Shows
The Vancouver Life Real Estate PodcastBank Of Canada Holds Rates - Hikes May Be OverToday's recent announcement that The Bank of Canada has opted to maintain interest rates at 5% marks the fourth instance of holding rates during the ongoing rate hike cycle. The decision comes in the wake of a press release highlighting several concerns, including the weakening global economy, the surge in oil prices, ongoing geopolitical uncertainties, and persistent inflationary pressures. Today we unpack that decision with Mychal Ferreira, Bank of Montreal's number 1 mortgage broker in the country. Despite the apparent stability in rates, the Canadian economy continues to grapple with the aftermath of previous rate hikes, as evidenced by l...2023-10-2525 min
The Vancouver Life Real Estate PodcastInterest Rate Discussion With #1 BMO Mortgage SpecialistIn the ever-evolving landscape of the Vancouver real estate market, homebuyers find themselves grappling with a compelling question: How long will they be forced to navigate the challenges imposed by elevated interest rates? In this insightful episode, we engage in a candid conversation with Mychal Ferrera, the No. 1 BMO Mortgage Specialist in the country, to gain a comprehensive understanding of the current state of interest rates as we try to anticipate their trajectory for the remainder of 2023. We also focus on the Top 5 most frequently asked questions that dominate the minds of those considering property pu...2023-08-1923 min
The Vancouver Life Real Estate PodcastHow To Qualify For Multiple MortgagesQualifying for multiple mortgages can be a complex and challenging process. It requires a thorough understanding of the mortgage industry, as well as the financial requirements needed to secure more than one mortgage. For individuals who are interested in purchasing multiple properties or refinancing existing ones, seeking the help of a mortgage professional is essential.A mortgage professional who specializes in this area can provide valuable guidance and expertise throughout the process. They can assess your financial situation, review your credit history, and determine the best approach to securing multiple mortgages. Additionally, they can help you navigate...2023-03-2315 min
The Vancouver Life Real Estate PodcastHow To Qualify For A Mortgage When You Are IncorporatedApplying for a mortgage can be a daunting task, and it becomes even more complex when you run an incorporated business. As opposed to an individual, the income earned by a corporation is treated differently by lenders. If you are self-employed and have incorporated your business, you may find it challenging to obtain a mortgage as many traditional lenders are not familiar with this structure. Therefore, it's essential to work with a mortgage specialist who understands this structure and can help you navigate the process.Mychal Ferreira, a mortgage specialist at the Bank of Montreal, specializes in...2023-03-1615 min
The Vancouver Life Real Estate PodcastHow Much Money Do You Actually Need To Buy A Home?One of the biggest concerns that home buyers have when they're considering purchasing a new home is how much money they need to have on hand. It can be a daunting task to figure out how much money you'll need, especially if you're a first-time homebuyer.In this episode, we explore all of the home buyer options when it comes to this very important question. For instance, many people may be surprised to learn that they can buy a home with as little as a 5% down payment. However, if you do decide to go this route, you'll...2023-03-1011 min
The Vancouver Life Real Estate PodcastHow To Access The Equity In Your HomeHow to access the equity in your home:This week we explore how to access the equity that exists in your home with Mortgage Specialist Mychal Ferrera. It's something that exists for many people who own property and learning how to unlock and use this to your advantage could be the difference in creating serious wealth. For example, did you know that you can access up to 80% of the equity in your home and reuse that equity to invest in another property? Let’s say you have a $1 million dollar home with a 500k mortgage, you...2023-03-0314 min
The Vancouver Life Real Estate PodcastQualify For A Pre Sale Mortgage 3 Years Before CompletionDid you know that you can pre-qualify for a mortgage on a pre sale condo? You can, and up to 3 years in advance. There are a number of very compelling reasons why this is a good idea too. Firstly, you can lock in at today's rate, meaning that if rates increase, you benefit from the previously lower rate. And should rates go down, you can qualify at those lower rates now too.Secondly, and possibly most importantly, the Bank Of Montreal will appraise your pre sale property at TODAYS valuation and should that move up or down...2023-02-2413 min
The Vancouver Life Real Estate PodcastMortgage Payments Up 71%Another 50 basis point jump was on the table today as the BoC continued down the path of hiking rates at an unprecedented rate. For some context, variable rate mortgage holders were getting rates as low as 1.29% in January and on a $1mil mortgage, payments averaged about $3,350 a month. Fast forward to today’s rate hike and that same mortgage is now up over $5,700 or an increase of 71% in just 8 months. In even simpler terms, in January you could have expected to pay $40,000 a year for a home at prevailing rates - that same mortgage today going to cost $28,000 a ye...2022-10-2633 min
The Vancouver Life Real Estate PodcastAnother Huge Rake Hike!Mychal Ferreira, Mortgage Specialist from BMO, joins us today on this special podcast where we discuss the impacts of the new 0.75% rate hike. With average mortgages in Vancouver being substantially higher than the rest of the country, Vancouverites can expect their variable rate mortgage payments to increase by another $350-$700 dollars per month - s staggering $4,000 to $8,000 increase in payments each year. Will this be enough pressure to force Sellers to reduce the prices of their homes on the market? Will it be enough pressure to erode disposable income so the economy slows down? Perhaps to some degree, but w...2022-09-0725 min
The Vancouver Life Real Estate PodcastMassive Rate Hike!The Bank of Canada surprised everyone this morning raising interest rates a full 100 basis points - the largest single increase in 24 years. We’ve now seen rates increase by 2.25% in just 5 months, radically transforming the lending landscape and housing.Buying power is down over 20% and mortgage payments compared to January of this year are upwards of 50% higher. Understandably, this is going to drastically affect house prices. Already down 13% from the February high, you can expect prices to drop further - likely to the tune of 20% or more.Mychal Ferreira, the number 1 mortgag...2022-07-1327 min
The Vancouver Life Real Estate PodcastInterest Rates Hiked AgainThe Bank of Canada just announced their 3rd rate hike of 2022, and third in a row, raising the overnight rate to 1.5%. This equals 1.25% in hikes in just 4 months, rapidly changing the landscape - and peoples borrowing power and payments. The most recent time rates increased was during 2017 to 2018 where it took a whole year to increase by 1.25%. Understandably, people are on edge wondering what's going to happen to their mortgage and other debt payments, buying power and the real estate market in general.Our special guest Mychal Ferreira from the Bank of Montreal sheds some light...2022-06-0121 min
The Vancouver Life Real Estate PodcastWorried About Your Mortgage?The Bank of Canada raised interest rates a half point on April 13th marking the largest increase in 22 years, and the first back-to-back rate hike in 5 years. Variable mortgage holders are now paying more for their homes and the BoC has all but guaranteed there will be more rate hikes, and soon. So is it time to be worried about your mortgage? Is it the right time to move into a Fixed Rate mortgage? What does this mean to home prices? Mychal Ferreira, a Senior Mortgage Specialist with the Bank of Montreal joins us this week to answer these questi...2022-04-1631 min
The Vancouver Life Real Estate PodcastInterview With BMO Mortgage Specialist, Mychal FerreiraHigh level mortgage specialist Mychal Ferreira with the Bank of Montreal walks us through what is happening in the Mortgage space in Vancouver. From record low rates to record high volumes, when it's a good idea to refinance and what rates they can get for investors, Mychal shares a wealth of knowledge gained from over 15 years in finance. _________________________________ Contact Us To Book Your Private Consultation: 📆 https://calendly.com/thevancouverlife Dan Wurtele, PREC, REIA 604.809.0834 dan@thevancouverlife.com R...2020-10-3116 min