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Posted by: Livian Smith
DLC BLOG
Construction Mortgages
In case you didn’t know, construction mortgages are available through mortgage brokers! Even though the options for lenders are slim, it can still be accomplished.
Unlike regular purchase mortgages where the funds are released on closing, the funds for construction mortgages are released in stages. With typically 15-month construction periods, here are the following advances:
Posted by: Livian Smith
DLC BLOG
It’s all about the property
With all of the rule changes imposed by the federal and provincial governments around mortgage financing and real estate it may be more difficult to access financing. But don’t take it personally – sometimes it’s not you it’s the property.
When lenders underwrite your application for approval they look at you as a borrower but they also evaluate the property.
Posted by: Livian Smith
DLC BLOG
What is the difference between a Mortgage Broker and a Mortgage Specialist
With the importance of real estate in Canada, it is vital to understand how the various professionals in the sector operate when buying a home.
Sooooooo… what is the difference between a Mortgage Specialist & a Mortgage Broker? At the surface they sound the same
• They both arrange mortgages
• They both can offer advice and help you select a mortgage, right?
WRONG!!! There are many differences… Let’s check some of them out!
Posted by: Livian Smith
DLC BLOG
All About Pre-Approvals
Are you in the market for a new home? That’s great – but if you’re not already pre-approved from your mortgage broker, be sure to read on.
Pre-approvals are very important for two reasons.
They give you confidence in knowing that a specific amount of financing is available for you.
A pre-approval can put you in a positive negotiating position against other home buyers who aren’t pre-approved.
Not all pre-approvals are the same, though. There are essentially three different kinds.
Posted by: Livian Smith
DLC BLOG
Mortgage Protection Plan
Insurance coverage is something that everyone is “pitched” at some point or another in their life. Unfortunately, a lot of us have a negative attitude towards insurance or warranty as it is perceived as being a cash grab.
Yes, if you are purchasing a flat screen T.V., that extra 2-year warranty for $100 might be a little excessive. However, when it comes to covering monthly mortgage payments or the outstanding balance of your mortgage upon death or injury, yes, it is important to have.