Regardless of whether you are a first-time buyer or moving up the property ladder, getting pre-approved is the very first step to make your new home purchase a realty. It’s also one of the most important choices you will make early in the process. It can have a huge impact in the end. 

Let me explain why this is so important. Most people walk into their Bank and ask to be pre-qualified for a Mortgage. They are handed down to a Bank Employee who helps them out and gives them a rate. They walk away feeling happy that they have accomplished the first step towards buying a home. Truthfully though that may not be the case.

Not All Mortgage Brokers Are the Same 

First, let’s talk about the fact that not all Mortgage Brokers are the same. There are 2 types: ones that work as employees for a bank or credit union and work bank hours. Monday through Friday 9 to 5 and can only offer you a handful of Mortgage products that their bank carries. There is no motivation or hustle to work for you or give you their best as they are in a secure line of work, they have a captive audience as they know people are brand loyal and very rarely do they lose customers. Therefore, banks can treat you poorly and you take it. I’ll give you an example.

I’ve done my personal banking with a major Canadian bank for 25 years. I came across an add that they would offer new clients an iPad. I walked into my branch and asked them for an iPad since I had been a loyal client for 25 years. They politely declined and told me that was for new clients only. That didn’t seem fair so I said “fine, close all my accounts, give me my money, I will walk out the door. Then come back, reopen my accounts and you can give me an iPad” they laughed. Seriously….true story. That is a prime example of how your bank is going to treat you with a mortgage rate, not the best.

Independent Mortgage Broker

Then the other type of mortgage broker which is the kind we prefer: An independent mortgage broker. The ones that work for themselves and can shop around for the best mortgage rate and the right mortgage terms for you and can get any mortgage products from any small and major lending institution including your own bank. Also, they should work for you and respond to your inquiry fast and efficiently. They will take your calls or respond to your emails during weekends and evenings if need be as they work for you and not a major bank and bank hours.

This is critical when it comes time to the actual writing and negotiations of the contract of purchase and sale. There might be some important questions you have regarding your financing and if the person you chose to work with doesn’t work evenings and weekends (which happens to be the times when most deals and offers are negotiated) then you are not going to get your dream home. 

Not A True Pre-Approval

Now to explain that critical part where perhaps you did not get pre-approved. Most banks don’t pre-approve you; they make sure your info on their data is correct, give a rate and not explain to you that all the work that needs to be done will not be done until you have an accepted offer. Likely they will need AT LEAST 5 business days to complete the task. This is not the strategy to win multiple offers in this crazy market. If you work with an Independent MB they would have put in time and effort to give a proper pre-approval. They would most likely be able to satisfy those conditions in 2 days. In some cases if your financial situation is very healthy then they might not need any time at all. This is the type of professional you want to have to secure a home in this market.

Choose Your Real Estate Team Wisely

The most important thing to remember is that everyone who you pick to be part of your Home Buying team (real estate agent, mortgage broker, home inspector, insurance agent and lawyer) must give you great service and advice. Period. They need to work hard for you and give you their best. So next time you walk into your bank ask yourself, are they working their best for me? That should give you the answer you need to decide if they should oversee mortgaging your next home.

Have you ever thought about downsizing your home?

Downsizing to a smaller home can be a great opportunity for those looking to save money, and free up the equity locked in their current home.

What is downsizing?

Downsizing is when you buy a smaller home than the one you currently have. This decision is often made by empty nesters, people are having difficulty with the maintenance of their home or who are finding the cost of owning a larger home harder to pay.

It’s possible you are just looking for a change, want to simplify your life, want to move closer to friends or family members, or to start travelling more. Downsizing can offer many advantages and many of our clients say they wish they had done it sooner. 

What are the advantages of downsizing?

First, if you’ve been in your current home a while, it’s likely to have increased in value. You may have paid off your mortgage or have little left to pay now.

Buying a smaller, less expensive property will give you equity left over to use for whatever you wish. You will also be free of mortgage payments.

Downsizing to a smaller home means less maintenance, less to clean, lower bills and more time to do the things you love. It’s really a time and money saving move.

