The postings on this site are my own and do not necessarily represent the positions, strategies or opinions of Tribe Financial Group

PRIVATE FINANCING - How Does it Work?

Posted by Sean Stewart on 5 April 2021
PRIVATE FINANCING - How Does it Work?
Private financing in Canada has exploded over the last few years. With tighter mortgage regulations it has become harder for borrowers to qualify for the mortgage that they need. This has forced homeowners to search for alternative forms of home financing.

Qualification: In general, private lenders do not use the typical debt servicing calculation to qualify you for a mortgage. Though, the lender does want to see that you have the ability to make your mortgage payments. Hence, it tends to be...
Posted in: Mortgage Products  

First Time Home Buyer - Mortgage Insurance

Posted by Sean Stewart on 22 March 2021
First Time Home Buyer - Mortgage Insurance
  Mortgage insurance, what is it and why do I need it?

If you are putting less than 20% down payment on purchasing a property then it is a federal law that you have to pay for mortgage insurance. That's right, you have no choice. It is federal law, there is no way around it.

Mortgage insurance is insurance that protects the lender in case you default on the loan. If for whatever reason you are not able to pay your mortgage then the lender can make an insurance claim to get their mo...
Posted in: First Time Home Buyer  

MORTGAGE PRE-APPROVAL - Get Pre-Approved in 15 Minutes

Posted by Sean Stewart on 8 March 2021
MORTGAGE PRE-APPROVAL - Get Pre-Approved in 15 Minutes
Are you looking to purchase a property and want to know how much of a mortgage you qualify for? Knowing your purchasing power allows you to buy with confidence. There is a lot of information that goes into mortgage qualification and it takes an experienced expert to provide you with accurate advice. With our proprietary system we can give you an accurate maximum mortgage pre-qualification approval in just 15 minutes. A simple call allows me to ask you pre-qualification questions about incom...
Posted in: Mortgage Products  

FIRST TIME HOME BUYER - How to Qualify for More Mortgage

Posted by Sean Stewart on 22 February 2021
FIRST TIME HOME BUYER - How to Qualify for More Mortgage
   First Time Home Buyers typically want to maximize their buying power and are looking to purchase the best home that they can afford. At the core of mortgage qualification is a mathematical formula. Essentially your total debt payments divided by your gross income. If you find yourself not qualifying for the mortgage you want then you might be carrying too much other debt (ie: car loans, credit cards, student loans, etc.) which is limiting your mortgage amount. Keep in mind th...
Posted in: First Time Home Buyer  

BROKER FEE - What is a Reasonable Fee?

Posted by Sean Stewart on 8 February 2021
BROKER FEE - What is a Reasonable Fee?
Mortgage brokers typically get paid a commission from the lender and do not need to charge a broker fee for their services. Though, private lenders do not pay commissions and hence brokers do need to charge a fee for their service. There are no strict rules for what brokers can charge for their service. So, it is up to the individual broker on what they want to charge. However, there are some generally accepted industry fee guidelines that have evolved.

Here is what I see as reasonable...
Posted in: Key Tips  
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