In this episode of “Difference Between Possession & Completion Date” Realtor Krista Lapp and Mortgage Broker Mortgage Broker Evangeline Villanueva clarify what the possession date means and what the steps are leading up to completion (funding).
In this episode of “What is the mortgage stress test”, Coquitlam Realtor Krista Lapp and Mortgage Broker Evangeline Villanueva share what the Mortgage Stress Test is and its impact on buyers’ purchasing power.
🔹What the mortgage stress test is
🔹Who the stress test affects
🔹How the stress test impacts borrowers
Guest Writer: Peter Radonjic, Mortgage Specialist for our Coquitlam Real Estate Blog explains the new BC Government downpayment loan for first time home buyers.
As you may have heard, the BC government just announced the “B.C. Home Owner Mortgage and Equity Partnership program” which will lend first-time homebuyers up to 5% of the purchase price to use as a downpayment. For the first 5 years the loan is interest-free and re-payments don’t start until year 6. Here’s CBC’s article on it (NOTE the terrible headline – the loan is NOT “interest-free” it’s a loan with interest and payments – the clock just doesn’t start ticking on interest and payments don’t start for 5 years after you get the cash):