Private mortgages are expensive and are only something I will enter a client into if we have a very clear exit strategy and the benefits outweigh the risks. Typically a private mortgage will carry a 1-2% fee and be at a high interest rate. So what the 3 situations where we typically use private lending? My top reason is to use private lender for deposit money. Say you have your home listed for sale and then while you are waiting for a buyer you stumble upon the house of you

We did a market update for realtors. It is important that you know what is going on in the mortgage market so that you can best support your clients through this difficult time. You can check out the recording in the link below: Topic: Covid-19 & the Mortgage Market for Realtors Date: Apr 8, 2020 05:30 PM Eastern Time (US and Canada) Meeting Recording: https://us02web.zoom.us/rec/share/vfxTH6vopltLGK_s02eHd4UTNJXBT6a8hCIYq_AEz013oj5ZfR8IwkapcWpsYMLi

There are two types of mortgage charges: • A standard charge is where the amount of mortgage money you are requesting is secured to the title of your home. A standard charge mortgage will cost you less to break, is easy to add a secured or unsecured line of credit behind. A standard charge is simple to move to several lenders at renewal if there is a better mortgage option for you when you are shopping around. • A collateral charge is where multiple products or a higher m

In addition to traditional mortgage products, we are pleased to be able to offer qualified clients access to secured and unsecured lines of credit. Here is some information that explains the features of these products and the differences and benefits of each. A personal line of credit is a lending agreement between a financial institution and an individual that allows you to spend up to a certain amount. Unlike a regular loan, you don’t start paying interest charges until you

In the past couple weeks we have seen interest rates drop lower and lower that are being offered by the lenders on fixed rate mortgages. What a lot of my clients don't seem to realize is that variable & fixed rates are completely different from one another. Here is a little more about that.... Fixed Rates Fixed rate mortgages are being offered at lower rates over the last couple weeks. We have seen 5 year fixed rates go from 4.04 to 3.29 in a very short amount of time. T

Having a mortgage that is able to be transferred to another property (portable) or another person (assumable) allows you some flexibility should you plan or need to move during the term of the mortgage. If you sell your home before the term is over and you do not have either of these options then you will be required to pay the prepayment penalty outlined in your commitment from the lender. Portable allows you to transfer your current mortgage balance (at the existing rate

The 5 C’s of Borrowing are what a lender is looking for when they are deciding wether to let you borrow their money to purchase, renew or refinance your home. Here they are explained: CAPACITY - The lender looks at your income and debts to assess if you have the ability to repay the mortgage. They look at your income, employment history and stability. They want to know that you can afford the mortgage they are offering you. CAPITAL - The lender looks at your down paymen