Mar

16

How to find answers to all your mortage and credit questions.

Filed Under Brampton, Condos, General, Homes, Mortgages, Real Estate | Leave a Comment

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Take a look around. In the U.S., the housing market is crumbling leaving some desperate home owners throwing their keys back at lenders while others are deliberately burning their houses down. Up here in Canada, the real estate market is still going strong and with recent reductions in interest rates, what does this all mean?

If there isn’t a better time than now to get more educated about mortgages, lending practices, and borrowing strategies, I don’t know when that would be. Enter MortgageFit.com.

Let’s face it, finding answers to all your questions is sometimes pretty frustrating. Either you’re given the runaround or the person isn’t qualified enough to give you an adequate response. MortgageFit boasts the world’s largest mortgage community and is comprised of knowledgeable members who can give you free mortgage advice as well as free online quotes. If you have a question on a particular topic, ask away in their discussion forum and rest assured one of their thousands of members will come to your aid. Need answers fast? The site also provides a myriad of articles and references that you can browse at your own convenience, as well as online calculators that help you quantify your needs.

What I like most about this site is that it’s powered by people. Take a quick look through their message board and you’ll find a community alive with questions, stories, and friendly chatter. If you need quick answers on mortgages, credit issues, debt, and other financial issues, I recommend checking out MortgageFit.

Popularity: 40% [?]

Feb

2

Pre-qualified and Pre-approved - Is there a difference?

Filed Under Brampton, Buy, Condos, Homes, Mortgages, Real Estate | Leave a Comment

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So you’ve finally found the perfect home or condo in Brampton, and you’re eager to take the next step in buying it… until your real estate agent asks if you’ve been pre-approved yet. Wait a second, does pre-approved mean the same thing as pre-qualified? You’ve heard both terms and now you’re confused. Is there a difference?

Yes, there is!

When you first approach your bank or lending institution about arranging a mortgage for the purchase of a house, they will ask you some basic questions in order to assess your financial capacity. You’ll be asked to give approximate figures on how much money you make, what kind debts you have as well as assets you possess, and what sort of payments you are currently making. This is to get a rough idea of how much money you may be capable of borrowing for a mortgage. Based on these approximate figures you give, the bank will either tell you that you’re incapable of carrying a mortgage, or that you are indeed able to obtain a mortgage, meaning you are pre-qualified. This pre-qualification holds no value, as it is only a quick calculation based on the numbers that you’ve given.

What most people are interested in is if you’ve obtained a pre-approval yet. A pre-approval is only given after an official application is run through a lending institution and all your finances, as well as your credit, has been verified. This is the only way that you can be given an exact dollar amount of what you can spend on a house.  It’s the pre-approval that is important!

Before you even start looking at buying a new home, it’s strongly recommended that you obtain a pre-approval first. A proper pre-approval will give you peace of mind, as well as let you know exactly how much you can afford. It would be a shame if you fell in love with a house and found out afterwards that you couldn’t afford it, so get that pre-approval first!

Popularity: 21% [?]

Jan

26

Can you really buy a house with zero down?

Filed Under Brampton, Buy, Condos, Homes, Mortgages, Real Estate, The Numbers | 1 Comment

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You’ve heard it before, and you’ve seen the ads. A bank advertisement showing happy couples embracing in front of a new house with a sold sign prominently displayed on the lawn behind them, and a caption that reads “100% Mortgage Program.” But is it really possible to buy a home in Brampton with absolutely no money down?

The short answer is, YES, but…………

Before you even think of walking into the bank to sign up, ask yourself if you have the 3 following things:

  1. Spotless credit that has been well-established.
  2. By well established, I mean you will need to have at least 2 years under the belt with a major credit card company like Visa or Mastercard.
  3. Steady employment with at least 2 years on the job.

Even if you did qualify for 100% mortgage plan, it may not be the best plan for you. If you’re thinking of buying a house in Brampton or anywhere else, speak to your lending institution or mortgage broker about what would best suit your financial needs. ScotiaBank currently offers a zero down mortgage plan, and you can find more information right here.

Popularity: 33% [?]

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