broadway mortgage centre: R2, R3...Keep that Credit Rating Clean! - 04/21/10 09:27 AM
Turned down or not approved for the amount you need?
  
While most people know that they have a "credit rating," not all know their scores or how these scores are  calculated. If your mortgage application is refused or approved for less than expected, there's an opportunity for me to help people understand the causes and how to best improve the score. 
Credit scores range from 350 (low) to 850 (high), with 750 being the median. The numerical score is calculated on your previous payment history, your current indebtedness, your credit history length, number and frequency of new credit inquiries and, … (2 comments)

broadway mortgage centre: No downpayment? No problem! - 02/17/10 06:39 AM
I don't mean to sound like an infomercial...but with the upcoming mortgage rule changes on April 19th...I feel this is important to get the word out before this program possibly gets pulled too.
If you have clients without the typical 5%  downpayment saved (they must still have a little something to cover closing costs ie. Lawyer and PPT if applicable) they can still buy a home and get a mortgage for 95%, the bank will put down the 5% for the Buyer!!  The rate they will pay is 4.94% (and not the typical 3.69ish offers available for those with 5% down) on a 5 year closed term.
When … (3 comments)

broadway mortgage centre: Undecided betweeen fixed or variable? Vancouver try a "wise mortgage" - 02/05/10 08:48 AM
Get the best of both worlds! While not as low as 3.69% if a Buyer were to lock in for a full 5 years, it's the way I chose to go with my own personal mortgage.  
The 50/50 Wise Mortgage is here and here's what it is:
3.89% for the 5 Year Fixed portion Prime - 0.20% for the 5 Year Adjustable Rate Mortgage (variable rate mortgage) portion Weighted average rate: 2.97% (assuming prime stays the same)  Who really knows what's happening with rates these days..they go up, then slide a little back down...personally I love this option as it takes alot of the risk … (2 comments)

broadway mortgage centre: Amortization Period Can Help Your Vancouver Buyers Qualify - 01/19/10 12:01 PM
Think You're Paying Too Much Interest If You Amortize Over 35 Years?  Think again!
Here's this Vancouver Mortgage Broker`s opinion...go as long as you can and here`s why! 
•·         $1,000 mortgage monthly payment / 25 years is equivalent to 845.32 over 35 years.
•·         4.30% interest rate (amortization periods do not mean a higher interest rate)
25 YEAR MORTGAGE:PAYMENT               INTEREST                PRINCIPLE#1                              $653.96                     $346.06#2                              $652.73                     $347.29#3                              $651.50                     $348.52#4                              $650.27                     $349.75#5                              $649.03                     $350.99
35 YEAR MORTGAGE:PAYMENT               INTEREST                PRINCIPLE#1                              $653.96                     $191.34#2                              $652.73                     $192.02#3                              $651.50                     $192.70#4                              $650.27                     $193.39#5                              $649.03                     $194.07
INTEREST PAID is the same in both cases, no … (8 comments)

 
Ralna Burridge (The Mortgage Centre)

Ralna Burridge

Vancouver, BC

More about me…

The Mortgage Centre

Address: 103 - 1245 W. Broadway Ave, Vancouver, BC, V6H1G7

Office: (604) 257-2607

Mobile: (604) 790-7253

We offer mortgages with Canada's top lenders, banks and credit unions.


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