Time for a new home... I am here to serve you.

In 2004, I decided to enter the Real Estate industry. I started as a licensed mortgage agent in Calgary, Alberta. Soon after, I decided to become a Realtor. The idea of being out of the office and helping people to find their dream home really excited me. Recently, the cold winter weather encouraged me to find a nicer climate and I moved to the Vancouver/Fraser Valley area.

Over the years, I have had the opportunity to serve many people in buying and selling their homes. To assist my clients better, I have taken courses in Negotiation Skills, Home Enhancement, Strata (Condominium) Properties, Agency Fundamentals, Legislative Updates, Secondary Suites and Short Sales. I will continue to educate myself so that I can serve you better.

My real estate experience includes helping families and individuals to:

·         Find their dream home

·         Select a retirement property

·         Locate townhouses and apartments

·         Choose investment properties

·         Upgrade

·         Downsize

·         Relocate from the US and other Canadian provinces

·         Understand the Real Estate market

You will find that I am a service oriented individual and will work with you to achieve your goals. When we work together:

·         I listen to your needs

·         Discuss the opportunity

·         Make plans with you to achieve the goal

If you are a First Time Home buyer or an experienced investor, I look forward to serving you.

Give me a call and let’s get started today!

So, you’ve finally decided to buy your own home… how exciting! You are ready to have a place of your own.

Buying a home is probably the largest financial decisions you will ever make. Having the correct information to make quality decisions is important.

As a licensed Realtor, and my previous experience as a licensed mortgage agent, gives me the experience and knowledge needed to answer your questions. Providing you with accurate information is just one of the ways that I will assist you.

These are some of the questions that we will discuss:

·         How much can you comfortably afford?

·         What do all those mortgage ‘terms’ mean?

·         Do you need a down payment?

·         What are the costs associated with buying your new home?

·         What community best matches your lifestyle?

·         What are the steps you will have to take to buy a home?

First time buyers or experienced investors... regardless of your current position, I look forward to working with you.

Just call: 778-323-7204

Lynn Lamb

Thinking of moving? Ready to change your lifestyle?

Relocating, moving up, downsizing, getting married, having children, retiring... these are all reasons that people decide to move and change their living situation. Changes in lifestyle are often a good indication that it is time to consider moving.

As an experienced and licensed Realtor, I will assist you in obtaining the best value for your property in the current market. Detailed market analysis and pricing strategies will be part of the process we use.

These are some of the questions that we will discuss:

·         What is your house worth?

·         What needs to be done before you sell the house?

·         Is this a good time to sell?

·         What happens to the mortgage if you sell the house?

·         Where will you move to?

I look forward to working with you.

Just call: 778-323-7204

Lynn Lamb

MORTGAGE CHANGES IN CANADA

• Reducing the maximum amortization period to 25 years from 30 years
• Reducing the maximum amount of equity homeowners can take out of their homes when refinancing to 80% from the current 85%
• Limiting the availability of insured mortgages to homes with a purchase price of less than $1 million
• Fixing the maximum gross debt service ratio at 39% and the maximum total debt service ratio at 44%

The first two changes will have the biggest impact on Canadian borrowers. If you are considering buying a new home or refinancing/renewing your current mortgage, it would be a wise move to act before July 9.

MORTGAGE DEFINITIONS

Agreement of Purchase and Sale - A legal agreement that offers a certain price for a home. The offer may be firm (no conditions attached), or conditional (certain conditions must be fulfilled before the deal can be closed).

Amortization Period - The time over which all regular payments would pay off the mortgage. This is usually 25 years for a new mortgage, however can be greater, up to a maximum of 30 years.

Appraisal - The process of determining the value of property, usually for lending purposes. This value may or may not be the same as the purchase price of the home.

Appraisal Value - An estimate of the market value of the property.

Blended Payments - Payments consisting of both a principal and an interest component, paid on a regular basis (e.g. weekly, biweekly, monthly) during the term of the mortgage. The principal portion of payment increases, while the interest portion decreases over the term of the mortgage, but the total regular payment usually does not change.

Closed Mortgage - A mortgage agreement that cannot be prepaid, renegotiated or refinanced before maturity, except according to its terms.

