PRE APPROVALS OR RATE HOLDS

A pre approval is one of the first steps you should take before shopping for a home.

This will help you:
-find out the maximum home you can buy so you don't waste time looking at houses you can't qualify for or afford.
- Puts you in a stronger position when you are negotiating with the seller, because the seller knows you are already pre approved and not wasting time.
- Helps you close quicker since you are already pre approved.

Most real estate professionals will want you to be pre approved before you go out shopping. Please give me a call today or apply online.

RENEWALS

Most lenders send out their mortgage renewal notices offering existing clients their posted interest rates. The rate you are being offered is usually not the best one.

If your mortgage is coming up for renewal, please do not sign on the dotted line quickly and send it back to the lender. Over 70% of mortgage holders do just that resulting in a higher rate and a mortgage product that might not be best suited to their needs and situation

Refinancing with your existing lender without shopping around. Your existing lender may not have the best rates and programs. There is a general misconception that it is easier to work with your current lender. In most cases, your current lender will require the same documentation as other companies. This is because most loans are sold on the secondary market and have to be approved independently. Even if you have made all your mortgage payments on time, your existing lender will still have to verify assets, liabilities, employment, etc. all over again.

Lower rates:
As many of you may be aware, mortgage interest rates are incredibly low right now. However, many of you may already have a mortgage, but want to take advantage of a lower interest rates.

Consolidate Debts:
If your monthly bills have gotten out of control, you might be able to refinance your home and pay them off. The advantage of doing this is to lower your total monthly payments. I can review your situation and make a recommendation.

Refinance a First & Second Mortgage into a new First Mortgage:
If you have two mortgages on the same property, you can combine them into a new first mortgage, as long as the total amount does not exceed 90% of the value of the property. If the new mortgage is over 75% of the value of the property, normal CMHC/GE insurance premiums and guidelines may apply.

Financing a Renovation:
If you plan major renovations (spending over $10,000), it could be less painful to add to your existing mortgage as opposed to a loan or line of credit.

Financing the purchase of other investments:
You can use the equity in your home to finance the purchase of investments, and benefit from the lower carrying costs of a secured line of credit or mortgage and also write-off the interest costs against the taxable incomes.

Thinking of purchasing a new or existing home? Give me a call and we can go through the pre-approval process. Also if you need a good realtor, I have several that I can recommend Shop with peace of mind knowing you are pre-approved.

Call me to discuss your situation each situation is unique I can also offer you different options and some credit counseling advice as well. I have many sub-standard lenders that specialize in people with slow credit or bad credit. As well as Private funds. (** Charges may apply with private funds. **)

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