We Celebrate 2-years of having Riker

Time flies! I can not believe we have had Riker for 2-years! We feel so lucky to have a wonderful dog in our life. 

Qualifying for a Reverse Mortgage

Say hello to the Reverse Mortgage - your key to accessing up to 55%* of your home equity without moving, selling, or worrying about monthly mortgage payments.

Qualifications for the CHIP Reverse Mortgage:

Canadian Homeowner: Own a home in Canada? You're on the right track!

Age Requirement: You and your spouse must be at least 55 years old.

Primary Residence: Your home has to be your primary residence.

Home Maintenance: You must keep the property in good maintenance, pay your property taxes and property insurance, and your property must not be in default.

If you meet these criteria, you can unlock tax-free cash to receive either as a lump sum or scheduled monthly advances. The possibilities are endless with a Reverse Mortgage. From paying off debts and tackling unexpected expenses to renovating your dream home, funding that special vacation, or securing your family's future.

Have questions or want to check your eligibility? Contact me today!

Home Show

My mom and I attended the home show last month. It is always neat to see innovative products. I did say I would not buy anything but came out with a patio shed and consultation for Shelf Genie. 

BC Says No to AirBNB

B.C. has put in place new legislation to help municipalities regulate short-term rentals on sites like Airbnb, which provincial and municipal leaders say is affecting the availability and price of long-term housing.

The new rules passed their first reading on the BC Legislature Monday and include increasing fines for hosts breaking local municipal bylaw rules to $3,000 per infraction, per day, from $1,000.

All short-term rental platforms will also be required to share data with municipalities to improve local enforcement, although no private information about hosts will be released publicly.

In addition, all short-term rental platforms will have to include the business licenses and registration numbers of listings where they are required by a local government and must remove listings without those requirements quickly.

The province says the new rules, which will come into effect in stages from now through late 2024, are meant to create a minimum regulatory standard for housing available for rent for fewer than 90 days.

Read the entire article here: Click Here

Underused Housing Tax (UHT) Deadline to File Oct 31, 2023

Underused Housing Tax (UHT) is an annual federal 1% tax on the ownership of vacant or underused housing in Canada that took effect on January 1, 2022.

Affected owners have to file an annual return and pay the underused housing tax. Other affected owners have to file an annual return but not pay the underused housing tax. Excluded owners do not have to file an annual return or pay the underused housing tax.

𝗧𝗵𝗲 𝗱𝘂𝗲 𝗱𝗮𝘁𝗲 𝘁𝗼 𝗳𝗶𝗹𝗲 𝘆𝗼𝘂𝗿 𝗿𝗲𝘁𝘂𝗿𝗻, 𝗺𝗮𝗸𝗲 𝗮𝗻𝘆 𝗲𝗹𝗲𝗰𝘁𝗶𝗼𝗻𝘀, 𝗮𝗻𝗱 𝗽𝗮𝘆 𝗮𝗺𝗼𝘂𝗻𝘁𝘀 𝘆𝗼𝘂 𝗼𝘄𝗲 𝗶𝘀 𝗢𝗰𝘁𝗼𝗯𝗲𝗿 𝟯𝟭, 𝟮𝟬𝟮𝟯.

The minimum penalties and interest for failing to file the return on time are $5,000 for individual and $10,000 for corporation.

Visit Government of Canada’s website for more information:
https://www.canada.ca/en/services/taxes/excise-taxes-duties-and-levies/underused-housing-tax/when-file.html

Happy 45th Wedding Anniversary to my Parents

My parents celebrated their 45th wedding anniversary on June 23. We all went out for dinner as a family to celebrate. 

Is Your Mortgage Coming Up for Renewal?

If your mortgage is coming up for renewal in the next year, it might be worth a conversation to lock in a rate now.  We are seeing rates continue to go up, and if they continue to go up, it might make sense to pay a penalty to lock in a lower rate before your mortgage is up for renewal. 

Here are some options of what you can do when your mortgage term matures:

1. Renew at the existing lender

2. Switch to a new lender that is offering a lower rate or better terms

3. Increase your mortgage to pull out equity (cash) out to:   

      3a. Consolidate debts

      3b. Do renovations

      3c. Purchase a rental property   

      3d. Purchase a new primary residence.

