Allan Seltzer, AMP Mortgage Architects

10/28/2021

There are some fabulous little-known tricks to apply very early on in the exciting process of purchasing a home. Some are logical and some you may not be aware of. Learn more on our blog:

https://seltzerteam.com/2021/09/15/tips-and-tricks-on-how-to-prepare-for-your-first-or-your-tenth-mortgage/

10/18/2021

What's The Difference Between Using a Mortgage Broker and a Bank?

The difference comes down to the products each can offer, and where their allegiances lie.

A banker is directed and paid by the bank, to make the bank money in the best interest of the bank. A mortgage broker is independent, has access to multiple lenders and will simply review the market to get you the best mortgage available, which is to your benefit. A mortgage broker also offers independent mortgage advice.

As the lender pays the mortgage broker upon closing, there is no cost to you with some exceptions.

10/06/2021

What is the difference between a fixed and variable rate mortgage?

Click and learn more.

09/23/2021

Save, save, save! Here is a mortgage tip on how to prepare for your first or tenth mortgage!

09/16/2021

The mortgage term amortization, what does it mean? I explain here:

09/06/2021

Wishing all those celebrating a very sweet New Year! Happy Rosh Hashanah! 🍎🍯

09/02/2021

Chris, thanks for the wonderful feedback! Working with you was a pleasure.

08/17/2021

The Property’s Fair Market Value and your Mortgage

When you choose a home or refinance a home, a lender will want to make sure of the home’s fair market value. The amount of the loan approved will be based in part on the fair market value of the property. The value is the lenders' best guarantee that they can recover the mortgage money, even if in the worst case you stop making mortgage payments. In many cases, a lender will require a professional “Appraisal” that will give them reasonable confirmation of the actual fair market value of the property you are purchasing. There are many reasons you may want an appraisal done on your property to confirm the fair market value. Realtors are also a very good source of this information as they do similar calculations that appraisers do to confirm the fair market value in order to help you to buy or sell your home.

Keep in mind that the BC Assessment that comes out in January every year is actually based on the previous year’s July value estimates.

Also, these calculations are only even close to market value if there have been other sales in the area recently to the previous July. For this reason, many assessments are way off of real fair market value as they can be based on information that is 6 months to 18 months old. This is enough time for the value of the property to fluctuate significantly! It however a very easy way to have a ballpark “Fair Market Value”.

BC Assessment provides current actual value assessments for tax purposes on all properties in British Columbia and provides expertise in real estate data, mass appraisal systems and management.

08/03/2021

Keep your credit score in good standing!

Qualifying for a mortgage and having the best rates depends on your credit score. The best rates go to borrowers with high credit scores. Here is how to keep your credit amazing:

* Pay your credit card bills on time at the due date
* Pay your credit card bills in full if possible
* Do not keep more than 2 credit cards
* Do not keep a balance ever of more than 50% of your high limit. (this is on your credit bureau!)
* Make sure you have a credit card in your name alone or with you as the primary cardholder.

07/30/2021

What is an important step to make sure your mortgage is perfect before you give over your hard-earned money?

Many people wait until they get to the signing meeting at their lawyer or notary and are faced with documents that mean very little to them to sign.

Here is an “insider” trick. Prior to your visit with your lawyer or notary, ask for the following documents:

Statement of Adjustments and the Land Title Form B in draft form.
Once you have these 2 documents you can now know and double-check that the lender sent the appropriate numbers to the lawyer or notary.

You will also be able to understand the calculation of the exact amount of the cheque that you were requested to bring to the signing and be completely relaxed. Blood pressure is now lower.

07/22/2021

First Responder Mortgage Program through Mortgage Architects!

I want to thank every last person that has weathered the past 18 months or so and been the brave face of any front-line work. I applaud you!

There is a grateful lender that has launched a program of special rates and cashback for a specific, narrow list of front-line workers. Here are the individuals that have been invited to apply:

Police Officers
Paramedics
Firefighters (employed and volunteer)
Correctional Services
Border Services
Search & Rescue
Registered Physicians
Registered Nurses

Available until October 31st, 2021. Ask me for details!
Please feel free to share this post with anyone you know who qualifies.

07/16/2021

Reading Google reviews makes us feel so incredibly grateful! We appreciate all our clients. 😊