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
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
Title insurance is an insurance policy that protects you, the home owner, against challenges to the ownership of your home OR from problems related to the title to your home. The policy provides coverage against losses due to title defects, even if the defects existed before you purchased your home. A title defect is a … Continue reading What is Title Insurance?
Does the home you are purchasing require upgrades or renovations? Will a new roof, central air, a new furnace, upgrades to the electrical or plumbing system, new doors, windows, a new kitchen or bathroom, or any other renovation increase the value of the home? With a Purchase Plus Improvements mortgage product you can add the … Continue reading Purchase Plus Improvements
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
I’ve had a few people ask me over the past couple weeks about collateral mortgages. I figured I’d publish some information on the differences between a conventional mortgage (mortgage charge) and collateral mortgage (collateral charge). Which is registered against your property? Conventional Mortgage A conventional mortgage is what you think it may be — just your regular … Continue reading The Woes of a Collateral Mortgage
Getting access to mortgage information couldn’t be any easier! Download my Mortgage App today! Canadian Mortgage App — #1 Mortgage App in Canada Follow Spencer Murray Mortgages on: Website | Facebook | Mortgage App | LinkedIn | Quora | Instagram Originally published at spencermurraymortgages.quora.com.