Jeff & Michelle Barr Broker & Sales Representative
Experts Questions and Answers
Nov 20
2009
posted by Mike Jeffrey to Cory Kline, AMP :
Views (1715)
Reason #1 Your long-term plan and risk tolerance should determine which mortgage product is right for you. This product may or may not have the lowest rate. For instance, there are cases where lenders will offer lower rates for insured mortgages. With insured mortgages, however, you're charged an... [ more ]
Sep 30
2009
posted by Cory to Cory Kline, AMP :
Views (1811)
If there is ‘one’ thing that causes problems that can delay the closing of your house it’s verification of the Down Payment. Here’s why:
To meet the Requirements of CMHC or GE, On or before the issuance of a lending commitment you will be asked to provide... [ more ]
Sep 30
2009
posted by Cory to Cory Kline, AMP :
Views (1736)
If you are applying to be preapproved for a mortgage, you should start to gather:
A letter of employment: Have your employer give you a letter on company letterhead outlining your name, position, gross annual income, and number of years employed with the company.
If you are self-employed,... [ more ]
Sep 30
2009
posted by Cory to Cory Kline, AMP :
Views (1622)
Each purchaser may borrow up to $25,000 from their RRSP under the Home Buyers’ Plan. (The funds must have been in the RRSP for at least 90 days prior to withdrawal to be eligible under the program)
Provided you buy or build a qualifying home and meet all of the conditions for making a... [ more ]
Sep 30
2009
posted by Cory to Cory Kline, AMP :
Views (1608)
Mortgage Broker's are compensated from the lender, (not you, the borrower). Mortgage Brokers are only paid when they have successfully completed helping their clients. They are therefore motivated to help you. When creative, specialized, or difficult mortgages are... [ more ]
Sep 29
2009
posted by Cory to Cory Kline, AMP :
Views (1440)
Mortgage insurance helps protect lenders and mortgage investors from severe financial losses in case a loan is not repaid for any reason. This insurance benefits lenders and investors, but it helps homebuyers, too. Because lenders are protected by mortgage insurance, they are willing to offer... [ more ]
Sep 21
2009
posted by Cory Kline to Cory Kline, AMP :
Views (1227)
Reason #1
Your long-term plan and risk tolerance should determine which mortgage product is right for you. This product may or may not have the lowest rate.
For instance, there are cases where lenders will offer lower rates for insured mortgages. With insured mortgages, however, you're charged... [ more ]
Sep 11
2009
posted by Cory to Cory Kline, AMP :
Views (1368)
Many lenders have identified that people who are self employed have troubles trying to verify how much money they actually earn. With as little as 1 year of self employment, some lenders have special programs that allow you to purchase a home with limited verification of your income, provided you... [ more ]
Sep 11
2009
posted by Cory to Cory Kline, AMP :
Views (1261)
A 35 year mortgage can help you manage your payments, and get you into a home that suits your needs. However it is a very important that you ensure your mortgage comes with flexible pre payment options that will allow you to pay off the mortgage quickly without penalty. When choosing a lender for... [ more ]
Sep 11
2009
posted by Cory to Cory Kline, AMP :
Views (1171)
Most clients speak to their bank about getting a pre approval, but it has become good practice to get a second opinion from a Mortgage Broker, who is an accredited mortgage professional. The reason is simple, at no fee to you, a Mortgage Broker can give you access to over 50 Canadian Banks... [ more ]
Sep 11
2009
posted by Cory to Cory Kline, AMP :
Views (1026)
Although under the current bank act, you are required to make a minimum down payment of 5% in Canada, their are ways to come up with the down payment. First some lenders will actually give you the 5% down payment, provided that you commit to taking the mortgage out with them for 5 years at the... [ more ]
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