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

Top 5 Reasons Your Mortgage May Fall Apart

Posted by Sean Stewart on 31 May 2021
Top 5 Reasons Your Mortgage May Fall Apart
It is a lot of work to get a mortgage and there are many people involved, from broker, lender, appraiser, and lawyer. It is rare to see a mortgage fall apart but sometimes it happen. Here is a list of the most common reasons I have seen or have heard about as to why a mortgage does not get done.
Documentation does not match your story - If you say that you earn $60,000 of income, your income documentation needs to match. You can't give documentation that shows $58,500 of income when ...
Posted in:Key Tips  

HOME EQUITY - Can You Use Home Equity to Qualify for a Mortgage?

Posted by Sean Stewart on 17 May 2021
HOME EQUITY - Can You Use Home Equity to Qualify for a Mortgage?
Do you have a lot of equity built up in your property and are wondering how to leverage this equity to qualify for a mortgage? There are a couple of equity mortgage products on the market that we can use.

If your income does not qualify you for the mortgage you need but the mortgage amount is small compared to the property value then we can use one of two products:

1. 65% Equity Product The mortgage amount is 65%, or less, of the property value. Meaning that you will have at least 35% equit...
Posted in:Mortgage Products  

Stress Test - What has Changed?

Posted by Sean Stewart on 3 May 2021
Stress Test - What has Changed?
The mortgage stress test is simply am interest rate which you must use to calculate mortgage qualification. When lenders calculate what mortgage amount you qualify for they do not use the actual interest rate that they offer you, called the contract rate, instead they use a higher interest rate, which is called the stress test interest rate.

Currently, the stress test interest rate is set at 4.79% for all mortgage products. This is not the interest rate that you will pay, it is just used to ...
Posted in:Key Tips  

LENDER FEE - Why Lenders Charge a Fee

Posted by Sean Stewart on 19 April 2021
LENDER FEE - Why Lenders Charge a Fee
When you get into alternative lending you will start to see lender fees being charged by the lender. No A-lender will charge a lender fee, only alternative or private lenders will charge a lender fee.

Any type of lending is based on RISK. The riskier the transaction, the higher the cost of borrowing.  Alternative lenders have two ways to compensate for the increased risk which is associated with alternative mortgages, (1) increase the interest rate, and (2) charge a fee. So, why charge ...
Posted in:Mortgage Products  

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  
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