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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 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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What Is A Rate Float Down?
A rate float down applies to pre-approvals, and Mortgage Commitments Letters that are active. If you have a closing in 30 days, and you received a certain rate. If the rates go up you are protected by the mortgage commitment letter. If the rates go down, and you have a float down with the lender,…
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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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What Does Loan To Value Mean?
In the Brokering industry brokers and agent use the term LTV. This is a short form of Loan to Value. Below we show you an simple example of how the loan to value can be calculated with a $100,000.00 Mortgage. Your Down Payment is the difference. What that means – if your purchase price is…
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Your Path To A Better Mortgage
What does a Mortgage Path really mean? Back in day, a mortgage path was generally seen as the “path to pay it off”. That should be most if not all borrowers one goal when it comes to borrowing money on their home. To pay it off. If this is your plan, then you are doing…
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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,…