Real Estate Blog

The coronavirus pandemic has derailed buying and selling activities in the property market. Albeit fewer homes have been listed for sale, the industry is gradually recovering. Prospective buyers can make purchases and sellers can list their properties for sale while adhering to prevention measures for safe transactions.


When this year started, the Real Estate Market was showing prospects of steady growth until the novel coronavirus took toll of the industry in March. With strict restrictions to limit the spread of Covid-19 put in place, householders took to a cautious approach, trying not to make purchases or listing their properties for sale.  There have been reports showing the volume of mortgage applications falling up to 24%, despite the rock-bottom mortgage rates.


Nonetheless, that's not to say that all hopes of buying and selling your home are entirely shuttered. Those who were on the verge of closing home deals, or want to purchase properties they can still do so.


Here are helpful...

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Property owners refinance their homes and commercial properties all the time. As your credit improves and you have built more equity into the property, it may make fiscal sense to refinance when interest rates dip low; the move can save you hundreds of dollars every year.


On the other hand, sometimes refinancing a mortgage may not the right thing to do. When you speak to a mortgage professional or real estate agent, we will review what you need to know in order to make informed decisions about how to best proceed with a refinancing plan.


What Are the Penalties?


Possible penalties are a risk for refinancing a home or commercial property. In mortgage agreements, there may be clauses that allow lenders to assess a fee for refinancing and/or paying down an existing mortgage with a line of home equity credit. In certain situations, a mortgage may contain a provision that allows the lender to assess a penalty fee when the homeowner pays more than 20% on the outstanding balance of the...

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.