The Green Mortgage Team
780 - 789 West Pender Street V6C 2X1 Vancouver, BC, Canada

Watch the latest recording of the GMT Webinar Series Everything you need to know when buying your first home Recording Link: https://us02web.zoom.us//AeE78EJIuB0YOCLVzhSGadgzIuoqOeHd- A new GMT Webinar Series takes places the first Wednesday of every month. The next webinar will be on Wednesday, May 5th. Kyle Green will be talking about how real estate returns are typically over 20% per year - the why and how of investing in real estate! ... Spots are limited, register early! https://us02web.zoom.us//3116154/WN_zq4JIcMXTEi_ySY_3IM1qg

The next GMT Webinar Series is happening tomorrow Wednesday, April 7th at 7 PM (on zoom). Kyle Green will be talking about everything you need to know when buying your first home! Pre-registration is required as space is limited https://us02web.zoom.us//7116135/WN_98apcgSDQ5axuCviBoZL4w

Wishing you and your loved ones a safe, joyful and peaceful day!

Shout out to the Underwriting team at The Green Mortgage Team and all Underwriters across the province and country today - Happy National Underwriter Appreciation Day!

It’s time to take a moment to celebrate and highlight the people who make up The Green Mortgage Team! Our team kicked off 2021 in a big way by welcoming mortgage underwriting expert, Geoff Shoji to our team as our Underwriting Manager. Since 2007, Geoff has worked in both the banking and broker channel sides of the business, which has helped him develop a well-rounded perspective of the mortgage and finance industry.... When he’s not busy being a #rockstar at GMT, he enjoys spending time at the ice rink or soccer pitch either playing with or cheering on his two lovely daughters, as well as, spending quality time with his wife and close friends. Check out our full interview with Geoff on page 8 https://issuu.com/thegreenmortgageteam/docs/jan-winter-final

"The Bank of Canada says it will wind down several pandemic buying and lending programs aimed at keeping credit flowing, believing its work there is done as market conditions improve. In a speech, deputy governor Toni Gravelle said Tuesday the bank will suspend or discontinue market liquidity-focused programs beginning early April and then into May." For more details

The annual Vancouver Real Estate Investment Summit it happening this Saturday, March 27. Secure your free spot at this digital event https://us02web.zoom.us//8916148/WN_3fC6iLYqSVGhYv5v5iJOYQ With mortgage rates at record lows, Kyle Green will be sharing his thoughts on where interest rates are heading. Check out this year’s great line up of speakers and the topics they will cover below. See you Saturday!

The Bank of Canada surprised nobody with their decision this week to keep the overnight lending rate at .25%. The general expectation is that the Bank of Canada will keep rates low until 2023, possibly even longer. The statement released this week reiterated that the Bank will keep the policy interest rate low "until economic slack is absorbed so that the 2% inflation target is sustainably achieved." Although inflation in October picked up, it was mainly because of higher p...rices for fresh fruits and vegetables. The Bank's policy statement said that measures of core inflation are all below 2%, and "considerable economic slack is expected to continue to weigh on inflation for some time." The economy will continue to require this stimulus until 2023--as stated in the most recent (October) Monetary Policy Report (MPR). So, expect no major changes to your variable rate for a while! - Kyle Green

When purchasing a pre-sale, there can be a few years between your decision to purchase and closing on the property. During this time, a lot of things can happen, including changes to lending guidelines and changes to your financial profile. One way to avoid these problems is getting approved now, which protects your ability to close regardless of changes to your financial profile. This also protects you from changes to lending guidelines, ensuring you are grandfathered in. ...Learn more about avoiding mistakes when purchasing a pre-sale in our blog https://www.greenmortgageteam.ca/5-biggest-mistakes-when-p/

As we have seen this year, interest rates can change, and they can change quick. When buying a pre-sale, rates can change during the course of the construction, affecting your ability to qualify for the mortgage once the property completes. One way to avoid this is to obtain a long-term rate hold. While it can be more expensive than current rates, it protects you in the event rates increase.... Learn more about protecting yourself when buying a pre-sale https://www.greenmortgageteam.ca/5-biggest-mistakes-when-p/

