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.
Unless you have a couple hundred thousand dollars or more to spend, you can’t just plunk down cash and buy a home. Instead, you need to go through a process that takes you from getting loan approval to sitting down at the closing table. This can be overwhelming, but if you break the procedure down into steps and take your time, you can be a homeowner one day, living in your dream home! To help first-time buyers like you understand the many steps involved in purchasing your first home, Cody Rowe - Mortgage Broker has written down a Beginner’s Guide to buying a home.
Does consumer debt have you down about your hopes of buying your first home? When applying for a mortgage, your current expenses and debt will be considered before actually approving you for a mortgage. This is used to determine what you can afford and the level of risk that comes with lending to you. Having too much consumer debt during your pre-approval process can reduce the amount you qualify for, or in the worst case you may be declined for a mortgage entirely.
When buying a house, it is often believed that paying for the property is the only expense the buyer has to bear. However, that’s far from the truth. To complete the purchase of a property, there are several other costs that you need to shoulder, like legal fees, transfer tax, and closing costs. In addition to this, homeownership entails other expenses like renovations, repairs, maintenance, etc.
With our industry leading software, you can find out how much you would qualify for on your next home, within 60 seconds! Just answer the questions, and you will generate a pre-qualification certificate to let you know where you stand on your next home purchase. Additionally, when your ready to lock in a rate you can easily move on to the next step of completing your application online through the app or reach out to your mortgage also inside the app.
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.
Prior to my finance career, I spent several years in the hospitality industry as a service manager; which provided me the attributes needed to understand someone’s situation while creating and building a solution. I would then go on to opening my first business in the textiles industry, which enhanced my financial acumen and love for numbers. During this period as a clothing entrepreneur, I received help from a mortgage broker and was surprised by how valuable the position could be in providing creative solutions to someone’s home purchase and financial plan.
I’m Cody Rowe, a mortgage broker from Victoria, British Columbia. I specialize in working with first-time buyer purchases, those with bruised or poor credit, and alternative financing. I began operating as a broker four years ago but previously worked for Scotiabank as a Financial Advisor, and as a Supervising Agent in the insurance industry. My knowledge and expertise is based on experience in various roles within the financial industry and has allowed us to provide creative solutions for clients.
