Well Spring came early this year for us as low   low interest rates spurred on first time home buyers to purchase.  First time home buyers are our specialty   for many reasons but mostly because we thoroughly enjoy going through the   process with them. 

It is a journey of sorts making sure all their   ducks  are in a row in terms of credit,   income and down payment.  Certainly it   is gratifying that many of our current clients who have now grown children of   their own, send them to us (not the banks) to make sure their kids start   their financial life on the right foot.    A lot of what we do is educational and we take our time.     

If the bank has not checked your income, your   credit and your down payment, the pre-approval means nothing.  So we look at all of these things and if   there are weaker areas like credit (you need a Beacon Credit Score of at   least 600) we help the first time home buyer get into shape by coaching them   on credit.  If their credit is fine, we   discuss taking on too much debt after they become homeowners. 

Many parents discuss these issues with their   adult children but sometimes they listen better coming from a professional   mortgage broker.  We do a lot of   handholding through the home buying experience.  If they need more down payment we help them   with ideas on how to save money. 

In discussions, we also talk about the types of   mortgages, how banks are collateralizing up to 125% of value and how that can   spell trouble down the road.  Variable   vs fixed, conventional vs high ratio.    Some adult children actually have a sizable down payment  (usually from living at home) which avoids   the CMHC fees.  And we give lots of   helpful from being homeowners ourselves and mortgage experts.

It’s all part of our service which goes way   beyond a simple meeting.  For us it’s   really a joyous event.  We all remember   our first boyfriends, our first car, our first homes.  And we are thankful so many of you come to   us.