Like the show? Send me a text (if you don't like it, shhh ;)In this episode of the 'Keeping it Real' podcast, Jacquie McCarnan is joined by Marcy Deane, a North Vancouver-based mortgage broker. Together, they delve into the intricate world of mortgages, covering essential topics like interest rates, qualifying criteria, and invaluable advice tailored for first-time homebuyers.Marcy emphasizes the pivotal role of a stable income and advocates for the involvement of a financial planner when navigating decisions about down payments and investments. They also explore the landscape of alternative lenders and offer a glimpse into the future trends shaping the housing market.This episode doesn't just stop at mortgages; it concludes with thoughtful recommendations for local businesses, including a shoutout to City Junk and a must-read book titled "Stress Wisely," offering effective stress management strategies.Don’t miss this wealth of knowledge on mortgages and housing trends - Tune in now!Marci Deane, Ask Marci - https://www.askmarci.ca/City Junk Services - Mathew Bartlett - https://cityjunk.ca/Stress Wisely: https://www.amazon.ca/Stress-Wisely-Well-Unwell-World/dp/1774582627What was covered:(02:30) The upcoming Bank of Canada announcement on March 6th.(03:22) Overview of the current real estate market and the impact of interest rates.(06:01) Encouraging the idea of getting into the market, even if it's with a smaller property.(08:08) Marci's insights on mortgage qualification, income stability, and down payment considerations.(09:18) Emphasis on educating first-time homebuyers on mortgage math and setting realistic expectations.(11:35) Clarification on the misconception of needing only 5% down and the importance of debt servicing.(13:44) Exploration of scenarios where family assistance or inheritance plays a significant role in the down payment.(15:33) Criteria for stable income, including the preference for salaried positions and the importance of a two-year average for variable incomes.(17:23) Mention of alternative lenders for unique financial situations but emphasizing the need for a larger down payment.(18:41) Discussion about whether to use a substantial inheritance for a down payment or invest part of it involving a financial planner.(20:43) Anticipation of increased activity in the real estate market when the Bank of Canada starts cutting rates.Support the show

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