Mortgage Information

/Mortgage Information

What is a Home Equity Loan?

By | 2018-09-18T13:09:31+00:00 September 18th, 2018|Mortgage Information|

Whether you are tired of putting off the remodeling of your home or you need extra cash for your child’s college fund, a home equity loan could be the answer you are looking for. Especially if you have lived in your home for several years (and have made regular payments on the mortgage’s principal), the equity accrued allows you to borrow against the home’s value. As long as your home’s value is more than what’s owed, you can borrow a lump sum of cash to use for whatever you wish. Let’s dig a little deeper… [...]

Can Bi-weekly Payments Pay Off Your Mortgage Faster?

By | 2018-09-17T16:11:55+00:00 September 11th, 2018|Mortgage Information|

Easy answer: maybe. Nobody likes making their mortgage payment every month, and the thought of splitting it up and making two payments per month is enough to make many a homeowner scoff at the idea and say, “no thanks.” Yet, it’s certainly worthy of your consideration. The big question is if it’s worth your time and if it will make a dent in your home’s mortgage. Let’s find those answers out together. How this payment method works  Rather than making 12-monthly payments per year, you will be making half [...]

How Do Construction Loans Work For Homeowners?

By | 2018-08-28T09:15:29+00:00 September 4th, 2018|Mortgage Information|

Thinking about a remodel or building a new home? It’s a big step. Even so, if your growing family is finding your home’s spaces cramped or you finally want to bring your home into the 21st century (better late than never), you really don’t have a choice if you love your property and don’t want to move. You need a construction loans – and getting approved is all about pre-planning accordingly. This means you need to speak with the construction company conducting the build to figure out a ‘construction timetable’ that will allow your lender to [...]

Is An Interest-Only Mortgage Right For You?

By | 2018-08-28T09:15:14+00:00 August 28th, 2018|Mortgage Information|

“Interest-only mortgage? That… doesn’t sound like it makes sense.” If you are familiar with traditional mortgages, this is probably what’s running through your head right now. Understandably, it causes a bit of confusion and almost sounds like an oxy-moron. After all, if there’s no principal to pay how are you going to make any progress paying down your mortgage month-to-month? You won’t; rather, you don’t have to pay the principal every month only the interest. It may not make a whole lot of sense, but believe it or not there are instances where an interest-only mortgage [...]

Self-Employed? Getting a Mortgage is About to Get Easier

By | 2018-08-10T14:41:00+00:00 July 31st, 2018|Mortgage Information|

Ask any self-employed homeowner to tell you about their home buying experience and you are bound to hear at least a few tales involving grumbling, headache, and stress. The self-employed have always had an uphill battle when applying for a mortgage, but thankfully that may be about to change. CMHC Chief Commercial Officer Romy Bowers stated that the self-employed represent a significant portion of Canada’s workforce and the new policy would allow this demographic to, “benefit from competitive interest rates.”  Moreover, those that have been operating their own business [...]

6 Benefits of Selling Your Home to a Real Estate Investor

By | 2018-08-10T14:41:14+00:00 July 27th, 2018|Mortgage Information|

Selling your home doesn't always need to mean listing it with a real estate agent and waiting for a buyer to come along. If you're looking for a quick sale, it can make a lot of sense to sell to a private real estate investor instead. You might not get quite as high a price, but you'll enjoy these six other benefits to make up for it. 1) Take Control of the Situation Selling your home on the open market often takes months or years, and in the meantime your life [...]

What is a Letter of Explanation and Why Might Your Mortgage Lender Require One?

By | 2018-07-12T14:18:12+00:00 July 11th, 2018|Mortgage Information|

When working your way through the mortgage process, there are a large number of different documents that you will be asked to provide. The list can often seem never-ending. One of the more common documents that your mortgage lender may request is a letter of explanation (LOX). What is a letter of explanation? When deciding whether or not to approve you for a mortgage, the underwriter will take a close look at your financial history. Their investigation might include looking at your bank statements, retirement funds, tax returns, and pay stubs. [...]

Exploring Home Appraisals and Their Impact on Your Mortgage

By | 2018-07-11T10:41:08+00:00 June 26th, 2018|Mortgage Information|

The process of buying a new home is always a long and nerve-wracking one. At times it can seem like you have a never-ending list of tasks to do. Though many of these tasks are relatively straightforward, there are many which are not as well understood. In particular, there is some mystery around what exactly a home appraisal is and how it may impact your home-buying process. What is a home appraisal? In its purest form, a home appraisal is an expert evaluation of your home to determine what its value. [...]

How to Get Pre-Approved for a Mortgage

By | 2018-07-11T16:12:28+00:00 June 22nd, 2018|Mortgage Information|

Step one on your to-do list when searching for a new home to buy should be getting a mortgage pre-approval letter from your financial institution. The pre-approval will let you know how much you can borrow and what your interest rate will be. This will help you budget for exactly how much house you can afford. Perhaps more importantly, having a pre-approval letter in-hand will show any realtors and sellers that you are a very serious buyer. What documents or information do you need to have to get a mortgage [...]

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