Choosing a Mortgage Agent Greater Victoria BC

Embarking on the journey of homeownership is an exciting endeavor, but the process can be overwhelming, especially when it comes to securing the right mortgage. Choosing the right mortgage broker is a crucial step that can significantly impact your homebuying experience. We'll provide essential tips for prospective homebuyers seeking a reliable mortgage broker referral, and we have three highly recommended professionals to introduce you to. Tap into Your Network: Begin your search for a mortgage broker by reaching out to friends, family, and colleagues who have recently purchased a home. Personal recommendations often provide valuable insights and can lead you to brokers with a proven track record of delivering exceptional service.   Leverage Online Reviews: Explore online platforms, such as review websites and social media, to gather feedback on different mortgage brokers. Look for testimonials and reviews from clients who share similar homebuying goals and experiences. This can help you gauge the broker's reputation and customer satisfaction.   Consult with Real Estate Professionals: Real estate agents and other industry professionals often have valuable insights into reputable mortgage brokers. Seek recommendations from your real estate agent, as they may have established relationships with brokers who have a solid reputation for helping clients secure favorable mortgage terms.   Verify Credentials and Experience: Ensure that the mortgage broker you are considering is licensed and has the necessary credentials. Additionally, inquire about their experience in the industry. A seasoned broker with a history of successful transactions is more likely to navigate the complexities of the mortgage process effectively.   Schedule Consultations: Take the opportunity to schedule consultations with potential mortgage brokers. This allows you to assess their communication style, ask relevant questions, and gauge their responsiveness. A face-to-face meeting or virtual consultation can provide valuable insights into how well a broker understands your unique needs.   Inquire about Lender Relationships: Ask the mortgage broker about their relationships with different lenders. A broker with a broad network of lender connections may be better equipped to find loan options tailored to your financial situation. Understanding their access to diverse mortgage products can be a key factor in making an informed decision.   Transparent Fee Structure: Discuss the broker's fee structure upfront to avoid any surprises later in the process. A transparent and straightforward explanation of fees and costs associated with their services ensures that you are fully aware of the financial implications from the beginning. Meet Our Recommended Mortgage Agents:Fernando Zilli Owner/Managing Broker Tribeca Mortgages DLC
(250) 896-0788 fernando@tribecamortgages.cawww.tribecamortgages.ca Dan Miller TMG The Mortgage Group Inc millermortgages.com (250) 858-8489 dan@millermortgages.com Matt Sheppard Mortgage Agent Valko Financial Ltd. (778) 389-9150 matt@tracyvalko.catracyvalko.ca Finding the right mortgage broker is a crucial step in your homebuying journey, and with our three highly recommended professionals, you have a head start in identifying the perfect match for your needs. By following these tips and leveraging the expertise of our recommended brokers, you can navigate the mortgage process with confidence and secure the keys to your dream home.

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Tips to Improve Your Credit Score

One of the important factors in home ownership is understanding things like your credit score.  Some people don’t pay much attention to this metric until they begin the mortgage discussion!   However, you will find that your credit score is one of the most important factors when it comes to qualifying for a mortgage at the best rate – and with the most purchasing power. Credit scores range from 300 to 900, the higher your credit score the better. Ideally, you should be aiming for a credit score of 680 for at least one borrower (or guarantor), especially if you are putting under 20% down. If you are able to make a larger down payment of 20% or more, then a score of 680 is not required.   This score is based on spending habits and behaviours including:   Previous payment history and track record of paying your credit accounts on time is the number one thing that your credit score considers. Your current level of debt and whether you’re maxed or not is the second most important factor. How long you have had your credit in good standing is the third most important factor. Attaining new credits is the fourth factor and can be a red flag if you’re opening several credit cards, accounts, or loans in a short period.   If you want to improve your credit score, you can! It is a gradual process, but it is well worth it. Here are some tips to help you get started!   Pay Your Bills: This seems pretty straightforward, but it is not that simple. You not only have to pay the bills, but you have to do so in full AND on time whenever possible.  Paying bills on time is one of the key behaviors lenders and creditors look for when deciding to grant you a loan or mortgage. If you are unable to afford the full amount, a good tip is to at least pay the minimum required as shown on your monthly statement to prevent any flags on your account.  Pay Your Debts: Whether you have credit card debt, a car loan, a line of credit, or a mortgage, the goal should be to pay your debt off as quickly as possible. To make the most impact, start by paying the lowest debt items first and then work towards the larger amounts. By removing the low-debt items, you also remove the interest payments on those loans which frees up money that can be put towards paying off larger items.  Stay Within Your Limit: This is key when it comes to managing debt and maintaining a good credit score. Using all or most of your available credit is not advised. Your goal should be to use 70% or less of your available credit. For instance, if you have a limit of $1000 on your credit card, you should never go over $700. NOTE: If you find you need more credit, it is better to increase the limit versus utilizing more than 70% of what is available each month.  Credit and Loan Application Management: Reduce the number of credit card or loan applications you submit. When you submit too many credit card applications, your credit score will go down, and multiple applications in a short period can do more damage. You’re best to apply for one or two cards and wait to see if you are accepted before attempting further applications.  If you have questions about your credit score, don’t hesitate to reach out to me today! Whether you want to check your score or find out how you can improve it, my door is always open.   Your credit mix is the final aspect of your credit score to determine whether you have a healthy mix of credit cards, loans, lines of credit, etc.   Source DLC  

