Top 5 Things You Should Know – By Jennifer Brophy, Licensed Mortgage Professional
Mortgage Specialist in Whistler, Jennifer Brophy is featured this month and she was kind enough to share some incredibly useful information about securing a mortgage and the “Top 5 Things You Should Know.” Hiring a professional is something I highly recommend (I have a great list on my blog here) there is usually a reason why they are the expert in their field and Jennifer is no exception. If you’re a homeowner or prospective buyer, Jennifer Brophy is the trusted source in Squamish, Whistler, and Pemberton. She has well-established relationships with her lender partners and she works with clients to understands their needs and wants, and ultimately tailor a financial roadmap to truly help you reach your objective – buying or selling your home!
Your Credit Score
Lenders use your credit score to gauge your ability to repay your debts. Ideally, your credit score is at least 660, but the higher the better. Your credit report includes any late payments, the number of accounts you have open, your overall debt levels, and the length of your credit history. Making loan and bill repayments on time and using around 30% of your available credit will help increase your score.
How to Maximize Your Purchasing Power
Avoid financing any large purchases before securing a mortgage. An $800/ month car payment will reduce your maximum purchase price by about $175K. If you have existing student loans, credit card payments, or a car loan, consolidating debt will help you increase your purchasing power.
How Lenders Consider Your Income
While you’re in the process of securing a mortgage, you should wait to switch jobs, accept a contract position, or become self-employed. This could jeopardize your mortgage approval. Even if you accept a new position with a higher salary, you will need to pass your probation period, so it’s best to delay the start of your new job, self-employment, or contract status until after your mortgage funding date.
If you are self-employed you will need a two-year history to qualify for a mortgage with one of the big banks; which will provide you with access to the best rates and terms. There are other programs available for self-employed mortgage applicants which allow you to top up the net income or use a gross income.
Prepayment Penalties and Privileges
You should understand prepayment penalties, privileges, and terms. All lenders are not created equal. If you need to break your mortgage early or want to aggressively pay down your mortgage, understanding prepayment privileges is a must. By choosing the lender with the best terms for you, you can pay down your mortgage at the pace you want without incurring a penalty for making too many extra payments.
You Have Options
Even if your credit score isn’t ideal, you don’t have a two-year history as an entrepreneur, or you have a higher debt ratio, you still have options. Alternative lenders work with borrowers who do not fit the bank’s criteria and can help you get into the market sooner. Keep in mind that alternative lenders generally come with slightly higher interest rates and fees.
Questions? Call Jennifer with your mortgage needs today.
JENNIFER BROPHY, BCOMM
Mortgage Specialist servicing Squamish, Whistler and Pemberton
Contact via Email or phone: 604-905-9790
jenniferbrophy.ca
Fresh Start – Welcome January, 2022
2022 is a fresh start and I’m ready for it! January is in full swing, the first month of a brand new year. Do you have any resolutions or goals that you want to achieve this year? Maybe buy your first home or at least get everything in order to potentially buy? My friend Jennifer Brophy is a Mortgage Broker here in Whistler and she wrote a great blog that features lots of FAQ’s. As always, I am happy to answer any questions you might have, feel free to email me.
WHISTLER IS OPEN
Here in British Columbia, provincial restrictions are in place to help stop the spread of COVID-19 and you can read them more here. One item in particular to note is that businesses across the hospitality sector are struggling with ongoing labour challenges due to the pandemic. These labour challenges are resulting in some businesses needing to modify their available services and hours of operation. I would recommend checking out this directory and great resource to review restaurant and activity partners before arriving in Whistler.
MY TOP 5 WAYS TO GET ON THE MOUNTAIN
- WHISTLER BLACKCOMB is open for the season and we have had QUITE the start. Whistler has received more than 6 metres (21 feet!) of snow this season so far with more in the forecast. Cooler temperatures in the valley means this snow has stuck around so Whistler is looking extra spectacular. All the trails on both Whistler and Blackcomb Mountains are riding well with spectacular snow. Check out trail conditions and statuses of lifts here.
- SNOWCAT TOUR – this is a great and unique tour and one of the things I recommend the most for visitors coming to Whistler for the first time. You don’t need to be an expert skier for this because you’ll just be enjoying the view from INSIDE a heated Snowcat. Once the sun goes down, all aboard this hour-long cozy snowcat ride until you arrive at the ever- charming Crystal Hut, where your alpine fondue dinner awaits.
- SKI SOMEWHERE NEW – As long as you have the right gear, the right conditions, the right friends….and the right snacks – why not explore some new terrain this winter. WHERE you ask? Check out this feature on the best ski runs in Whistler.
- SOAR – Feel the wind in your toque as you soar through the sky with Superfly Ziplines on Cougar Mountain. Start with a 4×4 ride up the mountain before you zip an glide between mountain peaks. The longest zipline is over a kilometre long and 200 metres high!
- CROSS-COUNTRY SKI – This sport is becoming increasingly popular with any and all ages! Lost Lake Park features more than 30 kilometres of groomed trails. Night skiing is also available, as are lessons and rentals.
As the year wraps up I would like to thank my clients for their trust in me, my colleagues in real estate for their professionalism and the business owners and suppliers who support my business through the year. I couldn’t have done it with out you.
As we turn a page and welcome a new year, I wish everyone safe holidays and very best wishes for health and happiness in 2022!
A big ‘Thank you’ to the following people and businesses: Maggi Thornhill (President Engel & Völkers Whistler), Max Thornhill (VP Marketing), Ron Mitchell (Managing Broker), Peter Lalor (Managing Broker) Tama-Lynn Laurie (Assistant to Managing Broker), Kaitlyn Bennett (Conveyancing), Julia Steindorff (Office Admin), Lumi Okuda (Accounting), Theresa McCaffrey (Licenced Assistant), Christine Cowin (Christine Cowin Consulting Creative Director), Colby Moffett (Colshaw Media & Website development), Brook Lins (Social Honey Bees & SEO Coordination), Scott Brammer (Scott Brammer Photography), Susan Hutchinson (Pique Newsmagazine), Damien Brown (REW.ca), Merri Hagan (Trial Lawyers Association Director of Marketing), Jennifer Brophy (Sea to Sky Mortgages), Adam Fraser (Whistler Real Estate Lawyer), Chuck Piercey (Ratcliff & Company), Peter Shrimpton (Mountain Law), Joanna Dubowska and Marisa Harder (BDO Accounting), Stuart McConnachie (Edward Jones Financial Advisor), John Maxon (Wolfpack Home Inspection), Don Barr (Don Barr Home Inspection), Scott Brunning (The Home Doctor), Helen Brady (Whistler Baskets), Amy Mac (Picnic Whistler), Mike and Clare Raddatz (Bluebird Property Management), Atilla Avsar (Kydu Cleaning) and Connor Griffiths (Lifty Life Hospitality).
