Blog by Boychuk Mortgage Group

In the ever-changing landscape of the mortgage market, self-employed borrowers have often faced unique challenges when trying to secure a mortgage. As a Mortgage Brokerage in Burnaby, British Columbia, we understand how vital it is for self-employed individuals to have access to suitable mortgage options. In this blog, we will delve into the world of mortgages tailored specifically for self-employed borrowers, offering real insights and solutions to help them achieve their homeownership dreams.

If you're struggling to make your current mortgage payments or you're looking to free up some extra cash each month, refinancing could be the solution you need. By securing a lower interest rate, you could significantly reduce your monthly mortgage payment and have more money in your pocket. But how do you know if refinancing is the right choice for you? Well, it all depends on your unique financial situation. Are you looking to lower your monthly payments? Do you want to pay off your mortgage faster? Or are you looking to take cash out of your home equity? These are all valid reasons to consider refinancing.

Ultimately, the decision to refinance your mortgage is a personal one that should be based on your unique financial goals and circumstances. If you're still unsure whether refinancing is the right choice for you, it's always a good idea to speak with a trusted financial advisor who can help guide you in the right direction. In this blog, Boychuk Mortgage Group will discuss how you can determine if refinancing your mortgage is the right choice for you.

Securing a mortgage as a self-employed individual can be challenging, but with the help of a mortgage broker, the process can become smoother and more manageable. A mortgage broker can provide valuable advice, guidance, and resources to help you navigate the complexities of obtaining a self-employed mortgage. At Boychuk Mortgage Group, we understand the unique challenges that self-employed individuals face when trying to secure a mortgage. That's why we're dedicated to helping our clients find the best mortgage options that suit their specific needs and financial situation.

Here are 5 engaging points about the role of a mortgage broker in securing a self-employed mortgage:

Going through a separation or divorce can be an emotionally and financially challenging time. One of the biggest concerns for couples who own property together is what happens to their home. If you find yourself in this situation, you may be considering a separation mortgage to buy out your ex-partner. Essentially, a separation mortgage allows one partner to buy out the other partner's share of the home's equity, so that one person can keep the home and the other can receive their fair share of the value. It can be a smart and practical way to navigate the challenges of a breakup and move forward with your life in a positive way. While there are certainly benefits to this option, there are also some drawbacks to consider. 

In this blog, Boychuk Mortgage Group will explore the pros and cons of using a separation mortgage to buy out your ex-partner and provide you with some helpful tips and insights.

When renewing your mortgage, it can be tempting to stick with your current lender without considering other options. However, this could prove costly, as your mortgage broker has access to many mortgage options and can help you find the best deal for your needs.

As you approach retirement, the last thing you want is to be saddled with debt. One of the best ways to get ahead financially is to pay off your mortgage as soon as possible. But how can you do this without incurring a penalty? Fortunately, several strategies can help you pay your mortgage quicker and avoid costly penalties. Let’s look at these strategies and how they can help you become debt-free faster.

We would like to take this opportunity to wish you and your family a wonderful Holiday Season and a happy, healthy, and peaceful New Year 2023!

Refinancing is when a homeowner gets a new mortgage to replace their current mortgage. The new mortgage should help them save money or meet another financial goal. For example, most people refinance to lower their interest rates and reduce their mortgage payments, often saving thousands in mortgage interest. But you can also refinance into a new loan type, shorten your mortgage term to pay off the home early, or cash out home equity. Trusted mortgage broker Riley Boychuk wants to help you understand how refinancing your mortgage can help you out of a tough situation. 

Immigrating to Canada is a big step, and starting a new life in Canada can be challenging. That’s why many banks and lenders offer mortgage options for new immigrants to help them get settled into their own homes. Trusted mortgage broker Boychuk Mortgage Group wants to help newcomers become aware of the various mortgage options for newcomers coming to Canada. 

A commercial mortgage is a type of investment property mortgage taken out on commercial real estate as opposed to residential, with the property as collateral. The borrower is usually a company or business as opposed to an individual. The rates are highly dependent on the specific mortgage, property, and borrower conditions. Additionally, assessing credit history is more complicated with this type of mortgage.

You’ve found the perfect house at a great price, and you might have big home improvement plans for it, but you also need to have a plan on how to pay for it all. Like most people, you probably don’t have money lying around to pay for it yourself. Well, don’t worry! Trusted mortgage broker Boychuk Mortgage Group wants you to know that there is a solution in the form of a home purchase and improvement mortgage. 

When it comes to accessing the equity in your home, you have different options to acquire it. Two common ways to do this are through home equity lines of credit (HELOC) or readvanceable mortgages. Both options allow you to easily tap into your home equity and offer HELOC services. For a better understanding of this, mortgage broker Boychuk Mortgage Group  have explained these two lending products in this blog.

Choosing between a fixed rate mortgage and a variable rate mortgage is one of the biggest decisions a borrower will have to make when applying for a mortgage. After all, the choice they make could affect their finances for several years. Fixed and variable rates exist so that borrowers have the freedom to determine what works best for them. However, each option comes with its own set of advantages and disadvantages, and trusted mortgage broker Boychuk Mortgage Group would like to shed some light on both to help borrowers make suitable decisions.

As mortgages involve significant sums of money, applying for funding usually entails a complicated process. The process is designed to ensure the legitimacy of the transaction and confirm that the lending party is dealing with a credible borrower. To break down the mortgage process and help home buyers get approved for the finances they desire, mortgage broker Boychuk Mortgage Group have broadly explained the five parts involved in the mortgage process.

For individuals looking to enjoy the comforts of a customized home, building a brand new one is the most suitable option. However, constructing a house is just as costly as buying an existing one. As a result, seeking financial options is a must. One of the most popular financial solutions for building a new house is a home construction loan. This financial option allows individuals to borrow money to pay for materials and labor throughout the course of their construction project. With sufficient financial backing, they don’t have to compromise on quality, design, or even plot selection.

Did you know that the mortgages available to self-employed individuals are different from those individuals who a company employs? They are offered a different kind of mortgage due to their income, which may fluctuate depending on their earnings per month. If you’re a part of the self-employed community looking for funding to buy a new home, you’ve come to the right place. In this blog, mortgage broker Boychuk Mortgage Group has explained mortgages for self-employed individuals and how they work. Keep reading to learn more. 

As you pay down your mortgage, you build equity in your home. This equity can be referred to as the percentage of the property you’ve currently paid for. In other terms, equity is the current value of your home, less your mortgage balance. The more mortgage debt you pay off, the more equity you gain. Similarly, if the value of your property increases, so will your equity. Lenders will loan up to a total of 80% of your home’s current value and will be subject to standard lending guidelines. This equity can be withdrawn to help you cover different expenses like a second home, renovations, or even to consolidate debt. To access the equity in your home, there are a few different mortgage options to consider. One of the more common solutions is refinancing.

Before you begin searching for that forever home and looking to secure mortgage financing, you will need to know the home buying process. There are a number of steps involved in purchasing a home and unless you’ve been through the process before, it can be an overwhelming experience for many. Two common areas where home buyers often seem perplexed are mortgage pre-approvals and rate holds.

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