Ash Sourk- Scotiabank Home Financing Advisor

Here are couple magic numbers to remember if you are in the market for a new home, or are looking to refinance an existing property!

✅80%- this is loan to value ratio most banks will allow when you are looking to refinance your current property. This means that if you have a home that is appraised at 500K, you can take out up to 400K in lending when refinancing.

✅3.2 Years- this is the average length of a mortgage for a typical Canadian homebuyer. This is something to consider when making a decision on your mortgage term.

✅5x Yearly Income- this is generally the maximum amount a borrower will be approved for when applying for financing. For example, if your household income is 100k, you could be approved for up to 500k in financing

✅5%, 10%, 20%- These are the minimum down payment percentages for homes under 0-500k, 500k-1Mil, and over 1 million respectively. KEEP IN MIND, these percentages are tied to these tiers so if you are purchasing a 600k home for example, you would be required to put down 5% on the first 500k (25k), and 10% on the remaining 100k ( 10k) for a total of 35k down.

✅30 Years, 25 Years- these are the maximum mortgage amortizations for uninsured, and insured mortgages respectively.

✅680- This is typically the minimum credit score needed to be considered for an uninsured mortgage.

If you have any questions please let me know!

📲604-839-0139
📧[email protected]

Over the last 15 months, people have come up with lots of different ways to earn income with the free time that came with the pandemic. Here are 5 easy ways to earn money and save for your next big purchase!

✅Flipping
-We've all heard the phrase "buy low, sell high". Flipping is the art of finding undervalued or underpriced goods and selling them at a higher price. The beauty of it is that any one with any budget can get started and there are always spots to make money, it just takes time, some product knowledge, and some negotiating skills. You would be surprised what markets exists right around you.

✅Ride Share Apps, Skip/Doordash,
- These companies are always looking for new drivers, the hours are flexible, and all you need is a drivers license. The average Uber driver makes $18 an hour so even at 10 hours a week you can supplement your income by over $500 a month.

✅Turo
- Turo is an up and coming car share company which allows people with extra vehicles to rent them out for a profit. Think of it as Airbnb but for cars.

✅Teaching
- if you have a particular skill or knowledge in a specific field, teaching can be the side hustle for you. Online course websites like Kajabi or Teachable, Webinars, or in-person classes are all options to take a look at and you would be surprised how many people are interested in learning in non-formal settings like this.

✅Freelancing
- Much like teaching, people with technical skills can earn extra income freelancing. Sites like Fiverr and Upwork have made it easy to connect with people all over the world but this can also be done close to home.

Let me know what kind of hustles you've gotten into over the last year!

So you've signed your purchase contract, removed all conditions, and have gotten your approval in place. All that's left is to go to your lawyers office and finalize your purchase... right?

Closing costs are an important consideration to make when purchasing a home and if you aren't prepared for them, they can send you scrambling at the 11th hour and can possibly have your entire deal fall through.

Here are the main closing costs to note:

1️⃣ Legal Fees- $800-$2000 depending on the complexity of your deal, time constraints, and whether you use a notary or a lawyer.

2️⃣ Appraisal Fee- Typically $100-$500 depending on location, if a full appraisal is needed or if your property is able to be auto-appraised

3️⃣ Property Transfer Tax- 1% on the first 200k and 2% on the remainder up to 2Million. This is based on the fair market value of your home which will usually be your purchase price. This differs between provinces so make sure you do your research!

4️⃣ Property Taxes- In many cases, the seller will have already paid their yearly property taxes and it will be up to you to reimburse them for the amount paid that was unused, ie, if you purchase the home with 3 months remaining in the year, you will reimburse 3 months worth of property tax.

Apart from this, you may be on the hook for inspection costs, property insurance, and other fee's depending on your situation.

Give me a call today if you have any questions!

📲604-839-0139
📧[email protected]

If you're in the market for housing, then you've probably wondered whether you should go variable or fixed

Both of these options have their drawbacks and ultimately the right answer differs depending on people's risk tolerance, lifestyle, and future plans.

Fixed Rate Pros
- Certainty in payments for your entire term
Cons
- Generally higher rate than comparable term variable
- Possibility of large penalties for breaking your term early (refinancing, selling)

Variable Rate Pros:
- Generally lower rate than comparable fixed rate
- 3 month interest only penalty for breaking your term early
-Ability to lock in to a current fixed rate
Cons
- Prime rate fluctuations can affect your monthly payments

Give me a shout if you want to discuss what's best for you!

604-839-0139
[email protected]

This is what $42 Million gets you....

We're nearing the midway point of summer and experts are predicting that the price of homes in Greater Vancouver, including single-detached homes, townhouses and condos will be 15 per cent higher by the end of the year compared to the end of 2020.

The sales to active listings ration ( the percentage of listings that have sold) is sitting at 30:1 which indicates a seller's market is still ongoing.

HOWEVER, unlike earlier this year, subject free offers have declined and buyers are now having the ability to submit offers with conditions.

Making sure you have your subject to financing taken care of beforehand will put you a step ahead of your competition and will increase your chances of landing your dream home.

Get in touch if you are looking to get pre-approved today!

604-839-0139
[email protected]

Credit score is one of the key components banks look at when making lending decisions to prospective clients.

Your credit score essentially gives us an indication as to how well you can handle the responsibility of a loan and its associated payments.

Banks generally consider credit scores >680 as acceptable for mortgage applications HOWEVER depending on the circumstances there are still options for clients who fall below that threshold.

Your credit score is based on multiple factors such as:

Credit Utilization - How much of your limit are you using?
Payment History- Do you pay on time? Collections?
Credit Maturity- How long have you had credit facilities

Some 🔑 ways to improve your score are to:

✅Making payments on time and for the full amount.
✅Keeping your balances under 50% of your total limit. You are better off having two cards with limits under 50% than one maxed out and one with no balance.

if you have any questions about credit or if you want to discuss strategies to get you on your way to home ownership, feel free to give me a call!

604-839-0139
[email protected]