February 10th, 2009, Michael Sjerven
With unit home sales down 60% in Vancouver last month, at least interest rates are low. Average home prices are expected to drop an additional 13% in Canada this year. The good news during this recession is that homes are becoming more affordable for first time home buyers in BC. The market is having a healthy correction which will hopefully make Vancouver a more sustainable place to live in ...
November 11th, 2008, Michael Sjerven
With housing transactions and mortgage volumes significantly down in Vancouver you might be wondering what is going on in this country. Are lenders still giving out money? Simply put, yes! However, lending requirements have gotten tighter over the past few months. Banks want to ensure clients have enough income to debt service the mortgage properly. Self-employed income needs to be verified ...
October 5th, 2008, Michael Sjerven
Summer has now come to a close and a lot is changing in the mortgage world. The 100%/40 year mortgages are basically finished now, and rates are on the rise. In the last week most lenders got rid of their discounts on variable rate mortgages. Instead of offering rates of say 4.25%, they are now at prime (4.75%) or even prime plus+. Though I've been a longtime believer in variable rate mortg ...
September 4th, 2008, Michael Sjerven
The most common question I am getting these days relates to interest rates. Clients want to know whether to go with a variable (ie prime -.60% or 4.15%) or a fixed rate (ie 5.34%). Generally speaking (based on history) going with a variable rate will save you money over the long term. You will save about 1% or more per year right away, and you can lock in to a fixed rate at anytime. However ...
August 6th, 2008, Michael Sjerven
Please note that as of Oct.13/08 100% mortgages (no down payment) and 40 year ammortized mortgages will not be offered in Canada. Instead, the maximum loan to value (LTV) will be 95% (5% down payment) and a maximum 35 year ammortization will be available. This change is not major but will affect those without a down payment. If you are looking to get into this type of mortgage I would recom ...
June 14th, 2008, Michael Sjerven
Hey everyone, thank you for taking the time to visit my site! I am a Mortgage Broker working in Vancouver, BC. I have a background in sales and lending, and look forward to building new client relationships throughout Canada. I will post new blogs from time to time on this site with important market news and rate info.
I just attended a conference in Vancouver and listened to well known econ ...
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