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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5 Sep

Bridge Loans

Mortgage Tips

Posted by: Lynn Nequest

Bridge LoansIf you have ever sold your home in order to help with the purchase of your next home, chances are you have heard of bridge financing.

Bridge financing is an option available to homeowners if they find themselves in a little bit of a pinch when it comes to two different completion dates.

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29 Aug

What happens when your credit card account is closed

Mortgage Tips

Posted by: Lynn Nequest

What happens when your credit card account is closedI have been working in the mortgage industry since 2005. I have had all sorts of clients over the years. Every once in a while I get someone who has a car loan , a couple of credit cards but there’s a collection from a credit card, a dentist or some other creditor.

When I ask why this has not been paid, I am told that they had a dispute with this firm and they are not going to be pushed around. The client doesn’t care if the account is sent to collection, they won’t pay it just on principle.

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20 Aug

Mortgage brokers have solutions

Mortgage Tips

Posted by: Lynn Nequest

Mortgage brokers have solutionsA lot of people are getting stressed out by Canada’s new mortgage stress test. In the past, if you had a good sized down payment (ie 20%) someone with a low income could purchase a home even if they did not meet the debt level guidelines for insured mortgages of 32/40 . Later this was changed to 35/44 which made life even easier but – no more.

What is a person with a low income, good credit and a good down payment supposed to do now?

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5 Jul

All About Pre-Approvals

Mortgage Tips

Posted by: Lynn Nequest

All About Pre-ApprovalsAre you in the market for a new home? That’s great – but if you’re not already pre-approved from your mortgage broker, be sure to read on.

Pre-approvals are very important for two reasons.

They give you confidence in knowing that a specific amount of financing is available for you.
A pre-approval can put you in a positive negotiating position against other home buyers who aren’t pre-approved.
Not all pre-approvals are the same, though. There are essentially three different kinds.

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20 Jun

The Right Kind of Debt

Mortgage Tips

Posted by: Lynn Nequest

The Right Kind of DebtPut yourself in a bank or lender’s shoes. Someone comes into your branch and asks you to politely loan them $300,000. You are a big bank, but $300,000 is still a lot of money. How do you ensure this person is going to pay back the money you loan them, on time, and in the right amount? Look at their record for borrowing other people’s money.

This is why taking on different kinds of debt when you are young is a good thing, but it must be within reason.

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11 Jun

Making Smarter Down Payments

Mortgage Tips

Posted by: Lynn Nequest

Making Smarter Down PaymentsMortgage Insurance Premiums. Many people know what they are- an extra cost to you the borrower. But not many people realize how they are calculated. Understanding the premium charges and how they are calculated will help lead you to making smarter down payments.
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6 Jun

Last Minute Credit Check

Mortgage Tips

Posted by: Lynn Nequest

Last Minute Credit CheckAs I’ve said many times, one of the single greatest determining factors in whether you can become qualified for a mortgage and the interest rate at which you do, is your credit history. Many people unfortunately don’t know this, and can be completely blind-sided when it comes time to qualifying.

However, the truly unsettling idea about credit scores and their relation to home financing is the fact that most people do not even know they are extremely important even after you have been approved…

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