Alberta Mortgage Rate Update Feb 13th, 2019 (& More Downpayment)

Jillian Napen 13 Feb

Mortgage Rates for Grande Prairie & Northern Alberta

It’s Mortgage Rate Wednesday again! Here I update our best available rates, talk about our beautiful city of Grande Prairie and answer some common homeowner questions such as buying a second home.

” Do I need 20% down to buy a house if it’s my second house?”

Buying a second home? Can I need to put 20% downpayment on that second home?

Alberta Mortgage Rates for Feb 13, 2019.

Do I need 20% down to buy a house if it’s my second house?

How do you classify a second home? Here’s a couple of scenario’s.

Why are you buying a second house?  Which of these situations describes you best?

  • Buying a Second home after selling my first home?

Buying a home here in Grande Prairie after selling your first home? Then this is considered your new primary residence. We can do 5% down.

  • Buying a Second home for my children to live in while going to school in another city

All lenders will let you do 5% down on a family home. So if you want to purchase college condo or home for your kids, give us a call.

  • Buying a second home, and keeping my first home as a rental property

If you plan to live in this home, then 5% down.

  • This second home will be a rental property, I’m still living in my first home

As a rental property, you’ll have to put at least 20% down anywhere you purchase it in Canada.

 

Repeat those Alberta Mortgage Rates?

Here are this week’s best rates for February 13th, 2019:

  • 6 month at 3.30%
  • 1 year at 3.49%
  • 2 year at 3.54%
  • 3 year at 3.24%
  • 4 year at 3.64%
  • 5 year rate Special at 3.39%
  • 5 year variable rate mortgage at 2.95%    P- 1.0%
  • 7 year 3.64%
  • 10 year 3.89%

Give us a call today to get a mortgage started for your second home!

(780) 513-6611

Working hard to increase our website SEO in Grande Prairie

Jillian Napen, Office Manager at HT Mortgage Group, Part of Dominion Lending Centres in Grande Prairie

Grande Prairie, Alberta Mortgage Rates Feb 6, 2019 and downpayment

Downpayment 6 Feb

 

Grande Prairie, Alberta Mortgage Rates Feb 6, 2019

 

Grande Prairie, Alberta Mortgage Rates for Feb 6, 2019

Here are this weeks mortgage rates for Grande Prairie, Alberta.

 

Everyone always has downpayment questions. How much do I need to put down on my first house? If I put more down do I get a lower rate?  Do I need to put a different amount down if it’s not my first house? What is the downpayment if it’s a rental home? So this week we post our Grande Prairie, Alberta Mortgage Rates and talk a bit about downpayment.

How much do I need to put down on my first house?

As long as it’s for your primary residence:

As of February 2019 in Alberta, current mortgage rules are that you only have to put 5% down on your first house, or your second or even 20th home. If you are buying a home that’s meant to be your residence you can do just 5% down. Given Grande Prairie’s Residential Average Home Price (September 2018) of  $320,744 that 5% would be $16,038.

You could get a lower rate in Grande Prairie with a higher downpayment

That doesn’t mean it’s always a good idea to just put 5% down. If you put 35% down here in Grande Prairie instead of 5%, many companies will give you their best rate. Putting 5% down gets you a home in Grande Prairie, but not always the best mortgage rate.

Put more than 5% down to avoid mortgage default insurance

If you can afford to put 20% down on a home in Grande Prairie, you can avoid having to pay for mortgage default insurance. Mortgage default insurance is mandated in law by the Canadian government. As of February 2019, it is required to have default insurance on your mortgage if you put less than 20% down. Given Grande Prairie’s Average Home Price of $320,744 when putting 5% down or $16,038 you will pay $12,188 when mortgage default insurance is added to your mortgage. Go here to calculate that mortgage default insurance for any scenario. You don’t have to pay it up front, but that mortgage default insurance does add up!

Your Credit Score can affect downpayment

Mortgage lenders will consider your credit score when you go to get a mortgage as well. If you have excellent credit then 5% down is no issue, but maybe your score has dropped below 670 when you pull your credit report. What if your credit score is only 620? A lower credit score may mean that you have to put more than the standard 5% down here in Grande Prairie to make mortgage lenders comfortable issuing a mortgage.

This house won’t be my primary residence

How much downpayment do I need to purchase a rental home in Grande Prairie, Alberta? You will need to have a downpayment of a least 20% ready to purchase a rental home. Let’s take our average home price of $320,744 for Grande Prairie in September 2018 again that is $64,149 as downpayment. Given your credit score, the number of rentals you already own, or the condition of the home you are purchasing you may be required to put down much more than 20%. One good point, putting at least 20% down you avoid mortgage default insurance.

