8 May

5 Things NOT to do before closing on your new home

Mortgage Tips

Posted by: Lynn Nequest

5 Things NOT to do before closing on your new home1. Change your job.  You were qualified for your mortgage financing based on your income, years at the job and the understanding that you were there for a while. Changing jobs should be put off until after possession day.

2 – Changing your name. Make sure that your identification and your name match. Do not change from John Smith to J. Michael Smith during this critical time.

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9 Apr

Income Qualified

Mortgage Tips

Posted by: Lynn Nequest

Income QualifiedThere are several different ways a borrower can qualify for a mortgage when it comes to their income. One of the most common ways is known as income qualified. All of the following methods of employment income are under the income qualified umbrella:

  1. Annual salary income employees
  2. Full time employees working guaranteed weekly hours
  3. Part time employees working guaranteed weekly hours
  4. Auxiliary/On-call employees with 2-yr history at same employer
  5. Commission Sales who have 2-yr history in same job/industry
  6. Employees earning gratuities who have claimed over 2-yr history
  7. Contract employees with 2-yr history at job/industry
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5 Mar

Brokers make a Difference

Mortgage Tips

Posted by: Lynn Nequest

Brokers make a DifferenceWhile many people will go to their bank to obtain a mortgage or line of credit, they often feel betrayed by their favourite bank if their application is rejected.

One big advantage that we have over banks is that we can send underwriter notes along with the application. Our questions and speaking at length with the borrower give us insight that the underwriter will never get from the facts and figures on the application.

A while ago, I had an application at a lender for a young man who wanted to buy his first home.

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7 Jan

How to renew your mortgage in 5 simple steps!

Mortgage Tips

Posted by: Lynn Nequest

How to renew your mortgage in 5 simple steps!

How to renew your mortgage in 5 simple steps!If you have a mortgage, you’ll be completing a mortgage renewal when your current term has finished.
While most Canadians spend a lot of time and expend tons of effort shopping for an initial mortgage, the same is generally not the case when looking at mortgage renewals.

So what is a mortgage renewal?

Mortgages terms are locked in rates that are *over a set term* which can vary from 1-10 years.

About 3 months before the end of your term, your current lender will suddenly become your best friend showering you with attention and trying to entice you with early renewal offers…And the first offer is never their best. It really shows how they value the relationship.
“Please, please sign here on the dotted line to renew… it’s sooo easy!!”

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3 Dec

The #1 Misconception About Mortgage Financing!

Mortgage Tips

Posted by: Lynn Nequest

The #1 Misconception About Mortgage Financing!It is a reoccurring but common misconception that you will qualify for a mortgage in the future because you have qualified for a mortgage in the past.

This is not accurate!

Do. Not. Assume. Anything.

Even if your financial situation has remained the same or has improved, securing mortgage financing is more difficult now than it has in recent years.

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19 Nov

Pre-Approved for Your Mortgage… What Does that Really Mean?

Mortgage Tips

Posted by: Lynn Nequest

Pre-Approved for Your Mortgage… What Does that Really Mean?There is a myth out there that once you’re pre-approved for a mortgage, you’re good to go out and buy a home… with a no subject offer… DON’T do it!

A pre-approval means that based on being able to PROVE (through documentation) your CURRENT income, expenses, down payment and credit bureau you SHOULD be able to get fully approved once you find the right property (this is the first half of the equation).

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30 Oct

4 Key Things You Need To Know About A Second Mortgage

Mortgage Tips

Posted by: Lynn Nequest

4 Key Things You Need To Know About A Second MortgageMany homeowners are vaguely aware of the fact that you can take out a second loan on your home. You hear your friends mention it or perhaps a family member close to you has gone through the process—but do you truly know what it means to take out a second mortgage? We have taken all the questions we get asked about second mortgages and compiled it into four key points.
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18 Sep

7 Questions to Help You Decide if You Should Pursue a HELOC, Refinance or Second Mortgage

Mortgage Tips

Posted by: Lynn Nequest

7 Questions to Help You Decide if You Should Pursue a HELOC, Refinance or Second MortgageHELOC, Refinance or Second/Third Mortgages? Which one should you choose to go with? If you have decided to tap into the equity in your home, the three can seem to be interchangeable at times and for many consumers can be a difficult decision on which one to select. We have laid out seven questions to guide you through the decision, for your unique situation. We’ve also broken this down into three categories, Equity, Payment and Availability.
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12 Sep

Keeping Your Credit Score Healthy

Mortgage Tips

Posted by: Lynn Nequest

 

Keeping Your Credit Score HealthyThere is a lot of mis-information floating around about credit bureaus, credit reports and credit scores – not only that, but a large amount of the clients I work with have never even seen their credit report or score before!

I’d like to shed a bit of light, as they say, on the importance of your credit score and what does (and does not) affect this ever-changing number.

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10 Sep

Subject Free Offers; Still Risky!

Mortgage Tips

Posted by: Lynn Nequest

Subject Free Offers; Still Risky!The majority of my clients have stellar qualifications: established careers and businesses, excellent credit ratings, solid down payment funds, etc. They are truly awesome individuals who will almost certainly receive mortgage financing without a hitch.

Almost certainly.

With multiple offers, bidding wars, and over-asking-price bids now common as far afield from Vancouver proper as Port Coquitlam and beyond, clients find themselves, in the heat of the experience, contemplating a subject-free offer.

But there’s often an unanticipated hitch: the property itself.

A client would be hard pressed to find a Realtor to write an offer without a ‘subject to inspection‘clause, and for good reason. Similarly, a client should be hard pressed to find a Mortgage Broker advising an offer without a ‘subject to financing‘ clause.

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