Hi, everybody. It’s Rowan Smith from the Mortgage Center. I want to talk today specifically about lines of credit. More importantly I want to talk about lines of credit that you want to keep but you maybe want to renegotiate maybe the mortgage in front of it. This is something that comes up from time to time. Read the rest of this entry »
Hi, everyone. Rowan Smith from the Mortgage Center. I got a call today about a client who wanted to do some renovations on the home when they bought it. And they said to me, “But I don’t have the money for doing the renovations I’d like it built into mortgage. Is that possible?” Yes, there’s a few different ways to do it. One of the most common programs is “Purchase plus Improvements”. And under that program, the way it works is, you borrow money. Read the rest of this entry »
Everybody, Rowan Smith from the Mortgage Centre. I’m here today to talk again abut a topic that seems very popular among my blogheads, which is former marijuana grow ops. Can you finance them, or how to finance them? The answer is, “Yes, you can,” and the way to do it is this. There’s typically going to be extra underwriting that’s going to be required. Not all banks are going to be willing to do that… Read the rest of this entry »
In this video, I look at who is still offering 35 or 40 year amortizations and explain some recent changes in the market place.
Video Transcript:
Hi, everybody. It’s Rowan Smith from the Mortgage Center. It’s been a while since my last post and I wanted to provide an update on a couple of things that I get constant questions about in our market place.
Back in April when the changes the government handed down took effect it got rid of what most people thought would be all of the 35 and 40 year amortizations. So the question is, is a 35 or 40 year amortization still available? Short answer, yes. Now, the longer answer is a little more complicated… Read the rest of this entry »
Transcript of Video Blog:
Hi everyone, Rowan Smith with the Mortgage Centre. I want to talk a little bit just about our current interest rates and why people will get a different rate on pre-approval than what they get it they have a live deal.
A lot of lenders have started doing things which are called quick closes within 30 days or a deal is only available for a live deal and you actually have to have a contract in place. So for example, some of my lenders are offering 4.14 as a current rate on a 5-year for a pre-approval. So that rate is guaranteed. Read the rest of this entry »
Transcript of Video:
Hey everyone, Rowan Smith with the Mortgage Centre. I want to address a question a client came up with me on with the credit bureau. And that is, he wanted to know why his extra payments weren’t reflected.
The credit bureau is just a recording of debt payment history and how much your minimum payments are on a particular line of credit, and how your credit history is in terms of your repayment over the long last five years. Read the rest of this entry »
Hi everybody, it’s Rowan Smith with the Mortgage Centre. We’re going to do something a bit little different here this week. It’s where I’m going to answer one of the most common questions I receive, which is “Can I roll my other expenses into my mortgage?” So let’s look at exactly how that would go down. Read the rest of this entry »
Hi, everybody. I want to address a very common myth, and that’s that people think their variable rate mortgage, because it is open to fluctuations, is in fact an open mortgage. That’s not the case. There’s a lot of confusion as to what is an open mortgage versus a variable mortgage versus a closed mortgage or a fixed mortgage. Read the rest of this entry »
Hi everybody, it’s Rowan Smith with The Mortgage Center. We’re going to try something a little different this week, and we’re going to cover something that’s very commonly requested of me, which is details on debt servicing, what is it, and how to calculate it. Read the rest of this entry »
Rowan Smith is a licensed mortgage broker based out of Downtown Vancouver, Canada. He has been in banking and finance for over thirteen cumulative years... read more »
1 Year - 2.50%
2 Year - 2.49%
3 Year - 3.09%
4 Year - 3.09%
5 Year - 3.29% ***
7 Year - 4.44%
10 Year - 4.74%
Variable Closed = Prime - 0.35%
Prime Rate - 3.00%
Variable Open = Prime Rate + 0.80%
Some conditions apply.
*** Some conditions apply pertaining to income, credit, and overall application strength and lending policy. E. an O.E. Rates subject to change without notice and prior warning. Rates effective November 17th, 2011