4. Decrease (pay down) your mortgage if you have the extra cash on hand

5. Set up a home equity line of credit

6. Set up a re-advanceable mortgage to get access to equity in the future

7. Sell the house and escape the mortgage payout penalty

Please let me know if you have questions about any of these.

Hanging with my Mom

My mom and I had a great Mothers day together. She is always always having fun and is a blast to hang out with!

THE MARKET HAS SHIFTED!!

The Lower Mainland Market has quickly shifted from balanced to very warm for under $3m. April 2023 sales were 2,741 sales, and by May 18, 2023, May sales were already at 2,000+ as May sales have skyrocketed! We are seeing a fair amount of multiple offers out in the marketplace, from 1-bed Downtown condos to 2-bed North Van condos to townhomes and single-family homes from East Van to Tri-Cities! 

With the big increase in activity, you should get your pre-qualifications in today so you're ready when the right home comes around! And if you are thinking of upsizing, let's talk before it's too late as prices are creeping upwards! 

Check out the the stats from Greater Vancouver Real Estate Board below, and do not put any weight on the fact the sales are down vs April 2022, because sales are up over 268% from January 2023 to April 2023! Click Here!

Is Your Mortgage Coming Up for Renewal?

If your mortgage is coming up for renewal in the next 6-months, there are a few options to consider. 

Here are some options to consider:

1. Renew at the existing lender

2. Switch to a new lender that is offering a lower rate

3. Increase your mortgage to pull out equity too:   

3a. Consolidate debts

3b. Renovations

3c. Purchase a rental property   

3d. Purchase a new primary residence.

4. Decrease your mortgage if cash on hand

5. Set up a home equity line of credit

6. Set up a re-advanceable mortgage

We can get you approved today with rate hold to ensure you are taken care of! 

Riker and I

If you want to see more adorable pictures of Riker you can follow him on Instagram at https://www.instagram.com/rikerthewirefox/

Changes to the Foreign Buyer Ban

The government of Canada has made a few changes to the foreign buyer ban. 

The four key amendments announced Monday by the Minister of Housing and Diversity and Inclusion include:

Work Permit Holders
Non-Canadian work permit holders were initially included in the ban, but critics argued that was contradictory to the government’s immigration goals. As a result, work permit holders are now exempt from the ban as long as they have 183 days or more of validity remaining on their work permit.

Vacant land exemption
The restriction preventing non-Canadians from purchasing vacant land zoned for residential or mixed has been lifted.

Exception for development purchases
Non-Canadians will also now be able to purchase residential property for the purpose of development. This exception was only applicable to publicly traded corporations in the original legislation.

Increase to the foreign control threshold
The ban initially prevented privately held corporations or entities from purchasing residential property if a non-Canadian owned 3% or more. That threshold has now been increased to 10% following concerns from developers that the 3% threshold was too restrictive and would hinder the development of new housing.

To read the article please here: Article

Snowboarding Park City, Utah!

A few weekends ago, a friend and I set off to Park City, Utah to explore a new mountain. We had such an amazing time and it felt great to travel again. 

Is your Mortgage up for Renewal?

Taking the first offer from your bank at mortgage renewal without exploring other options could mean missing out on potentially better terms and conditions, including lower interest rates and better loan features. Here are some reasons why you should not take the first offer from your bank at renewal:

Higher Interest Rates: Banks may not always offer the best interest rates, and there could be better options available from other lenders. By shopping around and comparing different mortgage rates and terms, you may be able to save money on interest payments over the life of your mortgage.

Improved Loan Features: Other lenders may offer more flexible repayment terms or features, such as the ability to make prepayments or skip payments. These features can help you save money, reduce your debt, and build equity in your home.

Changing Financial Situation: Your financial situation may have changed since you first took out your mortgage, which could make you eligible for better terms or products. For example, if you have improved your credit score or have more stable income, you may be able to qualify for lower interest rates or more favorable loan terms.

Negotiation: By exploring other options and comparing offers, you may be able to negotiate a better deal with your current lender. They may be willing to match or even beat offers from other lenders to retain your business.

