As a mortgage broker, I’ve come across my fair share of difficult cases. One of the most pressing issues my clients face today is shrinking mortgage affordability with increasing interest rates. In this case, study, I will walk you through how I tackled this issue and helped my clients navigate the changing market.

There are three primary types of lenders that are used in the mortgage industry - “A” lenders, “B” lenders, and private lenders. It is important for homebuyers to familiarize themselves with the different types so that they know which ones are best suited for them. Some knowledge about these lenders will also help homebuyers understand the criteria they need to meet to use a certain type of lender.

If you’re planning to buy a second home, you might consider turning your primary residence into a rental property, also known as an investment property. This will give you the ability to purchase a new owner-occupied home with as little as a 5% down payment. Often this can be done with lenders allowing for a hypothetical rent amount to offset qualifying numbers. That way, you can move into your new home while converting your primary one into a rental before even having a tenant. To help you understand the benefits of doing this, mortgage broker Jordan St. Pierre has explained the process below. 

Original Article Source Credits: HGTV, https://www.hgtv.ca

Article Written By: Sharon Miki Chan

Original Article Posted on: Feb. 15, 2021

Link to Original Article: https://www.hgtv.ca/real-estate/blog/remodeling-trends-2021-rental-1945927

When it comes to purchasing a house, most home buyers assume that paying the price of a property will be their only major expense. However, after buying a house, you may want to renovate it to suit your needs, add new furniture, or retain some buffer cash to aid with your maintenance expenses. To achieve these requirements, you need liquid funds, either in the form of savings or borrowings.

Qualifying for a mortgage is a crucial step towards achieving your homeownership goals. It opens up the possibilities of getting your mortgage approved and eventually buying your dream home. However, as mortgages are lined with intricate rules and regulations, it can be quite challenging to understand the process. To simplify the guidelines and increase your chances of approval, you need to enlist the service of a licensed mortgage agent. They will help you sail through the mortgage system and find the right product to suit your needs.

Buying your first home is an exhilarating experience as it marks the beginning of a new chapter in your life. At the same time, it can be scary as it entails a significant financial commitment, but with the right preparation and sufficient research, you can make the homeownership process very manageable.

According to the law, it is the duty of a Condominium or Condo Board to make the necessary arrangements when it comes to the maintenance of common areas in a Condominium. The Board must repair common property as and when needed and cannot dismiss the completion of essential requirements on the property, especially structural corrections and deficiencies. However, to meet these commitments, the Board needs to have sufficient financial backup.

I’m Jordan St. Pierre, a mortgage broker serving Edmonton, Spruce Grove, Stony Plain, St. Albert, and Devon, with The Mortgage Centre. I am excited to share my story about the things which matter to me and how they influence the way I do business.

Are you debating whether or not you should refinance your mortgage? If you are, you’ve come to the right place for help. There are various reasons to refinance, so don’t let low rates be your only motive. Instead, consider other prospects like shortening or lengthening your mortgage term or amortization, converting to an adjustable-rate or fixed-rate mortgage, or utilizing your home equity to meet a financial emergency, large purchase, or consolidate debt.

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