Revan Dankha, Mortgage Agent

01/04/2024

12/28/2023

While some buyers are waiting on the sidelines, others are jumping in. What you might not realize is that there are benefits to buying in a slower market, such as;

📌 Less competition, which gives the buyer more edge.
📌 Prices are coming down from the record highs, making homes more affordable.

What goes up must come down, and when rates do come down, those who got into the market today will be able to restructure their mortgage and save on interest in the long run.

12/18/2023

If your mortgage is coming up for renewal, you need to start preparing for higher rates. Two tips to help you get ready are:

1. Take advantage of your prepayment privileges and increase your payment amount. You will pay down more principal and be accustomed to paying a higher amount at renewal.

2. Watch your bad debt. Be cautious about any credit card or other high-interest debt.

It is not about panicking; it’s about being prudent. Reach out to determine your best strategies.

12/13/2023

Rather than purchasing an existing home, a construction loan allows you to borrow money to have your own home built for you. This allows you to construct your own home from the ground up.

Homebuilding loans differ from ordinary mortgages in terms of loan length and loan availability.

Here are a few quick tips on construction loans 🛠:

📌Construction loans enable you to fund the construction of unique residences.

📌You do not receive the entire mortgage amount straight front. Instead, four payments are made with each building milestone.

📌Construction loan rates are often higher than regular loan rates.

For more information on construction loans, reach out.

12/05/2023

With the higher interest rate environment we are currently in, a solution to lowering your monthly mortgage payment could be extending your amortization. Extending your amortization will stretch your mortgage repayment schedule out, which can potentially lower your monthly payment.

Reach out to see if this is a good solution for you.

11/29/2023

If you have an insured mortgage with CMHC, Sagen, or Canada Guaranty, you are exempt from the Stress Test when switching lenders. As a mortgage borrower, this gives you more choice vs. a ‘take it or leave it’ scenario.

Reach out to explore your options.

11/21/2023

Finding a co-signer for your mortgage is a great solution, but not everyone is comfortable taking on that responsibility. Below are three alternatives to having a co-signer on your mortgage:

1. Receiving a gifted down payment. Depending on the amount, a gifted down payment might be exactly what is needed to help qualify for a mortgage without needing a co-signer.

2. Getting a joint mortgage. Joint mortgages are popular with parents helping their children buy a first home. They give both parties equal responsibility to make payments. In return, all parties get equal ownership of the home.

3. Using buyer assistance programs like the First Time Home Buyers Incentive, the Home Buyers’ Plan, or the First Home Savings Account.

For more information, reach out for a free consultation.

11/14/2023

Purchase + Improvements is ideal for the person looking to purchase a home with great potential but needs a little extra work. It allows you to incorporate the renovation costs into your mortgage upon purchase.

Reach out to learn more and see if this product is right for you.

11/07/2023

You can improve your ability to qualify for a mortgage. To get an idea of what strategies will work best for you, reach out as early as possible in the process to start the conversation. Being as prepared as possible will reduce stress and possibly save you money.

Five ways to improve mortgage qualifying success👇

1. Help from parents – co-sign, gifted down payment
2. Pay off debt
3. Polish your credit
4. Put down a larger down payment
5. Get advice early

10/31/2023

If your mortgage is coming up for renewal this year, don’t panic. Reach out to explore your options. I have access to over 60 lenders and will be able to run your numbers to see what term is best for you. Plus, my services are free!