This week Sabeena discusses the advantages and benefits of utilizing an interest only mortgage and possible uses for the resulting cash flow.
Continue reading →FINANCE
3 REASONS TO USE AN INDEPENDENT MORTGAGE PROFESSIONAL!
If you need to borrow money to finance any property, working with an independent mortgage professional will save you money, time, and provide you with better options than your bank.
Continue reading →PAYMENT FREQUENCY, DOES IT REALLY MAKE A DIFFERENCE?
It has been said that there are two certainties in life; death and taxes. Well, as it relates to your mortgage, the single certainty is that you will pay back what you borrowed, plus interest. However, how you make your mortgage payments, the payment frequency, is somewhat up to you!
Continue reading →HOME ABOUT TESTIMONIALS SERVICES APPLY BLOG CONTACT IN THE MIDDLE OF A 10 YEAR TERM? YOU HAVE OPTIONS!
After the first five years of a ten year term has been completed, the penalty to break the mortgage is three months interest, instead of the interest rate differential penalty. That’s a really big deal!
Continue reading →SHOULD I GET A MORTGAGE PRE-APPROVAL?
Should I get a Mortgage Pre Approval?
Going through the pre-approval process is important. However, the actual term ‘pre-approval’ is often misunderstood. It’s not magic, and it’s certainly not binding.
Let’s be clear, a pre-approval isn’t for the lender; it’s for you!
And yes, if you’re considering buying a property, you should start with a pre-approval. But be aware that simply having a pre-approval isn’t all you need to secure mortgage financing.
When you sit down with your mortgage broker, we’ll discuss your financial situation, work through a lender product review, access your credit report, and review all income and downpayment documents. At the end of the pre-approval process, you should be clear just how much you qualify to purchase and how much this will cost. A pre-approval should never be relied on as a sure-fire bet for future mortgage financing. There is a lot more to work through.
While we can work together to preview and catch any significant areas of concern such as unpaid/unfiled taxes, employment probation, or clarity around downpayment origins, please understand that lenders do not offer a formal live review of documents, so it’s important to protect yourself as best you can.
The best way to do this is to include a condition (or ‘subject’) clause along the lines of ‘subject to receiving and approving satisfactory financing’. There are several variables that can derail a final approval once you write an offer on a property, this clause protects you while everything is sorted out. This is arguably the single most important clause in a purchase contract, and should not be taken lightly (even in cases of multiple competing offers).
So the bottom line is, start with a pre-approval, but protect yourself by allowing enough time in the purchase transaction to finalize the mortgage financing. If you have any questions about this or anything else mortgage related, please don’t hesitate to contact me anytime!
WHAT YOU CAN EXPECT WHEN LOCKING IN A VARIABLE RATE
Did you know that 6 out of 10 Canadians will break their current mortgage at an average of 38 months? As we’ve discussed, locking in
Continue reading →ONLINE MORTGAGE CALCULATORS, CAN YOU TRUST THEM?
You’d think an online calculator is a pretty straight forward device, one that you should be able to place your full confidence in, and for the most part they are. Calculators calculate numbers, the numbers are reliable, but how you interpret those numbers… not so much
Continue reading →PROTECTING YOUR CREDIT THROUGH A DIVORCE
No secret here, divorces are challenging, there are a lot of things to think about in a short amount of time. Although finances
Continue reading →WHAT YOU SHOULD KNOW ABOUT THE GOVERNMENT’S NEW FTHB INCENTIVE
Launched on September 2nd 2019, the first time home buyer’s incentive is designed to help qualified first time home buyers
Continue reading →AVOID THIS MISTAKE WHEN SHOPPING FOR A HOUSE
Buying a home is an emotional experience. It’s a game of balancing needs and wants, while trying to be honest with yourself about those very needs and wants
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