Documentation For Mortgage Approvals
This is a brief introduction to understanding the documents that will be required in order to confirm your mortgage approval. Banks need to verify all information that is part of the mortgage application via 3rd party documentation.
Categories of documentation include:
Income (e.g. letter of employment and recent pay stubs for employed people; 2 years tax returns [...]
Mortgage Broker Availability – Why its so important
Mortgage broker availability and why it is so important.
Throughout the home buying process, from the time of mortgage pre-approval, through to and even beyond the closing date, having timely access to a mortgage professional is extremely valuable. Everyone has a busy schedule with their professional and personal commitments. However, when purchasing a home or even [...]
Mortgage Penalties – Fixed Rate Closed Mortgages
Mortgage Penalties for Fixed Rate Closed Mortgages
Mortgage penalties explained for fixed rate closed mortgages. Three (3) months of interest or Interest Rate Differential (IRD), whichever is greater. I covered mortgage penalties for variable rate closed mortgages in a previous post. For further information on mortgage penalties and or to discuss all of your options, contact [...]
Changes To Mortgage Qualification – New Rules
New Rules for Mortgage Qualification
Announced today, effective April 19, 2010, or sooner, there will be three (3) new rules that will apply to the qualification for government backed, insured mortgages (i.e. CMHC, high ratio insured mortgages). The changes are:
Minimum down payment for non-owner occupied properties will be increased to 20% of the purchase price (currently [...]
Principal – Primary Residence, What is it, What if it changes?
Principal Residence – Primary Residence – Owner Occupied
Principal/primary residence explained (also referred to as “owner occupied”). Relevant as some mortgage programs and interest rates are specific to a property’s type and use. Examples of other categories of properties include: rental/investment and vacation/second home. For more information on this or a related mortgage topic please contact [...]