 

There are many situations that can change what amount of Downpayment is required here in Grande Prairie Alberta. For clarification, or just to have a professional run the numbers call our office here in Downtown Grande Prairie at 780-513-6611.

Or go here to fill out a form with questions.

Jillian Napen, Office Manager at HT Mortgage Group, Part of Dominion Lending Centres in Grande Prairie

 

 

 

 

Winter is here! Get a worry free mortgage!

General 16 Jan

This time of year, there are a few less mortgage’s being done- not many people want to move into a new home in the snow. But if you want to get a worry free mortgage done in Grande Prairie, this is a great time to be shopping.

Scope out those potential neighbourhoods – how many snow shovels?

  • Will my new neighbours shovel their driveways?
  • Are there any super nice people on the street willing to snow-blow my sidewalk?
  • Can I walk around safely?
  • Are they using salt, sand or kitty litter to de-ice the walk?
  • How far is this house located from a bus route or major traffic route that will get plowed first when we have a lot of snow?

My top tip? Scope out that neighbourhood right after it snows – compare early morning snow levels to slightly after work snow levels. In some neighbourhoods like Hillcrest here in Grande Prairie, you can drive around and count how many people have shovels ready near their front door.

And if you closely examine sidewalks, try looking right between two homes – this can tell you if two people shoveled at different times – or if that super nice multiple driveway shoveler exists in this neighbourhood! That’s what I call a worry free mortgage!

What? You need more than just good neighbours with shovel’s to have a worry free mortgage?

You want the best interest rate, or to confirm that you’ve got a mortgage that let’s you pay it off faster? Well a local mortgage broker will help with that.  Give us a call to get those details in place! But really guys – in 2018 Grande Prairie had 49 inches of snow in December and another 49 inches of snow in March – trust me – a worry free mortgage is all about the snow shovels.

Article by Jillian – Doesn’t own a snowblower – Napen

Office Manager , HT Mortgage Group

Or good neighbours who own a snowplow

Snow shovels are the key to a worry free mortgage in Grande Prairie

We got on June’s Top Performer List!

Gert Martens 26 Jul

Out of more than 190 Dominion Franchise’s in Canada, this month our office HT Mortgage Group here in Grande Prairie ranked #18! We are at the top!

Congrats Megan & Kait & Gert for making the top 50 Performers in June!  And congrats to the whole office we are sitting at #18 in Canada for June!  That’s AMAZING!  I know everyone has been working super hard, and it shows😉

What is the top performer’s list? That’s when Dominion Lending Canada looks at all of its mortgage brokers all across Canada, and to let us know which agents and mortgage brokerages perform the best! Being able to be on this list when we live up North here in Grande Prairie is a huge honour!

DOMINION LENDING CENTRES HAS LAUNCHED 190+ FRANCHISES WITH MORE THAN 350 OFFICE LOCATIONS SPANNING THE COUNTRY

DOMINION LENDING CENTRES CONTINUES TO ATTRACT CANADA’S BEST. GROWING MORE THAN 2,600 EXPERIENCEDMEMBERS IN JUST 11 YEARS!

Out of more than 190 franchise’s in Canada we are #18! Out of more than 2600 agents, we have two in the top 50!

Go Team Go!

Northern Alberta Tiny Home Finance

General 25 Jul

Tiny Homes  and getting them financed in Northern Alberta

Now I’m a big fan of the tiny home movement. I think that simple lifestyle, so minimalist is… very tempting. The only real problem is that there is a disturbing lack of tiny home developments up here in Northern Alberta!

Our House Magazine (which we give away free at our office in Downtown Grande Prairie) recently ran an article on a new tiny home development and charity in Calgary. “Tiny Homes for Heroes”

I’ve posted the article on another blog for today, but wouldn’t it be amazing if we could get a tiny homes community going here in Grande Prairie too!

The Challenge of Financing a tiny home

Financing a tiny home has some challenges. Here in Canada, most Tier A lenders (The big banks) want a single family home to be a minimum of a 1000 square feet, before lending. Lenders assume a smaller home is a cheaper, older home, with few upgrades.

So how are people getting tiny homes built if financing is so difficult?

Option 1 – Start a charity

Well, this is what our friends in Calgary did. Tiny homes, the 200-300 square feet version’s are fairly cheap to build. Fundraising enough money to build several little homes in a community format work’s well, and a normally sized plot for one home can support several tiny homes. This option is hard for most of us dreaming minimalist though. I want to live in a tiny house…. not just help build them!

Option 2 – Buy Raw Land and Start your own tiny home community

Most city’s have these pesky things called bylaws. They tell us the minimum size our house should be, what the proper ceiling height is, and how large windows need to be for fire code. For our safety, or so that all of the homes look nice and uniform… these bylaws make it difficult to find a place to build your tiny house!

