Colman & Associates - Mortgage Consultants

What is best for you depends on your financial situation and tolerance for risk. We don’t have a crystal ball, but I can walk you through various scenarios to determine what is best for you. Reach out to talk about YOUR mortgage!

🚨 Bank of Canada Update 🚨

The Bank of Canada has once again adjusted the key interest rate, lowering it by 25 basis points to 4.25%. 📉

With the fall housing market in full swing, this rate cut could be the perfect opportunity for potential homebuyers to secure more favourable mortgage terms. 🏡

Curious about how this change impacts your mortgage or financial plans? Reach out today to discuss how you can make the most of these lower rates! 💬📈

Colman & Associates
☎250-377-8874
📬[email protected]

Next Bank of Canada announcement is October 23rd, 2024

Did you know that when you make an offer on a house, almost everything is negotiable? 💰💬

That's right! Whether you're a seasoned pro or a first-time buyer, negotiating the terms of your offer can make a huge difference in landing your dream home. 🌟 Don't be afraid to roll up your sleeves and engage in the negotiation process.

🍂 Wishing everyone a relaxing and fun-filled September long weekend!

How are you spending the weekend? Are you relaxing, seeking adventure, or getting a head start on your routine?

Let us know in the comments! 👇

You don't have to worry about getting rate quotes when you work with a me! With access to major Banks, credit unions, national, regional, and private lenders, I shop the market for you.

If you are looking at low online rates, do your research, and get in touch to discuss. Rock-bottom online rates often come with restrictions and high penalties that could work against you in the long run. Necessary mortgage privileges don't fit in a rate ad but are critical when determining your situation's best mortgage.

We know that borrowing money is harder for self-employed Canadians which is one of the reasons why working with a Mortgage Broker like myself, is so important.

I have access to lenders who specialize in self-employed mortgages and understand the challenges that business owners face.

If you are self-employed and looking to buy, renew or refinance, reach out to start the process.

Looking to add value to your home without breaking the budget? Below are 5 easy renovations you can take on that will increase the value of your home.

1️⃣ Replacing or refreshing your front door, even adding a smart lock

2️⃣ Replacing old caulking and changing the towel racks, storage and hardware can help modernize your bathroom

3️⃣ For your kitchen, replace kitchen lighting and re-face kitchen cabinets

4️⃣ Upgrading door hardware

5️⃣ Replacing your garage doors

A rate hold is when you secure your interest rate for a period of time while you shop for a house. The next Bank of Canada interest rate announcement, is September 4th. If rates drop, you can still secure the lowest rate available for you when you are ready to buy.

We are thrilled and grateful to announce that Travis Colman, one of our amazing brokers, has been nominated as the best mortgage broker in Kamloops! 🎉 A heartfelt thank you to our amazing clients who made this possible—your trust and support mean everything to us. 🙌

As voting kicks off today, we’re excited to continue this journey with you. Let’s make it official and bring this title home! 🏆 Every vote counts, and we appreciate your continued belief in our team. 💪

Vote Here ⬇
https://bestof.kamloopsbcnow.com/

Choosing a mortgage that fits your budget and lifestyle requires much more than simply finding the lowest possible rate.

The length of your mortgage term should be a primary concern when comparing lenders 🏦 and products.

How long your mortgage lasts will influence how much flexibility you’ll have as a homeowner and how much predictability you’ll have in terms of knowing your monthly mortgage payment. 💸

It’s important to weigh the pros and cons and also look at the bigger picture.

Did you know that 6 out of 10 Canadians actually break their mortgage before their term before it’s over? 😮

If your plans unexpectedly change and you need to sell your home, transfer your mortgage or break your mortgage contract before your loan term has expired, you could be on the hook for penalties.

No one can predict the future 🔮, so no one knows for sure how things will unfold.

Making the right choice can be a tough decision, but it’s important to do what’s best for you.

Need a second opinion? We’re here to help.

Colman & Associates
250-377-8874
[email protected]

Did you know financing a home isn't one-size-fits-all? Different properties may need different loans.

Get ahead by getting pre-approved and understanding your financing options. This knowledge not only saves time but ensures you find the right home for you.

Ready to explore your options? Reach out today! 🏡💼

Colman & Associates
☎250-377-8874
📬[email protected]

With a Cash Back Mortgage you receive a percentage of your total mortgage amount as cash. You can use this money for closing costs, moving expenses, renovations or to pay down existing debt.

Although the rates for Cash Back Mortgages are higher it can still be beneficial to your financial situation.

Reach out to see if a Cash Back Mortgage is right for you.

Understanding the difference between being pre-qualified and pre-approved for a mortgage is crucial for homebuyers. 🏡

✅ Pre-qualification is a preliminary assessment based on information provided by the borrower, such as income and debts. It offers an estimate of how much you could potentially borrow.

✅ Pre-approval, however, involves a thorough verification process where the lender examines your credit report, verifies your income, and assesses your financial background. It provides a more accurate picture of your borrowing capacity and demonstrates to sellers that you are a serious and qualified buyer.

