Effective June 1, 2021, the qualifying “stress test” rate for uninsured mortgages will increase from the current 4.79% to 5.25%. Even though this is an artificially high rate just for qualification purposes, it still takes a bit out of your borrowing power. Here is what we know so far: Does this apply to both uninsured and insured mortgages? As of …
The difference between a Mortgage Broker and a Bank Rep
Mortgage Broker Will be available for advice for the life of your mortgage Knowledgeable about a wide range of mortgage solutions to best suit your needs Paid a commission by the mortgage lender after the mortgage closes Are experts in mortgage & creditor insurance One-Stop shopping for multiple mortgage banks and lenders Reduces the need for multiple credit bureau inquiries …
What is a “sliding scale”?
The larger a mortgage is, the larger the risk to the lender so to offset this risk, lenders will use something called a “sliding scale” to calculate the minimum down payment required. If the purchase price is over $1-million, the minimum down payment will be 20%. However, once you get around the $1.25-million mark, most lenders implement this sliding scale …
Why is there a difference between my property’s value on the assessment notice vs. the bank mortgage appraisal?
The real estate market is the single biggest influence on market values. Market forces vary from year to year and from property to property so the value that shows on your property assessment should not be taken as the true market value of your home. The market value on an assessment notice may differ from that shown on a bank …
How do mortgage brokers get paid?
When Borrowers DON’T pay: Mortgage Brokers are often paid by the lender – probably about 98% of our client’s mortgage application has the fee paid for by the Financial institution. For the consumer it means FREE access to independent advice and access to all sorts of lenders – including Banks, Credit Union, Mortgage and Trust Companies. With a streamlined process …
General Information relating to Deferred Mortgage Payment Programs
This is not free money – it’s a postponement of your payments – You are still expected to ultimately pay all of the money you owe, with interest. True Financial hardship must be demonstrated – These programs are for customers who are genuinely struggling to make their next mortgage payment. They may have lost their jobs and/or a portion of …
Going on Maternity Leave?
Going on Maternity Leave? Here’s what you need to know about getting a mortgage while you’re on (or going on) Maternity leave. Not all lenders have the same lending policies when it comes to providing mortgage solutions for those clients on Maternity or Paternity leave. This is mainly because lenders understand that the income level during the maternity leave will …
Spousal Buyout Mortgage
Are you going through a separation or divorce? You might not be aware that there are mortgage products designed to allow you to refinance up to 95% of your property in order to buyout your ex-spouse. To qualify for this program, you must have good credit and you must be able to afford the mortgage on your income alone. Please …
Ever wondered what it costs to SELL your home?
When you’re deciding to sell your home and make your next move, it’s smart to sit down and crunch the math on what the actual costs of selling will be – especially if you plan on using the equity in your home for the down payment on a new one. Here’s a basic list of some of the common costs …
Deposit Financing
Are you selling and buying a new home and need to come up with a deposit on the new home? When you purchase a home, the sellers will generally require a deposit on the home your buying for around 5% of the purchase price (some go as high as 20% of the purchase price). But if you’re like a lot …
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