Jean-Francois Faucher

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Happy Thanksgiving everyone!! 🙏
10/10/2022

Happy Thanksgiving everyone!! 🙏

Prequalification and preapproval are often used interchangeably, but they are two different concepts. Prequalification i...
08/22/2022

Prequalification and preapproval are often used interchangeably, but they are two different concepts.

Prequalification is the initial step a homebuyer can take to receive a tentative assessment to find out how much they would receive for a mortgage. It is a less rigorous process and can potentially be less accurate as minimal documentation is required upfront.

The preapproval provides conditions to the homebuyer and requires more documentation, specifies an interest rate, principal amount, and term. There is more certainty with a preapproval than with a prequalification.

Reach out to me today to discuss your options! I am here to help maximize your financial goals and mortgage needs.

For insured mortgages in Canada, 25 years is the maximum amortization period. However, uninsured homebuyers with a minim...
08/19/2022

For insured mortgages in Canada, 25 years is the maximum amortization period. However, uninsured homebuyers with a minimum 20% down payment can increase their amortization period to 30 years.

To discuss which option best suits your financial goals, contact me today!

In a volatile real estate market, some lenders often scale back on the size of their loans in areas outside of major urb...
08/16/2022

In a volatile real estate market, some lenders often scale back on the size of their loans in areas outside of major urban centers.
Choosing to work with a mortgage broker opens up your financing options immensely (which benefits YOU in a volatile market)! You have access to a wider pool of bank lenders and private lenders.

When the market is hot, Sellers expect fewer conditions present (as offers have likely been issued). When the market is ...
08/11/2022

When the market is hot, Sellers expect fewer conditions present (as offers have likely been issued). When the market is cool, Buyers have an opportunity to do more due diligence. It is easier to request a condition of financing or inspection in a cool market. When the properties are flying off the shelves, it is often hard to get any conditions accepted.
Reach out to me today! I am here to help maximize your financial goals and mortgage needs.

Rent-to-Own (RTO) is an agreement between a landlord and tenant in which the tenant agrees to rent the property for a ce...
08/08/2022

Rent-to-Own (RTO) is an agreement between a landlord and tenant in which the tenant agrees to rent the property for a certain period of time and has an option to buy before the lease expires. RTOs are a great option to build up a person’s income, credit score, and down payment before committing to a mortgage. Additionally, when interest rates are high, rental leases aren’t affected by interest rate fluctuations and payments remain consistent. I am here to help you pave your financial way forward.

08/05/2022

If you notice incomplete or inaccurate information on your credit report, it is best to contact the financial institution directly.
However, Equifax account members can also submit dispute requests through an online portal. Most disputes are resolved within 30 days, and the member will receive a notification when the investigation has been closed.

As interest rates rise, consider choosing a shorter loan term to maximize your financial goals. For example, say you loc...
07/26/2022

As interest rates rise, consider choosing a shorter loan term to maximize your financial goals.

For example, say you locked in a fixed-term mortgage for 5 years during a high interest rate period. In year 3, interest rates decrease substantially. However, you will need to continue paying the higher interest rates until term expiry to avoid paying an early refinancing penalty.

By choosing a shorter-term mortgage, you are weighing out your options by opening up opportunity for market assessment sooner.

Reach out to me today. I am here to help maximize your financial goals and mortgage needs.


At initial purchase, paying a larger down payment will result in less interest paid over time. If interest rates rise, t...
07/19/2022

At initial purchase, paying a larger down payment will result in less interest paid over time. If interest rates rise, this will allow you to hedge your payment and mitigate potential risk.

For example, say your credit available is $500,000. Option 1: Utilize a 20% down payment and put down $100,000; then for your remaining mortgage amortization, you are paying interest off of the $400,000 principal base. Option 2: Utilize a 5% down payment and put down $25,000; then for your remaining mortgage amortization, you are paying interest off of the $475,000 principal base. Over time, option 1 will result in less interest paid.

To learn more about the cost of interest rate increases to your mortgage, reach out to me today!


07/16/2022

As interest rates rise and economic conditions may be uncertain, consider reaching out to a mortgage broker to reassess your financial needs. We can chat about (1) term lengths, (2) payment options, (3) refinancing and assessing available credit, (4) and SO MUCH MORE!


Reach out to us for more information regarding how interest rate adjustments will affect your mortgage!


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Vancouver, BC

Telephone

+16043155438

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