The level of documentation required for the average mortgage these days can be very frustrating. It can seem endless, very nitpicky and annoying because we are able to purchase a vehicle with just a paystub. There are a few reasons for the increased documentation requirements.
Give me a call if you have any questions. I am always here to help.
Cory Kline, AMP
Mortgage Planning Since 1998
DIRECT: (705) 794-1283
Mortgage Agent, FSCO# M09001239 HEAD OFFICE: Neighbourhood Dominion Lending Centres, Brokerage FSCO Lic.# 11764, Independently Owned & Operated, 1140 Stellar Drive, Newmarket, ON L3Y 7B7
One cost that can be overlooked by home buyers is mortgage default insurance.
So, what exactly is mortgage default insurance and why do you need it?
If you’re buying an owner-occupied home with less than 20% down payment, you are required to purchase mortgage default insurance in order to arrange your financing. When buying a rental property, some lenders require you to purchase this insurance if you put down less than 35% towards your purchase.
As real estate values in Metro Vancouver continue to soar, many home buyers, especially first time home buyers, often have less than 20% of the purchase price available as a down payment. The average price of a new home is now well above $500,000 meaning a 20% down payment can easily exceed $100,000. This is a lot of money for most people and it’s understandable why many fall short of this 20% down payment.
A couple minutes could save you thousands of dollars.
If your mortgage is coming up for renewal in the next 6 months its a good idea to give us a call and we will send you some mortgage options. We work with 35 Lenders, including the big banks and credit Unions. We also work with B lenders and Private Lenders for those applicants looking to rebuild their credit or pay off a Consumer Proposal.
For many people it is very important to choose a mortgage with preferred penalty calculations and prepayment privelges. For some people it very important that the mortgage is flexible so if they have choose to move they have options without $20,000-$30,000 penalties.
Give us a call 705-794-1283.
When signing your mortgage commitment letter you will have to choose your payment frequency. If your goal is to re-pay your mortgage as quickly as possible, then you need to understand how different payment options will affect your repayment schedule.
So what are your options?
Please give us a call if you have any questions,
Jul 5, 2016, 09:50 AM by Maria Broekhof
Thank you First National for your insight.
It has been a full business week since the people of the United Kingdom voted to take their country out of the European Union.
There was a lot of fear-mongering about the “Brexit” and initially some of the apocalyptic predictions appeared to be coming true: the pound sterling sank like lead, markets tumbled and European bond yields fell.
But a week on, cooler heads have prevailed. The markets in Toronto and New York have recovered just about all of their losses, the pound has stabilized and the Government of Canada’s 5-year yield actually went up on the flight to safety.
There are those who say the “Brexit” should not have been a surprise, pointing to the “Boaty McBoatface” fiasco. (Details here in case you missed it: https://www.theguardian.com/…/boaty-mcboatface-wins-poll-to…)
In Canada it does not appear that the “Brexit” will have any effects on housing or mortgages in the foreseeable future. Bond yields have not changed enough to influence fixed rates. Hopes of raising the prime rate in Canada and the U.S. will likely be delayed so there will be not upward pressure on variable rates.
So, you’ve worked hard to save every penny and have managed to finally afford the down payment necessary on a home. You have searched high and low, only to find the house of your dreams at a price you can afford. Though your credit rating is good and you have a stable job, there are some key things to avoid while waiting for your mortgage to be approved.
Here are 4 things you must absolutely avoid to ensure that you get that dream house…
Good tips to be aware of. Thank you,