Nick Shlyakhov - Mortgage Broker

Nick Shlyakhov - Mortgage Broker Whether you are looking to buy a property or refinance your existing mortgage, my job is to ensure that you are getting the best option available.

With rising rates, some people are qualifying for less. Consider these 5 things to make sure you are qualifying for the ...
07/18/2022

With rising rates, some people are qualifying for less. Consider these 5 things to make sure you are qualifying for the maximum possible amount:

1. Account for additional sources of income
2. Consider a variable rate
3. Cut out unnecessary debt
4. Debt consolidation
5. Re-amortize existing mortgages to lower payment

With interest rates rising, it is more and more important to have the right team on your side when buying a property. We...
07/13/2022

With interest rates rising, it is more and more important to have the right team on your side when buying a property. We make sure to get you the lowest rate possible, and approved for the most possible amount!

It’s counterintuitive to think that you can get a LOWER rate by putting LESS money down.But this is true. Lenders can of...
07/01/2022

It’s counterintuitive to think that you can get a LOWER rate by putting LESS money down.

But this is true. Lenders can offer you a lower rate if you are putting less than 20% down because of default insurance. This is an insurance premium that is paid by the borrower and protects the lender if they can’t make their payments, hence lowering the lender's risk.

Lower risk = lower rate.

Just because you’ve had hiccups with your credit in the past, doesn’t mean you have to get stuck paying a high mortgage ...
06/06/2022

Just because you’ve had hiccups with your credit in the past, doesn’t mean you have to get stuck paying a high mortgage rate. As long as your situation has stabilized, there are lenders we have access to that offer competitive rates that would be a good match for you.

The Bank of Canada has increased their policy rate by 0.5% again. What does this mean for current mortgage holders?If yo...
06/01/2022

The Bank of Canada has increased their policy rate by 0.5% again. What does this mean for current mortgage holders?

If you hold a fixed rate mortgage, nothing has changed for you.

If you hold a variable rate mortgage, for each $100,000 left of your mortgage balance, you can expect your payment to rise by about $25.

If you hold a variable rate mortgage with static payments, you will not see an increase in your mortgage payments. However, what is increasing is the portion that is allocated to interest, so it will take longer to pay down your mortgage.

Have any questions? Send me a message!

Here is how much you'll need to save if you are thinking of buying a property:1. Properties up to $500,000 - 5% (eg. $25...
05/20/2022

Here is how much you'll need to save if you are thinking of buying a property:

1. Properties up to $500,000 - 5% (eg. $25,000 down on $500,000)
2. Properties up to $999,999 - 5% on the first $500,000, $10% on the balance (eg. $74,900 down on $999,999)
3. Properties $1,000,000 and up - 20% (eg. $200,000 down on $1,000,000)

Special cases are our specialty! So glad we could help you, Yosef.
05/13/2022

Special cases are our specialty! So glad we could help you, Yosef.

Most people think that you need to live in the first property that you purchase, but it makes sense to buy an investment...
05/08/2022

Most people think that you need to live in the first property that you purchase, but it makes sense to buy an investment property first if:
1) You are priced out locally - maybe you love the area you are currently renting in but mortgage payments would be too high if you were to buy in that price range.
2) The net effect on your overall monthly cashflow is positive - ie. you have better cashflow to continue renting where you currently live, while receiving rental income from your investment property that covers the mortgage payments (and potentially property expenses and more).

What does it tell you when a bank is willing to lend you up to 95% of a home's value, but not a penny to invest in their...
05/02/2022

What does it tell you when a bank is willing to lend you up to 95% of a home's value, but not a penny to invest in their own stock?

When we look at how banks assess risk, it's obvious which of the two asset classes (real estate or stocks) they perceive to be more risky (stocks). If you were to walk into a branch today and apply for a $100,000 investment loan to put into the stock market, there's a high chance they will pass (maybe unless you have large sums invested already with that bank).

On the other hand, if you apply to get a mortgage and you have $25,000 (+ closing costs) in your savings, they would be able to lend you up to $475,000 (95% loan-to-value) as long as you qualify. The bank's lending decisions speak for themselves!

Here's our team's priorities when working with you:⁠✓ No call, text or email goes unanswered or unreturned promptly⁠✓ Th...
04/24/2022

Here's our team's priorities when working with you:⁠
✓ No call, text or email goes unanswered or unreturned promptly⁠
✓ The best possible rate and option for our clients is number one (even if that means we point them to a lender we don't directly work with.)⁠
✓ Nothing is signed before being FULLY understood by the client

Most people think that you need to be actively shopping for a property to start the pre-approval process. But ask yourse...
04/18/2022

Most people think that you need to be actively shopping for a property to start the pre-approval process. But ask yourself this: would you walk into a grocery store without your wallet?
The truth is, a pre-approval should be the first step in your buying process. This will allow you to determine:
1) Your maximum mortgage amount
2) The maximum price you can offer
The sooner, the better. Talk to a mortgage broker, even if you’re not planning on buying for another year or two!

We're here to make sure you know your options and can make an informed decision based on your unique situation!
04/11/2022

We're here to make sure you know your options and can make an informed decision based on your unique situation!

Address

3989 Henning Drive Unit # 105
Burnaby, BC
V5C6P8

Telephone

+17782332294

Website

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