Hi
Just wanted to thank all of you that attended my first Mortgages Over Malts session last night. It was a pleasure to see all of your support. I really hope that you found it to be useful and had a good time.
We will definitely do it again in two weeks.
See you there.
All the best,
Jason
One question that I have been asked quite a bit recently is, “Can I still get 100% financing and 40 year amortizations?” And typically the follow-up question is, “What do I need to have completed by October 15, 2008 to get this arrangement?”
First questions first.
And the answer is yes it can be done by some lenders.
But recently a number of lenders have stated that they are no longer offering these options.
So a good mortgage broker will be able to find these conditions for you.
The same rules apply as they did before but lenders are very particular (maybe even picky) right now as they expect a major influx of people trying to do these types of deals before October 15, 2008. So in order to make the deal go smooth I will ask for as much paperwork as possible early in the process.
Second question second.
To get a mortgage with a 40 year amortization and/or no money down you don’t have to move in by October 15, 2008. But you will have to have all conditions (i.e. Proved income, proved closing costs, have a completed offer to purchase, etc) met prior to that date and take possession of the property before January 12, 2009.
Two and half months may seem like a lot of time but act soon as this time will fly by. Call me.
So a good friend of mine suggested that I combine all my passions into a bi weekly event called Mortgages Over Malts.
They way it works is every second Wednesday of the month I will set up at The Last Straw Ale House in Tuscany (1010-11300 Tuscany Boulevard NW) at 5.30pm to 7pm (at least) and I will answer any mortgage question that I can during that time for cost and no obligation.
So if you have questions about
then we can chat.
This is event is meant for anybody who likes beer and has mortgage questions.
The event will take place on the following evenings:
See you there!
Please drink responsibly.
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Completed
As I am sure you have heard the mortgage industry has recently had a couple of major changes.
So how does this really change things?
Lets take for example a couple who has a combined total income of $80,000 per year with great credit and no consumer debt. Under the old rules they would get approved for a mortgage of around $405,000. With these rule changes they would need to come up with a down payment of $21,000 and would get approved for a mortgage of $390,000. Thereby making the sale price of the house $411,000.
Now this sounds good to many realtors because the price of the property is greater, but the reality is that fewer buyers will be in the market place because it takes most households at least 3 years to save that much for the down payment.
Some pundits even state that this will exacerbate an already stagnating market place.
But once again the free market system seems to be coming through and some insurers may continue to allow 100% financing and maybe even 40 year amortizations.
The link below explains this more fully.
I will be sure to keep you in the loop for how this all plays out over the coming weeks.
All the best