Kelly Hudson

MORTGAGE ARCHITECTS

LET’S WORK TOGETHER TO GET YOU THE BEST MORTGAGE AVAILABLE

LET'S TALK

BRIANNA & THOMAS

Happy Clients

As first-time home buyers we had a lot of questions regarding the mortgage process and Kelly did a fantastic job in helping us understand everything.  We highly recommend Kelly to anyone looking to purchase a home!

Hi, I’m Kelly. I’m a Mortgage Expert with Mortgage Architects,  living in Richmond and servicing the Greater Vancouver area and beyond!

 

I specialize in Mortgage Intelligence, educating people about mortgages, how they work and what lenders are looking for. Everyone's home purchasing situation is different, so meeting with me will give you a better sense of what mortgage options are available based on your specific financial picture and priorities.

  

I've lived in Richmond for 40+ years, LOVE dogs & other critters. I am the Fundraising Chair for the Richmond SPCA Community Council. For fun, I enjoy baking, especially cookies and cupcakes! 

 

If you would like to discuss mortgage financing with me, please contact me! I would love to work with you!

My Process is Simple.


Get in Touch

Get in touch with me however you feel comfortable. I will answer all your questions and provide you with counsel, all without any pressure.

 Choose a Solution

Once we've had a chance to go over your financial situation, I will outline all your mortgage options, and you can make the best choice for you.

Enhance your Lifestyle

With your new mortgage in place, you can get on with living your life! I'll always be there if you have any questions in the future!

Want to get started right away? 

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Download My Mortgage Planner using my personal install buttons so you can get exclusive access to all the premium features to help you plan your mortgage.

Renewal

Up for renewal? Here are 5 steps to follow to ensure a smooth process.

Refinance

Need to refinance? Here is a plan that you can follow.

Take the stress out of mortgage financing.


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Simple mortgage advice, honestly given!

