a mortgage and explore the numerous benefits associated with this crucial undertaking.
Essential Checklist for New Homeowners: A Comprehensive Guide
Congratulations on your new home! Whether you’re a first-time homebuyer or a seasoned pro, settling into a new space comes with its own set of tasks. Remember, homeownership is a marathon, not a sprint. Here’s a comprehensive checklist to ensure a smooth transition and a secure, comfortable home.
Securing Financing for Remediated Grow-Up Properties in British Columbia
British Columbia, renowned for its picturesque landscapes and, famously, BC bud, offers a unique real estate landscape. Among the listings, you’ll find properties with intriguing pasts - former grow-up sites now fully remediated and ready for new ownership. In this blog post, we’ll explore the opportunities and challenges that come with financing these distinctive properties.
Things to Consider Before Getting a Mortgage
Are you planning to get a mortgage soon? Whether you’re renewing your current mortgage or looking to purchase a new home, there are important considerations that can make the mortgage process smoother and be better prepared.
Navigating the Canadian Mortgage Stress Test: What You Need to Know
In 2016, the Canadian government introduced a significant financial safeguard for borrowers - the stress test. This measure aims to ensure stability in the housing market and protect borrowers from potential economic fluctuations. In this blog post, we’ll cover the details of the stress test, its implications, and explore some alternatives for those looking to navigate this requirement.
Navigating Mortgage Rates: Fixed vs. Variable - Making the Right Choice for You
Choosing the right mortgage is a crucial step in the home-buying process. One of the primary decisions you’ll face is whether to opt for a fixed or variable mortgage rate. In this blog post, we’ll break down the key differences between the two options and provide insights to help you make an informed decision that aligns with your financial goals and risk tolerance.
Understanding the Role of Co-signers and Guarantors in Canadian Mortgages
In the realm of Canadian mortgages, both co-signers and guarantors play crucial roles in assisting borrowers to secure the financing they need. Although they share a common goal, both have distinct responsibilities and obligations. In this blog post, we will cover the key differences between co-signers and guarantors, shedding light on their respective roles and the implications for both borrowers and those offering their support.
Understanding Rate Holds and Their Importance in Mortgage Planning
When it comes to navigating the intricate landscape of mortgages, a term that often surfaces is ‘rate holds.’ These holds provide a valuable tool in the realm of mortgage planning, offering a safeguard against potential interest rate fluctuations. In this blog post, we’ll go over the intricacies of rate holds, shedding light on how they work and why they can be instrumental in securing a favourable mortgage deal.
The Cost of Using a Mortgage Broker: What You Need to Know
When it comes to securing a mortgage, the prospect of finding a professional to guide you through the process for free might sound too good to be true. In most cases, however, this is the service that mortgage brokers offer. In this blog post, we’ll cover the world of mortgage brokers, our fees, and the valuable assistance we can provide in securing the best mortgage product for your unique needs.
Mortgage Moves: Navigating Purchases, Refinances, and Switches with Confidence
Navigating the world of mortgages can be a complex task, especially when faced with terms like purchase, refinance, and switch. Each of these transactions serves a unique purpose in the realm of real estate and finance. In this blog post, we’ll break down the key differences between a purchase, refinance, and switch, shedding light on their respective benefits and considerations.
Credit Mastery: Elevate Your Score for a Mortgage Advantage
Securing a mortgage is a pivotal step in achieving the dream of homeownership. One key factor that can significantly impact your ability to secure a mortgage, and at a favorable rate, is your credit score. In this blog post, we’ll go over actionable tips to boost your credit score, ensuring you’re better positioned to make your homeownership dreams a reality.
Navigating Mortgage Rates: More Than Just the Numbers
In the world of mortgages, one question that frequently arises is, “What’s the best rate I can get?” While securing a low interest rate is crucial, it’s not the sole factor to consider. Let’s delve into why in this blog post.