Quintessential Insurance Services

09/14/2023

Some of my flower photos to brighten the day! This weather is so lovely that they have lasted well.

04/18/2023

Excellent information

I understand most people's concern when they say interest rates are high right now. 📈

However, if you're paying rent that means your paying 100% interest since none of your payment is going towards the principal of your home. 💸

If you want to start paying off your own mortgage, instead of your landlord's, I'd be happy to work with you to achieve your goals. 🏠

Get pre-approved today! 👋

250-888-8036 [email protected]
www.mortgagesbylori.com

*𝘔𝘰𝘳𝘵𝘨𝘢𝘨𝘦 𝘦𝘴𝘵𝘪𝘮𝘢𝘵𝘦𝘴 𝘣𝘢𝘴𝘦𝘥 𝘰𝘯 4.59% 𝘐𝘯𝘴𝘶𝘳𝘦𝘥 𝘔𝘰𝘳𝘵𝘨𝘢𝘨𝘦, 𝘢𝘴 𝘰𝘧 𝘍𝘦𝘣 5𝘵𝘩, 2023. 𝘙𝘢𝘵𝘦𝘴 𝘢𝘳𝘦 𝘴𝘶𝘣𝘫𝘦𝘤𝘵 𝘵𝘰 𝘤𝘩𝘢𝘯𝘨𝘦 𝘸𝘪𝘵𝘩𝘰𝘶𝘵 𝘯𝘰𝘵𝘪𝘤𝘦. 𝘛𝘩𝘪𝘴 𝘪𝘴 𝘯𝘰𝘵 𝘢 𝘤𝘰𝘮𝘮𝘪𝘵𝘮𝘦𝘯𝘵 𝘵𝘰 𝘭𝘦𝘯𝘥 𝘰𝘳 𝘢𝘱𝘱𝘳𝘰𝘷𝘢𝘭. 𝘊𝘰𝘯𝘴𝘶𝘮𝘦𝘳𝘴 𝘴𝘩𝘰𝘶𝘭𝘥 𝘤𝘰𝘯𝘵𝘢𝘤𝘵 𝘮𝘰𝘳𝘵𝘨𝘢𝘨𝘦 𝘱𝘳𝘰𝘧𝘦𝘴𝘴𝘪𝘰𝘯𝘢𝘭𝘴 𝘧𝘰𝘳 𝘮𝘰𝘳𝘦 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯.

04/18/2023

When purchasing a home you'll often hear a mortgage professional refer to the terms "𝐈𝐧𝐬𝐮𝐫𝐞𝐝" or "𝐂𝐨𝐧𝐯𝐞𝐧𝐭𝐢𝐨𝐧𝐚𝐥".

Learn more below👇

𝐈𝐧𝐬𝐮𝐫𝐞𝐝: When you purchase an owner-occupied property with *less* than 20% down. Default insurance is required.

𝐂𝐨𝐧𝐯𝐞𝐧𝐭𝐢𝐨𝐧𝐚𝐥: When you purchase a home with 20% or *more*. Default insurance is typically not required.

Want to learn more about mortgages? Follow me for more tips & tricks! ✏️

04/04/2023

Want to improve your credit score? Here are a few steps you can take: 🏠

➡️ Pay your bills on time: Late payments can have a negative impact on your credit score.

➡️ Keep your credit card balances low: High balances can indicate that you're overextended

➡️ Monitor your credit report: Make sure there are no errors that could be hurting your score

➡️ Don't close old credit accounts: Having a long credit history can improve your score

➡️ Be selective about applying for credit: Each application can result in a hard inquiry, which can temporarily lower your score

➡️ Use your credit: Show lenders that you are capable of managing the credit you have access to

Remember, a good credit score can open doors to better loan terms and lower interest rates. 🙌🏻

03/21/2023

2022 was full of ups and downs, including house prices & interest rates. 📈📉

Here's a breakdown based on CREA National Price Averages:
📉 Prices have gone down by $85,261
💰 You need $8,526 less of a down payment to buy that same home
🫰 You will save $3,070 in default insurance
🏠 You're total mortgage will be $79,805 lower
❌ Your interest rate will be roughly 3.10% higher
❌ Your payment will be roughly $622/m higher

So why would you buy now? 🤔 You'll get a great deal on a house, build equity quickly and see huge savings in your payment once rates start to decline 📉

Ready to get pre-approved? Let's chat!

