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What Does Extended Ratios Mean?
You maybe have heard about a decline, or been declined yourself in regards to the Affordability on your mortgage. The fact that you cannot afford this mortgage payment would not necessarily mean you are declined, it means you have to seek out Alternative Lending. They extend this affordability, which means they take your ratios and…
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4 Main Types Of Alt “A” Lending. Alternative Lending.
There are 4 Main types of Alternative Lending. This is not the same as Alternative Mortgage Solutions. The rates on this type of mortgage typically range .5% to 2% higher than your best mortgage rate on the market. The is a lender, that offers mortgages that fit clients with Bruised Credit, and or lower income…
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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 B Lending Mortgage Looks Like. On Closing.
B lending is cheaper than private lending. We won’t go into the details of what B lending is all about. For that, check out our post on what B lending is. In this post we will break down the costs of getting into a B Lending Mortgage. This type of scenario applies to certain borrower…
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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,…
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The Philosophy of “Un”insured Mortgages
So let’s just jump into this fact. Putting down 20% on your mortgage avoids default insurance cost, and PST on that premium payable at the lawyers, but it does increase your rate. Yes, more down does not necessarily mean better rate. “It is the world of insurance and an insured mortgage takes the plate when…
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Refinancing Your Mortgage. A Guide.
Lets take the complexity out of the word EQUITY. Many times people need access to their equity. This is called a refinance. You are changing the title to the home. A refinance is a change in the amount owed. You are paying off your existing mortgage and obtaining a new higher amount. Firstly, with this…
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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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Quick Read On Secured Lines Of Credit a.k.a HELOCs
So, you have made a decision to access some equity in your home. It truly depends on what you choose to use this equity for. A car, a boat, debt, something else entirely. What can be said is that there are some simple things to avoid while trying to obtain this line of credit attached…