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Bank of Canada Cuts Policy Rate for First Time Since March 2020 | Home Sales, New Listings Both Rise in April

View this in your browser Brantford Regional Real Estate Association MLS® home sales, new listings both rise in April The number of homes sold through the MLS® System of the Brantford Regional Real Estate Association totaled 217 units in April 2024. This was a gain of 11.9% from April 2023. Home sales were 2% below the five-year average and 6.1% below the 10-year average for the month of April. On a year-to-date basis, home sales totaled 634 units over the first four months of the year. This was up modestly by 3.1% from the same period in 2023. The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $687,600 in April 2024, a modest gain of 1% compared to April 2023. The benchmark price for single-family homes was $714,700, up modestly by 1.1% on a year-over-year basis in April. By comparison, the benchmark price for townhouse/row units was $574,300, essentially unchanged, down just 0.3% compared to a year earlier, while the benchmark apartment price was $369,000, a slight gain of 0.6% from year-ago levels. The average price of homes sold in April 2024 was $754,356, an increase of 6.8% from April 2023. The more comprehensive year-to-date average price was $710,299, a small gain of 2.9% from the first four months of 2023. Yard Appeal Ideas for The Biggest ROI Summer is coming up and you don’t want to miss your chance to make the most of your yard! To help you enjoy your space this year, I have broken down some of the top yard appeal ideas with the biggest ROI giving you the most bang for your buck and can increase your home’s equity and curb appeal at the same time! • Embrace Sustainable Landscaping: Incorporating native plants, drought-resistant foliage, and xeriscaping techniques not only reduces water consumption but also creates an eco-friendly landscape. Consider installing a rain garden or a drip irrigation system to conserve water and enhance the natural beauty of your yard.  • Install Outdoor Structures: Adding functional outdoor structures like pergolas, arbors, or gazebos can provide shade, define spaces, and add architectural interest to your yard. These structures can serve as focal points and create inviting outdoor living areas for entertaining or relaxation. • Upgrade Your Lawn: A lush, well-maintained lawn instantly elevates the appearance of your yard. Invest in professional lawn care services, aerate and overseed to fill in bare patches, and regularly fertilize and water your lawn to keep it healthy and green. Consider alternatives like artificial turf for low-maintenance options.• Incorporate Water Features: Incorporating a water feature such as a fountain, pond, or waterfall adds visual interest, tranquility, and a sense of luxury to your yard. The soothing sound of running water can create a serene ambiance and attract wildlife, enhancing the overall appeal of your outdoor space. • Enhance Privacy: Increase the comfort and enjoyment of your yard by enhancing privacy with strategic landscaping, fencing, or screening options. Planting tall hedges, installing lattice panels, or adding trellises with climbing plants can create secluded areas and block unsightly views while adding beauty and greenery to your yard. By implementing these additional ideas alongside the ones you've already outlined, you can transform your yard into a welcoming oasis that not only enhances your enjoyment but also offers a significant return on investment. Brantford Expositor - Capacity crowds head to Brantford's new Woodman pool Brantford Expositor - 'Coming soon' signs installed at future Costco store site in Brantford Brantford Expositor - New youth space opens at Brantford Public Library Brantford Expositor - Outdoor concert series returns to the Bell Homestead in June Brantford Expositor - Grand Erie board to tender construction of new West Brant elementary school Brantford Expositor - Free mobile cancer screening tests coming to Civic Centre Brantford Expositor - Brantford streets named in honour of two fallen soldiers Brantford Expositor - Oak Park Road - Colborne Street West connection back on city's agenda Brantford