How Much Down Payment Do I Need for a Home?
“How much down payment do I need” is one of the most popular questions that potential home buyers ask often. This is an interesting question because the answer will depend on the context of the questions. For example, how much down payment you will need can be as little as 5% of the purchase price which is set by the regulators and insurance companies. However, you may actually need 10%, 20% or more to qualify based on your personal circumstances. “How much down payment” you will need can also depend on your ability to afford the mortgage payments. Even if … Continue Reading
Bridging a Mortgage: What Happens When Closing Dates Don’t Align?
Bridging a mortgage is a popular solution for many home owners and who find themselves in a specific type of circumstance. As many home owners know when it comes to the process of selling and buying homes, it can be overwhelming. One of the many obstacles home owners face, is trying to align the closing dates of their existing home (sale) and that of their new home (purchase). However, this is an ideal situation and more often than not, the closing dates can be days, weeks and even months apart. This can be problematic for those who are relaying on … Continue Reading
The Importance of Supporting Documents in the Mortgage Process
When purchasing, refinancing or taking out equity, supporting documents are more important now than ever. Many of the regulations have changed for mortgage lending and mortgage insurance as an attempt to reduce fraud and protect existing and future home owners. Supporting mortgage documents may vary depending on the status of employment, length of employment, mortgage request, etc. These documents can be anything from job letters, to pay stubs or any existing mortgage related documents. As a mortgage applicant, you may not understand why your broker is asking for certain supporting documents. Simply put, when a mortgage is approved, it is … Continue Reading
The Refinance Ceiling – Not Enough?
When it comes to mortgage broker Brampton and mortgage broker Mississauga, Canadian mortgage Services has many clients that have similar circumstances and questions pertaining to refinancing their mortgages. Refinancing your existing mortgage is a common solution for many home owners to consolidate debt, free up some cash flow, or even just getting a better rate. As long as you maintain good credit, a fairly reasonable debt load and stable income, you can refinance your existing mortgage for almost any reason. According to current regulations however, the maximum refinancing limit is 80% to value of your home. This means that you … Continue Reading
Rent To Own – Is It Worth It?
As a mortgage broker Brampton and mortgage broker Mississauga we have clients asking us more and more about rent to own programs when they are set on owning a home but are not in the position to do so in the present In a nutshell, “Rent to Own” is a program where people are paying monthly rent to eventually own the home. It is designed for individuals who might not otherwise qualify to purchase a home for various reasons (Credit, Down payment, Employment, etc.). The obvious benefit of this program is that part of your rent will help grow your … Continue Reading