What Income Verification Methods Are Required When Applying For A Mortgage?

Posted onFebruary 26/2016By

When applying for a mortgage, you will need to demonstrate to a lender that you have a substantial enough income to pay off the mortgage in the future. But how exactly can you reasonably prove your income? This article will detail the methods you can use to verify your income to a mortgage lender. Make Copies of your Records The first step is to provide your lender with copies of your records that indicate your income. This means your two most recent pay stubs, your most recent checking account statement, your current savings account statement, and your federal income tax returns from the previous two years. This should provide your lender with enough information to accurately gauge your income and financial situations. Debt and Loan Statements Your income will not be the only factor that your lender will want to verify. Your mortgage lender will want to know about any…

Read More
0Comments

Tips To Sell Your Home For Top Dollar

Posted onFebruary 19/2016By

Choosing to sell your home is not an easy decision. After all, it’s your home. But for many people, their home is also the single largest investment they will ever make. And you really don’t want to go through all the trouble of moving and selling something that is worth so much to you — in financial and sentimental terms — and not get the best possible price for it. This article will list some tips you can use to ensure that you get the best possible price for your home. Research the Market for Comparable Pricing Take a day and spend it checking out the list prices of other homes in your area. At what price are they listed? How do their homes compare to yours? You must be honest and logical here. If you don’t have a good idea of what other homes are going for, you won’t…

Read More
0Comments

How To Find The Best Mortgage Rate

Posted onFebruary 16/2016By

Buying a house can be intimidating, especially for first-time homebuyers. But whether you are buying your first, second, or even third home, you should practise due diligence when seeking out a mortgage. One of the most important aspects of a mortgage is the interest rate. Contrary to popular belief, banks do practise discretionary pricing in their interest rates, so it pays to be aware of what your options are before signing off on a mortgage. Here are a few tips to keep in mind when trying to find the best mortgage. Don’t Take The First Offer That Comes To You People are often comfortable dealing with the same financial institution with which they bank regularly, and banks know this. But instead of giving the best rates to their loyal customers, banks (ironically) often offer them to new customers as an incentive to join. That means you should try another institution…

Read More
0Comments

How To Find The Best Mortgage Rate

Posted onFebruary 16/2016By

Buying a house can be intimidating, especially for first-time homebuyers. But whether you are buying your first, second, or even third home, you should practise due diligence when seeking out a mortgage. One of the most important aspects of a mortgage is the interest rate. Contrary to popular belief, banks do practise discretionary pricing in their interest rates, so it pays to be aware of what your options are before signing off on a mortgage. Here are a few tips to keep in mind when trying to find the best mortgage. Don’t Take The First Offer That Comes To You People are often comfortable dealing with the same financial institution with which they bank regularly, and banks know this. But instead of giving the best rates to their loyal customers, banks (ironically) often offer them to new customers as an incentive to join. That means you should try another institution…

Read More
0Comments

Renewal VS. Refinance: What’s The Difference?

Posted onFebruary 12/2016By

Home mortgages in Canada are actually not normally paid off over the life of the term. This is because, usually, lenders amortize the loan for a period between 15 and 30 years. However, the longest allowable loan you can receive from a Canadian bank is for ten years. The result is that many homeowners who pursue financing through the traditional channels will have to renew their mortgage at least once. However, some homeowners prefer to refinance at the end of their loan deal, rather than renewing the loan. It’s important to understand the difference between renewing and refinancing. The Difference Between Renewing and Refinancing A renewal of a mortgage is pretty straightforward. At the end of a five or ten year deal, if the loan has still not been fully paid off, you can opt to simply renew the deal and pay off the loan at the previously agreed upon…

Read More
0Comments




Top