Knowing the difference helps homebuyers set realistic expectations, streamline their home search, and strengthen their negotiating position when making an offer on a property. It also ensures that they are financially prepared for the mortgage process ahead. 📑📋

Dreaming of owning your own home? 🏡 Here are some practical tips for saving up for that down payment:

1️⃣ Set a Goal: Determine your needs and create a realistic timeline for reaching them.

2️⃣ Create a Budget: Track your expenses and identify areas where you can cut back to save more.

3️⃣ Automate Savings: Set up automatic transfers to a dedicated savings account each month.

4️⃣ Reduce Unnecessary Expenses: Skip those daily lattes ☕️ and dining out 🍽️ to save big over time.

5️⃣ Take on a Side Hustle: Extra income from a side job can boost your savings faster.

6️⃣ Save Windfalls: Bonuses, tax refunds, or gifts can make a significant impact if saved.

7️⃣ Use a High-Interest Savings Account: Let your money work for you by earning interest.

Every little bit helps and brings you closer to your dream home! 🏠✨

Colman & Associates
☎250-377-8874
📬admin

🏆 Proud Sponsors of the U9 Riverdogs! 🏆

We're thrilled to be the proud sponsor of the U9 Riverdogs, a team that believes in teamwork, dedication, and the spirit of the game.

Check out this amazing group of future stars, holding up our Colman & Associates sign with pride!

Wishing the Riverdogs an exciting season ahead. Go team!

🔄🏡 Understanding the Difference: Renewing vs. Refinancing Your Mortgage 🏡🔄

When it comes to managing your mortgage, knowing the difference between renewing and refinancing can save you time, money, and stress. Here’s a detailed breakdown to help you make informed decisions:

1. Renewing: When your mortgage term comes to an end, you have the option to renew it with your current lender for another term. This process is relatively straightforward and doesn’t typically require you to re-qualify, making it a hassle-free way to continue your mortgage. However, it's also a prime opportunity to negotiate better terms or interest rates with your lender. Don't just accept the first offer—shop around and see if you can get a better deal. Renewal is a chance to reassess your financial goals and make adjustments accordingly.

2. Refinancing: Refinancing involves taking out a new mortgage to replace your existing one, often with a different lender. This process is more complex than renewing because it requires you to re-qualify based on your current financial situation, including your credit score, income, and debt levels. The benefits of refinancing can be substantial: you might secure a lower interest rate, reduce your monthly payments, consolidate high-interest debt, or tap into your home equity for major expenses or investments. However, it can also involve fees and closing costs, so it's important to weigh the potential savings against these expenses.

Knowing when to renew or refinance can significantly impact your financial health and homeownership journey. Always consider your long-term goals and consult with a mortgage professional to explore your best options.

Stay informed and empowered in your home finance decisions! 🏡💡✨

Colman & Associates
☎250-377-8874
📬[email protected]

Energy-efficient Upgrades 💡: Invest in energy-efficient appliances, smart thermostats, and LED lighting to lower your utility bills and reduce energy consumption. It’s a win-win for your wallet and the environment.

DIY and Home Maintenance 🛠️: Take on simple home maintenance tasks yourself, such as changing air filters, caulking windows, and landscaping. By doing it yourself, you can save on hiring professionals and keep your home in top shape.

Bundle your services 🏠: Consider bundling your home insurance, internet, and other services to take advantage of discounts and promotional offers. This can help you cut down on monthly expenses and keep more money in your pocket.

Implement these money-saving strategies to make your homeownership journey even more financially rewarding.

🔔 Is your mortgage up for renewal? With the latest rate drop and the indication rates could go down even more, seeking the advice of a mortgage broker is crucial in today's market. 📈

Reach out and let's secure your financial future together. 🏠💼

When it comes to securing a mortgage, it's important to understand the roles of co-signers and guarantors. Let's unravel the difference and guide you towards informed decisions!

✍️Co-signer: A co-signer is someone who signs the loan documents alongside the primary borrower, sharing equal responsibility for the mortgage. Their credit history and income can strengthen the borrower's loan application.

👍Guarantor: A guarantor, on the other hand, provides a guarantee for the loan but doesn't sign the loan documents. They act as a backup if the borrower defaults, assuming responsibility for the mortgage if necessary.

While both co-signers and guarantors play critical roles in mortgage applications, it's important to consider individual circumstances and discuss with your mortgage professional to determine the best option for you.

Colman & Associates
☎250-377-8874
📬[email protected]

Buying or selling a home can be stressful, especially when it comes to asking the right questions to the right people.

Communication is key to getting the results you want for your dream home.

We’ve got you covered today with 4 questions you should be asking your lender! 👇

• What types of home loans do you offer?
•Which type of mortgage is best for me?
•What's the difference between being prequalified and preapproved?
•What will my monthly mortgage payments include?

Colman & Associates
250-377-8874
[email protected]

Going through a divorce or separation is stressful enough; having to sell your house on top of it compounds that stress. Thankfully, I have access to a Spousal Buyout Program. This program allows you to keep your home while paying your ex their portion of the home’s equity.

Reach out for more details.

Here are five tips to help you get ready to buy your first home:

1️⃣ Keep a good credit score! The higher, the better. This is a snapshot of your financial health, and lenders use this to gauge your ability to repay debts.

