First Time Home Buyers Mortgage Broker Tips And Tricks

Among the services I provide to my clients, I consider myself to be a “first-time home buyer mortgage broker“.  As a first time home buyer mortgage broker, I know how difficult it is to get into the real estate market, particularly in Vancouver, and it brings me a particular amount of job to help someone get past the challenges if being a first time home buyer.

I have recently completed an e-book and will be launching it soon.  I believe it will be very helpful for not just first-time home buyers, but for anyone who is not as knowledgeable in residential mortgage lending, about how to make your home buyer mortgage broker application appealing to a mortgage lender.

As a sneak preview, here are three tips on improving your mortgage application as a first-time home buyer.

3 Home Buyer Mortgage Broker Tips

  1. Take advantage of the home-buyers plan to fund your down-payment.  This program is not technically ONLY for first-time home buyers, but all first-time home buyers are eligible.  Under the plan, you can borrow up to $25,000 from your RRSP for the purchase of an owner-occupied residence.  If you and your spouse are both applying, then you can withdraw $25,000 each. It is a loan, so it has to be paid back over 15 years (or 1/15th of the loan will be added to income for that year).  However, there is no withholding when you withdraw it, it does not have to all be declared as income on any given year, and you don’t even have to use all of it for down-payment!  You can use it for any purpose that you need it for. A good mortgage broker, like myself, can help you with some of the finer details and complex situations that often arise from these situations.
  2. Make sure you pay your bills on time. If you have a high balance on your loan, or you have a lot of debt, those also have a significant negative impact on your credit score, but you can get the bills down and there is no record of your high debt levels.  However, when you miss a bill payment, it stays on your credit bureau for 6-7 YEARS.  This not just negatively impacts your credit score, but lenders look at this when assessing risk, and they have been particularly uncompromising and (unreasonable, paranoid, strict…and other words that I cannot put in print) in the last few years.  While you likely do not have to wait 6-7 years to become bankable if you have had gone through a period of bad credit, the less negative credit on the bureau, the better. At least make the minimum required payments and you will go a long way to making yourself appealing to them.
  3. Having no credit is just as bad as having bad credit. Many people feel that not requiring credit should prove your ability to pay your bills and should be good evidence of credit-worthiness.  This is not how mortgage lenders think.  If you currently do not have any credit, then you do not have any documentation that you are an acceptable credit risk, and no matter how strong your income is, you will have difficulty obtaining a prime mortgage approval.  Make sure you have at least 3 different credit facilities in your name.  (Secondary credit cards in a spouses name are not considered acceptable for establishing your credit).

I am excited to launch my home buyer mortgage broker e-book soon, in which I go into much greater detail and give many different ideas to help home buyers prepare for home ownership, but as a mortgage broker in Vancouver, you are welcome to contact me in the meantime to discuss your circumstances and see if there are any options for you.

2.64% for a 5 year fixed rate mortgage!

Mortgage rates have been generally going lower over the past few months, and we have this smoking hot deal from one of our lender partners – 2.64% for a 5 year fixed rate! We work hard to get you the best possible deal on your mortgage.

To apply, contact us today.

4 year fixed rate mortgage at 2.77%!

If you are looking for the best mortgage rates available to you for a fixed rate term, this is an excellent special for you. A 4 year fixed rate mortgage is almost as good as 5 for rate security, and it can often be better than a 5 year term as the average home owner sells within 3.5 years of purchasing. (more…)

2.84% 5 Year Fixed Rate Mortgage Special

Our latest mortgage special rate is a 2.84% 5 year fixed rate mortgage. It is just one of the many great mortgage deals we have for our clients.

Let’s get started on your mortgage approval today! Contact us by phone or email for an easy and quick approval. You can also check out our other rate specials and promotions on our best mortgage rates page.

2.99% 5 year fixed rate mortgage!

We have just gotten a 2.99% 5 year fixed rate mortgage special! We do technically also have 2.84% for a 5 year fixed rate, and its worth mentioning but it has certain conditions that are not ideal for everyone, so I will offer it on a case-by-case basis. For more information about either of these promotions and to apply, please contact us and we will respond quickly.

3.04% 5 year fixed rate mortgage!

Another top special mortgage rate for you, courtesy of Canada Innovative Financial – Mortgage Architects, a 3.04% 5 year fixed rate mortgage special. Contact us today for more details and to apply!


5 Year Variable Mortgage At Prime -.65%!

We have another mortgage special introduced recently that we are pleased to share with you. We now have a prime -.65% mortgage rate available to qualifying borrowers! Contact us to apply today!

2.99% mortgage rate 5 year fixed term!

Mortgage rates have generally come down recently, and we have a new special mortgage rate for you. It is 2.99% mortgage rate for a 5 year fixed term! This is a great offer to take advantage of. Please contact us for more details and to apply today!

Please note: This offer has now expired. Check out our homepage to see all of our latest new offers.

3.29% 5 Year Fixed Mortgage Rate!

We have a special promotion at one of our lenders of 3.29% for a 5 year fixed term. This is a great deal in the current market. Like all things in finance, this can change at any time, so you want to move fast.

I have many different lenders offering excellent rates and whether you have a simple or complex situation, we can find something that will work for you.

Call me today and let’s get started!