The Drive Mortgage Store 
a place where you can meet with a mortgage broker in person, have a coffee, ask questions, get the answers you need and sign your papers!
Complimentary Info Sessions
Find out the ins and outs of mortgage life insurance. Should you go with what the lender offers or get your own from a insurance professional? 
October 21, 2014
Stay ahead of the curve and understand what the lenders are looking for.
November 20, 2014
How do you create an income property? Where to buy, what to look for?
January 28, 2015
Mortgage Rates
Effective Oct. 15, 2014
TERM
BEST RATE
1 Yr Closed*2.89%
2 Yr Closed*2.59%
3 Yr Closed*2.79%
4 Yr Closed*2.77%
5 Yr Closed*2.89%
7 Yr Closed*3.79%
10 Yr Closed*4.29%


Prime Rate: 3.00%
Variable @ Prime less 0.60%
HELOC - Prime plus .25%
Bench Mark Rate: 4.79%
*
indicates promotional/quick close rate

Bank of Canada
*Eight times a year, the Bank announces its decision on the setting of its key policy interest rate.


~2014~
October 22                   December 3

~2015~
January 21                   March 4
April 15                          May 27
July 15                           September 9
October 21                    December 2
It's not sexy but...
Lender rates are jumping around a bit and we are posting the little changes below.  

 

This week's topic is Mortgage vs Life Insurance; it's not sexy but still very important! Deciding if you should go with what the lender provides is something to consider however, working with an insurance professional may be the best option for you. Unlike lenders, life insurance will give you better coverage. Watch the video below to get the scoop!     

 

Coming up this month is our complimentary information session on Insurance. Laurent, our Insurance professional, will be at the store chatting about options. Pass this on to friends and family by sharing this newsletter with them or sending them to our Facebook Event page.  

   
Call me so we can talk about what is right for you! 

Laura Stein
The Drive Mortgage Store
Dominion Lending Centres - Mortgage Negotiators
604-657-6535
Mortgage Tip of the Week

Purchase Plus Improvements

 

When buying a new home, sometimes there are renovations that need to be done but funds can be hard to come by. That is why there is a program called Purchase Plus Improvements. This program allows a buyer to add 10% of the improved value of the home up to $40,000 to the mortgage for home renovations. During subject removal, the buyer must provide quotes for the work to be completed so that a budget is established. The buyer must have funds available upfront to do the work and then, once it is confirmed by an appraiser that improvements have been done, the funds are reimbursed to the client from the mortgage funds.

  

If you are considering buying a home that needs a little TLC, ask me about Purchase Plus Improvements!
Looking for a Mortgage?
Mortgage Insurance
Lender's mortgage insurance - good or bad?

 

When buying your home, you are always offered mortgage insurance coverage from the lender. In fact, bank sales associates are offered incentives to get you to buy. The question is, does it cover you or the bank/lender?

 

I bought my home seven years ago and in a flurry of pre-approvals, looking at homes and paperwork, the insurance part wasn't explained to me or, more than likely, I didn't retain that one sheet of paper that my broker went over... What I understood was, if something happened and I couldn't pay my mortgage, the insurance would kick in and I would be covered. Watch the video above to see that this was not the case in two families featured in it.

 

What I have learned since working at The Drive Mortgage Store with these fantastic brokers, and researching this topic is that I need to delve further into covering by own butt because the lenders are out to cover theirs!

 

Whether you own your own home now or are thinking about buying, come to our Life vs Mortgage insurance info session on Oct. 21.  

 
Stay Connected
Like us on Facebook
Follow us on Twitter
View our profile on LinkedIn
Find us on Google+
 
About our team
After 22 years as a mortgage broker Laura opened up The Drive Mortgage Store on the eclectic Commercial Drive in Vancouver, BC. Her mission was to allow her clients a chance to meet face to face and ask questions in a more intimate setting. She has since added a small, dedicated staff including a Real Estate Agent, other brokers and a social media & event coordinator. Our team is devoted to ensuring that your best interests are our top priority. We invite to come on in and see what's in store for your next mortgage.
 
 

Laura Stein is amazing at what she does. She has helped me buy 2 homes so far and I would highly recommend all of my friends to call her when buying a home.
The Drive Mortgage Store
604-258-8897
1250 Commercial Drive
Vancouver, BC

Help us help you find your home.