Shen Mortgage Solutions
600 - 1200 West 73rd Avenue V6P 6G5 Vancouver, BC, Canada

- Should you be worried? Getting in the real estate market can seem overwhelming. You don’t need to worry, but you need to be prepared. Talk to a realtor and mortgage professional if you are thinking about buying a home. It's best to make informed decisions.

- The term is the length of time you are committed to the mortgage lender, interest rate and conditions. Terms can range from 6-months to 10-years. The 5-year term is the most common. If you decide to break your term, a prepayment penalty would usually apply. However, this might save you money if there is a lower interest rate available. The amortization is the length of time it takes to pay off the mortgage. You could reduce this time if you make extra payments towards your mortgage balance. You could also stretch out your amortization with a refinance to reduce your payments or to borrow more.

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- When you buy a home, an appraisal helps confirm the value. Appraisers check out the property and produce a detailed report. Mortgage lenders want to make sure the appraised value is at least the same or more than the purchase price. Without an appraisal, they have the risk of lending on a property that could have a lesser value. If the appraised value comes in lower than the purchase price, the lender might need a higher down payment to cover the difference. It may als...o be possible to ask the seller for a price reduction or to reconfigure financing. Most high ratio mortgages (Less than 20% down payment) do not require an appraisal. See more

- Real Estate Update The First Time Home Buyers Incentive comes into effect. ... With this program, the government may be able to help with a down payment of either 5% for a re-sale home or 10% for a newly built home. Total down payment, including the incentive, must be below 20%. The main benefit of this program helps lower the monthly mortgage payments of households. However, there are certain conditions to qualify. Also, the Bank of Canada has announced this morning that they will maintain the overnight rate target at 1.75%. World trade has contracted and business investment has weakened due to the US-China trade conflict. The bank believes the growth and strength earlier this year is temporary. They continue to monitor how global developments affect the Canadian outlook. Market watchers are predicting an interest rate cut in the near future. See more