broker: When Does a Mortgage Refinance Make Sense for Canadians? - 11/18/10 07:47 AM
The ideal candidate for a mortgage conversion would be someone who intends to continue occupying the property for at least the next 3 years (mortgages can be ported but it's tricky to get it right...and the interest per day charged can outweigh the logistics of doing this so therefore most people who move wind up with new mortgages).  When "Interest Rate Differentials" apply is when a client has a fixed rate mortgage at an interest rate higher than today's market rates, therefore a rate that is higher than what the bank can now sell the money for. These penalties typically render … (1 comments)

broker: AN OUNCE OF PREVENTION...YUCK...BED BUGS ARE REAL!! - 04/12/10 08:31 AM
Firstly, let me make my disclaimer...the reason I want to write about them is because after reading through some condo notes, I am now a Bedbug expert and if you think it won't happen to you...YOU MUST READ ON! IT CAN HAPPEN ANYWHERE....
Bedbugs are not found in "dirty" dwellings...NO...it can and will happen anywhere and there tough to get rid of once you have an infestation. BUT, there's some SIMPLE and COST EFFICIENT steps you can take to prevent having to call the exterminator...who can barely keep up with the calls they're getting and they're getting more and more expensive. 
If you're a landlord spend the … (2 comments)

broker: Low rates are here again Vancouver...but for how long? 3.64% benchmark 5 year rate - 02/05/10 08:11 AM
3.64% fixed for 5 years, I must say I didn't think we would see rates this low again since hitting new histori lows in the fall market. Rates had crept back up, bond markets we're inching up and were seemingly levelling off. The question I get most frequently is "what do I think is happening with rates?" or do I think rates will jump up in a few months.
According to Stats Canada today, our full-time employment jobs rose by 1,400 in January 2010, and our  part- time jobs experienced a huge growth by 41,500 new jobs,  However these were primarily in the service industry and mostly in the youth … (0 comments)

broker: It's RRSP time again...and this question comes up frequently at this time of year - 02/01/10 07:38 PM
Hello Vancouver, it's RRSP time in Vancouver and this question has comes up for me today...and then I conveniently got a good reminder summary today from First National bank so I thought I should pass it along for the Canadian First Time Home Buyers...
First time home buyers who are Canadian residents are allowed to withdraw up to $25,000 from their RRSP TAX FREE, through Canada's Home Buyers Plan (HBP) a Buyer and their spouse can each withdraw up to $25,000 (as of the 2009 federal budget) to build or buy a qualifying home.  
Withdrawing the money from your RRSPs through the HBP is … (2 comments)

broker: No money but I want to buy a house... - 01/27/10 09:22 AM
The Best Way to Make Money Off Someone Else's Money! Here's HOW!
100% financing or "Zero down" mortgages are still POSSIBLE in Vancouver! 
CMHC may have cancelled "zero" down but a few lenders have found a way around this. Some banks or lenders will "give" you the 5% to put down of the purchase price, which is now allowing you to get 95% financing. This program is called "flex down" or "free downpayment mortgage" and here is how it works:
1. You pay the 5 year posted rate (currently 5.49% today) instead of a discounted rate (3.75%).
2. The cash is given to you … (2 comments)

broker: 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)

broker: New to Canada? Wondering how to find the right Mortgage Info in Vancouver? - 01/18/10 06:56 PM
New to Canada? Are you curious about how to best get your landed and non-landed new immigrant clients approved for residential mortgages in 2010.
Below are some tips and general guidelines and how I can help get New Canadians and Non-permanent residents approved for a mortgage in the Greater Vancouver area.
The Home to be mortgages must be for the following purpose: Primary residence or a mortgage refinance. Amortization: Maximum 35 year amortizations for all new Canadians and non landed immigrants.  Loan To Value ratio must not exceed 95%, this means you will have to put down at least 5% down payment. This basically means 5000.00 per 100,000 … (3 comments)

broker: Are you or your Buyers Self-Employed and having trouble? - 01/07/10 03:54 PM
Alot has changed in the mortgage world since 2009's financial crisis and lender tightening. More and more self-employed people have been phoning me, frustrated with their banks and because they're not cut and dry, feeling like they're getting the brush off by bankers too busy focusing on easier stuff like account openings or credit card promotions.
Yes, it has gotten tougher these days with CMHC and other insurers pretty much wanting a blood sample if anyone dares apply under their "self-employed simplified" program. No more stated income programs unless you're a new Doctor with less than 2 years financials....everyone else...no such … (12 comments)

 
Ralna Burridge (The Mortgage Centre)

Ralna Burridge

Vancouver, BC

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The Mortgage Centre

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

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