Let’s talk about pre-sales. The main piece of advice we have when it comes to pre-sales is: plan ahead. The last thing you want is to be in a position where you are unable to complete on your contract or risk losing your deposit. Check out our newest blog in which we highlight the 5 biggest mistakes people make when purchasing a pre-sale property and how you can avoid them with one simple solution

Which lenders will finance construction? Mortgage lenders typically do not like financing bare land because the land has little utility without an existing dwelling. While some credit unions will consider bare land financing, most major banks want to see your plan in place for the property before considering financing.... The plan consists of things like your budget and contract with the builder. It’s important to package these well right from the start. To learn how to best package your project for a lender, contact us today and make sure to read our blog on the topic https://www.greenmortgageteam.ca/construction-mortgage/

How much down payment is needed for construction financing? In order to get a construction mortgage, the cash required is approximately 50% of the overall land plus construction costs. Although it is possible to get 80% financing, or even up to 95% financing for an insured construction loan, lenders require more capital during construction compared to a conventional mortgage. We explain this in our latest blog ... https://www.greenmortgageteam.ca/construction-mortgage/

Whether you are getting your first mortgage or you are financing a commercial project, and everything in between - getting a mortgage is one of the biggest decisions you make, and oftentimes, time is of the essence during the process. We get that and we pride ourselves on getting things done efficiently, and effectively for you. Thank you for the kind words Ecio!

Catch this great line up of speakers at tomorrow at the Real Estate Investment Summit Vancouver. Just after 9 AM, Kyle Green will be sharing about how you can take advantage of the historically low interest rates we are seeing right now. The online event will run 9 AM to 12 PM tomorrow (Saturday, October 24). Get the Zoom link in our bio.

Despite the substantial negative impact of COVID-19 across many industries, the virus has had a positive impact on mortgages, specifically for people getting a new mortgage today and for people that were in an existing variable rate mortgage. Not only that, but some of our clients have decided to break their mortgage and pay a $10,000 penalty, but will save over $30,000 over the term of their mortgage. Are you wondering if refinancing might be a good option for you? Check out... our blog post on the topic https://www.greenmortgageteam.ca/save-thousands-in-interes/ Still not sure? Send us a private message or contact us at [email protected] or 604-229-5515 and we can review your options for you.

Get the latest update on what mortgage rates are doing this month and our prediction for the future of mortgage rates.

Join us on October 30th at 1 PM PST for Winning In Real Estate (WIRE) with the Green Mortgage Team and Real Estate Investment Network. Learn more and register for your free ticket here https://rein.swoogo.com/green-wire-webinar Are you currently standing on the sidelines, missing opportunities, and watching others create financial success through investing in real estate? WIRE will transform the way you view and think about real estate and yourself.

Only 3 days left until the Real Estate Investment Summit Vancouver! Have you secured your ticket yet? https://us02web.zoom.us//3216021/WN_0Nfrg_oNTyKUIoRdAWqfcw Industry leaders will be shedding light on where they see opportunities in the market moving forward.... Kyle Green of the Green Mortgage Team will share with us how we can take advantage of the historically low interest rates we are seeing right now. See you on Zoom this Saturday, October 9am-12pm!

"With the government buying back less Canada Mortgage Bonds (CMBs), this may increase the spread over bond yields and cause a slight uptick in mortgage rates. I think that we will finally reach the bottom out point in fixed rates." - Kyle Green

Enter to win a $300 VISA Gift Card! Even though we will not get to see all of you at our Annual Client Appreciation Event this year, we want to show you how much we appreciate all of you! It is time to go through your closet and find all of your favourite green clothing! Send us a photo of yourself wearing your best green outfit and you will be entered to win a $300 prepaid VISA gift card.... Bonus entries: Invite your family to join in! For each same-household family member in your photo, you will receive one entry per person in the photo. Please submit your entries via email to [email protected]. Contest closes September 30th at 5 PM. The winning entry will be chosen at random. Photos will not be posted online without participant’s consent.

