2 Dec

5 Mistakes First Time Home Buyers Make

Mortgage Tips

Posted by: Lynn Nequest

5 Mistakes First Time Home Buyers MakeBuying a home might just be the biggest purchase of your life—it’s important to do your homework before jumping in! We have outlined the 5 mistakes First Time Home Buyers commonly make, and how you can avoid them and look like a Home Buying Champ.

1. Shopping Outside Your Budget
It’s always an excellent idea to get pre-approved prior to starting your house hunting. This can give you a clear idea of exactly what your finances are and what you can comfortably afford. Your Mortgage Broker will give you the maximum amount that you can spend on a house but that does not mean that you should spend that full amount. There are additional costs that you need to consider (Property Transfer Tax, Strata Fees, Legal Fees, Moving Costs) and leave room for in your budget. Stretching yourself too thin can lead to you being “House Rich and Cash Poor” something you will want to avoid. Instead, buying a home within your home-buying limit will allow you to be ready for any potential curve balls and to keep your savings on track.

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22 Oct

6 Things all co-signors should consider

Mortgage Tips

Posted by: Lynn Nequest

Co-signing on a loan may seem like an easy way to help a loved one (child, family member, friend, etc. ) live out their dream of owning a home. In today’s market conditions, a co-signor can offer a solution to overcome the high market prices and stress testing measure.

For example, if you have a damaged credit score, not enough income, or another reason that a lender will not approve the mortgage loan, a co-signor addition on the loan can satisfy the lenders needs and lessen the risk associated with the loan. However, as a co-signor there are considerations.

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10 Sep

4 Ways to Make the Mortgage Process Smoother

Mortgage Tips

Posted by: Lynn Nequest

4 Ways to Make the Mortgage Process SmootherMortgages are complicated—we get it! But there are steps that you as a home buyer can take to make the process a much smoother one (plus let you walk away with the sharpest rate!)

1. Use a Broker
This should be the first step you take when getting a mortgage! Enlisting a trusted broker to work with you can help you secure the sharpest rate and the right mortgage product too! This is one of the biggest (if not the biggest) purchase you will make in your lifetime. Working with a professional will make all the difference.

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10 Jul

20 Terms that Homebuyers Need to Know

Mortgage Tips

Posted by: Lynn Nequest

20 Terms that Homebuyers Need to KnowBuying a home is one of the most important financial decisions you will make.

It’s common for a first-time homebuyer to be overwhelmed when it comes to real estate industry jargon, so this BLOG is to help make some of the jargon understandable.

To help you understand the process and have confidence in your choices, check out the following common terms you will encounter during the homebuying process.

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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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