Terminology Tuesday – FCT – Who Are They and What Role Do They Play In The Mortgage Process

FCT – First Canadian Title is a refinance program lenders use when a client is refinancing or transferring their mortgage in order to deliver improved service and heightened customer satisfaction. This one-stop solution helps lenders complete refinancing or mortgage transfers easily and efficiently.  They take care of all required searches, documentation, funding and reporting. With a quick turnaround time and a competitive fixed price, The FCT Refinance Program eliminates guesswork and unpleasant surprises for borrowers.  It includes a title insurance lender policy that protects your investments from title related risks.  Canada’s top banks, national lending institutions and credit unions use the FCT Refinance Program for smooth, secure transactions.…

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Do You Really Have a Pre-Approval

In light of misinformation we see being given from time to time we want to shed some light on the issue of pre approvals. We have met with many homebuyers who come to us after visiting the bank. They will tell us they had a pre-approval but when they went to purchase a home they were somehow no longer approved. We see this far too often and it is very difficult on the homebuyers and everyone else involved. If you visited a bank or other mortgage professional and filled in an application but did not provide any documentation to verify income or personal information then the integrity of…

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Terminology Tuesday – Your Third Stop On Your Road To A Successful Real Estate Experience – The Property Inspector!

Why do you need to use a Property Inspector and what do they do!!! Most realtors will advise you have your property inspected as there could be issues with the property that only a fully trained professional inspector will find or even know where to look. There will always be wear and tear with an existing home, that we expect and understand. Although the inspector will address those, the real ones to be concerned are major relating to but not limited to electrical, plumbing, structure, leaks, drainage, roofs, and so on. Your inspector will be in the property for about 4 hours and will do a thorough exam…

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Terminology Tuesday – 2nd Stop On Your Road To A Successful Real Estate Experience – The Realtor

2nd Stop – The Realtor!!! How important is the Realtor in this process! Really, they are very important and one of the professionals you should never go without. When buying a realtor does not cost you anything, in fact they can save you a lot of not only money but headache as well. To be honest, how many of us really know how to put in place all of the steps needed in order to complete on a huge investment like real estate? I for one would never go without using a realtor and I am in the industry. How do they help: Writing up the offer to…

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Terminology Tuesday – The First Stop On Your Road To A Successful Real Estate Experience – The Mortgage Broker!

Our New Series on The Professionals you need to ensure a successful real estate experience has begun!!!! The first professional you need to see is The Mortgage Broker – you need a pre approval first in order to determine what you can qualify for, if you can qualify and what are the steps to get the approval done!!! Remember however pre approvals are just that “PRE” and don’t necessarily ensure you get an approval. To get a full approval you need to not only have your income and debt ratios complete along with the credit check, you also need to have an actual offer in on a property.…

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Terminology Tuesday- Who Are The Professionals You Need On Your Team To Ensure A Successful Real Estate Experience!

This is a very important topic and one we will be addressing over the next few weeks in a series that will help you to understand who you need and why. We will pick one professional each week and explain who they are, why they are important and what they do. I hope you will enjoy this series as we believe everyone needs each of these professionals to assist them along the way. So, stay tuned and we hope it will be helpful!! Red Deer Mortgage Broker Mortgage brokers In Red Deer Best Mortgage Rates Renewals Refinances Home Equity Lines of Credit First Time Home Buyers Acreage Financing…

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Conditions Have Been Met – What Happens Now!!!

Things are moving along, you have placed your offer, your mortgage is all approved, now what. Now is the relax time, enjoy the great thoughts about moving into your home. The paperwork is done for now. The next step is signing the legal mortgage documents at the lawyer. About 7-10 days prior to possession day your lawyer will call you to set an appointment to sign the legal documents which must be done at least 3-4 days prior to possession. They will advise you to bring in a bank draft or certified cheque for the amount of the rest of the down payment and all closing costs which…

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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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