Land Rush 2020 is here! Nine speakers, including Ozzie Jurock and Kyle Green, will forecast the future of the real estate market: what to buy, where to buy and most importantly what and where not to buy! Kyle will be speaking at 9:50 AM today about the effects of COVID-19 on the mortgage market, plus how to get 1.5% interest on a 40-year amortization on your multi-family building. See you on Zoom! ... Land Rush 2020 *NEW DATE SEPTEMBER 19th! https://jurock.com/product/land-rush-2020-tix/

Don't miss the great line up of speakers at the Real Estate Investment Summit Vancouver on October 24th, 9 AM to 12 PM. Interest rates are historically low right now, and Kyle Green will be sharing about how you can take advantage of them. Save your complimentary seat for this event ... https://us02web.zoom.us//3216021/WN_0Nfrg_oNTyKUIoRdAWqfcw

No one was surprised this week when the Bank of Canada decided to keep the overnight lending rate at 0.25%. The Bank of Canada cited that they face a long climb out of the hole COVID-19 has created, which is aligns with our opinion that the Bank of Canada is unlikely to raise interest rates until 2023 (at the earliest). If you are in a variable rate right now, you should feel comfortable that it is unlikely your rate will go up for the next two years.

We hope that this Thanksgiving finds you with plenty of reasons to give thanks. Wishing you and yours a wonderful and safe long weekend!

#ThrowbackThursday to Kyle Green speaking at the last Vancouver Real Estate Investment Summit. The next summit is taking place this Saturday 9am-12pm via Zoom. Kyle Green will be speaking about the steps to take to get commercial lending at 11am. There are a limited amount of spots available for this Zoom conference. Be sure to register at the link below: ... http://r20.rs6.net/tn.jsp

Are you a SUPERSTAR? Do you want to join a team of A Players? Are you looking for a career that is a good match to your personality, your ambitions to work hard, and to have an awesome career in finance? Kyle Green of the Green Mortgage Team has been one of the Top 25 brokers in Canada since 2017 and he is looking for YOU as long as you are wicked awesome. We are hiring for the new position of Underwriting Manager. ... We primarily specialize in helping investors purchase properties so we are able to offer a more unique experience than the average broker or lender. We are more than happy to show you how you can make millions in real estate like many of our clients! Full details https://ca.indeed.com//mortgage-underwriting-manager-81f88

"Our clients are refinancing not only because they may save money over the remainder of their current term, but because now they will have a new mortgage for, say, five years instead of renewing in a year or two when rates could be higher at the time." - Kyle Green Kyle Green has released his latest blog on how you could save thousands of dollars in interest by refinancing your mortgage during COVID-19. Check out our latest blog post to learn if you could benefit from this s...trategy. https://www.greenmortgageteam.ca/save-thousands-in-interes/

Don't miss Kyle Green at the Real Estate Investment Summit Vancouver on October 24th, 9 AM to 12 PM. Interest rates are historically low right now, and Kyle Green will be sharing about how you can take advantage of them. Save your complimentary seat for this event here ... https://us02web.zoom.us//3216021/WN_0Nfrg_oNTyKUIoRdAWqfcw

The 2020 Vancouver Real Estate Investment Summit is just around the corner! Secure your spot for this Saturday’s conference (via Zoom) at the link below. Kyle Green will be speaking about the steps you need to take to get commercial financing. https://us02web.zoom.us//8315913/WN_F-0ti1sjRFKUPN1d99OSAA... Investment Revenue Realty

Congratulations to the winners of our $300 VISA Gift Card giveaway last week! Check out these COVID-style green outfits from our winners, Penny Walter and James Manley.

Enter to win a $300 VISA Gift Card! LAST CHANCE TO ENTER IS TODAY! Even though we will not get to see all of you at our Annual Client Appreciation Event this year, we want to show you how much we appreciate all of you! It is time to go through your closet and find all of your favourite green clothing! Send us a photo of yourself wearing your best green outfit and you will be entered to win a $300 prepaid VISA gift card.... Bonus entries: Invite your family to join in! For each same-household family member in your photo, you will receive one entry per person in the photo. Please submit your entries via email to [email protected]. Contest closes today, September 30th, at 5 PM. The winning entry will be chosen at random and contacted directly. Photos will not be posted online without participant’s consent.

Are you currently on a mortgage deferral program and looking for financing? Recently, we are finding lenders will not lend to clients if they are currently on a mortgage deferral program. Which means you must come off the deferral program before you can qualify for a mortgage. Why? The lender will need to reset the mortgage payments based on the new outstanding loan amount. The new outstanding loan amount is now higher due to the deferred payments being added to the outstanding balance. This new payment needs to be factored into the debt servicing for the new loan amount.

