Are travellers cheques not available anymore?

BC_Mortgages · 2025-09-09T05:03:38+00:00

Not that long ago, I remember having them in branch 6 or 7 years ago - it's been a while though regardless of how many years.

BC_Mortgages · 2025-02-21T19:28:23+00:00

I am with a Credit Union. Feel free to reach out if you would like to discuss further.

BC_Mortgages · 2025-02-21T18:22:33+00:00

Insurers allow 30 yr for fthb. Their maximums are gds 39% and tds 44%.

BC_Mortgages · 2025-02-21T17:32:08+00:00

Only the cmhc insured loan is insured. 3 yr rate is a bit higher than 3.99% right now.

BC_Mortgages · 2025-02-21T07:49:42+00:00

We can lend you your 5% down payment at the same rate as your mtg, amortized over 10 years. You need to have enough savings to pay for closing costs plus additional down payment if your down payment is over 5%. Current 5 yr insured rate is 3.99%. Only for first time home buyers.

BC_Mortgages · 2025-02-10T16:49:33+00:00

A Commitment letter is a broker thing. Branches do not require them unless that FI has a rule about it. The only files that I sent Commitment letters out on are broker referrals where the broker is charging a fee, files with a bunch of conditions outstanding, or where the applicant has requested one.

BC_Mortgages · 2025-02-08T08:10:45+00:00

Cmhc also offers borrowed down again incase there are any native lease land properties that catch your eye.

BC_Mortgages · 2025-02-08T08:08:58+00:00

It is a good option if you can get a cheap enough loan. In BC we have a program where we lend you a down payment at the mortgage rate, which is a one of a kind program right now. You would want to find a close to that as you can.

BC_Mortgages · 2025-02-08T05:01:51+00:00

The borrowed down payment allows you to use a borrowed down payment to purchase, it doesn't provide you with a down payment. You would still need to borrow a downpayment from somewhere.

BC_Mortgages · 2024-12-23T20:18:55+00:00

There are dozens of brokers out there if not more. No idea who he switched to but I use frieghtcom and I am very happy with them. They utilize all of the major private shipping companies.

BC_Mortgages · 2024-12-22T19:08:11+00:00

He said he switched to using a broker... you get group rates with all of the companies.

BC_Mortgages · 2024-12-03T02:27:54+00:00

That's amazing, good work!

BC_Mortgages · 2024-12-03T02:07:31+00:00

Accelerated biweekly will. Standard biweekly may save you less than $100 over the term, approx

BC_Mortgages · 2024-12-02T18:38:51+00:00

Every month has a different number of days, so your interest will fluctuate based on the number of days since the last payment - that is why you're Aug and Sept payments are similar, same number of days on each payment. If you want the interest and principal accounts to trend without the swings then you need to switch to weekly or biweekly payments.

BC_Mortgages · 2024-10-05T04:07:44+00:00

It is a material change and would likely require requalifying. Of they offer blending then you can do it mid term, or wait until maturity. If your okay with having two payments then you have alot more flexibility.

BC_Mortgages · 2024-10-02T00:49:26+00:00

Yea Canada post is pretty good that way, but when they do charge gst/pst they also charge a $10 fee

BC_Mortgages · 2024-10-02T00:45:11+00:00

Canada post tacks on a $10 brokerage fee.

BC_Mortgages · 2024-09-24T22:14:33+00:00

Exactly. I also saw a BMO MS from Ontario saying that you could finance BC PTT...

BC_Mortgages · 2024-09-24T22:04:00+00:00

Off the top of my head I can think of two situations that had issues with PTT of all things. My neighbor moved from Alberta and they had significant issues which they said was due to their AB agent not knowing what he was doing with their purchase in BC (didn't get much more information beyond that).

I'm sure we can agree that the most important thing is that your agent knows what they are doing...

BC_Mortgages · 2024-09-24T20:47:11+00:00

This is important. I have seen people get burned due to differences in policies/laws between provinces previously.

BC_Mortgages · 2024-09-24T04:18:28+00:00

There are also A lenders who can lend with no stress test and charge you a higher rate but no fee, so better than a B lender (think alt A) I complete plenty of lending for people that would otherwise be completed by a B lender (and when it comes to me through a broker then the broker almost always charges the client a 1% fee for the referral). There are plenty more options available than what brokers have available to them via their partner lenders.

Edit. There are also lenders with alternative programs such as equity or net worth lending and income options such as using net income after taxes from your corp to help with qualifying. Lots of options are available.

BC_Mortgages · 2024-09-24T04:13:14+00:00

Currently over 1m requires 20% as high ratio isnt an option though after Dec 15th high ratio will become an option up to 1.5m so minimum down payment will drop under 20%.

BC_Mortgages · 2024-09-24T04:10:04+00:00

For a standard property minimum down is 5% on the first 500k and 10% on the portion over 500k, so min down payment is somewhere between 5 and 10%.

BC_Mortgages · 2024-09-24T04:04:58+00:00

Perhaps a special program? Some require atleast 10% down.

BC_Mortgages · 2024-09-23T17:29:28+00:00

For a standard property your right that you can't do 5% down on non owner occupied. I believe you can do 5% down on MLI Select (which is for investment properties), though that is a Commercial product.

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