3 Possible Reasons Your Mortgage Offer Was Denied

Posted onNovember 20/2017By

Before you begin the mortgage application process, it’s important to understand all the aspects of the application including why you will, or why you won’t, be able to qualify. In your mortgage application, you will be asked to provide many documents related to your personal finance, employment history, outgoing expenses, income, loans, and credit score. During this process you will also be on the lookout for a good mortgage loan with low mortgage rates. If, after all this, your mortgage is denied, it can be crushing. Here are some reasons your mortgage was, or could be, denied, to keep in mind for the next time you apply: 1. Credit Score Poor credit history is one of the most common reasons mortgage loans are denied. You can find out ahead of applying if your credit score meets the minimum to be approved, which is helpful because if you know your score…

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Can Mortgages Be Transferred To Another Property?

Posted onNovember 06/2017By

If you’re moving house, or would simply like to transfer your equity mortgage to another property, you may be able to do so by getting a portable mortgage. Most mortgages, in fact, are portable, and you should be able to port your mortgage to a new theory. However, there are some conditions. Even though porting is a feature offered in many equity mortgages, there are some reasons you may not be able to, or that it may be more challenging, which are dependant on your lender. It’s important to know that when you request to transfer your mortgage you are effectively re-applying. Just like the first time you applied for a mortgage, your financial or employment circumstances and credit score will be taken into account. If these have changed since you first applied they could affect your ability to transfer your mortgage, or the rate you will receive. For this…

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What Is An Industrial Mortgage?

Posted onOctober 27/2017By

An industrial mortgage, as the name suggests, is a mortgage received specifically for an industrial property. These kinds of properties can include manufacturing plants, factories, workshops, storage units, or warehouses. They are usually located in the area of a city or town specifically meant for industrial use. There are many reasons for buying a building for industrial use. You may want to continue actively using it and take over the existing business, or you may wish to start your own. You may want to renovate the building for another use or as an investment to resell. Whatever your reasons for buying, you can apply for an industrial mortgage for the property. Industrial mortgages actually fall under the category of commercial mortgages. A commercial mortgage is a mortgage on any kind of property that is meant to generate income. However, a commercial mortgage can have housing units in the building, while…

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Can You Roll Closing Costs into a Mortgage?

Posted onMay 02/2017By

There are many costs associated with buying property, in addition to the down payment and your mortgage loan. Any fees that go over the price of the property itself are called closing costs and include fees such as appraisal fees, title insurance, credit report fees, legal fees, and loan origination fees. Closing costs are incurred once the seller transfers the property to the buyer. Closing costs usually end up being about 2-5% of the price of the property. An example of a common closing cost would be a loan origination fee. This is usually charged by the bank upon creation of the loan, and often comes to about 1% of the mortgage. Another example of a closing cost would be title insurance, which protects the lender and the buyer from any past contractors making claims against the property. Obviously this is incredibly important if you want to avoid any complications…

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4 Benefits Of A Short-term Mortgage

Posted onJanuary 06/2017By

In today’s uncertain economic climate, getting a short term mortgage is a move that many homebuyers are taking. While the amortization period doesn’t change, a short-term mortgage allows you to renegotiate your mortgage in light of changing interest rates. While a short-term mortgage may not appeal to homeowners looking for stability and peace of mind, it is good for those who are more cognisant of economic conditions. What are some of the benefits of a short-term mortgage? Flexibility If you expect interest rates to fall within a short time period, then a short-term mortgage allows you to renegotiate in light of the lower interest rate once the current mortgage expires. You can change houses if your circumstances change or there is a housing boom. For investors, a short-term mortgage allows one to “time” the housing market. Once you have found a favourable rate, you can lock into that rate over…

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