Expositor - New childcare centre opening in St. George Brantford Expositor - County of Brant prepares for 'The Downtown Dig' in Paris Brantford Expositor - New $4.1M addition planned for Paris elementary school Globe and Mail – One interest rate cut won’t be enough to lift Ontario’s battered cottage market Hamilton Spectator – Hamilton housing market stalls in May as sales drop and listings soar Financial Post - Interest rate cut unlikely to provide immediate relief for housing market In a move widely anticipated by economists, the Bank of Canada announced a 0.25 per cent interest rate cut Wednesday, and while the reduction is a step towards easing borrowing costs, industry experts caution that it will take time before any significant impact is felt in the housing market.   Dr Sherry Cooper - Bank of Canada Cuts Policy Rate for First Time Since March 2020 What the Bank of Canada rate cut means for mortgages, consumer loans and investments (Canadian Mortgage Trends) Is today’s Bank of Canada rate cut “one and done” for now? (Canadian Mortgage Trends) Canada sees slowest mortgage growth in over 20 years, with financial strain growing: CMHC (Real Estate Magazine)Finally, interest rates have dropped. Five ways your REALTOR® is there to help Global News – Can a single rate cut make waves in Canada’s housing market? What to know Financial Post – What the Bank of Canada rate cut means for mortgages, loans and investments Globe and Mail – Royal LePage president predicts ‘material lift’ in home sales after BOC rate cut Globe and Mail – Federal government creates $530-million fund for Canadian cities to adapt to climate change Average Canadian rent hits an all-time high of $2,202 (Canadian Mortgage Trends) Commercial real estate trends shifting toward purpose-built rentals: Re/Max report (Canadian Mortgage Trends)       What to Know at Renewal Is your mortgage coming up for renewal this year or in 2025? Do you know about all the incredible options renewing your mortgage can afford you? If not, I have all the details here on how to make the most of your renewal! Get a Better Rate: Did you know that when you receive notice that your mortgage is coming up for renewal, it's the best time to shop around for a more favorable interest rate? At renewal time, it's easy to explore other lenders for a preferable interest rate without breaking your mortgage. With interest rates expected to start coming down next month, reaching out and exploring the market could potentially save you a significant amount of money! Consolidate Debt: Renewal time is also an excellent opportunity to assess your existing debt and decide whether consolidating it into your mortgage is beneficial. Whether it's holiday credit card debt, car loans, education loans, or other debts, consolidating your mortgage streamlines your payments into one, potentially at a lower interest rate compared to other sources. Invest in Renovations: Do you have home improvement projects waiting to be tackled? Renewal time provides a great opportunity to tap into your home equity for renovations, whether it's your dream kitchen, bathroom upgrades, or even investing in a vacation property. Utilizing your equity can bring your renovation dreams to life. Adjust Your Mortgage Product: Not satisfied with your current mortgage product? Whether it's fluctuations in variable rates or seeking a different payment or amortization schedule, renewal time allows you to switch things up. You can lock in a fixed rate for stability or opt for a variable rate if you anticipate changes in interest rates. Adjusting your mortgage product can align it better with your financial goals. Summer is coming up and you don’t want to miss your chance to make the most of your yard! To help you enjoy your space this year, I have broken down some of the top yard appeal ideas with the biggest ROI giving you the most bang for your buck and can increase your home’s equity and curb appeal at the same time!   Diana Winger, REALTOR® CNE, SRS, SRES, ABR Mortgage Agent, Level 1 Valko Financial LTD #13047 eXp Realty | Dominion Lending Centres |  226-705-3369 | 250-588-8839 ON YOUR TEAM! WingerRealEstate.com  |  SearchBestMortgages.com  

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