28 Nov

WHY THEY’RE NOT REALLY IN THE MORTGAGE BUSINESS

General

Posted by: Trina Tallon

Often, when we talk to you about mortgages, Mortgage Professionals will provide you a set of choices involving banks, credit unions and single service mortgage providers called a “Monoline” and a recommendation. Many times, if it’s a good fit, we recommend a Monoline, as your first option. It’s important to recognize the differences between the […]

Read More
27 Nov

BUT THEY SAID IT WAS PORTABLE…

General

Posted by: Trina Tallon

The question most often asked: ‘Is my mortgage portable?’ The answer most often given: ‘Yes.’ This answer is increasingly wrong. In reality you qualify to move ~80% of the balance… maybe. If you are thinking of: Moving (upsizing or downsizing) Locking a variable-rate mortgage into a fixed-rate product … you would be well served to […]

Read More
26 Nov

MORTGAGES AND PAPERWORK

General

Posted by: Trina Tallon

Paperwork-it’s a fact of life. You need it and we as mortgage professionals also need it. Below is a list of must have documentation BEFORE you start going through the mortgage approval process. Personal Information This will be the basic information we require to start your mortgage process. It will include your age, marital status, […]

Read More
24 Nov

ADDITIONAL FINANCING WITH A “BLEND AND EXTEND” MORTGAGE

General

Posted by: Trina Tallon

Prepayment Privileges You need additional financing. Do you prepay your existing loan? We remind readers that commercial mortgage borrowers do not enjoy the privileges afforded personal borrowers. Section 10 of the Interest Act, allowing borrowers to repay loans after 5 years, with a 3 month interest penalty, does not apply. In fact, for the most […]

Read More
22 Nov

DOCUMENTS YOU NEED TO QUALIFY FOR A MORTGAGE

General

Posted by: Trina Tallon

Being fully pre-approved means that the lender has agreed to have you as a client (you have a pre-approval certificate) and the lender has reviewed, approved ALL your income and down payment documents (as listed below) prior to you going house hunting. Many bankers will say you’re approved, you go out shopping and then they […]

Read More
20 Nov

NEW CREDIT REPORTING AND WHAT IT SAYS ABOUT YOU

General

Posted by: Trina Tallon

New credit reporting and what it says about you and your spending habits may make all the difference between you buying a home now or later. When home buyers contact me to apply for a mortgage, I always review their credit report with them along with the rest of their application, before they start looking […]

Read More
20 Nov

MORTGAGE PAYMENT OPTIONS… WHICH IS THE BEST OPTION FOR YOUR SITUATION?

General

Posted by: Trina Tallon

Once your mortgage has been funded by your lender, you need to decide on how frequently you want to make your mortgage payments. Most people want to pay off their mortgage as quick as possible to save paying interest. We’ll discuss various mortgage payment options and then do the math by crunching mortgage numbers, keeping […]

Read More
17 Nov

MORTGAGE INSURANCE 101

General

Posted by: Trina Tallon

When you purchase a property, you may be a little overwhelmed by all the insurance offers related to the purchase of said property. Mortgage Insurance, Condo Insurance, Mortgage Default Insurance, Earthquake Insurance; the list goes on and on. It can be confusing, and it is important to know what insurance covers what. For instance, Mortgage […]

Read More
15 Nov

I’VE NEVER HEARD OF THAT LENDER BEFORE

General

Posted by: Trina Tallon

One of the benefits of working with an independent mortgage professional; compared to getting your mortgage through a single institution, is choice. And as there are even more mortgage rules coming into place January 1st 2018, now more than ever, having access to a wide variety of mortgage products is going to ensure you get […]

Read More
14 Nov

LIFE HAPPENS, LET YOUR HOME HELP

General

Posted by: Trina Tallon

Sometimes “life happens”, and when it does, your home can be your savior if you have accrued some equity in it. Maybe you’ve been out of work, run up your credit cards and driven your credit rating into the ground. Perhaps, you’ve decided to leave the job you hate and venture out into the world […]

Read More