*Disclaimer: The above is for illustrative purposes only. Users should not rely on these calculations to make any financial decisions. Calculations are just approximated and should be verified.

03/15/2023

Great advice

Want to buy a house in Canada? Here's a quick guide on the steps to take to get a mortgage: 🏠

1. Understand and improve your credit score & history. Lenders are looking for a good beacon score and repayment history ✅

2. Gather your income & debts documents for your mortgage professional ✅

3. Get pre-approved to determine your affordability before you start shopping for a home ✅

4. Work with a Realtor to find a home that fits your budget and meets your needs ✅

6. Upon an accepted offer on your new home, your mortgage professional will submit your application for a full approval review ✅

7. Once the lender fully approves you, you are good to remove your financing subject on your home ✅

8. You pay a deposit towards your home, collect the remainder of your down payment and the lawyer receives the remainder of the mortgage funds for your purchase ✅

9. Your purchase completes and you are ready to move into your new home ✅

Let's start by getting you pre-approved! 🏠

01/19/2023

If you're lucky enough to get a bonus every year, we may be able to use that extra income to help you qualify for a larger loan amount. 🏠

Lenders like to see consistency in bonus income, meaning we need a minimum two year history. 🗓️

The best way to prove this to your lender is to show us your 2021 & 2022 T4s or Personal Income Tax Returns (T1s). 🖊️

Want to learn more about using your bonus income in your mortgage application? Contact me at 250-888-8036 [email protected] www.mortgagesbylori.com

12/26/2022

Lately, the media has instilled a lot of fear into Canadians about mortgage rates & renewals. 😱

I'm here to help you navigate through those concerns & help find you the best interest rate and mortgage product to suit your unique needs. 🏦

Did you know you can hold an interest rate for up to 120 days? 😮

Let me know when you're up for renewal and we will start working on a plan together 👋🏻

source: canadianmortgagetrends.com

12/19/2022

What’s going on with interest rates? 📈📉
How long is my pre-approval good for? 🤔
Should I go fixed or variable? 🏦
Should I pay out my debts before buying a home? 💳

I’m a licensed mortgage professional and ready to answer your home financing questions! 👋🏻PM me to get started today!
~

12/09/2022

This is very good info from Mortgage Agent, Lori Lenaghan. Her experience and energy make her ideal to work with.

When it comes to saving for your first home, many think of the down payment. 💰
In Canada, you need a minimum of 5% down but this can vary based on your purchase price. Minimum down payment is based on 5% of the first $500,000 of value plus 10% of any amount over $500,000. And if the purchase price is over $1 million, then you must have 20% down payment

You will also have to save for a few more things, such as:
💸 Appraisal Cost (if applicable)
💸 Home Inspection (if applicable)
💸 Land Transfer Tax (if applicable)
💸 Legal fees
💸 Home Insurance
💸 Moving expenses

TIP: Most lenders like to see that you have saved 1.5% of the purchase price, in addition to your down payment, for closing cost 🏠

If you have any more questions about buying a home feel free to call me at 250-888-8036 or send me a message to [email protected]

11/25/2022

𝐇𝐚𝐯𝐞 𝐲𝐨𝐮 𝐫𝐞𝐜𝐞𝐧𝐭𝐥𝐲 𝐛𝐞𝐞𝐧 𝐝𝐞𝐜𝐥𝐢𝐧𝐞𝐝?

Your income, debt, credit & assets have a large impact on the lender's decision when it comes to reviewing your mortgage application.

Let's set up a call at 250-888-8036 or email me at [email protected] to go over your application details and dissect why you were declined.
This way we can come up with a short or long-term plan to get you into your future home or I can also assist you with your current mortgage with a refinance.
I have many lenders who offer alternative financing at reasonable rates!!

11/23/2022

Looking for a place you can call "home?" Give me a call at 250-888-8036 or send me a message at [email protected] and let's get started on your pre-approval!

I can help connect you with a Realtor and help find a home within your price range! 🏠