5 Steps To Get The Best Mortgage Rate

The most inconveniencing experience is when the day comes when you are finally ready to buy a home, and you discover you cannot get one just because of mortgage rate. That is when you come to discover that your mortgage interest rate is a big deal. On average a home costs over $260,000, the kind of money most of us do not have or cannot liquidate. Therefore your best bet is mortgage and here is how you can go about to increase your mortgage rate to avoid such disappointments.

1. Credit score

Bottom line as you probably know by now is that you need to make improvements on your credit score. The higher the credit score, the more you show banks that you are more of an asset than a risk. That you will not default on the loan, they will give you. This also translates into meaning that you will pay less to borrow from banks. You may ask less by how much? A credit rate of 780 to 850 for let says a 30 year fixed mortgage will pay on average of $164,000. Putting it into perspective, if your credit rate is that high according to myFICO.com, you will pay $33,000 less compared to one who has a poor credit rate of say 660 to 679. To improve your credit score, consider spending less than 30% of your availed credit limit, having no credit card debt and timely payment of bills.

2. Employment Record

Banks love the employed and once you show that you have had not less than two years of a steady flow of income from one employer you get their attention. Why? Because you are less of a risk as opposed to even those who are self-employed twice as long.

3. Spend for it

As a general rule, putting more money down scores you a lower mortgage rate such as 20% is the gold standard. Even if lenders accept lower figures than that, often a time you’ll have to pay private mortgage insurance. This will change the range to being 0.5% to 2.25% annually of the original amount of loan. Also, have about a quarter year worth of savings in cash in your account.

4. Shop around

Weigh your options, by searching for the best rate. Settling with your usual financial institution may prevent you from discovering better ones out there. Online is the best place to start your search.

5. Lock in

Upon signing the purchase agreement and securing your mortgage loan, get more facts from your lender like how long it may take to process the loan. This way you will get to see if they will coincide with your rate. At times this comes at a fee, especially if it takes not less than two months, though there is still a chance that it might eventually pay for itself if there is a rise in the rates. To get to know the up and down movement of rates, look at the predictions of mortgage experts on bank rates.

Remember these are just five of the many ways for you to consider in getting the best mortgage rates. There are other ways, but these are good enough to set you up well on your quest for a mortgage.


Big Shout-Out to the mortgage experts at Community Lending Centre for this post. Check out their contact info here:

Community Lending Centre
500 – 2608 Granville Street
Vancouver, BC V6H 3V3
(604) 614-2382

Seven Main Responsibilities of a Property Manager

A property manager is hired by the landlord to make his life hassle-free as all the important responsibilities are carried out by the property manager. Finding the best property management company is a blessing as a lot of issues can be avoided with the help of an expert property manager.

Following are some of the main responsibilities of a property manager:

1. Setting, Collecting & Adjusting The Rent

It is the responsibility of the property manager to deal with all the issues relevant to rent. For example:

– A property manager sets the rent of the housekeeping in view the various factors like the location, the rent going on in the neighborhood, and the overall market. It is not an easy task as it sounds like since the tenants are attracted to a place based on the price set. If the price set is too high, they might not even consider the place at all.

– A property manager also has the responsibility of collecting the rent. The rent collection has to be done every month and a certain penalty can be imposed on the late fees. It is an important task since, taking rent from tough tenants is not everyone’s cup of tea.

– A property manager also has the responsibility of adjusting the rent which can be decreased or increased based on the municipal law.

2. Finding, Screening, Handling Lease, Tenants Move outs & Evictions

-A property manager has the responsibility of finding the right tenants and for this purpose they make all the extra efforts like placing the advertisements and much more.

-A property manager is also bestowed with the responsibility of screening the right tenants for the house since there are chances of giving the house to a criminal or someone who can become a nightmare for the landlord in the long run. So, background check along with the credit card check, and all other necessary measures have to be done in order to select the best tenant who is going to be easy for the property manager and also for the landlord.

-A property manager also has the responsibility to handle the leases so that the property owner is protected and the security deposit and everything else which is important has to be taken care of by the property manager.

-A property manager also has the responsibility of handling the move outs. When a tenant leaves the place, they have to inspect the entire place and in case of any damages they have to provide the repairs for those damages. They have to make sure that the house is clean and fit for the next tenant which is also to be located by them.

