The new mortgage rule announcement has spurred rumours of dropping property values. While I think there may be some price movement, I don’t think it will be as drastic as some articles portray. That being said, property appraisals are a valuable part of the real estate transaction and I believe lenders will be relying on them … Continue reading
The new mortgage rules may have some borrowers exploring home ownership alternatives, one being a “rent-to-own” option. You may have heard about doing a rent-to-own for furniture, appliances or electronics, well, it applies to home ownership too. It’s not too common, so I believe it’s important to be well informed before you enter into any … Continue reading
When purchasing a home, the borrower is required to come up with a portion of the purchase price in addition to the mortgage which is called the downpayment. There are multiple downpayment sources that are acceptable to most mortgage lenders, and this week I want to explore the most common ones. While you can still … Continue reading
What you need to know You may have heard about doing a rent-to-own on furniture, appliances or electronics, but did you know it applies to homes too? It’s not common, though it’s still around, so it’s important to be well informed before you enter into any type of Rent-to-Own Agreement. As a mortgage professional, we … Continue reading
With the recent mortgage insurance premium increase for financing over 90% of the purchase price of a home, I’m finding the downpayment options are a hot topic. You can still technically buy a home with zero downpayment funds on hand, though given the process involved I’m not convinced it’s the best idea. If you’re main … Continue reading
5 Things you need to know When it comes to residential mortgage financing, I always ensure I have the answer to this very important question before going any further into the conversation. Is the property going to be your principle residence that you owner occupy or is it a rental property, also known as a … Continue reading
In the spirit of Halloween, I want to go over a few mortgage “trick or treats” you could come across during the mortgage process. As I am not going into great detail about each option, I recommend speaking to an experienced mortgage professional before you commit to any financing options. While perusing the offerings below, … Continue reading
The good news is you can still buy a house with no downpayment, the bad news is these programs are ending soon- October 31st to be exact. This means we can now add the no-downpayment products to the “mortgage casualty list” that we have witnessed getting lengthier over the past few years. This comes as … Continue reading
As a mortgage broker, we often don’t come into the rent-to-own transaction until the buyer is actually ready to purchase the house they have been renting-to-own. A big difference between a rent-to-own contract and a regular purchase contract is the purchase price was agreed upon when you originally entered into the rental agreement and the … Continue reading
