Welcome to my Mortgage Blog - Vick Sahota
The Mortgage Strategy Most People Don’t Know About (That Could Save You $100K+)
If there’s a big gap between how much you earn and how much you save each month, you might be in a perfect position to take advantage of a powerful mortgage strategy that most people have never heard of.
What Would You Do with an Extra $300,000?
Imagine waking up one day to find an extra $300,000 in your bank account. Sounds too good to be true? Well, for some homeowners, it's a very real possibility—just by changing the way they structure their mortgage.
Consolidating Debt and Increasing Cashflow
If you have a mortgage and other debts and are struggling with cashflow, there are options available to help you regain financial stability. One of the most effective strategies is debt consolidation through mortgage refinancing.
Why a Mortgage Broker May Be a Better Choice Than a Bank
When it comes to getting a mortgage, many people instinctively turn to their bank. But is that really the best choice? Working with a mortgage broker can offer significant advantages, from more options to personalized service, and more cost savings over the life of your mortgage. Here’s why you might want to consider a mortgage broker over a bank.
The Hidden Costs of Mortgage Renewals: What You Need to Know Before You Sign
I recently spoke with someone about their mortgage renewal. Their current lender was offering a competitive rate, but there was a catch—massive penalties if they needed to break their mortgage early.
Is Your Mortgage Helping You Build Wealth—Or Just Holding You Back?
For most homeowners, a mortgage is the biggest financial commitment of their lives. It’s often seen as a burden—another bill to pay. Did you know that your mortgage could actually become a tool for building long-term wealth? If you own your home and one rental property, a strategic restructure of your portfolio can completely change how much interest and income tax you pay.
A and B Lenders: A Quick Guide
Have you ever wondered about the difference between A and B lenders? Let’s break it down.
GDS/TDS and How They Affect Your Mortgage Qualification
When it comes to securing a mortgage, there are two important financial metrics that lenders carefully consider to determine your qualification, Gross Debt Service (GDS) and Total Debt Service (TDS). Let's go into these concepts and explore their impact on your mortgage qualification.
Mortgage Renewals: A Strategic Approach for Homeowners
When it comes to mortgage renewals, timing is everything. Many homeowners may find themselves wondering when the best time is to reach out before their mortgage renewal. In this blog post, we'll explore why sooner is better and how proactive steps can lead to being better prepared at renewal time.
Breaking Your Mortgage: A Comprehensive Guide
Many Canadians find themselves breaking their mortgages before the end of the term, driven by a variety of circumstances. In this blog post, we’ll explore key considerations for those contemplating this decision.
Standard vs. Collateral Charge Mortgages: Pros and Cons
When it comes to securing a mortgage, homebuyers often encounter the terms "standard charge" and "collateral charge." These represent two distinct approaches to registering mortgages, each with its own set of advantages and disadvantages. In this blog post, we'll explore the differences between standard and collateral charge mortgages, shedding light on their pros and cons.
Mastering the Art of Budgeting: A Comprehensive Guide to Achieving Your Financial Goals
Budgeting is the cornerstone of financial success, providing a roadmap to meet your goals, whether it’s saving for a down payment or securing your future. In this comprehensive guide, we’ll explore essential tips and strategies to help you budget effectively and achieve your financial aspirations.
The Crucial Role of Pre-Approvals in Your Home Buying Journey
Embarking on the journey of homeownership requires careful planning and strategic decision-making. One of the initial and pivotal steps in this process is obtaining a mortgage pre-approval. In this comprehensive blog post, we will look into the reasons why you should get pre-approved for a mortgage and explore the numerous benefits associated with this crucial undertaking.
Essential Checklist for New Homeowners: A Comprehensive Guide
Congratulations on your new home! Whether you’re a first-time homebuyer or a seasoned pro, settling into a new space comes with its own set of tasks. Remember, homeownership is a marathon, not a sprint. Here’s a comprehensive checklist to ensure a smooth transition and a secure, comfortable home.
Securing Financing for Remediated Grow-Up Properties in British Columbia
British Columbia, renowned for its picturesque landscapes and, famously, BC bud, offers a unique real estate landscape. Among the listings, you’ll find properties with intriguing pasts - former grow-up sites now fully remediated and ready for new ownership. In this blog post, we’ll explore the opportunities and challenges that come with financing these distinctive properties.
Things to Consider Before Getting a Mortgage
Are you planning to get a mortgage soon? Whether you’re renewing your current mortgage or looking to purchase a new home, there are important considerations that can make the mortgage process smoother and be better prepared.
Navigating the Canadian Mortgage Stress Test: What You Need to Know
In 2016, the Canadian government introduced a significant financial safeguard for borrowers - the stress test. This measure aims to ensure stability in the housing market and protect borrowers from potential economic fluctuations. In this blog post, we’ll cover the details of the stress test, its implications, and explore some alternatives for those looking to navigate this requirement.
Navigating Mortgage Rates: Fixed vs. Variable - Making the Right Choice for You
Choosing the right mortgage is a crucial step in the home-buying process. One of the primary decisions you’ll face is whether to opt for a fixed or variable mortgage rate. In this blog post, we’ll break down the key differences between the two options and provide insights to help you make an informed decision that aligns with your financial goals and risk tolerance.
Understanding the Role of Co-signers and Guarantors in Canadian Mortgages
In the realm of Canadian mortgages, both co-signers and guarantors play crucial roles in assisting borrowers to secure the financing they need. Although they share a common goal, both have distinct responsibilities and obligations. In this blog post, we will cover the key differences between co-signers and guarantors, shedding light on their respective roles and the implications for both borrowers and those offering their support.