Terminology Tuesday – Steps In The Approval Process – Episode 2 – The Purchase

Step 2 in the approval process is the purchase, you now have an accepted offer and ready to get to the approval stage. We have already met with you, assessed your situation, gathered income documents and have most likely pulled a credit report. This gave us some initial information which would have been enough to advise you could go house hunting and given you a range of what you can afford to buy to meet the lender debt ratios used. So, you have an accepted offer, you need to bring that in along with the Listing sheet. We will advise of any updated documents required such as more…

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Terminology Tuesday – Series On “The Approval Process Step By Step” – Episode #1

We are beginning a series on The Approval Process- Step By Step – this is Episode #1 explaining the initial appointment. You call into our office to set an appointment to receive a pre-approval, we set that appointment and give you a list of important documentation to bring with you so we can better determine your situation and how we can assist. We will ask you what you are looking to do, is it a first time home purchase, are you selling an existing, are you buying a revenue property and so forth. We need to know who you work for, how long you have been at your…

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Terminology Tuesday – What Are My Options And Why Important!!!

There are many words used in the mortgage process of which you need to know what they mean and most important why are they important!!! Mortgages can be complex and sometimes even a bi scary however if you are given the explanations during your mortgage application, commitment and throughout your mortgage life it will take away those fears!!! The length of time for locking in your interest rate and the length of time you choose works for your situation as well. Terms can vary from 6 months to 10 years with each one having a different rate attached to them. Lenders buy their money to lend to you…

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What You Need To Know Wednesday -Prepayment Privileges – What They Are and What They are Important

There are many things within a mortgage that give you different options in how you are able to payout your mortgage and one of those is the Prepayment Privilege. When you take a fixed term in your mortgage you are set with a payment based on the amount of your mortgage, the interest rate and the amortization time set. Further to that most lenders will allow you to payout over and above the required principal and interest payment without incurring a payout penalty. Those amounts will be based on a certain percentage of the mortgage amount which is usually in the 15%-20% range depending on the lender and…

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