Expert Advice: Working with a mortgage broker can help you navigate the complex mortgage market and find the best mortgage products and rates that fit your unique needs and circumstances.

Overall, taking the time to explore different options and negotiate with your lender can help you save money and get the best mortgage terms and conditions that meet your financial goals and needs.

My Mortgage Planner - Download Now!

This is a super cool app to download! If you are interested in playing around with your mortgage numbers and running amortization schedules...this is the tool for you! 

Download Here

This app does the following: 

-Calculate your total cost of owning a home

-Estimate the minimum down payment you need

-Calculate the maximum loan you can borrow

-Stress test your mortgage

-Estimate your Closing costs

-Calculate property transfer tax and available rebates

-Search the best mortgage rates

-Compare your options side by side

-Email summary reports (PDF)

-Use my app in English, French, Spanish, Hindi and Chinese

How to Lower your Mortgage Payment

There are several ways you can lower your mortgage payment:

Refinance your mortgage: Refinancing your mortgage involves replacing your current mortgage with a new one that has better terms, such as a lower interest rate or longer repayment period. This can lower your monthly payment and reduce the overall cost of your mortgage.

Extend the Amortization: If you're struggling to make your mortgage payments, you may be able to extend the amortization, which will lower your monthly payment but increase the overall cost of the mortgage.

Make extra payments: Making extra payments towards your mortgage principal can reduce the amount of interest you pay over time, which can ultimately lower your monthly payment. You can do this by making extra payments each month or by making one-time lump sum payments.

Modify your Mortgage: If you're having difficulty making your mortgage payments, you may be able to work with your lender to modify your loan terms. This could involve reducing your interest rate or extending the loan term to lower your monthly payment.

I Attended Sales Mastery in Palm Desert

Back in October, Romy and I attended Sales Mastery in Palm Desert, California. We spent a week in a beautiful resort Hotel with mortgage brokers across Canada and the US. 

Around 25 of us came from Mortgage Architects and it was amazing to collaborate with each other. 

We also had the privilege of meeting Todd Duncan before the event even started. 

Variable Rate Mortgages – To Lock or not to Lock

Times have been unprecedented over the last 3 years, things have been crazy! If you
got a variable rate mortgage in the last year, you are probably kicking yourself for not
seeing this coming and not choosing a fixed rate. 

We have to take a step back and ask ourselves, why did we choose variable in the first place?

For me, being a mortgage broker who has chosen to go variable herself, appreciates the flexibility and not being handcuffed to a lender with mortgage penalties. Lots of us did not see these aggressive hikes coming, from the federal government's ill-informed
announcements about rates supposedly staying low for 24 to 36 months, and then under a year later, they started the aggressive rate hikes and everyone was caught off guard and proceeded to stay in variable.
 
Historically, Variable rate mortgages have always outperformed the fixed rate
mortgage and 6/10 Canadians break their mortgage before the term is up. That is a
huge stat and massive amounts of penalties paid to the bank in the form of IRD (interest
rate differential penalties) being paid needlessly.
 
If you are a longer-term variable rate mortgage holder, you have gone with the market
and have benefited from doing so by paying less in interest over the long run.
 
Now that the Bank of Canada has taken us on the interest rate rollercoaster ride of our
lives, we are questioning if we made the right decision. Locking in won’t make sense for
everyone and it will depend on your individual circumstances and future goals and
plans.
 
If you considering locking in, these are the questions you have to ask yourself:
 
 
1) Where am I in my mortgage term?
2) What is the plan for this property?  Selling or keeping? Future refinance to pull
out equity for another purchase?
3) What fix rate and term will my existing lender allow me to switch into?
4) Is there a better rate option if you just moved lenders?
5) If you have a static payment, what is my trigger rate? What is my trigger point?
6) If I hit my trigger rate, does my lender automatically increase my payment to
keep amortization in line or can I simply increase my payment to cover the
minimum interest due?
7) If my payment has been increasing, will the lender allow me to simply reset my
amortization period to bring the monthly payment down?
8) If I have an adjustable-rate mortgage (Payment moves with prime rate), do I stay
the variable course and move to a lender with a static payment?

