Kam Brar

Recent Posts

Costs To Consider When Buying Your Home

Saving to buy a home is more than just putting together a down payment. Even though the down payment gets all the focus and planning, there are additional costs you'll incur and need to cover. We walk you through those other costs and fees, allowing you the opportunity to both plan for them and more importantly not be surprised by the actual amount needed to pay for them.

The Mortgage Stress Test Changes for EVERYONE on June 1, 2021

We originally let you know in April 2021 that the mortgage stress test was going to be increasing for uninsured mortgages. The Office of the Superintendent of Financial Institutions (OSFI) confirmed that as of June 1, 2021 all uninsured mortgages will be qualified at a minimum rate of 5.25%.

Mortgage Prepayments & Penalties

If your goal is to pay down your mortgage faster, you'll want to know the details in your prepayment clause. This might be a paragraph of text in your mortgage agreement, or it could be abbreviated as a pair of numbers (10/20 or 20/20). Either way, it tells you how much extra you can pay on your mortgage without incurring penalties. These additional payments go directly to your principal mortgage amount, so they decrease the amount of time you will have your mortgage (the amortization) as well as saving you interest payments over time.

OSFI Changes Stress Test for Uninsured Mortgages in 2021

What Is Changing For Uninsured Mortgages?

The qualifying rate for uninsured mortgages will be the higher of:

Everything You Need to Know About the BC Speculation and Vacancy Tax in 2021

The Speculation and Vacancy Tax (SVT) was introduced by the B.C. government in 2018 as part of the plan to address affordable housing. Property owners must make a declaration by March 31, 2021 for their 2020 tax status.

To buy or not to buy your first home in 2021? That is the question!

These days that's the million dollar question – quite literally in Victoria and the Greater Vancouver areas. Buying a house, especially your first home, is a major decision. Auxilium Mortgage owner Kam Brar looks at some of the factors you should consider if you decide to buy property in 2021.

Self-employment and Qualifying for Your Mortgage

Self-Employed Header

Whether you call it your gig, side-hustle or passion project, the number of people in Canada who are self-employed is on the rise. When you're focused on building your business, home ownership can seem like a challenge. While it's true that qualifying for a mortgage when you're self-employed is different from a regular employee, our team is here to walk you through the options with mortgage lenders and insurers.