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What Is Alternative Lending? Alt A Lending.
Alt A is what we call it in the industry. It’s also a Borrower Type as an Alt A Lender will naturally lend to an Alt A Borrower. There are usually Mortgage Fees associated with this type of lending. Alt A closing costs will show you what it looks like to close with this type…
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Farm Lending
Most times when a borrower is a farmer, they have gone through all avenues to obtain financing on their farm. If you have not tried Farm Credit Canada yet, please do. They are an amazing company that specializes in business and financial services, and products to farming operations, including family farms, and to those businesses…
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Appetite For Lending. Lenders.
Appetite for lending can differ from lender to lender. Below is a simple explanation why certain rates can be higher, why certain lenders declines mortgage applications, and why sometimes clients need to go private. Overall appetite or your home’s overall marketability. Generally speaking it means that a lender is seeking out particular areas, markets, returns,…
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Self Directed Mortgages. A Simple Guide.
There are generally 2 types of Self Directed Mortgages RRSP A Registered Retirement Savings Plan (RRSP) is a retirement savings and investing vehicle for employees and the self-employed in Canada. Pre-tax money is placed into an RRSP and grows tax-free until withdrawal, at which time it is taxed at the marginal rate. TFSA A Tax Free Savings Account (TFSA)…
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What Everyone Ought To Know About Mortgage Fees
This topic could expand into an all encompassing look at the actual process and degree of tenacity and skill it takes a broker/agent to obtain approvals on certain mortgage loans but we’ll skim here in this post. We are basing this on Borrower Types, and mortgage types we see in the current mortgage industry in…
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What Is A Mortgage Exit Strategy
We are not talking paying your mortgage off. That is everyone’s goal. Here we are going to discuss the high interest rate mortgage, and the cosigned mortgage. “When am I able to get into a better mortgage rate?” Situation #1 The high interest mortgage. We have to realize that any rate above the bank prime…
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Getting a virtual mortgage approval “the new normal”
Recent events such as COVID, increased mortgage application rules and have changed the mortgage landscape forever. With the new digital home buying experience seen in the real estate market. From virtual tours of homes to virtually signing offers to purchase it’s a new and quicker market. It is now time for mortgages to go virtual.…
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5 reasons Why you should pay off your back Taxes with your Equity
To pay CRA arrears or not to pay CRA arrears, that is always the question We all know the answer – YES!! Pay them right away. But what happens when you didn’t save up enough? or just anticipate the amount that you actually owe current. This is what I want to discuss. When you own…
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Alternative Mortgage Solutions – Is It Really A Healthy Alternative?
Find a healthier solution to your decline We all hear the word when we walk into a branch – Declined. Being declined on the biggest investment you will make is emotional. Your first thought – take any healthy alternative to getting your mortgage approved. Usually when you are declined on Credit, past credit, current credit,…