 
If you would like guidance on how to proceed with your variable rate mortgage, I would
be happy to connect with you to answer any questions that would help you make an
informative decision. https://calendly.com/kristakleinmortgagebroker/20min

Riker Turned 1

Can you believe it! Riker turned 1 year old and he spent the day celebrating with his doggy friends! 

Hiking the West Coast Trail

My friends and I spent part of July hiking the West Coast Trail. The West Coast Trail is a 75km backpacking hike along the West Coast of Vancouver Island. It was such an amazing adventure and we managed to complete the trail in 6-days. 

We saw whales, sea lions, and many otters. We slept in some of the most beautiful beach campsites and experienced the coast for all its natural beauty. 

If you would like to see some video footage, check out my friend's video reels here on Instagram.

West Coast Trail Video 1 

West Coast Trail Video 2

Let's Discuss

There is so much happening in the mortgage and economic landscape that it is hard to navigate. 

Here are some terms that are floating around: 

-Stress Test

-Trigger Point

-Trigger Rate

-Payment increasing

-Static Payment

-Inflation

-What should I do?

-Fixing your rate

-Adding on a HELOC

-Paying out a HELOC

-Paying off debt

-Adding a 2nd mortgage

If you want to discuss anything about or anything related to your mortgage, please book a time here https://calendly.com/kristakleinmortgagebroker/20min

BC enhances consumer protection for homebuyers

The homebuyer protection period will come into effect on Jan. 1, 2023. It includes a recission (cancellation) fee of 0.25% of the purchase price, or $250 for every $100,000, for those who choose to back out of a deal. For example, if the purchaser exercises the right of rescission on a $1-million home, they would be required to pay $2,500 to the seller.

Read More...

Riker The Wire Fox Terrier

Riker is 9-months now. He loves to go on long walks on the beach and enjoys sniffing. My favorite thing in the world is catching his smile. 

The End of Easy HELOC's?

NEWS - According to OSFI (Office of the Superintendent of Financial Institutions) changes may be coming that will restrict the amounts you may potentially borrow through a Line of Credit on your home. These LOC's, know as HELOC's or Home Equity Lines of Credit, are the least expensive access to borrowing cash as the loan is secured against the value of your home and typically run at Bank of Canada Prime +.50%.

If you've been considering adding one of these to your current mortgage, at renewal or during a refinance, now is the time before these rules change. Please reach out at 604-618-2017 or email me at krista@kristakleinmortgages.ca to discuss your plans and why a HELOC is something you may wish to add on or increase while you still can.

Thinking of Purchasing in the Next 2-4months?

You have probably heard rates have been going up. This means you need to have something in place in anticipation of your purchase. 

If you are considering purchasing a property in the next 2-4 months, you can hold a rate for up to 120 days. This means if you get your offer accepted, the lender will honor the rate held. 

If rates happen to go below the rate we have held, we simply receive the lower rate. 

It's a win/win for you. 

What is Your Mortgage Rate? How I am Saving My client up to $25,000 in interest payments.

I am having the 'rate' conversation more and more these days.

-Should I choose fix or variable?

-Does it make sense to break my fix rate and switch to variable? 

-Should I choose a way higher fix rate because I am scared of prime going up? 

How I like to answer this question is by using math. Here is a live case study I just completed for my client. Their current rate is 2.79% fixed and intimidated by the idea of going variable. 

Watch the video here to see how switching to variable makes sense and will save them HUGE in the long run. Fix vs Variable Interest Savings Video

Time Travel Back to the 1930's in Vancouver - Amazing Video

Someone put together an amazing video of what it would be like going through Vancouver in the 1930's.  

Here is the link: https://www.facebook.com/groups/128486813979056/posts/1941950642632655/

Flood Insurance: Do You Know If You Have it?

Is your property properly insured? Do you know what to even ask for when you speak to an insurance provider? I know MANY people simply look at the cost of the insurance premium without truly understanding what they are even insured for. I'm guilty of this myself. 

Unless you are in the insurance business, it's hard to even know what questions to ask when purchasing insurance. 

Overland Flood Insurance: What is it? Read Here

This Market Place episode is a much-watch. CBC Market Place Insurance Episode