If buying a property is associated with the most complicated terms and conditions, we make things easier for you. I understand that comprehending the terms and conditions of a Mortgage work are daunting but at the same time, the necessity of it cannot be avoided especially, if you are dealing with buying a house for the first time. Our expert mortgage specialists get accustomed with all the important mortgage terminologies and the styles to choose from and with the ever-changing financial environment as well.

There are factors that take control of your mortgage and determine how much interest do you need to pay? The incorporating factors are the amount of debt that you take, the size of your down payment, the interest rate option, the amortization period, and the repayment frequency etc. If you are about to get associated with buying a property for the first time then it is advised  to get the mortgage approved as the very fists step.

My association with various mortgage specialists who are enriched with vast experience and provide solutions for all difficult yet indispensable aspects of mortgage that gets tougher for a common borrower. That’s why people from Greater Vancouver including areas from Vancouver, Burnaby, New Westminster, Surrey and Delta find assistance from mortgage specialists recommended by Firoz Fiam, website BC Homes Condos. It is helpful when it comes to mortgage management. Below are the factors that you should be accustomed with before you step into a deal.

 Down payment: The initial amount that you pay is referred to as the “down payment” and that plays the determinant role on how easy you can qualify. The matter goes reversely proportional with each other. The higher the down payment, the lesser restrictions/ requirement from the bank. The properties in Delta and Surrey are appropriate because the places are comparatively less expensive and that allow people to allocate larger amount of money as the down payment. You will get full assistance from mortgage specialists recommended by Firoz Fiam on this aspect even you are having difficulties with down payment.

Type of Mortgage:  It is important to be aware of all the different types of mortgage and what are the determinant factors? There are primly two basic types of mortgage rates and that are Fixed and Variable and the two basic repayment options are Open or Closed. Here below all these aspects in details:


  • Fixed rate mortgages appear in a different length of 1-25 years but renegotiation needs to be made before 5 years period. You can certainly avail the temporary rate of security irrespective of the market fluctuation from the bank. And this facility is for those people with lower and fixed income.
  • Variable mortgage rate allows the possible fluctuation into the rate as per the rise and fall of the market and this is why the rate is normally lower than the fixed mortgage. Generally, investors get involved into this who doesn’t have to worry about the money.
  • Open mortgage is as the name suggests you can pay off the interest at any point of time, not even having any penalty for that and this involves higher payments.
  • Closed mortgage asks you to pay off the loan within a certain period of time and to make the process even faster, you are allowed to make changes to the terms mortgage terms and conditions. But, of course this will attract penalty. You will also get the opportunity to negotiate an annual penalty-free extra payment with our specialists.


  Amortization period and payment frequency:

Both these aspects are very important to know before you step into dealing with such property.

Amortization period: This duration actually signifies the time that you would take to pay back your loan. It is simply understandable that the lower the amortization period, the more you save on the interest but on the other hand, you have to count greater payments. The normal duration that a borrower is able to afford is 25-30 years but lately, banks have fixed that up to 25 years. It varies according to the client’s affordability and if you have other projects queued up then you should plan the amortization period accordingly.

Frequency of payment: There are plenty of frequencies available for the repayment of the loan and that are monthly, semi-monthly, biweekly and accelerated weekly and this contains dramatic effects on the amortization period as well. I consider the monthly payment option to be the best one as most of the earners have their payment on a monthly basis. However, this option results in lower monthly payment but a higher interest considering the long run.

In the below furnished text, you are about to explore how to get approved for a mortgage. If you are planning to buy a property, this preapproval will provide you some advantages such as:

·         You will be able to set an affordable and suitable price range that will diminish the chances of getting attracted to a property which is quite beyond your range.

·         You can also plan to create a hedge position in order to secure the interest rates in the future. The rate will not increase for a certain amount of time period. Moreover, if the rate declines then your lending organization will accomplish the required adjustments to manage your downs.


But to avail the facility, you need to furnish some documents just to minimize the risks. Irrespective of your bank or the broker, you should be prepared to discuss about aspects like; credit history, income, debt etc. These are the key factors to determine how much you can borrow and for what time duration. The broker will check your credit history with your permission and through the agencies like Equifax, Transunion etc. just to ensure the reliability of payment so that late payments can be avoided. You also have to furnish valid proof of your income. Furthermore, the brokers will also like to have your debt record from the credit check. This doesn’t disqualify you from having a mortgage property but there are certain factors that should be checked before everything is finalized.


If you are looking for property in Greater Vancouver including Surrey or Delta, you can definitely get in touch with me through my website bchomescondos.com. You can communicate through different languages and my independent operation and association with Multiple Realty Ltd. will certainly help you to find the best mortgage solutions. You are allowed to get in touch with me at any of your preferred time through the available contact means, mentioned at my website.


Firoz fiam will give you Mortgage based solutions such as payment, interest, etc, while buying or selling a home in Burnaby, Surrey, Delta, New Westminster.
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