Some developers and tiny home enthusiast’s have gotten around this by declaring their plot of land mobile home parks. If a tiny home is built on a trailer, different bylaws apply that are more favourable to a small home. Why build just one tiny home, when you can build a community?

Option 3 -The Easiest Financing Method

Grande Prairie’s rental market has less than 1% Vacancies right now. (July 2018)  A carriage house is a garage with living quarters, and that is something we can finance or refinance into your existing mortgage. So maybe you just design a garage that can be easily converted into a tiny home!

The downside is your sharing your lot, but you get to live in a tiny home, and have rental income! Later on, if you find the tiny home lifestyle isn’t as grand as you thought, you can always move back into the main house. Or move your kids into the tiny home.

Option 4 – Lobby our city hall representatives to make zoning exceptions for tiny homes

One day maybe! Now Calgary and Vancouver each have several bylaws designed to allow tiny homes in various communities throughout these two cities!

In the meantime, give our office a call to discuss options that may work for you!

Jillian Napen

Tiny Home Enthusiast, and Office Manager at Dominion Lending Centres
Ht Mortgage Group, 101 10001 100 ave Grande Prairie
July 25, 2018

 

Trevor Morris – Your Grande Prairie Mortgage Agent

Trevor Morris 4 Jun

Trevor Morris your Grande Prairie Mortgage agent and our mortgage agent of the week!

“I’ve always used a common sense approach to understand my client’s big financial picture and help them get to where they want to go. I’ve worked in finance for over 11 years and gained a reputation for digging deep on tougher to approve files so I’m ready to help you do more than dream about home ownership, no matter your situation. You can count on me to be a trusted advisor, guiding your mortgage from start to finish.

I’m based in Northern Alberta. I was born and raised in the Peace Region moving to Grande Prairie back in 1995. I took a little detour to Edmonton in 2012, but recently returned home. In my spare time, I enjoy going to Orange theory and mountain biking.
Come say Hi, I’m working in downtown Grande Prairie on the corner of 100th and 100th.

Or give me a call!

Pam offers free homebuyer education

First Time Homebuyer 28 May

Pam Lobban offers free homebuyer education

I love working with first time homebuyers because I enjoy taking the time to educate clients on the process. I’ve been licensed to do mortgages since May 1999, so I’ve built up a lot of knowledge to help homebuyers.  Sometimes working in this industry it’s easy to forget that most people don’t know the basics when it comes to mortgage financing; that’s where I come in. I do a free class on Grande Prairie Mortgage Basic’s.

Book a time to learn

If you think you might want to buy your first home in the future call me so we can set up a mutual time to get you pre-approved!  You’ll have a completely free lesson in steps you can take now to be prepared to buy the home of your dreams in the future.

There is really not a reason to wait, it’s a no pressure, free and educational process.  I would love to meet you!

Megan Lemay – Grande Prairie Mortgage Broker

Megan Lemay 23 May

This week Megan Lemay is our Grande Prairie Mortgage Broker of the week. For over 11 years Megan has been a core part of our team at Dominion Lending of Grande Prairie.

“I have the greatest job in the world…I’m a mortgage broker. My job is to figure out a borrower’s wants and needs so I understand their unique life situation. Then I shop the 40ish lenders we have, to access you the mortgage that fit’s you best. I’m 100% commission so the best part is that I don’t charge a fee for my work. I love helping people purchase a home, even when they don’t think they’ll be able to. So many people feel overwhelmed by a credit mistake or life situation that impacted their financial stability. There’s nothing more rewarding than helping borrowers understand credit, fix what’s negatively impacting that credit, and helping them buy a home of their own.”

Megan and her husband Chris live out in DeBolt, with their 1-year-old son, Cullen. Megan and Chris are self-employed so their days are busy! In Megan’s spare time, she loves the outdoors and spending time with her tight-knit family.

Give her a call today and to shop local and national lenders for the best rate and mortgage for your home.

Gert Martens- Get to know your Mortgage Agent

Gert Martens 7 May

  
Gert Martens your Grande Prairie and La Crete Mortgage Agent
Gert partnered with Dominion Lending Centres back in 2010, along with her assistant Carmen Ciesla. Her other assistant Jodi Scotton joined the team a few years later. She has received numerous awards as a mortgage agent and top producer. Just recently she received the MPP top producer award for 2017! Next time you’re in her office take a look around and see how many she has piled up, just waiting to go on the wall!
 
Her team has over 29 yrs combined experience in the mortgage industry. We take pride in providing clients with valuable financial information and mortgage options. Our goal is to make buying a home an enjoyable & exciting experience.
When not working Gert can be found at the Gym, playing soccer, taking on DIY home renovation projects, or travelling with her husband. Trips often consisting of running, biking, hiking, Nascar, and culinary experiences.
 
Give her a call today and get your mortgage started!
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