2️⃣ Save a down payment! The bigger the down payment, the better – the minimum down payment when less than $500,000 is 5%; between $500,000 and $999,999, you will need 5% for the first $500K and 10% for the portion above $500K, and $1 million+ you need 20% of the purchase price.

3️⃣ Keep your income stable. Lenders like to see proof that you can make your payments; a full-time job is the best way to show it.

4️⃣ Pay down existing debt. Your balances don’t need to be at $0, but how much debt you carry will affect how much you can borrow.

5️⃣ Get a mortgage pre-approval!

When it comes to mortgages, there's a lot of misinformation out there. Let’s clear up three of the most common misconceptions:

1. Pre-qualified ≠ Pre-approved: Many people think pre-qualification and pre-approval are the same, but they’re not. Pre-qualification gives you an estimate of what you might be able to borrow based on self-reported information. It's a quick and rough calculation. Pre-approval, on the other hand, is a more rigorous process where the lender verifies your financial details and gives you a conditional commitment for a specific loan amount. It carries more weight with sellers because it's a stronger indication that you can secure financing.

2. You Need at Least 20% Down: The idea that you need a 20% down payment to qualify for a mortgage is outdated. While putting 20% down can help you avoid mortgage insurance and lower your monthly payments, it's not a requirement. Many lenders offer loans with as little as 5% down, especially for first-time homebuyers.

3. Pre-approval Guarantees a Home Loan: Getting pre-approved is an important step, but it’s not a guarantee that you will get the loan. Pre-approval shows that you’re a serious buyer and that you have the financial backing to make an offer, but the final loan approval depends on a thorough underwriting process. The lender will reassess your financial situation, including your credit score, employment status, and debt-to-income ratio, before issuing the final approval.

Stay informed and make the best decisions for your home-buying journey! 🏡💡

Colman & Associates
☎️250-377-8874
📬[email protected]

Thanks for your kind words K.H!

We are so happy Travis and our team could help you add to your portfolio of rental properties! Can't wait to work with you again 😄

Five things not to do after you have been approved for a mortgage:

1️⃣ Leave or switch jobs
2️⃣ Make a major purchase
3️⃣ Apply for new credit
4️⃣ Pay off your debt
5️⃣ Co-sign on a loan

If you have any questions about what you should or shouldn’t do while applying for a mortgage, send me a message. I am with you every step of the way.

We are incredibly grateful and honoured to be recognized as one of the National Top 20 Teams!

A special shoutout to our phenomenal brokers, Travis Colman and Brenda Colman, for earning their spot in the National Top 5%! 🏆

We want to thank our amazing clients for their support and trust.

🚨 Bank of Canada Update 🚨

The Bank of Canada has just lowered its key interest rate by 25 basis points to 4.5%.

If you're in the market for a new home, now might be a great time to lock in a mortgage rate for up to 120 days. This can help you avoid rate fluctuations and secure a better deal.

For those with variable-rate mortgages, you could see a decrease in monthly payments or have more of your payment applied to the principal, which could speed up your mortgage payoff.

Let's review your options to ensure your mortgage still works best for you.

Colman & Associates
☎250-377-8874
📬[email protected]

Next Bank of Canada announcement is September 4th, 2024

When buying a home in Canada, remember to budget for more than just the initial cost. Factor in expenses like legal fees, land transfer taxes, and home inspection fees, which can range from 1.5% to 4% of the home's price. Planning for these additional costs upfront can help you navigate the path to homeownership smoothly and avoid unexpected surprises.

Did you know?

A 5% down payment is the minimum requirement for all home buyers, not just first-time buyers!

Whether you’re purchasing your first home or upgrading, this low threshold makes homeownership more accessible.

Ready to take the next step? Let's make your dream of owning a home a reality! 🏠💼

Colman & Associates
250-377-8874
[email protected]

📢 Attention Home Buyers and Investors! 📢

Starting July 18, 2024, BC will extend the notice period required for tenants to vacate a property when a buyer intends to occupy it. This adjustment is designed to safeguard tenants from unjust evictions, yet it may have unintended negative consequences for mortgage approvals.

🏦 Interest Rate Holds: Normally spanning 90-120 days, these holds might expire if the notice period exceeds this window, creating uncertainty about final mortgage terms and affordability.

📉 Approval Risks: Mortgage approvals are contingent on current interest rates. With fluctuations over the prolonged notice period, initial qualifications could change, potentially affecting the ability to secure necessary funds for the purchase.

🏠 Owner-Occupied Purchases: Lenders typically require vacant possession for owner-occupied mortgage approvals. Having a tenant in place can complicate or delay loan approval processes.

💼 Insured Mortgages: Properties with tenants may be classified as rentals, impacting financing eligibility, particularly for first-time buyers relying on insured mortgages.

💸 Investor Impact: Investors facing cash flow challenges due to rising rates may encounter difficulties selling tenanted properties, exacerbated by longer notice periods that reduce buyer interest.

Do you have questions about how these changes may affect your plans? Don’t hesitate to contact us for personalized guidance!

Colman & Associates
📞 205-377-8874
📧 [email protected]