3 Criteria That Can Affect Your Mortgage Interest Rate

Posted on 14 August 2018
3 Criteria That Can Affect Your Mortgage Interest Rate
As a mortgage broker, clients ask me all the time what is the best mortgage interest rate. In general, the interest rate is a reflection of the risk associated with the file. The higher the risk, the higher the interest rate and the lower the risk, the lower the interest rate. From my experience, there is a seemingly endless number of factors that lenders use to determine risk which influences the interest rate for a particular file. However, here are three broad areas which to consider: ...
 

Specializing in Mortgages for Self-Employed Owners.

Posted on 21 November 2017
Specializing in Mortgages for Self-Employed Owners.
Are you unsure if you will qualify to purchase a new property or refinance your existing property because you own your own business? Many lenders understand the difficulties of self-employed owners. These lenders have mortgage products designed specifically for business owners. They know that as business owners we may not pay ourselves a hefty salary, but that our business does produce adequate revenues and cash flow to support a mortgage. Sean Stewart specializes in financing propertie...
Posted in: Self Employed  

Time to Pay Attention to your Mortgage - Refinance Now!

Posted by Test on 25 October 2017
Time to Pay Attention to your Mortgage - Refinance Now!
You probably have heard that there are changes to the mortgage rules that take effect January 1, 2018. Though, you might be confused on how these changes impact you. The most noticeable impact will be when you want to refinance your mortgage. Starting January 1, 2018, when you decide that you want to refinance your mortgage you will have to qualify at a much higher interest rate. This higher qualifying rate, referred to as a stress test, is the greater of the five-year benchmark rate publ...
 

4 More Myths About Reverse Mortgages

Posted by Test on 26 September 2017
4 More Myths About Reverse Mortgages
A reverse mortgage is a unique product that has helped many people better enjoy their retirement years. Below, the myths are separated from the facts. Myth 5: A Home Equity Line of Credit (HELOC) is a better option. Fact: HELOCs are a good short-term borrowing option for people who can pay the interest and loan in the near future. However, HELOCs are callable loans and there exists significant risk of non-renewal or cancellation. In comparison, a reverse mortgage is a long-term financ...
 

4 Myths About Reverse Mortgages

Posted on 7 September 2017
4 Myths About Reverse Mortgages
Reverse mortgages have evolved from a needs-based product to a product many financial planners recommend as an important component of a comprehensive retirement plan. Below, the myths are separated from the facts. Myth 1: The bank owns the home. Fact: The homeowner always maintains title ownership and control of their home, and they have the freedom to decide when and if they'd like to move or sell. Myth 2: Those with a reverse mortgage will owe more than their house is worth. F...
 

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