How to Maximize Your Purchase Price

Heed some advice on how to best set yourself up to maximize the mortgage and purchase price you are able to afford as a buyer! When working on applications for clients, I need to take two debt servicing ratios into account. One is called the Gross Debt Servicing Ratio and the other is the Total … Continue reading How to Maximize Your Purchase Price

Let’s talk paperwork.

Why is there so much paperwork needed for my Mortgage Application?!?! I hate paperwork as much as anyone, but when it comes to the paperwork required for a mortgage application, there is no way around it! Mortgage lending is becoming tighter and tighter with regards to lending risk, government regulations and guidelines set out by … Continue reading Let’s talk paperwork.

Why get a mortgage pre-approval?

I’ll tell ya why! I’ve had many people ask why they should get a mortgage pre-qualification or pre-approval BEFORE starting the search for their dream home. But first — what is the difference between a pre-qualification or pre-approval? Let me explain. I use a mortgage pre-qualification to let my clients know what they should be able to … Continue reading Why get a mortgage pre-approval?

There’s more to it than just a Credit Score!

There is more to just a number when it comes to your credit score. With regards to mortgages, lenders will not only consider the score itself, but they’ll also look at the payment history, outstanding balances, minimum monthly payments, how many sources of credit are on the report, and the length of each credit account. … Continue reading There’s more to it than just a Credit Score!

New Mortgage Rules: For Better or For Worse?

Given the recent introductions of new rules proposed by the government — I am compelled to write a post on how these changes are going to affect any homebuyers, especially those who have worked hard to save their hard-earned money, or current home equity, for a 20% down payment. For those who are getting up to speed: … Continue reading New Mortgage Rules: For Better or For Worse?

Buyer Beware — Purchasing a Home in an Inflated Housing Market

As the real estate market begins to cool down after an intense first half of 2017, here are a few points to consider when it comes to purchasing a home with inflated purchase prices. Mortgage Lending Lenders will only fund mortgages based on the purchase price or value of the home, whichever is lower. That … Continue reading Buyer Beware — Purchasing a Home in an Inflated Housing Market