GLM Mortgage Group
Hypothèque - Vancouver

Mortgage financing and investments have been our passion and our core. We’ve had the privilege of turning this passion into a successful business as a mortgage broker company. Our team has built GLM Mortgage Group through hard work and tenacity, which has resulted in a mortgage service provider that believes in providing exceptional value and delivering outstanding customer service. We pride ourselves in offering knowledgeable advice and being committed to fulfilling the needs of our customers. We promise to call you back within 90 minutes. As your Vancouver mortgage broker, with over 28 years of experience in this industry we know how to wade through the challenging process of getting a mortgage."

Picking your first
Mortgage?
A mortgage is a loan that is specifically on a real estate transaction. A first mortgage shows the preference or order that the loan will be paid off first over all other liens or claims on a property in the event of default in payment or in a situation where the mortgage is being paid off. The first mortgage company has priority to receive payment in full before any other liens or mortgages are paid off. Therefore first mortgage services are usually lower risk as they will be paid in full by the proceeds of the sale of the property before any other subsequent claims or liens that are listed against the property. It is important to note that the quality of the property is also crucial in determining the risk factor in the mortgage.

Picking your first mortgage services is the key as it effects the options regarding any other lenders that may follow. Your first mortgage company may ‘handcuff’ further secondary lenders as there is a limit to who will put themselves in a position of a second mortgage on your property title. Second mortgages have a minimum 5% insurance rate as it is more of a risk.

The first step when you decide to buy your first home is to determine whether you can qualify for first mortgage services, and if so, how much of a mortgage can you qualify for based on your income. Picking the proper first mortgage company is also very important. In other words, the first step is right here with the GLM Mortgage Group! Remember, the lower the mortgage rates the more you qualify for.

Thanks to the historically low interest rates that Canadians have continued to enjoy, it is still more affordable than ever to purchase a home. Purchasing a home is the single biggest investment that most people will make in their lives so it is very important to think it through. Not only do you want to make a good investment from a real estate perspective but you also want to make sure that you don’t buy a home that results in you becoming house poor.

Here are some real estate home financing tips that will help you to purchase and finance a home that you can afford.

Real estate home financing tips – tip number one: Review your budget. On big reason that some people find themselves house poor is purchasing a home that is at the top of their budget. Look realistically at your budget and when determining what you can afford to pay for a home, consider your future financial goals. If you currently do not have debt and so you have decent cash flow, do not take out a mortgage that puts you at your limit. This can set you up for failure. In the future if interest rates go up, and you need to finance a new vehicle or you have some other need to have to take out new debt, you could find yourself in financial trouble.

Real estate home financing tips – tip number two: Know your credit. Request your credit report from Equifax. It is really important to know what’s on your credit so that you don’t make an offer on a home only to find out that there is an issue with your credit that will prevent you from getting a mortgage.

Real estate home financing tips – tip number three: Consult a mortgage broker. Consulting with a local mortgage broker will enable you to find out all the deals being offered by the different banks and a mortgage broker can even pursue a mortgage pre-approval on your behalf so that when you go out to buy your home you have the security of knowing that: 1) you can get a mortgage 2) how much of a mortgage you qualify for 3) what will be required for you to get your mortgage.

Real estate home financing tips – tip number four: Be realistic about the cost of buying a home and budget accordingly. Outside of your down payment there will be many other expenses that come up as it relates to buying your home. These expenses include property tax hold back, property tax and interest adjustments, land transfer tax, insurance fees, legal fees, moving costs and more. Expect to have an additional $5,000-$7,000 budgeted for your closing to cover these expenses if you want to have a stress free mortgage closing.

Buying a home is a complicated process