It’s a bird…. It’s plane… it’s… oh, it is a plane. July 30, 2008 is the official launch for http://www.firsthomeinfo.ca and Jessi organized a street team of co-hosts to promo the evening of the fireworks. We handed out thousands of flyers, posters & rented an airplane. Over all it was a smashing success and we hope the site is useful to first home buyers.

Many first home buyers have enjoyed this mortgage option over the past few years in Vancouver, while the market was continuing to rise at a fast pace. Now there are changes in the market and two of the three high-ratio insurance companies are canceling this mortgage option. This will take effect October 15^th but AIG has yet to concur with the decision.

This quick video suggests a helpful tactic when trying to reduce overall debt, pay less interest and have a better overall control of your financial situation. After your mortgage term is complete, perhaps consider consolidating other debts with higher interest rates.

During the USA display of fireworks for the Vancouver HSBC symphony of fire, Jessi speaks about current legislation which is up in the air. Out of the 3 high ratio insurance companies, 2 will discontinue $0 down & interest only mortgage. As well as tightening restrictions for low credit scores and removal of the 40 year Amortization. First home buyers typically use high ratio loans with larger amortizations. ENJOY THE SHOW!

While touring in the Vancouver skyline, Jessi comments on Vancouver being a destination city. That being said, the expectations of property values holding is high. First home buyers should always research the area they are planning to invest, especially when moving from another city.

Jessi Johnson Live speaks about a marketing incentive in the form of a mortgage allowance cash-back incentive from the seller. This causes a $416.67 monthly mortgage deduction for the first 2 years of any new mortgage. During the video, Jessi calculation talks about an $850 payment. This is using an interest only mortgage which may not be available October 15, 2008.

Live at Opus Hotel in beautiful Vancouver BC with Ash (owner) from Marmalade. During this quick interview, Jessi enjoys putting Ash on the spot talking about his restaurant. Marmalade is one of my favourite places to relax in the city. The view is amazing thanks to the large patio and it’s a great place to take clients, associates or friends. For more details, check out http://www.marmaladekb.com/ and the address is #3 1010 Beach Avenue Vancouver BC.

Jessi Johnson responds to a question pertaining to the canine species being detrimental to the value of your home. As a first time buyer, there are many questions that should not be left unanswered.

Porting your high-ratio insurance premium can save you thousands. Most people (brokers included) don’t know that you can transfer your “already paid” insurance premium to a new lender. This means if you are paying a higher rate, you can switch lenders to obtain a lower rate without having to repay the premium again. This policy works with Genworth Financial, I haven’t tried yet with CHMC or AIG.

Mortgage Insurance can come in a few forms. First there is term insurance where you obtain insurance for a monetary value instead of a mortgage value. This greatly increases with your age. Second you have lender insurance which is cheaper but deceases as your mortgage declines in balance. Last but not least, my personal favourite; standard (non-lender offered) mortgage insurance. Specifically through Mortgage Protection Plan, this is similar to lender insurance except it stays with the mortgage. Most clients will switch lender 2-3 times before finishing their mortgage. With lender offered mortgage insurance, each time you have to re-apply and your premium will be higher because your ages is growing. For more details, check out the video.