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
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.
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?
Check out my infographic on what to expect when purchasing your new home! Follow Spencer Murray Mortgages on:Website | Facebook | Mortgage App | LinkedIn | Quora | Instagram | Twitter Originally published at spencermurraymortgages.quora.com.
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?
When it comes to mortgages, one of the most important conversations I have to have with my clients is whether to choose between a variable or a fixed interest rate. It raises the common question — which is better? Each has their own advantages and disadvantages. Do you choose a bit of risk when it comes to … Continue reading Here’s A Mortgage Need to Know! Variable vs. Fixed Mortgage Rates
This article is meant to inform you on the basic mortgage terms I use in my day-to-day work environment. Conventional Mortgage (Uninsured) The mortgage amount does not exceed 80% of the property’s value. Therefore, purchaser is supplying a minimum of 20% of the purchase price as a down payment. Hi-Ratio (Insured) The mortgage amount exceeds … Continue reading Mortgages 101: Basic Terminology