Mortgage Update
Mortgage Update – Does a Co-Signer Help Me Qualify for a Mortgage?
With today’s “stress test”, and tougher mortgage qualification rules, many borrowers are requiring the help of a co-signer on their mortgage. But many people don’t really know what that means. A co-signer essentially becomes a “co-borrower” on your mortgage, and they’re as legally responsible for making payments as you are. You’re using their income & credit…
Mortgage Update – 5 Reasons You Don’t Qualify For A Mortgage
1. Too Much Debt Too much debt is a red flag to lenders that you may not be able to handle credit responsibly. The biggest problem with debt is how it effects your overall debt servicing. Lenders will look at what debt you carry and what percentage of income it takes to cover this debt. Debt servicing ratios…
Mortgage Update – Determining Your Maximum Affordability
Before granting you a mortgage, a lender will determine whether or not you can afford the loan amount you’ve requested. There are a number of factors that the lender will use to determine your maximum affordability, including your annual income and debt obligations, your utility and living costs, as well as your chosen amortization period and mortgage rate.…
Would you like to buy that home for 35% less?
Would you like to buy that home for 35% less? If you follow the real estate market in BC, you know that home values have dipped over the last year and a half. Many homes have dropped in value around 15% from their peaks. There are a variety of reasons for this, but the introduction…
August Mortgage Update – Mortgage Basics
The benefit of working with me, a TD Mortgage Specialist, is that you are my client for life – even after the mortgage process. I am always a phone call away to answer any questions about your mortgage or other banking needs. I have access to all your banking, where as a mortgage broker will…
September Mortgage Update – Do You Qualify For The New First Time Home Buyer’s Incentive?
The new First Time Home Buyer’s Incentive opened up for applications on September 2nd. This is an initiative that was announced by the Liberal government when they released their budget earlier in the year and is aimed at easing affordability for first time homebuyers. The premise of the program is an interest-free shared-equity loan that…
November Mortgage Update – Shopping for a Mortgage Rate? 3 Terms you need to Know.
There have been massive changes to the mortgage landscape in Canada over the last number of years. In the past, all borrowers generally got the “best” interest rate. It didn’t matter if you were buying a rental property, how much you had for a down payment, or if you were refinancing… everyone got the same…
Mortgage Update – 2020 Early Mortgage Forecast
2019 Canada's mortgage market was an interesting one to say the least! From the plunge in interest rates, to the late-year surge in mortgage growth to the growing influence of online discount mortgage lenders, it was a year of firsts and milestones. The phenomenon of five-year fixed rates selling for less than variable rates will…
How a Reverse Mortgage Can Help Create Opportunity
Today I am posting a story that I'm sure that most of us can relate to. Last week we at Ingram Mortgage Team were contacted by a Realtor partner. They had been contacted by a previous client who was concerned about her Mom and needed advice. The Story Mom and Dad have rented the same condo…
Covid-19: What Homeowners need to know – Deferring Payments & Your Credit Rating
Deferring mortgage payments has received a lot of media coverage as an option during Covid-19. This can be a great choice to improve cash flow, and even assist borrowers to pay off their other higher interest consumer debt (such as credit cards and lines of credit), instead of paying off their low rate mortgage. …
