When you ask for a mortgage, you are really telling the lender you will make every payment on time and in full at each billing period, whether it is a monthly, semi-monthly, accelerated bi-weekly or weekly payment. If you don’t make these payments, there are...
Is there a difference between refinancing your mortgage and home equity? Yes, there is. In fact, you have two options: refinancing the first mortgage that you have or taking out a home equity loan. Both of these can provide funds for whatever you need (debt consolidation,...
You know by now how important it is to get pre-approved for a mortgage. You also know it can be difficult to accomplish due to the number of “items on the check list”. One of the many documents a lender analyses before agreeing to give...
Here’s the thing: closing costs are the one element people tend to forget or know less about in the entire home buying process. We’ve written a few blog posts where we mention closing costs and what they entitle. This particular post aims at answering the...
Since January 2018, qualifying for a mortgage has been very challenging for first-time homebuyers, unless they got a “down payment” gift from a family member. As we have discussed numerous times, the federal stress test and climbing prices are the main reason why it is...
We all know the homebuying process is a complex task. From saving for a downpayment to finding the home of our dreams many steps need to be taken. We often tell people to budget on a monthly basis and to try to cut on certain...
People often wonder why they should consider working with a mortgage broker when banks can do mortgages as well. We certainly get asked this question a lot. The truth is: there is a BIG difference between the two. Similar to the “house hunting process” where...
Dear readers, This week’s blog post is - again - another letter from me. As we take the first steps into this new adventure, I am very excited to share with you what we are doing as a team to ensure we achieve our true potential...
Dear clients (and readers), I have decided to create this week’s blog post as a letter to you all. The reasoning is simple: I believe in building relationships with everyone I work with and I like to add a personal touch to all the work I...
Ever since its implementation in January 2018, the mortgage stress test has been itself a source of stress for many potential homebuyers. Now, anyone who needs to qualify for a mortgage from a regulated lender needs to take this test. Again, just to review, this...