Closing Costs - Various expenses associated with purchasing a home. These costs can include, but are not limited to, legal/notary fees and disbursements, property land transfer taxes, as well as adjustments for prepaid property taxes or condominium common expenses, if any.

Closing Date - The date on which the sale of a property becomes final and the new owner usually takes possession.

CMHC or GEMICO Insurance Premium - Mortgage insurance insures the lender against loss in case of default by the borrower. Mortgage insurance is provided to the lender by CMHC or GEMICO and the premium is paid by the borrower.

Conditional Offer - An offer to purchase subject to conditions. These conditions may relate to financing, or the sale of an existing home. Usually a time limit in which the specified conditions must be satisfied is stipulated.

Conventional Mortgage - A mortgage that does not exceed 80% of the purchase price of the home. Mortgages that exceed this limit must be insured against default, and are referred to as high-ratio mortgages (see below).

Debt-Service Ratio - The percentage of the borrower's gross income that will be used for monthly payments of principal, interest, taxes, heating costs and condominium fees.

Deed (Certificate of Ownership) - The document signed by the seller transferring ownership of the home to the purchaser. This document is then registered against the title to the property as evidence of the purchaser's ownership of the property.

Deposit - A sum of money deposited in trust by the purchaser when making an offer to be held in trust by the vendor's agent, broker, lawyer or notary until the closing of the transaction.

Equity - The interest of the owner in a property over and above all claims against the property. It is usually the difference between the market value of the property and any outstanding encumbrances.

Firm Offer - An offer to buy the property as outlined in the offer to purchase with no conditions attached.

Fixed-Rate Mortgage - A mortgage for which the rate of interest is fixed for a specific period of time (the term).

Gross Debt Service (GDS) Ratio - The percentage of gross income required to cover monthly payments associated with housing costs. Most lenders recommend that the GDS ratio be no more than 32% of your gross (before tax) monthly income.

Gross Household Income - Gross household income is the total salary, wages, commissions and other assured income, before deductions, by all household members who are co-applicants for the mortgage.

High Ratio Mortgage - If you don't have 20% of the lesser of the purchase price or appraised value of the property, your mortgage must be insured against payment default by a Mortgage Insurer, such as CMHC or Genworth.

Home Equity - The difference between the price for which a home could be sold (market value) and the total debts registered against it.

Inspection - The examination of the house by a building inspector selected by the purchaser.

Interim Financing - Short-term financing to help a buyer bridge the gap between the closing date on the purchase of a new home and the closing date on the sale of the current home.

Maturity Date - Last day of the term of the mortgage agreement.

Mortgagee - The lender.

Mortgagor - The borrower.

Open Mortgage - A mortgage which can be prepaid at any time, without requiring the payment of additional fees.

Payment Frequency - The choice of making regular mortgage payments every week, every other week, twice a month or monthly.

P.I.T. - Principal, interest and taxes. Together, these make up the regular payment on a mortgage if you elect to include property taxes in your mortgage payments

Porting - This allows you to move to another property without having to lose your existing interest rate. You can keep your existing mortgage balance, term and interest rate plus save money by avoiding early discharge penalties.

Prepayment Charge - A fee charged by the lender when the borrower prepays all or part of a closed mortgage more quickly than is set out in the mortgage agreement.

Prepayment Option - The ability to prepay all or a portion of the principal balance. Prepayment charges may be incurred on the exercise of prepayment options.

Principal - The amount of money borrowed for a new mortgage.

Term - The length of the current mortgage agreement. A mortgage may be amortized over a long period (such as 30 years) with a shorter term (six months to five years or more). After the term expires, the balance of the principal then owing on the mortgage can be repaid or a new mortgage agreement can be entered into at the then current interest rates.

Total Debt Service (TDS) Ratio - The percentage of gross income needed to cover monthly payments for housing and all other debts and financing obligations. The total generally does not exceed 40% of gross monthly income.

Variable Rate Mortgage - A mortgage for which the rate of interest may change if other market conditions change. This is sometimes referred to as a floating rate mortgage.

• Multiple Listing Service
• Sutton Mortgage Program
• Canada Mortgage and Housing Corporation
• Genworth Financial
• MLS outside of BC
• More Links