Juliana Wong ON: What You Need to Know when Navigating the Complex World of Mortgages.

Real Estate for Real People

In this episode of the "Real Estate for Real People" podcast, Tamara interviews Juliana Wong, owner and operator of JWC Mortgages, a mortgage brokerage firm. Juliana shares her expertise on getting a mortgage and qualifying for one, emphasizing the importance of finding the right fit for each client and working creatively to make it work for them. They discuss the current state of the real estate market in Kelowna, British Columbia, and the importance of being pre-approved for a mortgage before making an offer on a property. Juliana also explains the requirements for first-time homebuyers to qualify for a property tax exemption.Juliana Wong has been in the industry since 2017, and has extensive knowledge around mortgage products and problem solving in complex client scenarios. She is the owner and operator of JWC Mortgages - a team of strong, educated, and passionate women who are ready to help and support people with any home financing needs. She has spent over 10 years working as a Respiratory Therapist in an acute care hospital. This has provided her with an advanced skill set of critical thinking that sets her apart from others in the industry. A mom of two children, Juliana knows how to keep moving forward, despite any obstacle.What we discuss:[00:01:12]Juliana shares her story of becoming a mortgage broker and her experience in the industry.[00:06:48]Juliana explains the stress test rules and how they affect qualifying for a mortgage, including the importance of managing debt and finding the right fit for the borrower.[00:09:09]Tamara discusses the market fluctuations and population growth in Colonna, and how it affects the real estate market.[00:11:06]Juliana talks about the benefits of shorter-term rates and refinancing after the market stabilizes.[00:13:31]Juliana explains the different types of mortgage penalties and the importance of working with a broker to avoid them.[00:18:30]Juliana explains the importance of getting pre-approved for a mortgage and how brokers can help access multiple lenders.[00:21:21]Juliana and Tamara discuss the advantage of brokers' availability during negotiations and how it can benefit clients.[00:26:11]Juliana explains the minimum down payment required for a mortgage in Canada and the additional costs associated with purchasing a home.[00:27:35]Discussion on the five-year limit and the $500,000 limit for the first-time homebuyers' property tax exemption.[00:28:42]Breakdown of the costs associated with closing a deal, including legal fees, property taxes, and strata fees.[00:33:24]Importance of exploring options and seeking expert advice when renewing a mortgage, including adding a line of credit for future investments.Episode Resources:Juliana Wong | WebsiteJuliana Wong | Linkedin