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Self Build Mortgage
There are a few ways to find yourself a brand new built home. You can always purchase a Custom Build, or new build. In this post we are going to go over the Self Build Mortgage. This is where the client buys land, has their drawings approved by an engineer and wants to go out…
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6 C’s Of Lending Stand For What?!
Ever wondered what the most weighted items are when it comes to a mortgage. Yes, there are specific qualifications and standards. In this post we are not getting into your ratios or your rate. We are simply going to explain what are the 6 c’s, what they stand for and what they mean. The first…
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10 Year Fixed Term Vs. Other Mortgage Terms
Sometimes it’s hard to know which rate to pick when you are choosing a mortgage. In this post we are going to look at the general guidelines of a 10 year fixed term and compare it to other Mortgage Terms like, 5 year fixed, and the variable. Most clients choose a 5 year fixed mortgage.…
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Commercial Mortgages
We have all heard of residential mortgages. These are the mortgages that are easy to grasp when compared to other types. In this post we will explain the difference, and what it takes to get a commercial loan. We will also try and break down the types. Commercial Lending applies to anything that isn’t residential.…
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The Variable Rate Mortgage
At Mortgage Suite we perform so many different mortgages. Clients choose everyday which mortgage suits there needs and financial journey. Within this journey an option is always chosen. This mortgage option typically falls into 2 main categories. The Fixed rate, and the variable rate mortgage. Always remember a variable rate mortgage will fluctuate with the…
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Mortgage Funding Conditions
All mortgage approvals come with a mortgage commitment. All Mortgage Commitments have conditions. These conditions are presented on the commitment and given by an underwriter. “Why are underwriter’s hair so shiny? Because they condition the hell out of it” Mortgage Industry Joke All mortgages are different and as such all conditions are different. We are…
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The T1 General Explained
Types of Income, Assets and Other Pertinent Info On the T1 General T1 General – This information jacket will give you a fairly detailed picture of how a client’s income is being taken and taxed. Page 1 – Vital Information Page 2 – Indian Status, Foreign Property Page 3 – Income Breakdown T4, T4A, T4OAS,…
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What Is A Mortgage Pre-Approval?
At Mortgage Suite, like all wicked mortgage companies, you can go from Pre-approval to Approval in a few hours. The approval is that feeling of relief, or simply getting your keys in the end; but what about the pre-approval part. A pre-approval does give that slight relief in the beginning of the purchasing process, but…
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Mortgages & Independent Legal Advice ( I.L.A.)
In general terms, independent legal advice is provided by an outside lawyer or paralegal who is unrelated to the client’s matter, associated parties, or the lawyer or paralegal, and who does not have a conflicting interest. What does this mean when it matters for a mortgage? When you have a house, and you need a co-signer…