Edwin Lam 林玉德

1-604-377-7572

Your Friend

Your REALTORョ

 

Real Estate Associate Broker 地產代理

Buying and Selling Real Estate in Metro Vancouver, BC, Canada,

please let me help you, make your dream come true.

加拿大卑詩省, 哥華大都會 , 物業買賣 , 交托我手 , 實現你的夢!

 

Buyer痴 Guide

(3) Get Pre-approved

Pre-approval of a mortgage is when your lender has reviewed all your financial information and has determined the maximum amount of money you can borrow. The advantages to pre-approval include:

You know how much you can borrow, so you don't waste time looking at properties you can't afford.

You don't have to worry about rising interest rates while shopping for a home, as usually the mortgage broker will guarantee the current interest rate for 60 - 90 days.

You have an edge when you make an offer, because the seller knows you're more likely to get a loan.

You save time when you apply for your loan because you've already assembled your paperwork.

Where to get Pre-approved

Many banks and financial institutions are competing for your business so it makes sense to shop around for a mortgage. Most lenders will reduce their posted interest rate so don't be shy about bargaining. Your ability to bargain for a low rate and a flexible mortgage will often depend on how much business you have with the institution. You can contact banks and credit unions directly, or work with a mortgage broker. A broker will help you find a lender and the best mortgage package.

  Once you have selected your lender, you will need to provide your financial information. Your lender will want the following:

Personal information such as number of dependents and marital status;

Details of employment, including a letter from your employer verifying your salary;

Banking and investment information;

Details of your assets (i.e.- a car, other property);

Information on loans and other liabilities;

Permission to do a credit check.

Once your application is complete, you will know how much you can borrow and you will be ready to start searching for a home.

For more information, contact your Realtor or your financial institution

Be smart to pay less mortgage payment in six steps

Whether you are a first-time buyer or refinancing your home, you will want to save money on mortgage payments. These tips will help you.

 

1. Shop around

To get the best rate, shop around. Lenders often discount the posted rate, from as low as a quarter of a percentage point to as high as a full percentage. Even a small difference in the rate will save you.

 

2. The shorter, the better

Shorten the loan repayment period or amortization period and you値l pay down your mortgage faster. You値l pay higher monthly payments, but you値l make big gains in building equity. You値l also pay less in total interest over the life of the mortgage.

 

3. The choice is yours

A prepayment option lets you pay part of your mortgage principal before it痴 due, reducing the amortization period. Beware! Restrictions may apply and can include a prepayment penalty.

 

4. The more, the less

Bi-weekly payments mean you値l make 26 payments in a year, equal to 13 months of payments instead of 12. This reduces an amortization of 25 years to about 18 years.

 

5. The more, the merrier

A larger down payment will reduce your mortgage insurance cost. Mortgage insurance ranges from 0.5 to 3.75 per cent of your mortgage amount depending on the down payment. A down payment is 25 per cent or more does not require mortgage insurance.

 

6. Variety is the spice

A variable rate is a mortgage with an interest rate and payments that can change over the term of the loan based on the current interest rate. This can save you when rates are low.

 

If you need my professional real estate service, please call

Edwin Lam

Associate Broker

604-377-7572

edwin_realtor@yahoo.com  

Not intended to solicit properties already listed for sale.

There is nothing more important to my continued success as a Realtor than the referrals I receive from you who recommend my service to others.