It’s A New Year, Time For A Check-In
Marci • January 31, 2020
I wanted to take a moment to check-in and remind everyone of what I do. As a Mortgage Professional, I am happy to have the opportunity to help Canadians secure the financing for their biggest investment, their home. My profession is misunderstood and many are under the impression that I only work with people who have bruised credit or are in business for themselves. The vast majority of my business is in fact lowest rate, Prime Mortgage business .
I realize how important it is for me to educate and remind my network of exactly what I do, and when someone might want to use my services.
Here is some information that may help you understand a little better how I help my clients:
- I work with Canada’s leading Financial Institutions including major Banks, Trust Companies, and Credit Unions. They include Scotiabank, TD, First National, MCAP, Home Equity Bank, and many others. You can find a complete list of all my lending partners on my website at; www.askmarci.ca.
- My company, Mortgage Architects and our Parent Company DLC, sends more than 40 billion dollars in mortgage volume annually. Because we are the biggest in the country, our lenders provide us with a variety of mortgage products, exceptional rates, fast turnaround times and flexibility with approvals.
- When you use me to find you the very best mortgage for your needs, and negotiate on your behalf, typically there is no cost to you. The lender pays me a fee for finding and bringing them the business, I only earn a fee if I arrange the mortgage for you.
- The Fee is the same regardless of what lender you choose and it is not built into your mortgage rate.
- Some of our lenders specialize in providing mortgages for clients who are self employed, contract employees, have seasonal income, have trouble proving income, or lack some of the standard documentation. I have seen all situations and am experienced in getting unconventional mortgages approved.
- Many consumers think their bank will automatically give them the best rates because they have been a loyal customer for many years, have multiple accounts, or have high account balances. Don’t fall into that trap. That kind of thinking has cost many clients thousands of dollars in unnecessary interest.
- I am a fully licensed mortgage professional and am governed by the regulator in British Columbia. The safety and security of your personal information is of utmost importance and all discussions, documentation and file management are completely confidential at all times.
- Often clients make the time-consuming mistake of going to multiple lenders themselves, attempting to negotiate the best rates. Each time a Financial Institution pulls your credit report, your credit score actually drops. Sometimes the very exercise of trying to find the most competitive mortgage disqualifies you from qualifying. At Ask Marci About Mortgages – Mortgage Architects, we forward your credit report electronically to our lenders so that it isn’t pulled over and over.
- The interest rates today are at an all time low. If you, like so many other Canadians, have high interest credit card debt, department store debt, line of credit debt or other outstanding payments, now might be the ideal time to refinance your existing mortgage and consolidate it all into one simple payment. Consolidation can sometimes reduce your monthly payments by more than a thousand dollars per month. I would be happy to calculate the saving for your specific situation.
In summary, I am your trusted mortgage advisor and I work for you, not the banks. It’s my job to provide you with timely, expert advice and make certain my clients have the very best mortgage products for their specific situation. Your business is very important to me!
Contact me to schedule a complete mortgage review at your convenience, but remember the lowest rates won’t last long.
I am never too busy for your introductions and will take amazing care of anyone you think may find my services valuable.
All the best in 2020!
