The MyPlace Playbook // 008

I figured I’d start to do a round up of the questions I get asked the most and turn them into a post. 95% of my job is helping you to feel comfortable with the process and that means answers to your questions. The other 5% is equal shares paper work, scheduling and back and forth with lenders on your behalf… now that I think about it, probably need to reconsider that last part’s percentage.

30% of my job is making you feel comfortable, 68% is communicating with lenders on your behalf and paperwork 😁

❓“I’ve been renting for years, and I’m finally ready to buy. But rates feel high - should I wait or jump in?”
💬 I get this one a lot. Rates might feel high, but the real factor is affordability now vs. potential cost later. If prices rise and you’re still on the sidelines, you may end up paying more in the long run - even if rates go down. The right move is to get pre-approved so we can run your real numbers and see what you can comfortably afford today. From there, we can watch the market together and act when it makes sense.

❓“I was pre-approved six months ago, but I haven’t found the right place. Do I need to start over?”
💬 If it’s been six months, your pre-approval has likely expired, especially if the lender pulled a credit report. The good news? It’s a quick refresh. Reach out and we’ll update your info - it gives you negotiating confidence when you do find the right place.

❓“My fixed rate mortgage is coming up for renewal next spring. When should I start planning - and what should I be looking out for?”
💬 Six months out is the sweet spot, so you’re right on time. Renewal offers from banks aren’t always the best deal, and they rarely come with advice. I’ll shop the market for you, walk through any life changes that could impact your needs, and help you pick the best product for where you're headed - not just where you’ve been.

❓“My partner and I both work full-time, but we don’t have a 20% down payment. What options do we actually have?”
💬 Great news: 20% isn’t required for most buyers. You can buy with as little as 5% down on homes under $500,000, and 10% down on anything between $500K and $999K. Even if you’re just shy of what you need, we can look at strategies like gifted down payments or using your RRSPs via the First-Time Home Buyers’ Plan.

❓“I keep hearing about ‘B lenders’ and ‘private mortgages’ - are those legit, or just for people with bad credit?”
💬 Totally legit - and not just for bad credit. B lenders and private lenders offer solutions that banks can’t. Maybe you're self-employed, recently divorced, carrying higher debt, or just don’t tick every box for the bank. These lenders fill the gap with more flexible approvals. You still need a good plan, but they can be a smart stepping stone.

❓“We want to move to a bigger place, but we’re scared of giving up our low rate. Are there strategies to keep it or ease the jump?”
💬 Absolutely. Depending on your current mortgage, you might be able to port your rate to a new home. Even if not, we can run a blended strategy or look at hybrid mortgage options that ease the transition. The key is planning the move in advance, so you know exactly what you’re working with - and how to make it work for you.

❓“I have family who want to help with a down payment. Does that change anything about my approval process?”
💬 It can actually make things easier! Lenders love gifted down payments, especially from immediate family. We’ll need a simple gift letter (I’ll provide it), and proof that the funds are in your account before closing. Just be sure it’s a true gift, not a loan in disguise - that part matters.

❓“Is now a good time to invest in a rental property, or should I wait until rates drop more?”
💬 If the numbers work today, it’s a good time. Waiting for perfect conditions is a bit like market timing in stocks - most people miss the best opportunities while waiting for the stars to align. Rental demand in BC is high, and many investors are shifting strategies to smaller units, suites, or multi-family setups. Let’s look at the cash flow and financing options and decide from there.

💬 Have a question of your own? Just reply to this email - I’ll answer right away to your email and include it in an upcoming edition.