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.
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.
April 7, 2009
Employed Persons, First Time Home Buyer, List, Pre Approval, Proving income
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The following is what most buyers can expect to have to provide to the lender to purchase a home:
- Job letter – It will need to show:
- your job title,
- the day you started working there,
- your annual salary and
- the contact information for your HR department;
- Current pay stub – a paystub from the last month that shows your gross salary, deductions and net salary will be fine;
- Void cheque – this is so the lender will know where to withdraw the funds from after funding;
- Three month history of your down payment – bank statements, RRSP statements, GIC statements;
- Offer to purchase – this is the agreement between the buyer and the seller that outlines the conditions of the sale;
- MLS listing/Feature Sheet – when purchasing a used house where a realtor is involved the MLS listing is required – for all other deals (private sales and new builds) a feature sheet will tell the lender about the house;
- Real Estate Lawyer contact information – so the lender knows who to send the final paper work to;
- Credit bureau – part of your mortgage broker’s complimentary service;
- Appraisal – your mortgage broker will set this up for you – it is to ensure that the price that you are paying for the property is fair.
This list applies to most people who are purchasing their first home. Other paperwork may be added if you are separated, divorced, business for self, new to Canada, purchasing in a rural area, etc..
A good mortgage broker with the time to look at your situation will be able to help you by providing you with a list of what you will need to gather.
Feel free to contact me if you have any further questions or comment below and I will respond.
September 19, 2008
Proving income, Rental, Small Business
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Over the past few months I have been getting a number of questions from people who are considering becoming landlords. One question that is asked pretty regularly is, “How much should I rent my house/condo for?”
My answer is always, “This is not my area of expertise but many people go to a great local website for Calgary and Edmonton called RentFaster.ca.”
It won’t tell you how much you can rent your place for but it can serve as a good way to find out how much comparable properties are renting for.
Check it out if you are considering getting a revenue property.
All the best.
Jason