When you are downsizing, you can choose a property that will be better suited to your needs as you age. Less yard work, little or no stairs, and no unused spaces like extra bedrooms sitting empty. 

When is a good time to downsize?

This is no right answer as every decision is so unique. You may downsize if you divorce or when you become an empty nester. It could be due to too much work to upkeep the house or death of a partner.  

When you do decide to make the move it’s important to determine your budget. Be realistic with the type of property you would like and where you would be happy living. 

Getting ready to downsize.

All our clients are surprised to see how much stuff they have accumulated over the years. The biggest job you will have to downsize your home is going through everything and deciding what to keep, what to give away and what to throw out. We are happy to refer you to donation sites, junk removal companies and stagers to get your home looking its best to put on the market. 

If you would like to explore whether it’s the right time for you, please give us a call. We would go over the value of your current home and what is available for purchase to see if it makes sense for you. 

What is my home worth?

Moody Yards Mosaic Homes. Coming soon to Port Moody, 2 and 3 bedroom condos located on Murrey Street across from Rocky Point Park.  This is such a great location for convenience to shopping and recreation.

Moody Centre SkyTrain is just a quick walk from the front door of Moody Yards. Popular Rocky Point Ice Cream, numerous craft breweries and Rocky Point Spirits Distillery are down the road. Suterbrook and Newport Village are also a quick walk in the other direction and have everything you need for groceries to flower arrangements.

Mosaic Homes is a quality builder with a fantastic resume of developments throughout the Lower Mainland. From townhomes to condos they build beautiful homes with stylish interiors. Plus they back it up with a reliable customer service department. It’s great to see them coming back to Port Moody with this project.

We are excited to see what they bring to Port Moody (Taryn’s beloved home town) and can’t wait to bring our clients to purchase a home once they are open for sales. If you would like more information on Moody Yards Mosaic Homes please get in touch with us. We will be happy to help you through the new home buying process and welcome you to Taryn’s hometown.

Create a custom home search for Port Moody here

Let’s talk about one of the most important things in life PIZZA! We would like to share with you which places we think are the best that deliver to Burke Mountain. After living here 12 years and being pizza lovers, we think we have you covered.

San Remo

Let’s start with some deep-dish Chicago style deliciousness. San Remo Pizza in Port Coquitlam is just a few minutes away. If you like pizza that is a workout to carry from your door to the couch this one is for you. Forget weightlifting, the Jim’s Super Special pizza is extremely heavy with pepperoni, salami, ham, onions, mushrooms, and green peppers. A large pizza could probably feed your family for two days.  Click here for San Remo

La Ruota

If you like an authentic Italian wood fired pizza, then La Ruota behind Coquitlam Center is your jam. Thin, chewy delicious crust that only a wood burning oven can perfect. So many fantastic choices on their menu but our top three are the Primo, Montebello and the Parma Prosciutto. Even though they are a bit further away Burke Mountain is in their delivery zone. Click here for La Ruota

Papa Leos

Next is the “in between” pizza. Not too thin but also won’t slow you down carrying the box it comes in. Papa Leos is just a couple blocks away in Port Coquitlam on Coast Meridian. The closest location for pizza delivery in Burke Mountain. This pizza is the classic crust we are familiar with in Canada. Of course, they have old favorites like Hawaiian and pepperoni mushroom but then they have a bunch of other specialties that are tasty too. We love the BC Favorite and the Italian. They have 19 different pizza choices or build your own. Click Here for Papa Leo’s

Emilio Finatti

The final contender is the newest kid in town Emilio Finatti in Fremont. You had me at honey butter crust and completed me with a choice of dipping sauces. We are Montreal Special fans with black olives and Patate Italiano fans. Yes, that’s a pizza with roasted potato on top. Absolute perfection!  They have the largest selection here with 35 different pizzas or you can create your own. Click here for Emilio Finatti

If you are new to Burke Mountain or looking for a new pizza delivery option, give any of these guys a shot. You should be able to find something that everyone in the family will agree on or order from a couple places to keep everyone happy. Let us know who you like best.