Dmitry Khokhlov - Your Trusted Mortgage Broker

06/05/2024

The Bank of Canada Lowers Overnight Rate by 0.25%.

Earlier today, The Bank of Canada (BOC) lowered its overnight rate target by 0.25%. This marks the first interest rate reduction since the tightening cycle commenced in March 2022.
Were you waiting for an interest rate drop to buy a home? Now is a great time to get pre-approved. With increased inventory and decreased sales activities, this is an ideal moment to secure a mortgage pre-approval and begin your home search, as numerous options are available.

Please reach out if you have questions. I will be happy to chat.

Dmitry Khokhlov
604-916-5534
[email protected]

Real estate market analysts say the Bank of Canada's much anticipated decision to lower its key interest rate could be the sign that many would-be homebuyers have been waiting for to make their move.

12/07/2022

MORTGAGE RATES UPDATE🏦

Today the Bank of Canada announced another 0.5% rate increase. It is a 4% rate increase overall from the beginning of this year.
Canadians with adjustable-rate mortgages and a HELOC (Home Equity Line Of Credit) balance will be affected immediately.
👉Mortgage payment will go up by approximately $30 for every $100,000 mortgage with 25 years of amortization.

OPTIONS TO CONSIDER:

▪️If you believe that the BOC will continue to increase the overnight rate, it might be an option for you to convert your mortgage to a fixed-rate mortgage.
▪️If you anticipate that the BOC is near the end of the rate hikes and they may lower the rates in 2023 or 2024, you might keep your variable rate mortgage.
▪️Also, if you are considering selling your property soon, call your mortgage broker to understand your options before converting to a fixed-rate mortgage.

☎️ 604-916-5534
📩 [email protected]

03/02/2022

As was expected, the Bank of Canada increased its target overnight rate today by 0.25%.
If you have Variable mortgage rate, you should expect your mortgage rate and Home Equity line of credit (HELOC) to go up by 0.25% in near future as well.
The monthly mortgage payment will increase approximately by $11.77 for every $100,000 of the mortgage balance.
So, if your mortgage balance is $300,000, the payment will increase by $11.77 * 3 = $35.31 per month.
If you have a fixed rate mortgage, you will see no changes to your rate.

☎️ 604-916-5534
📩 [email protected]

08/19/2021

Receiving testimonials like this always makes my day. Thank you so much Olga for sharing your experience. #недвижимость

07/21/2021

❗️HOW TO USE EQUITY OF YOUR HOME❗️

With a refinance the government will allow you to refinance up to 80% of the value of the home.
This is a government rule so consistent among all the banks.

If you purchased a home in 2017 or so, you might have noticed that the value of your home went up. At the same time you are paying off your mortgage and the mortgage balance is lower.

Let’s say that the current value of your home is $525,000.
The mortgage balance is $250,000.
$525,000 * 80% = $420,000 (maximum refinance amount based on the government rule)
$420,000 - $250,000 = $170,000 (equity can be taken out of your home after refinancing)

You can do whatever you want with that amount. You can buy a rental property or payoff your debt.

Let me if you have questions about this process or need to know how much equity can be pull out of your current residence or a rental property.

☎️ 604-916-5534
📩 [email protected]

07/01/2021

#недвижимость #иммиграция

06/24/2021

❗️HOW TO PAY OFF YOUR MORTGAGE FASTER❗️

Did you know that increasing your monthly mortgage payment by $150 per month only, can help you to pay off you mortgage 3 years and 4 months faster❓❓❓

Mike has a $300,000 mortgage that will be paid off in 25 years with payment of $1,241.59 per month. By increasing his payments to $1,391.59 he is able to pay off his mortgage in 21 years and 8 months.

You may say that you do not have extra $150 per month to pay off you mortgage faster. Just cutting off on you every day cappuccino can get you that amount 🙂. Buy a coffee maker instead and brew your own coffee☕️.

Contact me if you would like to know how $150 per month will improve your financial situation!

☎️ 604-916-5534
📩 [email protected]

#недвижимость #ванкувер #ванкуверок #иммиграция #канада

05/31/2021

BRIDGE FINANCING ❗️

👉Are you selling your house and buying another one?
👉Are you using equity from your current home to purchase the new one?
👉Sometimes you can find yourself in a situation where the closing date for the home you're purchasing is before the closing date of the home you are selling, leaving you without a down payment for the new home because it's tied up in equity.
Bridge Financing is the tool used to help borrowers who find themselves in this situation.
👉Let's say the closing date for your current home is 60 days away, while the closing date for the new home is in 55 days. A bridge loan will cover your equity over the 5-day period (60 days - 55 days).
👉Once the current home sale closes, the loan is paid off with proceeds from the sale.

Would you like to know if this scenario can apply to your case? 👇

☎️ 604-916-5534
📩 [email protected]

05/25/2021

❗️STRESS TESS❗️

Effective June 1st the qualifying interest rate (stress test) will rise from 4.79% to 5.25% for mortgages with down of 20% or more.

Tightening the stress test will result in a reduction in purchasing power of about 4%. In other words, if you can qualify for $500,000 mortgage today, after June 1st, that will be reduced to $479,000.

The Minister of Finance has recently announced similar changes to the mortgages with less than 20% down payment. Further information is forthcoming.

👉 Keep in mind, we still have 7 days to qualify you for a mortgage or refinance under OLD 4.79% RULE.

Call or message me today to benefit from a lower prequalification rate.

☎️604-916-5534
📩[email protected]

02/12/2021

Thank you, Liz