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MORTGAGE LENDERS - Find the Right Lender for You

Posted by Sean Stewart on 12 July 2021
MORTGAGE LENDERS - Find the Right Lender for You
When you ask people which mortgage lenders are in the Canadian market place, most people will name the six large retail banks. But did you know that there are 83 banks registered in Canada? Plus many other credit unions and trust companies. Not all of these institutions lend mortgage money but I bet this fact just expanded your understanding of the market place.

All of these institutions including the big six banks are regulated by the same government agency called the Office of the Superint...
Posted in:Key Tips  

How Mortgage Interest Rates Work

Posted by Sean Stewart on 28 June 2021
How Mortgage Interest Rates Work
Are you not getting the interest rate that you want from a lender? Maybe you can get a better interest rate or maybe you do not understand your mortgage profile.

Lenders look at many factors when deciding what interest rate to offer you for your mortgage. Such things as income, credit score, credit history, others debts that you have, the property itself, assets that you have, liens or collections, loan amount relative to the property value, etc. There really is an almost endless list of cri...
Posted in:Key Tips  

How to Calculate Mortgage Qualification

Posted by Sean Stewart on 14 June 2021
How to Calculate Mortgage Qualification
At its core qualifying for a mortgage is a mathematical calculation. Plug some numbers into a formula and out pops the mortgage amount that you qualify for. It sounds simple. The concept of the formula is: the cost of the mortgage plus your other debt obligations dividend by your gross income. This is called your total debt servicing ratio. All mortgage professionals are doing this calculation to qualify you for your mortgage. There is a lot of detail that can go into qualifying you for t...
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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 ...
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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  

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