Buying a home is a major decision and will likely be the largest investment of your life. To best prepare you, we can offer you a pre-approved mortgage. This means that before you even start shopping, we can help you to determine your purchasing power and also hold interest rates for you for up to 120 days.
The process for getting approved is simple. Contact us by email or phone and we can provide you with an application. This application is also available online under the Apply Now Tab (make this a link). Once we have your application and supporting documents, we can provide you with numbers regarding your purchasing power, down payment needed and monthly mortgage payments within a business day.
BUYING A HOME?
Purchasing a home is an exciting and nerve-racking time. We specialize in making the process simple and easy. Whether you have a pre-approved mortgage with us or, you have made an offer on a new home and are needing financing answers fast, we can help. Once you have an accepted offer on your new home it is a matter of a few days, sometimes even a few hours, and we can have you approved and ready to remove subjects. We work closely with your Realtor to ensure every part of your team is kept up to date on a daily basis. From the beginning you will know what kinds of income and down payment information our lenders need from you. Once fully approved, we can recommend you to our team of insurance agents and lawyers to ensure you have the best people working for you at all times. You have found the perfect home, we ensure you have the perfect mortgage.
ARE YOU SELF EMPLOYED?
We specialize in helping people who work for themselves to get the perfect mortgage financing. We understand that your accountant and financial advisor work hard to save you money and this is why self-employed individuals often write their personal income down or may even shelter income in their corporation. We have excellent lenders who can qualify people working for themselves based on the fact they are self-employed, and not on how much income they claim to the government. Whether you are looking to buy a home, refinance a current mortgage to access equity or get a better rate, or are looking for options because your mortgage is up for renewal, we have answers for you. You work for yourself because you love your work, let us help you realize your real estate goals by arranging the perfect mortgage for your perfect home.
When your mortgage is coming up for renewal, it is an excellent time to access your financial plan to ensure you are on track. This may mean that it is time to explore moving your mortgage to a new lender. We encourage people to begin exploring options for their mortgage renewal about 4 months before it is actually due. Because we can hold rates for up to 120 days, this allows us to acquire the very best interest rates well in advance. Your current mortgage lender has likely served you well but, do be careful when your renewal notice appears. Lenders will often offer renewing clients an interest rate at that up to 1.5% higher than the discounted rates offered to new clients. Should we determine that a mortgage move is in your best interest, there is no charge to you. The home does not have to be appraised and you do not have to visit a lawyer. If you have to have a mortgage, let's make sure it is the right one!
When refinancing a mortgage, there is always a final goal in mind. It may be access equity to pay for that renovation project or to consolidate some debt. Perhaps you are looking to invest in a second home or investment property. Or maybe it is as simple as wanting to decrease your interest rate or mortgage payments. Whatever your goal, we can help to find a solution. We always take to time to discuss your needs and financial plan to ensure that your mortgage is supporting your plan. Your home is important to you, and getting you the right mortgage is important to us.
Credit scores are an integral part of your ability to qualify for mortgage financing. If you have had credit problems in the past or are working through a credit challenge currently, we can always help. Credit scores are like a grading system and lenders often require minimum scores to be eligible for specific products. Beacon scores, as they are often referred to, typically range from about 400 to 900. Most lenders who offer discounted rates are looking for scores in the mid-600 to mid-700 range as this is considered to be comparable to getting a B or B + on a school report card. If your score is under 600, don't worry, there are several ways to help increase your score.
- Make your minimum credit payments by the due date - credit companies like to have their payments made on time and if a payment is not received within 30 days of the due date, the creditor will mark your credit as having a late payment. If the payment is not received for 60 days, the mark will show the payment as 2 months behind. This will significantly decrease your beacon score
- Always keep your account balances under the credit limit - If your credit card has a limit of $1000, keep your spending on that account well under $1000. By over-extending your limit and borrowing money you have not been approved for, your credit score will decrease. As a rule of thumb, try to keep you balance at 50% or less of your limit.
- Don't shop for credit - if you apply for several credit cards or loans in a short amount of time and allow each of the creditors to pull your credit, it will appear that you are credit shopping and your score may decrease. Be careful when agreeing to have your credit pulled! By working with a mortgage broker, we are able to pull your credit bureau only one time regardless of how many lenders we shop to. This prevents your credit score from being damaged.
If you have been through a bankruptcy, this does not mean that you will not be approved for a mortgage. We have several major lenders who will finance a home with discounted rates for a person who has been bankrupt. The lender may require that bankruptcy be discharged for at least 2 years and that credit has been re-established. If you have credit questions, we have credit answers. Our advice is free, so call us today to find out where you stand.
If you are over the age of 55, own your home and are house rich and cash flow poor, we have a solution for you! The CHIP Home Income Plan allows a person or couple who are both over 55 years old to access up to 50% of their home equity with no repayments required until the home is sold or both owners move out. There are no medicals, and no income or credit requirements. The funds are not taxable and can be received as a lump sum or over time. If you or someone you love is living month to month and is barely able to make ends meet but owns their own home, we have your answer to financial freedom!
SECOND MORTGAGES AND PRIVATE FINANCING
Sometimes chartered lenders are not able to assist us due to the limitations of their lending guidelines. In these cases we have access to several private lenders and second mortgage companies. These lenders can work quickly to get you the funds you need when you need them most. Private financing will usually require that the home be appraised and lender and broker fees will be applicable. We believe that it is important to have a plan so when we arrange a private mortgage, we always lay out an exit strategy ensuring the borrower has options down the road for other lending solutions.
An excellent way to diversify your financial portfolio is to hold investment real estate. By investing in a rental property or other revenue generating real estate, you can develop a positive cash flow and an appreciating asset. An excellent way to invest in real estate is to use the accumulated equity in your home as a down payment on an investment property. As a tax strategy, you can not only can you write off the interest on the funds you borrow for the down payment, you can also write off the mortgage on the investment property. If you are not sure about how to invest in real estate, give us a call. We are a team of experts in real estate investing and we practice what we preach.
We would love to hear from you and see how we can help