Mortgage Information

/Mortgage Information

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 [...]

What is the Alternative Lending Market for Mortgages? Vlog

By | 2018-05-04T16:18:10+00:00 May 4th, 2018|Mortgage Information|

Many people wonder what the alternative lending market for mortgages is, also referred to as the B market or sub-prime market and who should be looking to these B-lenders for their mortgage financing. Watch the video below to hear Diane Bertolin, mortgage agent explain the alternative lending market. A-Lenders or Traditional mortgage lenders are banks & credit unions that cater to customers with good credit scores & reliable income.  These tend to be the Schedule One banks including National Bank, CIBC, BMO, RBC and the like. B-Lenders refer to institutions that [...]

What Documents Do I Need to Complete My Mortgage Application?

By | 2018-04-16T10:13:52+00:00 April 16th, 2018|Mortgage Agent, Mortgage Information|

You have already met with your mortgage agent to see whether you are eligible for a mortgage. Mortgage agents still can get preapproval mortgage letter.  A preapproval letter will inform you and your Realtor® as to how much you are qualified to borrow and the mortgage rate and conditions. This does not mean you should put in a cash offer. A preapproval often has conditions that you must satisfy before the lender will lend to you. So use it as a guideline on what you will be able to afford versus an actual mortgage approval. [...]

What are the Fees that come along with Mortgages?

By | 2018-04-09T08:58:42+00:00 April 6th, 2018|Mortgage Agent, Mortgage Information|

What are all these fees? The cost of getting a mortgage. So you sit down with your mortgage agent to discuss a mortgage, and she begins to talk about fees—the elephant in the room. There are number of fees that need to be paid when you close a mortgage including but not limited to the appraisal fee, lawyer’s fee, land transfer fee, lending fee, broker fees, administrative fee, commitment fees, and GST/HST (if a new build). Mortgage agents are required to outline every fee that customers will encounter when they complete a mortgage. A mortgage [...]

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