BillieBroker.com is owned and operated by Billie Aaltonen - a licensed mortgage broker agent located in Kelowna - under license to Compass Mortgage Group  - Verico - located at: 101, 2205 Louie Drive, West Kelowna, British Columbia

BillieBroker.com     Kelowna's Mortgage Broker

Your How-to Guide to Renewing your Mortgage

1.REMEMBER, YOU'RE IN THE DRIVER'S SEAT
You’ve got a track record as an owner, and lenders will want your business and will compete for it. That’s where a mortgage broker can really help. Your first step is to connect with us. With low interest rates and a growing selection of innovative mortgage solutions, you could potentially save thousands by shopping around.

2.COMPARISON SHOP
Our independent Mortgage Brokers know what’s going on in the marketplace, and can connect with over 50 lenders to find the best the best interest rate and options for your renewal. After all, a lower rate can save you big time in costs over the life of your new mortgage.

3.DO THE MATH
You’ll be offered a number of loan options, so discuss them with your Mortgage Broker and choose one that best suits your needs. Over and above considering the lowest rate, discuss whether a fixed or adjustable rate is better for your situation.

4.ASK FOR MORE
There will be a few fees and costs associated with this process, such as legal and administrative costs for transferring the mortgage, as well as a mortgage discharge fee. Your Mortgage Broker can ask to have these costs absorbed – it’s worth asking because it’s competitive out there.

5.SIT BACK AND RELAX
That’s it. Once your renewal is completed you can sit back and give yourself a pat on the back (and your Mortgage Broker too).

Mortgage Products & Services

Your How-to Guide to Refinancing your Mortgage

1.REVIEW YOUR REFINANCING OPTIONS
You may want to add that new kitchen you’ve been dreaming about, take a special vacation or even take care of your outstanding debt. To help you get there, you may want to reduce your term, switch from an adjustable-rate mortgage to a fixed-rate mortgage, or consolidate your first and second mortgages.

2.CHECK YOUR CREDIT
It’s a smart step to check your credit because lenders will do so. The better your credit rating, the more desirable your business will be to a lender. One easy step to start improving your credit rating is to not run up your balances to the limit on credit cards.

3.GO SHOPPING
Just like you shop for the best value on your groceries, your Mortgage Broker will go shopping on your behalf for the best interest rate and options. After all, a lower rate can save you big time in costs over the life of your new mortgage.

4.PREPARE A LIST
Your Mortgage Broker will need some basic information in order to move forward, such as your current lender’s details, how much you owe on your current mortgage loan, gross monthly income and the value of your home.

5.DO THE MATH
You’ll be offered a number of loan options, so discuss them with your Mortgage Broker and choose one that best suits your needs. Over and above considering the lowest rate, discuss whether a fixed or adjustable rate is better for your situation.

6.FACTOR IN A FEW ADDITIONAL COSTS
There will be a few fees and costs associated with this process, such as brokerage or underwriting fees or transaction, settlement, and closing costs. Your Mortgage Broker can discuss these with you and factor into the mortgage.

7.YOU'RE READY TO APPLY
Okay, it’s time to apply with your chosen lender. Be ready with a few required documents, proof of income, income tax returns, recent bank statements and your monthly expenses.

8.HOME SWEET HOME
That’s it. Once the paperwork is done, it’s time to take that vacation or begin your dream kitchen reno. Enjoy!

WHAT IS A CREDIT SCORE EXACTLY?

If you currently have a mortgage or looking to obtain one, it is imperative you maintain a healthy credit score.

The three digits that make up your credit score tell a lender a lot about your credit history and ultimately the status of your financial health. Essentially, lenders use the score to assess the risk you present as a potential borrower – which significantly impacts if and how much lenders are willing to let you borrow. Two reporting agencies Equifax and Transunion determine your credit score using a scale from 300 to 900. Higher scores on this scale indicate a healthy credit score and lower on the scale indicate more risk for the lender.

