Mike August, P. Eng. - Verico Mortgage House Corporation

04/11/2022

Are rates everything?

Rates should not be the only thing one should consider when getting a mortgage. As 67% of mortgage holders break their mortgage in year 2 or 3, it is important to consider the potential penalty one might get if they do end up breaking their mortgage as penalties can be in the thousands if you have the wrong product. You should also consider pre-payment privilege's and portability.

Sometimes the lowest rate isn't the best product for you and could cost you thousands down the road.

Contact me for more information on rates. I would be happy to help.

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03/28/2022

Are you 55+ and looking at buying a vacation property that the entire family can enjoy or simply looking at increasing your monthly cash flow with an investment property?

Why not a reverse mortgage..

* A reverse mortgage can enable you to access up to 55% of the equity in your home,
* Approvals are based primarily on age and type of property with payments being optional,
* Enjoy the additional property without the financial stress of monthly payments.

Contact me if you know someone that may be interested or if you want additional information. I am more than happier to help.

Mike August, P. Eng.
Mortgage Professional
604.816.2422

03/27/2022

Are you thinking of purchasing a new home?

Before you do, you should know what you qualify for. Using a mortgage broker can not only help guide you through the process, but can also compare multiple lenders to get you the best product for your specific situation and generally at no cost to you. Whereas your bank can only provide you with their products which may or may not be the best deal for you.

Contact me for more details or how I can help you.

Mike August, P. Eng.
Mortgage Professional
604.816.2422

Engineered Mortgage Solutions

03/14/2022

Why would you want to refinance?

There are many reasons why one would refinance, namely:
* to access equity in your home to finance a renovation or purchase of a new property,
* to consolidate higher interest debt to reduce monthly payments and increase cash flow,
* to obtain a lower interest rate, and
* to adjust your monthly payment to either shorten or lengthen the term of your mortgage,

Ask me how I can help you.

03/04/2022

Until all levels of government deal with the significant housing supply shortage, you will continue to see housing prices rise. With another 1 million expected to move to BC, the demand is only going to continue.

Canada's runaway house prices will keep growing at a robust pace this year, despite several rate rises expected from the central bank, according to a Reuters poll, which also showed the likelihood of a significant correction was low. Home prices in Canada, one of the frothiest property markets in th...

01/25/2022

With the Bank of Canada set to start raising its overnight rates, there will be impacts to those variable interest rates. So if you are interested in purchasing a new home or refinancing an existing property, ask me how we can mitigate those increases within a variable rate mortgage.



What Bank of Canada Rate Hikes Mean for You

The Bank of Canada’s key lending rate affects almost all aspects of life, whether it’s your personal finances, your investment portfolio, or the broader economy.

01/17/2022

I have been in the industry for just over one year and was wondering what online subscriptions others have to stay on top of industry news? Any and all suggestions are greatly appreciated.

01/17/2022

Until all levels of government sit down and develop a comprehensive solution to address the supply shortage issues that we are currently seeing, there will be continued upward pressure on house prices.

According to the province of British Columbia, they are expecting another 1.5 million people to move to the province over the next 20 years. This will further exacerbate the problem we currently see and make it even more challenging for first time home buyers to enter the market.

Let's hope that governments finally sit down and do something meaningful that will actually help the average person.

Housing Affordability Erodes Further With Record-Low Supply Housing affordability remains a huge political issue and with the Department of Finance working on the upcoming budget, no doubt measures to reduce home prices will be front and center. What we desperately need is dramatic increases in new....

01/13/2022

Looks like interest rates will be on the rise as soon as the second quarter of this year.

Another Strong Jobs Report In December Statistics Canada released the December Labour Force Survey this morning, reporting employment gains of 54,700 last month–double market expectations. The unemployment rate fell to 5.9% from the 6.0% rate posted in November and is only 0.2 percentage points ab...