With interest rates being the highest they’ve been in over 10 years, along with the stress test reducing what buyers qualify for this has created a number of issues for buyers attempting to find an approval for their home purchase or homeowners to complete their refinancing.
For this reason, among many others alternative financing is becoming increasingly popular as people try to find creative ways to get the job done.
Alternative financing allows current and future homeowners access to bank programs otherwise unavailable through traditional forms of financing.
Simply put, these programs are very versatile and open the door of possibilities when you keep running into rejections from your traditional lender.
When it’s mortgage renewal time, many people just simply sign that renewal letter they will get in the mail from their lender. While there’s nothing wrong with that approach, mortgage renewal is a fantastic time to find a better deal, save money and take advantage of mortgage features and products that may be better suited for you.
Establishing a good credit score plays a vital role when it comes to qualifying for a mortgage. It is an important piece of your financial image and you need to fully understand how it works. However, the spread of misinformation about credit has concocted myths that could influence you to use your credit inappropriately and ultimately affect your credit score. Moreover, believing these misconceptions could lead you away from creating a healthy credit habit. To help you steer clear of these misconceptions, Cody Rowe - Mortgage Specialist, has debunked three of the most widely believed myths about credit.
A reverse mortgage is one of the most common retirement tools, and it allows you to use tax-free cash if you have to cover-up any unexpected expenses. Known as the safest egg nest for a retiree, you can also put it out for home repairs, bills, and travels. However, several reverse mortgage myths have been floating around, creating a sea of confusion about home equity among most retired homeowners. Believing these misconceptions could dissuade you from accessing this product as financial support. To help you understand and steer clear of some misconceptions surrounding this mortgage solution, Cody Rowe - Mortgage Specialist, has debunked some of the most widely believed myths about reverse mortgages.
After the whirlwind year of 2020, making your finances work for you is already top of mind for Canadians. Why not roll that into a brand-new resolution moving forward into 2021? Here are some ideas to make your finances work for YOU in the New Year:
Whether you’re buying your very first home, purchasing a vacation or investment property, or renewing or refinancing an existing mortgage, there are many considerations to make along the way.
And with the many changes we’ve experienced in mortgage qualification rules, it has never been more important to rely on the expertise of a licensed mortgage broker to guide you through the homebuying and financing processes.
