Whether you’re considering buying or building a home, obtaining a mortgage can sometimes be challenging, depending on your credit history, employment status, and other factors. This can often lead to unnecessary stress and roadblocks.
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Six Factors Lenders Look At When Considering Your Mortgage Application
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The Three Types Of Mortgage Lending
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.
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Turning Your Existing Home Into A Rental While Purchasing Another Home
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.
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Three Ways To Work Around Debt When Qualifying For A Mortgage
There are many prerequisites when applying for a mortgage and meeting all of them is often essential if you want to qualify for financing. One primary prerequisite is low debt levels. Lenders need to know that you are capable of paying off the money you borrow from them, and they verify this by checking the amount of debt you currently hold. Elevated debt levels generally mean that your monthly expenses or payments are already high, which could limit your ability to repay them. This, in turn, may hinder your ability to qualify for a mortgage as most lenders are often concerned with limiting their own risk when lending money.
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10 Remodeling Trends for 2021 That Will Add Value to Your Rental Property
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
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Programs Available For First Time Home Buyers
Buying a home is incredibly hard, especially if you’re a first-time homebuyer. It is such a big investment that you have to spend a lot of time bothering about the paperwork, fees, and other technical things involved in it.
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Bank of Canada Ended The Mortgage Program That Inflated Prices… Kind of
Original Article Source Credits: Better Dwelling , https://betterdwelling.com/
Article Written By: NA
Original Article Posted on:
Link to Original Article: https://betterdwelling.com/bank-of-canada-ended-the-mortgage-program-that-inflated-prices-kind-of/
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Cash Back Mortgages By Jordan St. Pierre-The Mortgage Centre
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.
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The Truth About Mortgage Renewals!
Many homeowners are quick to renew their mortgage product with the same lender when their renewal date approaches. Though it isn’t wrong to renew a mortgage with the same lender at the end of its term, it can limit a person’s financial flexibility and deprive them of several opportunities. In some cases, the current lender may not have the borrower’s best interests in mind, may not offer them the best terms, or even a decent market rate. The existing lender may also not be looking at the borrower’s bigger financial picture and what their future plans may be.
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How To Prepare For Homeownership
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.
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When Should A Condo Board Borrow A Condo Corporation Loan
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.
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Owner Spotlight: Jordan St. Pierre
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.
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Refinancing Your Home With Jordan St. Pierre-The Mortgage Centre
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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Longhorn Diaries - Diary Thirty Two
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Longhorn Diaries - Diary Thirty One
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Announcing the new website
We are delighted to announce the launch of our new website!
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New Website Under Construction
New Website Coming Soon!