Getting a Pre-Approved Mortgage

Getting pre-approved for a mortgage

Once you've decided that you want to be in a home of your own, it only takes a few minutes for us to pre-approve your mortgage amount. Apply for a mortgage online or over the phone.

With a pre-approved mortgage:

• you know how much you can afford
• Many realtors want you to have a pre-approval before they go to work for you
  
• sellers will take your offer more seriously if they know financing is lined up
• your mortgage interest rate can be guaranteed for up to 120 days.

We’ll also talk about closing costs, and make sure you have the money you need for the little extras required when purchasing a home, like inspection fees, appraisal fees, legal fees, moving costs, and property transfer tax.

It's important to deal with someone that specializes in mortgages. I'm a mortgage broker in BC and work primarily in the Vancouver, Surrey, White Rock, Langley area. Don't hesitate to give me a call if you have any questions regarding the mortgage process.

How to choose the right Mortgage Broker

People are becoming more particular when it comes to choosing their mortgage broker. Mortgage brokers in Canada currently write about 33% of the total mortgage business, while in the U.S. mortgage brokers write closer to 70% It would only make sense that the need and advantages of using a mortgage broker will grow. A mortgage broker can often get you a better deal without you having to spend the time going from bank to bank and having to negogiate for the best rate. Canadian mortgage brokers make the mortgage process simple by often offering a low-stress straight forward alternative to borrowing from a bank. Banks and other lenders are much more competitive today, but a more serious threat may be the arrival of new people into the business. While the mortgage broker industry is absorbing a higher than average amount of newcomers, the mortgage consultant industry is also trying to develop an advice-based relationship with its clientele as opposed to a focus strictly on providing the best rate today. Getting GOOD advice and working with an attentive mortgage broker is paramount, given that the other lenders including the big banks, credit unions and alternative financial institutions will routinely offer competitive mortgage rates. It's important for borrowers to question their mortgage consultant, just as they would a prospective real estate agent or any other professional they may employ. Clients can lead the mortgage consultant by having an idea of their home buying objectives and mortgage payments that they feel they can afford. It’s up me, as a mortgage broker to prove that I'm better than a your local bank branch lender.

I'm a mortgage broker located in Vancouver area of BC.

JULY HOUSING SALES CLIMB IN THE FRASER VALLEY

JULY HOUSING SALES CLIMB IN THE FRASER VALLEY

MyMortgageBC.com note: I'm a mortgage broker in White Rock, Surrey, Vancouver, Langley. Based on this recent press release housing prices remain strong in the Fraser Valley.

August 2, 2007(Surrey, BC) – Sales on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) in July were the second highest on record for that month.

A total of 1,984 sales were processed through the MLS® in July, an increase of 21 per cent compared to 1,635 sales the same month last year, and only a three per cent decrease compared to the strongest July on record, 2,051 sales in 2005.

Jim McCaughan, President of the Fraser Valley Real Estate Board, attributes July’s near record sales to a number of factors. “BC’s economy continues to hum along, Fraser Valley REALTORS® are receiving a strong influx of new listings and some of our clients are feeling a little uncertainty about where interest rates are going. It all adds up to a desire to invest in real estate now.”

The number of active listings in July at 8,376 is 35 per cent higher than July 2006 inventory which sat at 6,200. A total of 3,120 new listings were added to the MLS® in July, compared to 2,657 new listings added in July of last year.

“Average annual price increases remain solid, however we are seeing price increases start to moderate on a month to month basis,” says McCaughan. “Demand is strong for townhomes and apartments in Surrey, Langley, Abbotsford and Mission, which is why we continue to see an increase in both the number of sales and prices for those property types.”

Townhouses in the Fraser Valley averaged $323,259 in July, a 7.1 per cent increase compared to the average price last year of $301,718. Apartments saw the highest July to July increase at 10.8 per cent with the average price going from $198,882 last year to $220,275 this year.

In July, single family detached homes averaged $519,896, an increase of 6.2 per cent compared to last year’s average price of $489,547.

Top Ten Renovation Paybacks

Top Ten Renovation Paybacks

Top 10 Renovation Return on Investment

The real estate appraisers’ top 10 reno projects with the best value per dollar spent.

(The potential percentage payback per dollar invested is in brackets)

• Painting and decorating, interior (73%)
• Kitchen renovation (72%)
• Bathroom renovation (68%)
• Painting, exterior (65%)
• Flooring upgrades (62%)
• Window/door replacement (57%)
• Main floor family room addition (51%)
• Fireplace addition (50%)
• Basement renovation (49%)
• Furnace/heating system replacement (48%)