Do You Qualify for a 5% Down Payment?
Understanding if you do, or do not, qualifying for a 5% down payment is easy. First and foremost, established credit is crucial, and good credit is a must. What’s the difference? Established credit means that your report must show that you have had revolving credit for a given period of time, typically for 2-3 consecutive years. Revolving credit can be a credit card, line of credit, car loan, etc. With many lenders, one of the criteria is to have at least 2-3 active trades (as they refer to them) that show good repayment history. It is possible to have great … Continue Reading
What Is The Best Mortgage Rate?
When people ask ‘what is the best mortgage rate’, they are quite often looking for the answer ‘the lowest mortgage rate’. This may be true for one type of rate, for example fixed or variable, but how will someone know which type of rate best suits their lifestyle? Like any choice in life, each has their own pros and cons, and the decision made should be based on suitability, possible change of events or comfort level. The best mortgage rate is dependent not only on the interest rate itself, but the terms, conditions and flexibility as well. So perhaps, people … Continue Reading
Power Of Sale
Seeking the help of a mortgage broker when undergoing a power of sale or foreclosure is mandatory. A power of sale or foreclosure is typically the result of one of the following reasons; either payments are in arrears and the bank/lender wants to be paid out or the bank/lender does not want to renew your mortgage at the renewal date and has asked you to find replacement financing. In both instances, the consequences can be costly and cause you to lose possession of your home. It is important to recognize the urgency of this matter at first notice of a … Continue Reading
Refinancing Your Mortgage
A mortgage refinance isn’t just an option to consider at the time of renewal. A mortgage refinance can be a useful solution for many things, aside from the possibility of a lower rate. Building equity is important, but staying out of high interest debt is just as important and can impact what options are available to you in the future. If you are carrying great amounts of debt, consider refinancing your mortgage to consolidate that debt into a new mortgage. If the penalty to break your existing mortgage isn’t overly significant, you sure will be thankful when you eliminate the … Continue Reading
The Mortgage Process – Simplified
Buying your first home, refinancing your existing mortgage or applying for a second mortgage/secured line of credit are all very similar processes and involve the same amount of work from the broker and the same amount of participation from the clients. Though the actual work done by your broker may be complicated, understanding the steps involved in the process is easy. The mortgage process for the client, when narrowed down, is really just 3 simple steps. Step 1 is the initial consultation or general meeting with your mortgage broker. During this step, we would collect all important personal details, mortgage … Continue Reading