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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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Mortgage Retainer
A Mortgage Retainer usually is applied to Commercial Lending, but in some situations it can apply to a residential mortgage as well. This Retainer is much like a retainer that a lawyer requests on working a file. When a Broker knows that there is going to be quite a bit of work, and or changes…
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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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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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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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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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Is Getting A Cosigner Still Relevant?
So you have decided to buy a house and all is set to go. You submitted your income. Your broker says it should take a few hours for the lender and the insurer to get back. You wait anxiously. The the broker calls and says – “The insurer requires a cosigner” Although, it’s definitely not…
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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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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.…