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When getting a new Mortgage a lot of information is being passed to you. We have compiled a list of Mortgage terminology that may help you better understand what you are signing up for! Agreement of Purchase and Sale – A legal agreement that offers a certain price for a home. The offer may be firm (no conditions attached), or conditional (certain conditions must be fulfilled before the deal can be closed). Amortization Period – The time over which all regular payments would pay off the mortgage. Appraisal – The process of determining the value of property, usually for lending purposes. This value may or may not be the same as…

Seeing a doctor could be a scary experience for small children, but hospital inspired crafts will make routine appointments less scary for your kids with stethoscope reviews. Inexpensive and simple routines can help inspire your children by educating them by what they could expect in their next check-up. This craft really helps children to spot and realize the different characteristics of common medical tools and supplies. To help make the case, fold an item of black, brown or white building paper in half the quick way. Cutout handles that are proportionate to the paper bag and sometimes stick or tape them in position. Addition or recording the sides of…

For a lot of people the process of obtaining a mortgage can be a bit overwhelming. One of the most important things to us is that our clients complete this process feeling like they were always well informed and had a good understanding of what they were signing up for. One of the most common things we are seeing with mortgages today is what we refer to as Mortgage Default insurance. Mortgage Default Insurance is coverage that must be placed on any mortgage that has less than a 20% down payment. The premium is based on how much is being put down and calculated using the mortgage amount…

Steps to Obtaining a Mortgage If you have been curious about the process in getting a new mortgage then this blog should answer some of the questions you may have! 1)Speak to a Mortgage Broker about obtaining a pre-approval. Remember a pre-approval only gives you a general idea of the price range you should be shopping in. It can also hold an interest rate for you while you search for your home. 2)Once your Mortgage Broker has given you your pre-approval you can now contact your realtor about starting the search for your home. 3)When you have found a house you want to purchase and an offer is…

If you are looking to buy a home, the first thing to think about is: Why: There are many reasons for buying a home, is it to live in, rent out or buy and sell as an investment? All are great reasons, the why will help you know how and what?? Important before the How and What: Get a Pre-approval!!! This is bar none the absolute most important first step! You can not get to the next step until you know if you can even purchase a home. In today’s financial system you need to prove income, debt and down payment source before it can be determined what…