What is Pre-Qualification?
In this video, learn all about Pre-Qualification. Mortgage pre-qualification is generally a quick, simple process. You provide a mortgage advisor your personal financial information, including your income, debt and assets. Based on your information, the advisor will give you a tentative assessment as to how much the lenders are willing to lend you towards a home purchase. This is step 1/3 of the mortgage approval process.
What is Pre-Approval?
In this video, learn all about Pre-Approval! If you are looking to purchase a new home, getting pre-approved for a mortgage is an important step in the Home-Buying process. A mortgage pre-approval often specifies a term, interest rate and principal amount. When you get pre-approved, it means that a lender has stated that you qualify for a mortgage loan based on the information you have provided, and subject to certain conditions. Getting pre-approved can give you a clearer picture of how much you may be able to afford when purchasing a home.
Credit Score Tips In Real Estate
Learn all about Credit Scores and what it means for you when you are looking at purchasing Real Estate. Learn about what a credit score is, how you can make sure you have the best credit score possible so you are set up for success when purchasing Real Estate, and a very common myth regarding your credit and having someone pull your credit.
How Much Down Payment Do You Need To Buy A Home?
In this video, learn about how much down payment you need to buy a home. It is possible to purchase a home with as little as 5% down payment if purchasing a home under $1,000,000. If you purchase a home over $1,000,000 you need to have at least 20% down payment of the purchase price to be able to purchase. If you do not have the funds yourself there are other ways to get down payment like getting a gift from a family member.
What is Bridge Financing?
In this video, learn all about Bridge Financing! If you are looking to purchase a new home, and need to sell your current home in order to purchase the new property then this video is for you! Sometimes, lining up the purchase of your NEW home with the sale of your CURRENT home can be challenging, fortunately enough there are Mortgage Products available that can help you with that!
What is a Fixed Rate Mortgage?
In this video, learn all about a Fixed Rate Mortgage! A fixed mortgage rate in Canada is a type of mortgage in which the interest rate remains the same for the entire term of the loan, typically ranging from six months to 10 years. This means that borrowers can expect their monthly mortgage payments to stay the same over the course of their loan, making it easier to plan and budget for their mortgage payments. Fixed mortgage rates are often preferred by borrowers who want the stability and predictability of knowing what their monthly mortgage payments will be.