When buying a home, always research less than your maximum mortgage qualification. Vancouver realtor and mortgage broker, Jessi Johnson shares why.
Odds are, the answer is YES and as of today, 9 times out of 10, we can beat your current lender and save you a LOT of money.
New Mortgage Rules UPDATE: 1. New Qualification Rate (As of October 30, 2017) & 2. The Stress Test (what we know and what we don't know)
How's this for a new perspective... Rather than seeing your debts as a problem, what if they could be an opportunity? With a little knowledge, ingenuity, and discipline you can transform those debts into wealth! Here are 6 Tips to Shift from Debt to Financial Freedom
Ok, today let's talk about debt and, more importantly, how to get out of it... Nobody sets out to get deep in debt. It just seems to happen to some people and not to others.
If money's a bit tight right now, here are six tips for empowering yourself to create a breakthrough...
Thinking about buying a property any time soon? If so, here are the closing costs to be aware of before you buy (so you don’t have any unwanted surprises).
Your credit score is the single biggest factor that lenders use in determining your interest rate when you apply for a mortgage. Yet most people don't even know what a credit score is, let alone whether they have a high score or a low one. The sad truth is if your score is unnecessarily low--due to errors or lack of professional advice--you could end up paying thousands of dollars extra over the life of your mortgage!
Have you checked your mailbox yet today? How many credit card offers do you think you received? Each one is a new opportunity to get farther into debt, hand over HUGE interest payments, and never get any closer to financial security. Instead of being flattered every time you're offered a PRE-APPROVED PLATINUM card, it's time you learned the truth behind credit card offers.
It’s easy for some people to be pessimistic about retirement. With kids to put through school, a mortgage to pay off, the rising cost of everything and growing credit card debt, many people ignore retirement planning and hope for the best. Even if you’ve already started saving, it’s hard to be confident when stock markets are volatile and interest rates are low. But believe it or not, there’s a large group of retirees who are feeling fine about retirement.
OK, today we’re going to talk about how to get SMART with MONEY... If you’re like most people, you spend a lot of time worrying about money. But worry only makes things worse.
OK, today we’re going to talk about how you can change your life by getting comfortable with being uncomfortable… Imagine what would happen if you kept your workouts to the same easy exercises you’ve done a million times before.Your strength certainly wouldn’t increase much, would it? Which is why, if we want to get stronger, we have to push ourselves beyond our comfort level with new exercises and more reps. It’s the same in the rest of your life.
If you have kids and/or nephews or nieces, today's video is especially for you... According to MoneySense magazine, experts forecast that the cost of a four-year university education in Canada, including tuition and accommodation, will run upwards of $130,000 by the time today's toddlers graduate from high school. But if you start planning while your kids are young, the costs can still be affordable. Plus, you'll save them from being burdened with thousands of dollars in student loan debt!
OK, today we're going to talk about an unfortunate but common challenge that many homeowners face... You see, when you and your partner get together and jointly buy a house, it’s only natural to assume everything will be “happily ever after”. But the sad truth is many relationships eventually end in separation, and that can have a dramatic impact on your mortgage.
Real estate investing can be a great way to your build assets and achieve financial security. However, in order to be profitable, you need to the many landmines that kill your profits.
As you may know, credit reporting agencies collect all the data on your loans, lines of credit and credit cards to create your credit report and calculate your credit score. This information is then used by lenders—including mortgage lenders—to determine whether you’re a good credit risk. What many people don’t realize is that cell phone bill payments can also have an effect on credit rating.
Robert Kiyosaki is an American multi-millionaire investor who made his fortune through something he calls the Cash Flow Quadrant. Have you ever noticed that in today’s economy, while the middle class is struggling in a tough job market, some entrepreneurs just keep getting richer?
Buying a foreclosed house can be a great way to save money. However, achieving those savings takes a lot of preparation, and willingness to do some extra work.
OK, today we’re going to talk about 5 ways to be broke even if you’re earning six figures… Sounds impossible, right? How can you earn over $100,000 a year and still not have enough to cover your bills? It’s actually much easier and more common than you’d think.
Are you considering buying a new home or investment property in the near future? Buying a home is a major investment no matter how you look at it. But for many homebuyers, it's even more complicated and costly than it needs to be...
Have you ever wondered how some people can have big incomes but they still stay stuck in the rat race with little money left over at the end of the month? Yes, chances are they have a spending problem. But there's something even deeper at play that most people don't realize.
OK, today we’re going to talk about the BIG “A” word… AMORTIZATION that is! The length of time it takes you to pay off your entire mortgage is called the amortization. But don’t fall prey to the misconception that a longer amortization is better. In most cases, the opposite is true.
