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

How to Qualify for a Mortgage using Commission Income

Posted on 15 April 2019
How to Qualify for a Mortgage using Commission Income
Do you earn commission income? Having a hard time qualifying for the mortgage you want? Real estate agents and insurance brokers are two common businesses that tend to be 100% commission based. Lenders consider commission income with a bit more risk than other types of self-employed business income. Three things to consider when seeking a mortgage using this type of income: Some lenders do not accept commission income for qualifying purposes. It is important to realize this niche and choo...
 

Increase Cash Flow - A Mortgage For The Self-Employed Business Owner

Posted on 29 January 2019
Increase Cash Flow - A Mortgage For The Self-Employed Business Owner
Has your mortgage payment got you down? Do you wish that you could lower your payment obligation? Well, this new product might be for you. Right now, every month you make your mortgage payment, and that mortgage payment consists of an interest amount and an amount that pays down some of the principal loan amount. Let's call this the traditional mortgage payment. An innovative new product that lenders are now offering is a mortgage that has two components (1) part of the loan amount ...
Posted in:Self Employed  

3 Criteria That Can Affect Your Mortgage Interest Rate

Posted on 13 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 20 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...
 

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