Invis - Richard Batke Mortgage Broker, Wilkins & Associates, Penticton BC - Richard's Blog

Variable Rate Mortgages:

Borrowers must qualify at the current 5 year fixed rate, instead of a 3 year fixed rate, which is lower. This will end the ability to qualify for a larger mortgage by choosing a variable rate mortgage.

Rental Properties:

Houses with basement suites are also a great option.

Refinances:

Taking the equity out of your home will be limited to a maximum of 90% Loan to Value, from the current 95%LTV. Although this will impact some borrowers, it is not that great of a change, and it does protect you if the value of your home decreases.

If you are wanting to access your equity, one of the most versatile ways to do it is through one of the Home Equity Line of Credit products that I have available with a revolving portion at Prime +0.5%, with a free legal and appraisal package. 

This option allows you to pay your equity take out faster and allows you to re-advance at will. Please feel free to contact me with any questions, and remember that if you will be affected by any of these changes, now is the time to act as the changes will be in effect on April 19, and some lenders may change their guidelines before that time.

Richard Batke - Mortgage Broker

2004 Main St.
Penticton, BC
V2A 5H4

Direct: 250-809-0285
email: richardbatke@invis.ca
web: www.thehomefinancecentre.com
map: 2004 Main St., Penticton, BC

Richard Batke
Mortgage Broker

* Purchase * Refinance * Renew * Debt Consolidation *
* Business Equipment Leasing *

Serving the South Okanagan, including:

Summerland BC | Penticton BC | Naramata BC | Okanagan Falls BC
Oliver BC | Osooyoos BC | Keremeos BC | Princeton BC

Richard Batke, Mortgage Broker:  Mortgage payments from $852/ mo with 5% down!  Victoria Place Condo Development is for sale in downtown Summerland BC featuring six 1 and 2 bedroom floor plans to choose from.

Victoria Place Condo Development has the features including:

• 6 Open Floor Plans
• 2 Bedroom or 1 Bedroom and Den
• 9' Ceilings
• Stainless Steel Appliances
• Granite Countertops
• Quality Finishing throughout
• Secure Parking
• Great Location!
• Walk to all amenities.

Contact Richard Batke today to get pre-approved and discuss your financing options!

*  Based on 5% down payment, P&I pmts including CMHC fee.  Property taxes and strata fees not incl.  Rates subject to change without notice, OAC, E&OE

Raymond Maaske, Realtor

Phone: 250-488-8764
email: raymondmaaske@gmail.com
web: www.okanaganstar.com

Richard Batke - Mortgage Broker

2004 Main St.
Penticton, BC
V2A 5H4

Direct:  250-809-0285
email:   richardbatke@invis.ca
web: www.thehomefinancecentre.com
map:   2004 Main St., Penticton, BC 

Richard Batke
Mortgage Broker

* Purchase * Refinance * Renew * Debt Consolidation *
* Business Equipment Leasing *

Mortgages and Leasing in the South Okanagan, including:

Summerland BC | Penticton BC | Naramata BC | Okanagan Falls BC
Oliver BC | Osooyoos BC | Keremeos BC | Princeton BC

Is a variable rate mortgage right for you?  Richard Batke, mortgage broker with Invis explains the variable rate mortgage to help you find out! 

The interest rate on a variable rate mortgage is tied to the lender's prime rate either by a premium or discount.

VRMs are available in 3 and 5 year terms.

How Does It Work?

Payments can be either a fixed constant amount, or the payment can change with the interest rate, depending on the mortgage lender and your preference.

You have the option to lock in your rate in to the current fixed rate for the remaining term, should you choose to do so. Individual lenders have slightly different lock in policies, so be sure to understand the terms of your contract, which your mortgage broker can explain to you.

Lower interest rates.  I have clients that have been enjoying a mortgage interest rate of 1.5% for the last year. They have gained tremendous equity in their homes since a good portion of their payment is paying down the principal, instead of interest.

What are the Risks?

When you go to lock in your variable rate, you run the risk that fixed rates may be higher than you had anticipated.

Is a Variable Rate Mortgage Right for Me?

When variable rate mortgages may not be a good choice:

2.  If your income is likely to remain constant and you want to have a constant mortgage payment.

When variable rate mortgages may be a good choice:

1.  If you are comfortable with changing interest rates and want to be involved in managing your mortgage, or

2.  If you are considering a short term mortgage, for example 2 year term, a VRM would also make sense.  Prime rate would have to increase by over 1% in 2 years to negate the savings enjoyed with the VRM.  This is not likely to occur, and if it was occurring, you could still lock in at a current fixed rate.

Richard Batke - Mortgage Broker

2004 Main St.
Penticton, BC
V2A 5H4

Direct:  250-809-0285
email:   richardbatke@invis.ca
web:www.thehomefinancecentre.com
map:   2004 Main St., Penticton, BC 

Richard Batke
Mortgage Broker

* Purchase * Refinance * Renew * Debt Consolidation *
* Business Equipment Leasing *

Mortgages and Leasing in the South Okanagan, including:

Summerland BC | Penticton BC | Naramata BC | Okanagan Falls BC
Oliver BC | Osooyoos BC | Keremeos BC | Princeton BC

Richard Batke is a Mobile Mortgage Specialist in Penticton, BC serving the South Okanagan. Book your appointment now: 250-809-0285 or visit www.thehomefinancecentre.com.

I represent you!  I do not work for, or represent any lender, my only goal is to connect you with the mortgage product and lender that fits you best, at the lowest rate available.

I work for you and negotiate in your best interests only!

• Chartered Banks
• Credit Unions
• Regional Lenders
• "Mortgage Broker Only" Lenders
• Private Lenders

• Home Equity Line of Credit:
  
  I have several lenders offering HELOC's, each with different qualification criteria and options. You can protect yourself from rising interest rates by segmenting your mortgage balance into any combination of variable or fixed rates and have access to the equity in your home through a revolving line of credit!
  
  
• 50/50 Variable / Fixed Rate Mortgage:
  
  Not sure if you want a variable or fixed rate? You can have both. This allows you to take advantage of today's historically low fixed interest rates and have the other half in a variable rate that can be locked in at any time. It is a great option to take advantage of today's low interest rates and minimize the risk associated with a variable rate mortgage!
  
  
• 3 year term variable rate mortgages:
  
  Variable rate mortgages are typically offered with 5 year term, however I have lenders offering exceptionally low rates for 3 year terms!
  
  
• Rate specials and Quick Close offers.

• I save you time:
  by sourcing mortgage for you
  
  
• I save you money:
  by negotiating your mortgage for you
  
  
• Convenience:
  I can meet with you at a time and place that fits your schedule
  
  
• I give you more options:
  a very wide variety of lenders
  
  
• I preserve your credit score:
  I need only one copy of your credit report to shop all available lenders

Richard Batke - Mortgage Broker

2004 Main St.
Penticton, BC
V2A 5H4

Direct:  250-809-0285
email:   richardbatke@invis.ca
web:   www.thehomefinancecentre.com
map:   2004 Main St., Penticton, BC 

Richard Batke
Mortgage Broker

* Purchase * Refinance * Renew * Debt Consolidation *
* Business Equipment Leasing *

Mortgages and Leasing in the South Okanagan, including:

Summerland BC | Penticton BC | Naramata BC | Okanagan Falls BC
Oliver BC | Osooyoos BC | Keremeos BC | Princeton BC