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Self-Employed.
We all know we need income for a mortgage. What Income is needed on a mortgage is always good to know. Most lender’s take one form of self employment or another. It all depends on which lender has a certain Appetite for your self employment. There are 3 different types of Self Employment income when…
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What A M.I.C. Mortgage Looks Like. On Closing.
We are going to break down the costs when you are closing your mortgage with a M.I.C. type lender. We can look into what a MIC is, and how they are formed in a later discussion. For now, we will focus on the costs to this borrower type on closing. The M.I.C. interest rate generally…
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(Mortgage) Letter Of Direction Deciphered
A letter of direction is a legal document that a client signs in order to acknowledge and direct the lawyer to take a fee for the Mortgage transaction. The signature has to be witnessed. This direction only applies if the client must pay a mortgage brokerage fee. This fee is a percentage of the loan,…
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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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Borrower Types Explained In Few Minutes.
We could go into the 6 c’s of lending here and go into exhausting detail about how every client is different because they are. Instead we are going to sum up types of borrowers by matching them to the type of lending Mortgage Suite achieves approvals with. It’s not the borrower that’s called this type,…