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

INTEREST RATES - Fixed vs. Variable

Posted by Sean Stewart on 28 December 2020
INTEREST RATES - Fixed vs. Variable
" To be or not to be" Hamlet's famous quote. While not as dramatic as Shakespeare, deciding between a fixed rate or a variable rate can weigh heavily on some borrowers.  Which is the right answer for you? As of the date of this post, variable rates are slightly lower than fixed rates. But keep in mind that interest rates have never been this low in history. The current market thinking is that it is unlikely that rates will go down any further in the near future (they ...
Posted in:Key Tips  

MORTGAGE - Refinance vs. Renewal

Posted by Sean Stewart on 14 December 2020
MORTGAGE - Refinance vs. Renewal
Are you thinking about making a change to your mortgage to take advantage of the super low interest rates? Not sure what option is best for you? Renew means that your current mortgage term is about to end and that you need a new mortgage term for the balance of the mortgage, with no increase in amount.

Refinance means that you are looking for an increase in the amount of your current mortgage. It may be at the time of renewal or it may be at some point during your current mortgage term...
Posted in:Key Tips  

DOWN PAYMENT - Acceptable Sources of Funds

Posted by Sean Stewart on 30 November 2020
DOWN PAYMENT - Acceptable Sources of Funds
Did you know that lenders don't accept all types of money for down payment? Lenders want to know where the money is coming from that is being used for the down payment. You might be surprised that some sources of money are not accepted by lenders.
Most borrowers ask how much of a down payment that they need to purchase a house. But it is equally important to know where the money is coming from. Lenders will decline mortgages if the source of down payment is not acceptable.
Anti-...
Posted in:Key Tips  

TOTAL NET WORTH MORTGAGE - Money Talks

Posted by Sean Stewart on 16 November 2020
TOTAL NET WORTH MORTGAGE - Money Talks
This mortgage program looks at your eligible liquid assets to help qualify you for the mortgage you need. You must have sufficient liquid assets in order to use this program. It is designed to qualify for mortgage amounts above standard qualification.
Asset Requirements: Minimum of $150,000 of liquid assets. Must have $1 of liquid asset for every $1 in mortgage needed above standard qualification amount. No Foreign income or assets can be used. Non-locked assets only. L...
Posted in:Mortgage Products  

SELF-EMPLOYED - The Two Year Rule

Posted by Sean Stewart on 1 November 2020
SELF-EMPLOYED - The Two Year Rule
Being self-employed and qualifying for a mortgage can be easy. We need to do a little upfront work before we apply for your mortgage. We need to understand what lenders want to see. The golden rule for the self-employed is a two-year history of income.
Lenders treat the self-employed income differently than a traditional salaried job. The self-employed income is variable from year to year. What income we made last year does not guarantee that we will make the same income this year. We...
Posted in:Self Employed  

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