By Kelly Hudson 13 Mar, 2024
Securing a mortgage significantly depends on your credit score and debt load. Understanding how different types of debt affect mortgage affordability is crucial. Debt falls into two categories: secured and unsecured. Secured debt, backed by collateral like a house or car, provides lenders security in case of default. Unsecured debt, such as credit cards, lines of credit, and student loans, poses higher risk for lenders and typically carries higher interest rates. Here's how different types of debt influence your credit score and mortgage approval: Credit Cards are unsecured debt, offering revolving credit lines with interest rates based on creditworthiness. Responsible credit card usage can positively affect credit scores, but defaults or late payments can lead to higher interest rates and decreased creditworthiness. Line of Credit : Like credit cards, lines of credit are unsecured and provide borrowers access to a predetermined credit limit. Responsible use can improve credit scores, while defaults can have negative credit repercussions. Student Loans: Despite being unsecured, they can enhance credit scores if paid on time. They contribute to the debt-to-income ratio. Auto Loans: Auto loans are secured debt, with the vehicle serving as collateral. They can diversify debt portfolios and improve credit scores. Existing Mortgage Loans: Secured by the property, timely payments enhance credit scores. Missed mortgage payments raise red flags for new lenders. Maintaining a balanced mix of debt types strengthens credit scores and mortgage eligibility. However, over-borrowing can be harmful.
By Kelly Hudson 07 Feb, 2024
When it comes to managing your mortgage, every payment matters. The frequency of your mortgage payments can significantly impact your financial strategy and overall budgeting. While monthly payments are the norm, alternatives like bi-weekly, semi-monthly, and accelerated options offer unique advantages and considerations. Let's explore how each frequency impacts your bottom line and helps you make informed decisions about your mortgage. Understanding Mortgage Payment Frequencies Mortgage payments are the backbone of homeownership, representing a blend of interest and principal. Interest accrues on the outstanding balance (principal), and once it's paid, the remainder of your payment goes towards reducing the principal balance (amount you borrowed). Here's a breakdown of the most common payment frequencies: 1. Monthly Payments (12/year): The most prevalent option, monthly payments simplify budgeting with 12 payments per year. They align well with most income schedules, offering convenience and consistency. 2. Semi-Monthly Payments (24/year): Occurring twice a month (typically 1st & 15th), semi-monthly payments result in 24 payments annually, equivalent to 12 full payments. While they offer structured budgeting, they lack the accelerated payoff benefits of other options. 3. Accelerated Bi-Weekly Payments (26/year): Accelerated bi-weekly payments involve paying every two weeks, totalling 26 payments annually (equivalent to 13 months' worth in a 12-month period). This extra payment each year accelerates mortgage payoff, reducing the principal balance faster and saving on interest over time.
By Kelly Hudson 04 Jan, 2024
This post is revised from Jan. 7, 2023 What is BC Assessment? It’s January 2024 and BC homeowners are receiving their property assessments. Residential asset prices in British Columbia stabilized over the past year, according to the province’s latest housing assessment figures. Metro Vancouver exhibited few price fluctuations. BC Assessment said that its latest evaluation, which reflected market conditions as of July 1, 2023, found that single-family homes in Vancouver saw a 4% increase in assessed values, exceeding $2.2 million. Conversely, strata properties exhibited stability, posting minimal change to remain at $807,000. BC Assessment is a provincial Crown corporation that values all real estate property in British Columbia. Every year, BC Assessment sends property owners a Property Assessment Notice telling them the fair market value of their property as of July 1 the prior year . To see the most recent assessment for a property, click on BC Assessment and type in the property address. The real estate market is the single biggest influence on market values. Market forces vary from year to year and from property to property. The market value on an assessment notice may differ from that shown on a bank mortgage appraisal or a real estate appraisal because BC Assessment’s appraisal reflects the value as of July 1 of 2023 , while a private appraisal can be done at any time. The assessed values are based on limited information and are a result of algorithms and mass appraisal techniques which have their limitations. Use your BC Assessment as a starting point for the value your home purchase… Do not rely on BC assessment for the exact value of the property you’re considering purchasing. Markets in BC change quickly both increasing and decreasing in value depending on the area and the economy.
By Kelly Hudson 05 Dec, 2023
Most Canadians are conditioned to think that the lowest interest rate means the best mortgage product. Although sometimes that is true, a mortgage is much more than just an interest rate. You can save yourself a lot of money if you pay attention to the fine print for the total cost of your mortgage. To pick the best mortgage, you need to understand how mortgages work and what your options are. This comes with Mortgage Intelligence (my specialty)! Once you’ve selected the type of mortgage, then you’ll need to work with your Mortgage Broker (me!) to find the best fit for you and your situation. Are you planning to move in the next 5 years (Upsize? Downsize?) Will your family be growing/shrinking? Will your employment change and if it does will you need to relocate? Would $1000’s in penalties impact you if you need to break your mortgage? What types of debts do you have? Credit cards? Car loan? Student loan? Line of Credit? Why do all this work? Because it will have a direct impact on your bottom line. A mortgage is made up of two parts—the principal and interest—you need to pay attention to how and when these parts get paid down. Ideally, you want to minimize your interest payments and maximize the principal payments. To pick the best formula for your situation, you’ll first need to understand some of the factors that impact how much interest you’ll pay for your mortgage loan. Here are 6 mortgage terms to help you make the best decision for your situation. Amortization Amortization is a fancy word that means the “life of your mortgage” OR how long it takes to pay off your mortgage if you paid your mortgage for “X” years. The amount of your mortgage loan repayment is calculated based on the length of time you agree to paying off that debt. In Canada, the standard amortization period is 25 years. If you have a 20% down payment (or higher) you could amortize over 30-years BLOG 5 GREAT Reasons To Provide a 20% Down Payment when Buying a Home Picking the best mortgage is not just about qualifying for the mortgage. The amortization period is integral in the best mortgage decision because it will decide how much or how little interest you will pay during the life of the mortgage loan. The longer the amortization period (25 years vs 30 years) the more interest you will pay. Therefore, a shorter amortization period will lower your overall cost of borrowing BUT you must be able to afford/qualify for the higher payments. Once you’ve decided on your amortization, you will need to decide how frequently you would like to make your mortgage payments. Every mortgage payment (consisting of both interest and principal) will help reduce your principal (the amount of money you borrowed) and eventually reduces the overall interest you pay on this loan. Monthly, bi-monthly, accelerated bi-weekly or weekly mortgage payments. BLOG Mortgage Payment Frequency - Accelerated Bi-Weekly vs Bi-Weekly Payments Term In the 1980’s mortgage interest rates were as high as 22%. Interest rates can change over time therefore, lenders don’t want to negotiate a 25-year loan at 5% interest if the interest rates go up to 10% in 5 years. To avoid the risk, lenders break your mortgage amortization into smaller terms. The term is shorter than the amortization period and locks you into your pre-negotiated rates during that time. The length of term you choose (most Canadians choose 5 years) will depend partly on if you think interest rates will rise or fall. Typical terms are: 1, 2, 3, 4, 5, 7 & 10. About 3-6 months before your current term matures, your current lender usually sends you a renewal notice with options on rates for the various terms they offer. Once your mortgage matures - you can stay with your current lender or move to a new lender. Once you get your renewal notice, you need to contact your mortgage broker (me!) to ensure you’re choosing the best option for your situation. BLOG Mortgage Renewal – 5 Things You Need to Know Closed Mortgage A closed mortgage usually offers the lowest interest rates. Closed mortgages cannot be paid off before the end of its term without triggering a penalty. Some lenders allow for a partial prepayment of a closed mortgage by increasing the mortgage payment or a lump sum prepayment. If you try and “break your mortgage” or if any prepayments are made above the stipulated allowance the lender allows, a penalty will be charged. BLOG Mortgage Penalties – Ouch… How Much?? Open Mortgage An open mortgage is a more flexible mortgage that allows you to pay off your mortgage in part or in full before the end of its term without penalty. Because of the flexibility the interest rates are higher. The interest rates for an open mortgage are typically 3-4% higher than a closed rate mortgage. i.e., a home buyer may pay 7.99% for a 5-year open mortgage vs. 4.99% for a five-year closed mortgage. If you plan to sell your home soon or expect a large sum of money, an open mortgage can be a great option. Most lenders will allow you to convert from an open to a closed mortgage at any time (and switch you to lower rates).
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