June 30, 2009
Employed Persons, First Time Home Buyer, Pre Approval
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The next key step for a person getting a mortgage is to Get Educated and Pre Approved.
Education
You are going to want to get educated about is the process for getting a mortgage. By understanding this process and what is needed through each part you will be able to be better prepared and feel quite comfortable as you go through the entire process.
Each of us is different. Each property is different. So it makes sense for us to try and figure out who you are and in turn what is the best way for you to move forward in the mortgage process. It gives us a chance to mitigate any issues that maybe present in your file. So in this case it is critical for us to get educated about you and what products are best suited for you.
The mortgage process is all about being prepared so we do this by ensuring that everyone is educated on the process and your situation.
Pre Approval
With the Pre Approval that the lender will send to your mortgage broker you will be able to shop for your new home with some real confidence. You will be sure of what you can spend and that it fits into your budget. This in turn helps your Realtor or builder because they feel confident in showing you places that are within your price range.
Interest rates can fluctuate quite a bit over time. Be getting pre approved you will be secure in the knowledge that if rates go up within a specified period of time you will get that great rate. If interest rates drop then you in turn will get the lower rate. It is really a no lose proposition.
If you take possession of the your home outside of the time period of your pre approval most lenders will do a “look back” to determine what the lowest rate was in the past for the same period. In other words if you have a pre approval that is good for 4 months but don’t take possession til 5 months has passed the lender will look at the previous 4 months and give you the lowest rate available during that period.
Pre Approvals are also really great because sometimes they are needed by the builder to put a property on hold for new buildings.
June 22, 2009
Employed Persons, First Time Home Buyer, Pre Approval, Proving income, Rental, Small Business
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Last week I discussed the Mortgage Steps to Home Ownership.
1 - Get a mortgage broker
2 - Get educated and pre approved
3 - Collect all the paperwork you will need
4 - Put down an offer and get approved
5 - Go sign some documents at a lawyer’s office
6 - Move into your new home
Today I would like to take a moment to discuss the first point - Get a mortgage broker.
People today are savvy. They are savvy about time, stress, and competitiveness.
People understand that Mortgage Brokers doing the investigation about which lender has the best deal for them will save them time.
People understand that Mortgage Brokers using the relationships that they have with the lenders will save them stress.
People understand that Mortgage Brokers get paid only after the deal has closed so Mortgage Brokers will work extra hard to get the deal closed.
These are our competitive advantages.
So the only thing you have to do is find a Mortgage Broker who you feel comfortable with, who educates, who works hard, and who adds value to the process.
I hope that I can be that Mortgage Broker for you. See my testimonials section to find out what people who have used my services before think of my services.
June 8, 2009
Employed Persons, First Time Home Buyer, Interest Rates, Pre Approval, Proving income, Rental, Small Business, Uncategorized
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If you are like me at all you like order. Most of us get bothered by chaos and crave a process that gets us the things or the situations we want. People who are looking for a mortgage are the same way and from my experience they want to work with a person who takes out the guess work.
So lets look at the general process for getting you a mortgage.
1 - Get a mortgage broker
2 - Get educated and pre approved
3 - Collect all the paperwork you will need
4 - Put down an offer and get approved
5 - Go sign some documents at a lawyer’s office
6 - Move into your new home
There it is in a nutshell. Simple. Easy.
Things only get tough when there you don’t know what the current step is or what the next step is going to be.
Over the next few weeks I will share my insights into each of these steps because I want to help you to get to where you want to be in the easiest way possible.
All the best.
June 3, 2009
Book, Employed Persons, First Time Home Buyer, News
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Adding Value to Customers in the Mortgage Industry
Since even before I became a Mortgage Associate I have been racking my brain to figure out how I could create real value for my customers.
You see I want to simplify the mortgage process and in turn create a better experience for my customers.
So I focused on a number of things: becoming an expert in the industry, learning how to explain without using industry jargon, promptly returning calls and emails, and teaching by using this blog page.
The response has been fabulous. My customers not only appreciate what I offer them but they are now telling their friends about me.
In my last blog post I mentioned that I will continue to the teaching part of my Value Add by writing a clear no nonsense book about the mortgage process and other topics.
But I really want to continue to add value for the next generation of home buyers - people who like me are interested in and use the internet for communicating with friends, family and business associates.
So would you be interested in using wikis to clarify the mortgage process?
If you have any further ideas on things that I can implement to make the process easier for you please leave a comment and I will strongly consider any ideas.
Working hard to serve you better.
Jason Peatz
May 23, 2009
Book, Case Study, Credit, Employed Persons, First Time Home Buyer, Interest Rates, Mortgage Insurance, News, Pre Approval, Proving income, Small Business, Switch
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Over the past few months I have confirmed something that I have suspected for the last several years - People need to know more about mortgages and the mortgage process.
So in an effort to address a number of the key issues I have began writing this blog.
Through this blog I have attempted to inform people about some of the basics of the mortgage terminology, products and process. The response has been outstanding to say the least. People really appreciate the straight forward information that I have been giving them.
I think that this is worth while and fun so I will continue to blog, but I want to do more. So I am officially announcing that I am in the process of writing a book for people who live in Alberta and who are looking to purchase or refinance a property. The working title of this book is “So you want to get a mortgage in Alberta”.
I am excited about giving Albertan’s clear information about mortgages.
The chapters and topics have largely been decided but feel free to leave a comment below to let me know what you would like to see included in this book.
If you keep reading then I will keep writing.
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