Your Mortgage Is Approved, Now What!

Your Mortgage is APPROVED!!! Now What? Advance Mortgage calls you to advise your mortgage has been approved and we need you to come in and sign the Commitment Letter, what is that? The commitment is the agreement the lender sends once they have a conditional approval for your mortgage, it spells out the terms and conditions of the approval including the agreed to rate, term and other items they require to complete. When we have you in, Advance Mortgage Brokers in Red Deer will discuss in detail what that commitment states so you understand before you sign what the terms of your mortgage will be. It is a…

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When is a Property Appraisal required?

Property Appraisals When are they required by the Lender and Why! Lenders typically require an appraisal for two reasons : 1. For a purchase you need a property appraisal when you are doing 20% or more down payment 2. Refinances – to determine the value of your property In the first case as there is no insurer approval required the lender must know what the market value of the property is to determine loan to value. A lender can not lend on more than 80% of the appraised value if the mortgage is not insurer approved. So your mortgage amount is determined by the value the appraiser comes…

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Title Insurance

Why get Title Insurance Buying a new home and wondering about Title Insurance? It can be used for several purposes that we will review in this article. It may be used to protect against: 1.For mortgage fraud – mortgage fraud refers to an intentional misstatement, misrepresentation, or omission of information relied upon by an underwriter or lender to fund, purchase, or insure a loan secured by real property. 2.For coverage for defects with title – refers to any potential threat to a current owner’s full right or claim to sell a property. 3.Gap Coverage Gap Coverage is a way that allows lawyers to close a deal quickly before they…

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Upcoming Mortgage Renewal

What to do when your mortgage is about to renew! What does it mean if you have an upcoming mortgage renewal? When you have an upcoming mortgage renewal this means that the contract you sign with your existing lender is ending. When you get a new mortgage you choose a term this can be any number of years from 1 to 10. Your term can be open or closed and your rate can be fixed or variable. Either way when your term nears its end it will be time to explore your options! What do you need to do? You have a few different options when your you…

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