Marci Deane
Mortgage Broker
604-816-8950
marci@askmarci.ca
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Mortgage Registration 101: What You Need to Know About Standard vs. Collateral Charges When you’re setting up a mortgage, it’s easy to focus on the rate and monthly payment—but what about how your mortgage is registered? Most borrowers don’t realize this, but there are two common ways your lender can register your mortgage: as a standard charge or a collateral charge . And that choice can affect your flexibility, future borrowing power, and even your ability to switch lenders. Let’s break down what each option means—without the legal jargon. What Is a Standard Charge Mortgage? Think of this as the “traditional” mortgage. With a standard charge, your lender registers exactly what you’ve borrowed on the property title. Nothing more. Nothing hidden. Just the principal amount of your mortgage. Here’s why that matters: When your mortgage term is up, you can usually switch to another lender easily —often without legal fees, as long as your terms stay the same. If you want to borrow more money down the line (for example, for renovations or debt consolidation), you’ll need to requalify and break your current mortgage , which can come with penalties and legal costs. It’s straightforward, transparent, and offers more freedom to shop around at renewal time. What Is a Collateral Charge Mortgage? This is a more flexible—but also more complex—type of mortgage registration. Instead of registering just the amount you borrow, a collateral charge mortgage registers for a higher amount , often up to 100%–125% of your home’s value . Why? To allow you to borrow additional funds in the future without redoing your mortgage. Here’s the upside: If your home’s value goes up or you need access to funds, a collateral charge mortgage may let you re-borrow more easily (if you qualify). It can bundle other credit products—like a line of credit or personal loan—into one master agreement. But there are trade-offs: You can’t switch lenders at renewal without hiring a lawyer and paying legal fees to discharge the mortgage. It may limit your ability to get a second mortgage with another lender because the original lender is registered for a higher amount than you actually owe. Which One Should You Choose? The answer depends on what matters more to you: flexibility in future borrowing , or freedom to shop around for better rates at renewal. Why Talk to a Mortgage Broker? This kind of decision shouldn’t be made by default—or by what a single lender offers. An independent mortgage professional can help you: Understand how your mortgage is registered (most people never ask!) Compare lenders that offer both options Make sure your mortgage aligns with your future goals—not just today’s needs We look at your full financial picture and explain the fine print so you can move forward with confidence—not surprises. Have questions? Let’s talk. Whether you’re renewing, refinancing, or buying for the first time, I’m here to help you make smart, informed choices about your mortgage. No pressure—just answers.
The Bank of Canada announced today that it is maintaining its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. For Canadian homeowners, buyers, and anyone with a mortgage on the horizon — here's what you need to know.
Ready to Buy Your First Home? Here’s How to Know for Sure Buying your first home is exciting—but it’s also a major financial decision. So how can you tell if you’re truly ready to take that leap into homeownership? Whether you’re confident or still unsure, these four signs are solid indicators that you’re on the right path: 1. You’ve Got Your Down Payment and Closing Costs in Place To purchase a home in Canada, you’ll need at least 5% of the purchase price as a down payment. In addition, plan for around 1.5% to 2% of the home’s value to cover closing costs like legal fees, insurance, and adjustments. If you’ve managed to save this on your own, that’s a great sign of financial discipline. If you're receiving help from a family member through a gifted down payment , that works too—as long as the paperwork is in order. Either way, having these funds ready shows you’re prepared for the upfront costs of homeownership. 2. Your Credit Profile Tells a Good Story Lenders want to know how you manage debt. Before they approve you for a mortgage, they’ll review your credit history. What they typically like to see: At least two active credit accounts (trade lines) , like a credit card or loan Each with a minimum limit of $2,000 Open and active for at least 2 years Even if your credit isn’t perfect, don’t panic. There may still be options, such as using a co-signer or working on a credit improvement plan with a mortgage expert. 3. Your Income Can Support Homeownership—Comfortably A steady income is essential, but not all income is treated equally. If you’re full-time and past probation , you’re in a strong position. If you’re self-employed, on contract, or rely on variable income like tips or commissions, you’ll generally need a two-year history to qualify. A general rule: housing costs (mortgage, taxes, utilities) should stay under 35% of your gross monthly income . That leaves plenty of room for other living expenses, savings, and—yes—some fun too. 4. You’ve Talked to a Mortgage Professional Let’s be real—there’s a lot of info out there about buying a home. Google searches and TikToks can only take you so far. If you're serious about buying, speaking with a mortgage professional is the most effective next step. Why? Because you'll: Get pre-approved (and know what price range you're working with) Understand your loan options and the qualification process Build a game plan that suits your timeline and financial goals The Bottom Line: Being “ready” to buy a home isn’t just about how much you want it—it’s about being financially prepared, credit-ready, and backed by expert advice. If you’re thinking about homeownership, let’s chat. I’d love to help you understand your options, crunch the numbers, and build a plan that gets you confidently across the finish line—keys in hand.
