Posts from the ‘First-time Home Buyers’ Category
Last Updated on March 31st, 2020
Did you know that home buyers who make down payments of less than 20% of their purchase price have access to lower mortgage rates than buyers who put down more than that? This comes as a surprise to many borrowers. After all, doesn’t loan risk decrease as the down payment increases? Why should borrowers who have less skin in the game enjoy lower rates?
Last Updated on February 27th, 2020
Independent mortgage brokers don’t just save you money, they give you access to a range of options you probably didn’t even know you had. Today’s post explains.
Last Updated on November 9th, 2017
Borrowers are often surprised to learn that qualifying for a variable-rate mortgage is harder than qualifying for a fixed-rate mortgage, even though the variable rate is lower. To find out why, check out today’s post.
Last Updated on December 12th, 2018
A newly released report by the Bank of Canada called “Discounting in Mortgage Markets” gives us some very useful insights into how much lenders are discounting their mortgage rates and for whom. Today’s post summarizes the report and offers my interpretation of the results.
Last Updated on March 27th, 2020
Pre-approvals are the most misunderstood part of the mortgage process. Today’s post gives you a candid assessment of what to expect when you apply for one.
Last Updated on March 28th, 2020
If you waive your financing condition without a fully qualified commitment from your lender, you are taking a substantial financial risk. That said, most people still do this as a matter of course. Today’s post explains why this happens and gives you some tips on how to minimize your exposure if you decide to waive financing without a firm lender commitment in place.
Last Updated on August 22nd, 2019
If you need a mortgage, your household income will be the single most important part of your application. Today’s post outlines how lenders conduct income tests and explains the standards that are used. It also examines special cases where confirming income is more difficult, and provides some tips to help you put your best foot forward.
Last Updated on September 26th, 2019
Planning for closing costs is an important but often overlooked step during the home buying process. Today’s post will give you an overview of what to expect and will introduce you to my one-of-a-kind Closing Cost Calculator.
Last Updated on November 10th, 2017
Should you choose a fixed or variable rate mortgage? After having spent the last decade listening to experts opine on this question I know the one person you should ask. Who? The answer may surprise you.