Last updated 1 day 7 hours ago
Did you know that home sales in Vancouver rose over 30% between February and March of 2013? As you will learn in this video, the housing market in British Columbia is truly on the rebound.
While home sales were below typical March numbers, mortgage brokers and real estate agents are beginning to see a greater balance between the number of sales and listings. In total, there are currently more than 15,000 homes listed on the MLS. Currently, for every 100 homes listed today, there are an estimated 15 buyers on the market.
If you need a mortgage broker in the Vancouver area, look no further than Pioneer West Acceptance Corp. Our mortgage professionals can get you the home equity loan you need or refinance your mortgage, even if you have bad credit. Call us at (866) 217-2518 to get started today!
Last updated 20 days ago
Do you want to launch a home improvement project, consolidate debt, or pay off a major expense? When you need to finance a specific purchase, and you know exactly how much you need, Pioneer West Acceptance Corp. can help refinance your home quickly and easily with a home equity loan. Here are the top three reasons homeowners like you take out a second mortgage:
Debt Consolidation
Are you deep in debt and struggling to meet multiple minimum credit card payments every month? A home equity line of credit can help repair your bad credit and leave you with a single monthly bill that’s smaller than your previous bills combined. Unlike a credit card, a home equity loan uses your property to secure your debt. That translates into much lower interest rates, allowing you to pay off your debt sooner and deduct the accumulated interest when you file your tax returns.
Home Improvement
Whether you expand your property’s square footage or remodel your kitchen, home improvements can ensure your comfort and increase the fair market value of your house. A fixed-rate home equity loan can provide a homeowner with a single, lump-sum amount that is repaid over time, allowing you to secure the funds you need to upgrade your property and re-invest in your home.
Major Expense
Did you know that you can use a home equity loan for whatever you want? Whether you are interested in a big-ticket item like a new car or boat, you need cash to pay for medical bills or an unforeseen emergency, or want to invest in your children’s education, a second mortgage can offset any major expense.
If you are considering taking out a home equity loan, the mortgage brokers at Pioneer West Acceptance Corp. can help you obtain financing from lenders that are inaccessible to the general public. If you live in Vancouver, North Vancouver, Richmond, or Surrey, call us at (866) 217-2518 to find out how we can help you get the most competitive financing in Canada.
Last updated 1 month ago
As members of the Canadian Association of Accredited Mortgage Professionals, Pioneer West Acceptance Corp. offers financial services to current and aspiring property owners. Whether you are a first-time buyer seeking a competitive mortgage rate despite low credit scores, or a seasoned owner seeking a home equity line of credit, we can answer your questions.
To learn more about our services call us at (866) 217-2518.
Last updated 1 month ago
Purchasing a home is a large financial commitment, and you should plan the process very carefully, from the initial search to the closing. Many homebuyers start their search by estimating what their price range will be, and begin to visit open houses immediately. Unfortunately, this method can lead to disappointment, as they may find that their dream house is too expensive and they cannot qualify for a mortgage. You can avoid this setback with mortgage pre-approval, as described below.
How Pre-Approval Works
In order to get pre-approved for a mortgage, you must submit all your financial information to an professional such as a mortgage broker, who will run a credit report, review your income and assets, and determine the monthly payment you can afford. Then, using his or her knowledge of lenders’ current interest rates and the home market in your area, the broker will determine the upper limit on the price of a house you can afford, and provide you with a letter summarizing your buying power.
The Advantages of Pre-Approval
Savvy sellers often have more confidence in buyers with pre-approval, because they know that the sale won’t fall through due to problems with the buyer’s credit. Additionally, accepting an offer from a buyer who has pre-approval can sometimes shorten closing time on the home purchase, which can work to your advantage if the seller is working on a tight timeline or has to choose between multiple offers.
Types of Buyers Who Can Benefit from Pre-Approval
Pre-approval works to every buyer’s advantage because it gives you a concrete price range when shopping for a house, which can save you a lot of time. Pre-approval can also be useful if you are worried about your credit, because you can work with a broker who specializes in securing competitive rates for bank-declined buyers.
If you are concerned that your credit score is too low to obtain an affordable mortgage rate on the house you want to buy, call Pioneer West Acceptance Corp of British Columbia at (866) 217-2518. As one of Canada’s leading mortgage brokers, we specialize in obtaining competitive rates for homebuyers in Vancouver, and we also provide home equity loans.
Last updated 1 month ago
Owning a home can provide you with freedom and security, but it also comes with responsibility. Unforeseen repairs—such as roof replacements, plumbing repiping, or window replacement—may be required at any time, and they can come with a high price tag. Contacting a mortgage broker to take out a home equity loan or second mortgage can help you secure the loan you need to cover your expenses. Learn how to qualify for a second mortgage by reading on.
What Is a Second Mortgage?
A second mortgage does not replace your first mortgage, nor alter the terms of that mortgage in any way. A second mortgage is simply a loan that uses the available equity in your home as collateral. For example, if your home is worth $300,000 and you have a mortgage totalling $200,000, your available equity is $100,000 plus the amount you have already paid off, excluding interest.
What Are the Advantages of a Second Mortgage?
If you choose to take out a second mortgage as a home equity line of credit (HELOC), you will usually be able to secure a much lower interest rate than you would for other types of loans, because the lender is protected by the security in your house. Taking out a second mortgage can sometimes help your avoid refinancing your first mortgage if you need to adjust your monthly payments.
How Can I Use the Money from My Second Mortgage?
Although homeowners often take out second mortgages to pay for home improvements, you can use the loan you obtain for anything you wish, including paying off credit card debt (which usually has a much higher interest rate), purchasing a new car outright with much lower interest than a dealership’s financing program, or consolidating other types of debt.
If you want to learn more about obtaining a home equity loan, a home equity line of credit, or another type of second mortgage on your home in Vancouver, BC, call Pioneer West Acceptance Corp. at (866) 217-2518. Our professional mortgage brokers can help you with any financial questions related to home ownership.