STEP 1 - KNOW YOUR CREDIT HISTORY

Think it of us checking up on your health, your financial health. You can easily obtain your up-to-date credit report via the two credit reporting agencies – Equifax and TransUnion. When you receive your credit report you should check for errors or possible identity theft and/or fraud. Errors on your credit report can negatively impact your credit score and your ability to borrow.

STEP 2 - PAY YOUR BILLS ON TIME

Your payment history is an important element of your credit score. Late payments to your loans and credit cards can and will lower your credit score. As a result, ensure you pay at least the minimum amount owing on time. In essence, keep up with payments to all bills not just loans and credit cards. Not only will it help you develop the right habit but it will ensure you credit score either remains good or improves.

STEP 3 - KEEP YOUR BALANCES LOW

Even though you may have a $10,000 credit limit, it doesn’t mean it is a good idea to use it all. In fact the Financial Consumer Agency of Canada (FCAC) recommends consumers should keep a balance between 35-50% maximum of their credit limit. The closer you are to your maximum limit, the lower your credit score will go.

STEP 4 - MAINTAIN A CREDIT HISTORY

It may seem as though it is better to stay away from all credit and loans in order to avoid a low credit score; however, the contrary is true. If you have no credit history at all, it will result in a low credit score because you have no record of paying any credit back. In essence, your ability to borrow and pay back cannot be measured. Therefore it is a good idea to obtain some sort of credit even a secured visa or low-limit credit card to build some credit history.

STEP 5 - GET HELP

If you feel your spending is out of control and are having a difficult time managing your debt loads, do not be afraid to get help. Talk to your MA Broker today about credit counseling. It can help you:
Eliminate debts, Rebuild and increase credit ratings, Find financing alternatives, Improve cash flow management, Understand financial literacy. Having a good credit score goes along way in terms of your financial health and ability to borrow. Be responsible and be aware. Review your credit report annually, spend within your means, pay your bills on time, and do not hesitate to get help if your borrowing habits are out of control. Speak to your MA Broker today for more tips and strategies on improving your credit score and work your way towards mortgage qualifications.

Your How-to Guide to Buying Smart

1.WORK OUT A BUDGET
You’ve got your home and neighbourhood in mind. It’s smart to meet with one of our experienced Mortgage Brokers now to get a handle on much you can afford as a monthly mortgage payment.

2.GET EXPERIENCE ON YOUR SIDE
Our Mortgage Brokers really are on your side, and can help you access great rates and mortgage options, and offer both traditional and innovative mortgage options that can meet your unique needs.

3.GET PRE-APPROVAL
This is a smart step, as it ensures your mortgage rate is guaranteed for up to four months. Home sellers will know you’re serious and you’ll have peace of mind knowing just what you can afford.

4.DO YOUR HOMEWORK
It is often a good idea to work with a real estate broker who can help you search for neighbourhoods and homes that meet your needs.

5.MAKE AN OFFER
Once you have found your home, your real estate agent will prepare a purchase offer on your behalf. Upon closing, you have 7 days to have your home inspected by a home inspector and to finalize your financing.

6.SAVE BIG WITH A LARGER DOWN PAYMENT
If it’s in your budget, consider putting more down. Talk to your Mortgage Broker for advice about how to save thousands.

7.FACTOR IN A FEW ADDITIONAL COSTS
Closing costs, Land Transfer Tax, Home Inspection and Property Tax and home insurance. Discuss these costs upfront with your Mortgage Broker and factor them into your budget so that there are no surprises.

8.SIGN ON THE DOTTED LINE
Your lawyer will finalize the paperwork a few days before closing, you will sign on the dotted line, pay the downpayment and any additional costs related to the purchase of the home.

9.WELCOME HOME
The title of the home will be transferred to your name on closing day, and you can pick up your keys. Now wasn't that easy?

The more you know the more you’ll love your mortgage.

Want to know how to get the most out of your first home mortgage? What steps you should take before you decide on renewing a mortgage? Is a low rate always the best rate? We believe the more you know, the more you can benefit from your mortgage. It’s why working with an experienced Mortgage Broker is so important.

Check out our How-To guides and get the most out of your mortgage

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