– A property manager also has the responsibility of dealing with the evictions in the scenarios where a tenant is acting negatively and is not paying the rent at all.

3. Property Maintenance & Repairs

-A property manager has the responsibility of maintaining the property of the landlord. They have to make sure that everything is in the working condition so that the tenants are happy and satisfied with the house and the landlord. They have to remove the trash as well and have to perform all the necessary repairs in case of a damage.

-A property manager can do the repair himself or he can also hire someone from outside. Usually there is a team working for the betterment of the units which include the plumbers, electricians, and carpenters etc.

4. Knowledge About All The Important Laws

A good property manager has all the relevant knowledge about the tenant and landlord laws and is aware of the processes related to the hiring of a tenant for a short-term or a long term. He knows how to find the right tenant, screen them, handle the lease, handle the eviction of a tenant, and many more.

5. Supervision Of Vacant Properties

-A property manager has the responsibility of taking care of the properties even if there is no one living there. They have to make sure that no one is stealing there or any other activities are going around.

-A property manager also make sure that all the work on the vacant property is done appropriately and if other employees are being hired, they are also supervised carefully by the property manager.

6. Managing The Budget & Maintaining Records

-A property manager has the responsibility to manage the budget and based on the emergency situations or any important situation at hand, they can make a sound decision.

-A property manager also has the responsibility of maintain all the important records for example, the rental income collected, the cost of maintenance, the cost related to the repairs, the details of the repairs, the complaints from the tenants and many more.

7. Filing The Taxes

A property manager can also be bestowed with the responsibility of filing taxes for the property or can assist the property owner.


These seven tips were provided by the outstanding property managers at Phoenix Property Management. Check out their offices below:


Red Hawk Property Management
2451 E Baseline Rd Ste 410, Gilbert, AZ 85234, USA
+1 480-396-9766
www.phoenixpropertymanagementcompany.com

Why Investing In Real Estate Is A Worthwhile Decision

There are various methods to consider when it comes to spending your money. You may buy precious metals like gold and silver or bonds. But all these options do not provide as well as an investment in real estate. Investing in the real estate industry can be a real dream come true. While you not only get the privilege of private ownership, there are many significant benefits and advantages that private ownership of real estate brings with it.

Versatility and Choice in Investment

While investing your money in real estate, you have the option to invest in the property of your need and exact requirements. You may well purchase a residential or commercial property. The residential property may also be a flat, apartment, a studio apartment, a single story house or multiple-storey, it may well be a bungalow or a house in the country.

The versatility and choice that the real estate offers is the charm of investing in real estate. You can buy something typically and accordingly as per your needs and requirements even when you are purchasing it for accommodation or rent, says Josh Flagg from the famous american TV show Million Dollar Listing Los Angeles.

Rental income from your investment

The investment that you make by buying a house or commercial property also pays you back in the form of rental income. When you rent out residential or commercial property, you can assure yourself a regular income. The income will help your household expenditures in many ways. Commercial property pays back rather well when it is rented out.

Save money by investing once

By investing once in the real estate industry, you save money. Whether you are buying a commercial or residential property, you will only benefit from it. It is evident from research that in metro areas like Detroit, Las Vegas, etc. it is cheaper to purchase a home rather than to rent it out. The line between the amount that is needed to rent and that to purchase is very thin, and the difference is very slight. Thus, by investing in your very own property, the money on the rent can be saved, and the monthly expenses can also be cut down by this.

Reliable long term investment

Investing in real estate is a solid and long-term investment that is sure to pay off in hard times. Its reliability stems from the fact that even during recessive economy the market maintains its value and outgrows it. This can be observed from the various financial crashes that have ever happened which made it evident that although the industry can suffer a crash and slump it can recover soon enough, safely guarding the investment of those who had put their hard earned money into it.

Increased price and value with time

Real estate is known to show an increase in the value of the property and will more than likely rise as time goes by. It does not loose worth rather only increases it. The increased land value with the passage of time is also a significant acting factor.

Learn more from one of our partners:

Justin Hennessey – Maple Ridge Realtor
22308 Dewdney Trunk Rd #805, Maple Ridge, BC V2X 3J2
Click here for http://justinhennessey.com/