Plastic Model House Sitting on a floorplan document, next to an abacus; highlighting New Mortgage Rules

New Mortgage Rules Changes “Stress Test”

Matthew Jackson Mortgage Tips

If you haven’t heard yet, there were some big changes to the way anyone with less than 20% down payment qualifies for mortgages as of October 17, 2016. The main change is that anyone who is getting a mortgage with default insurance will now have to qualify at a rate called a Benchmark rate, which is currently 4.64%. You would …

A hand drawing with a marker circling the words 'work part time' in reference to building your credit score

Part Time Or Variable Employment Mortgages

Matthew Jackson Self Employed Mortgages

Part Time Or Variable Employment Hello there, With this blog I will be going into what the banks will allow and require in regards to someone being employed part time or with a variable income. Part time and variable income can be two very different items. Part time income could be casual work picking up as many hours as you …

A credit report document with a high credit score, sitting on a desk with a pen and keyboard

Building Your Credit Score

Matthew Jackson Mortgage Tips

Building Your Credit Score Hello there again! I will be focusing on what most banks want to see for credit when you are applying for a mortgage for this blog.In most cases the banks will want you to have two sources of credit established for two years or more. When I say credit sources, what I mean is at least …

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Getting a Mortgage with a Cosigner

Matthew Jackson Mortgage Tips

Having trouble getting a mortgage? When you are first getting a mortgage, are a student or transitioning to a new job and you just don’t fit the banks guidelines to get a mortgage you may have need of a cosigner. There can be many reasons as to why you need a cosigner on a mortgage and with the way banks …

A hand giving a set of keys to an out-of-focus couple with hand out to receive; highlighting mortgage brokers fitting with a lender

How Do Mortgage Brokers Fit You With A Lender?

Matthew Jackson Mortgage Tips

People always ask me, “Why use a mortgage broker, or why would I use a mortgage broker instead of my bank?” While, that is a great question and I will answer it with examples of situations where a broker will be more useful than others. A mortgage broker becomes more useful the more complicated your situation is. For example, if …

Front garden with a red 'for rent' sign near entrance, highlighting buying a rental property

Buying A Rental Property

Matthew Jackson Mortgage Tips

I wanted to write about buying rental properties as it is getting more difficult each year to buy them. This will focus on clients who have less than 4 or 5 rental properties To start, most banks will only allow you to own up to 4 or 5 rental properties plus your owner occupied property. Doesn’t matter if the properties …

Illustration of four houses with different colour roofs and arrows pointing upwards, referencing the different costs for buying a second home or home for family member

Buying a Second Home or Home for Family Member

Matthew Jackson Mortgage Tips

I wanted to write about a scenario where you are either buying a second home or a home for a family member who can’t qualify. You may not know but you may purchase a second home either within your same city or outside of it depending on the circumstances. Your second home may also be a vacation property or a …

Green approved stamp over the words 'mortgage application', for mortgage preapproval

Mortgage Preapproval

Matthew Jackson Mortgage Tips

Getting preapproved for a mortgage is a great option to have before you go shopping for a home. This enables you to know the price range you should be approved at when you make an offer on a home. It will also prevent you from looking at properties out of your price range and getting excited for something that may …

Multiple 3D words saying 'mortgage', with only one having a red bullseye underneath it; highlighting that Not All Lenders Are Equal

Not All Lenders Are Equal

Matthew Jackson Mortgage Tips

At this particular point and time not all banks are being fair in their qualifying of clients. An example of this would be the following. I have had several clients with 700+ credit scores, more than enough income and down payment to qualify but have had several banks decline them on a risk basis. These clients worked in, or were …

Hand putting coins in a piggy bank with graphs and a calculator; highlighting the Mortgage Calculator Kelowna by Mortgage Okanagan

Employee Income and How the Banks View It

Matthew Jackson Mortgage Tips

I thought I would write an article based on how the banks view your income as it is getting tougher and tougher to get a mortgage and knowing how the banks view you now is a valuable tool! I will start with a regular 40 hour per week employee past their 3 month probationary period. The bank will view your …