We’ve all heard about the wealth accumulation rule called “pay yourself first”. But billionaire Sir John Templeton had an even more powerful idea called the 50/50 rule.
You may wonder how relevant “billionaire advice" is when you’re working hard just to cover the bills. But the truth is many rich people started out poor, and the financial skills they learned along the way helped them achieve great wealth.
OK, let’s talk about rates… Let’s face it, when it comes to getting a mortgage, everyone wants the “lowest rate”. I mean, why not save a few pennies, right? Sure, a low rate is important, but choosing your mortgage and lender based on rate alone can be a BIG mistake. With that in mind…
I'm not a financial advisor, nor am I an expert in investing, but in these turbulent economic times it's more important than ever to discuss this important and controversial topic. Even today, both mutual funds and real estate still offer investment potential. Here are a few things to consider...
Before you consider refinancing your existing mortgage, it's important for you to determine the break-even point, which represents how soon the cost of the refinance will be recaptured through lower monthly payments. The answer to this question depends on multiple factors...
OK, we’re going to talk about a simple – yet profound – principle that can transform your health and your wealth over time… It’s called the “apple-a-day” principle.
It’s no coincidence that most wealthy people got rich by owning real estate. After all, real estate is the #1 millionaire-maker in the world!
Let’s face it, debt isn’t a financial problem, it’s a behavior problem. So becoming debt-free takes more than sound financial strategies, it takes a mindset shift that establishes new wealth-building habits.
Ok, today we’re going to talk about how to keep your kids’ out of debt… The last time I checked, the average student’s debt is currently almost $30,000, and it’ll be even higher by the time your kids graduate!
Have you ever wondered if the way you habitually think is helping or hindering your ability to attract wealth and prosperity? Well, recent studies indicate that we can actually unwittingly sabotage our ability to achieve financial security.
OK, let's talk about your retirement for a moment... It’s easy to assume there’s an endless list of things standing between you and a secure retirement, including volatile stock markets, stagnant household income, adult children living at home, etc. But in reality, none of those things are as destructive to your retirement savings as what I'm about to show you next...
Sometimes bad financial situations happen to good people and bankruptcy is the only way out. But it's not all doom and gloom -- there are a number of strategies for putting your credit back on track and getting approved for a mortgage, even after bankruptcy.
Renovating your home can be an effective way to increase its resale value. But not all renovations are created equal and none are guaranteed to repay 100% of their cost.
With the volatility in today’s markets and the huge number of choices available in equities and mutual funds, it’s almost impossible for us to securely and profitably manage our own investments.
Vancouver realtor and Vancouver mortgage broker, Jessi Johnson forecasts that more mortgage rules are coming this fall of 2017. The Government of Canada is expected to release more mortgage rules to slow the market in 2017.
Are you curious how the Provincial budget highlights relate to mortgages in Vancouver? Vancouver Mortgage Broker Jessi Johnson shows you.
BREAKING BAD NEWS - Finance minister announces down payment rule changes and they are NOT going to help Canadians.
Roughly every 12 months or around the time of your mortgage term anniversary, we recommend that you complete a mortgage review. While the process on your end is short, we go very deep into ensuring you are optimized on our end. The biggest savings with clients is generally mid-mortgage term and not the interest rate when they start the mortgage.
Fixed or variable, the great debate! Choosing a fixed rate in the current market will earn you a record low rate that will be locked in for a healthy amount of time. Ok, yes this is true over the past 30+ years on average but that doesn’t mean it is the best as of today and certainly doesn’t mean it’s the best for you.
Watch a live presentation at BC Place with Mortgage Broker Jessi Johnson and host Sharad Khare talking about how "not" to buy your first home. First home buyers, please watch!
I've alway found it fascinating how some people can win the lottery more than once while others never win their entire lifetime. Our clients essentially win the lottery on regular basis. Each week we review our clients portfolios and find savings. If you currently have a mortgage greater than $100,000 and have a 10 year mortgage term, well you very well likely just won the lottery.
Foreign investors take a lot of flack in Vancouver and are generally blamed for the rise in home prices in recent years. The unease is completely understandable as the average single-detached home in the Greater Vancouver Area now costs $1.1 million dollars. Within the City of Vancouver itself, the average single-detached house ranges in price from $1.1 million in Vancouver East to $2.6 million in Vancouver West (areas defined by the Greater Vancouver Real Estate Board). Using year-to-date sales as a weight, the average single-detached home across the city of Vancouver now costs upwards of $1.86 million.