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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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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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8 Expenses you DIDN’T know about owning a home
Clients always ask me what the mortgage payment is, and sometimes I would love to list out every extra cost to help them realize the true cost of Home Ownership. In saying that, here is a quick list. Always remember to add this to your budget when thinking of getting a home. This kind of…
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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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Mortgages And Your Credit Score
Mortgage Credit Revealed It seems that mortgage credit qualification standards are getting harder to understand these days. In saying this, i would like to go through a chart with you below that will help you understand the overall credit criteria you need. Years prior a 600 credit score and a current job was all that…
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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,…
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What is B-Lending?
The B-Lending market is one of the more flexible lending tiers that mortgage brokers have access to. This tier of lending can be much different then what most borrowers imagine when they think of a traditional mortgage they would get at their Bank. B-lenders have higher interest rates, need at least 20% down for purchases…