Join us on Saturday, July 11th for the 2020 Vancouver Real Estate Investment Summit (9am-12pm). Enjoy this year's summit from the comfort of your home via Zoom! Among the outstanding line up of speakers, Kyle Green will be speaking about the steps to financing a commercial property. For more details and the full list of speakers, and to register for free https://us02web.zoom.us//8315913/WN_F-0ti1sjRFKUPN1d99OSAA

To wrap up our recent discussion about the upcoming CHMC rule changes, we want to answer one important question we have been hearing: What should I do? If you are planning on buying a property soon with less than 20% down, you will need to act quickly. A pre-approval does not pass through the insurer. In order for the old policies to be grandfathered in, you will need an accepted offer and a CMHC approval in place before July 1 (and we suspect most lenders will cut-off appro...vals for these guidelines a few days prior). If you want to maximize your borrowing power, update your mortgage broker and realtor, put on a mask and gloves and get shopping.

Join us on July 11th for the Vancouver Real Estate Investment Summit! Full details

It's less than two weeks until the recently announced CMHC changes take effect. As part of those changes, the minimum credit score will be raised from 600 to 680 for at least one borrower. This should not affect many of you, as only approximately 5% of the CMHC’s approvals have credit scores under 680. In general, we find that most applicants with credit scores under 680 are typically hard-pressed to get an approval.

The CMHC has decreased the Total Debt Service (TDS) ratios from 44% previously to 42% now. What does that mean for borrowers? This should not impact borrowers a lot, but people who have a high debt load outside of the property, such as car payments, student loans, credit cards, etc., will see about a 5% reduction in borrowing power.... This is not cumulative to the decrease to the GDS ratio we explained in our last post. You can read our full blog post explaining the CMHC changes on our website https://www.greenmortgageteam.ca/blog-cmhc-rule-changes-wi/

The hardest hitting change coming from the recent CMHC announcement is the decrease in Gross Debt Service (GDS) ratio from 39% previously to 35% starting July 1st. 18% of CMHC’s insured mortgages have a GDS ratio over 35%, so this will impact a lot of buyers. A reduction in 4% debt servicing will reduce borrowing power by approximately 10%. This reduction has the same impact as increasing the stress test rate from the current 4.94% to 6.30%. ... Read our full blog post https://www.greenmortgageteam.ca/blog-cmhc-rule-changes-wi/

As an update to yesterday's post: Genworth and Canada Guaranty, Canada's two private section mortgage insurers, have decided not to follow CMHC’s lead in tightening mortgage insurance eligibility. Both companies will continue their programs unchanged. What does that mean moving forward? We will likely see the insurers start to do a minor pullback on approving borderline deals, but for applications that make sense, options will still be available for those that no longer fit with CMHC.

Effective July 1st, CMHC rule changes will make it harder to qualify. Why Good question - an even better question would be "Why now"... Read Kyle Green's full article here https://www.greenmortgageteam.ca/blog-cmhc-rule-changes-wi/ Kyle explains the changes and what they mean for you. CMHC has made the following rule changes to insured mortgages (less than 20% down): - Decreasing the Gross Debt Service (GDS) ratios to 35% (from 39%) - Decreasing the Total Debt Service (TDS) ratios to 42% (from 44%) - Raising the minimum credit score to 680 (from 600) for at least one borrower - Banning non-traditional sources of down payment that increase indebtedness like borrowed down payment

This morning the Bank of Canada announced that it will hold its benchmark interest rate steady at 0.25%, saying that the economic impact of COVID-19 on the world economy seems to have peaked. What does this mean for the future of rates? In our opinion, we do not expect the rates to rise for the next 9-12 months.

We are excited to participate in our first virtual conference this weekend with Real Estate Investment Network at the Virtual COVID Crisis S.O.S Conference. At 11:35 AM on Saturday, May 23, Kyle Green will be on a panel discussing how writing offers has changed because of COVID-19. At 12:25 PM, Kyle will be presenting on how financing has changed in this new world we are living in. This will be a new presentation you won't want to miss! ... Register here: https://rein.swoogo.com/sos-conference

Is your business short on cash right now? Consider the $100,000 BDC online application. It’s a quick way to get access to cash. Schedule a complimentary call with us to review what other options are available for your specific situation ... https://www.greenmortgageteam.ca/#jump

Join us at these upcoming online events this Spring!