buyer information seller information closing financing: Mortgage pre-payment- How does it work? - 10/07/11 05:21 PM
TIP…..most mortgages have prepayment options and with a little planning a homeowner can use the prepayment to reduce their mortgage penalty when selling..
· An early payout penalty can be very costly (it’s the greater of a 3 month interest penalty or the Interest Rate Differential IRD); but there is a way to help our clients save money on this penalty.
· If porting or assumption aren’t options, the homeowner can save by ensuring they have a principal prepayment applied on closing day.
· Policies vary by lender but in most cases, the payout date and regular mortgage payment date must match.
· The lender … (0 comments)
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buyer information seller information closing financing: Summer Break! The real estate slowdown... - 06/30/11 02:58 PM
Despite the fact that many buyers take a small pause in their search during the summer months, this is a very good time to arrange for a mortgage preapproval or refresh an expired rate hold.
Rates continue to be very low and a 120 day hold arranged today won’t expire until the end of October. If you have any unique financing situations, either due to the type of property or borrower’s financial history; please let me know. I work with many different lenders and they will assist in finding you a solution! Recently….
· Business for self client purchasing an investment property … (1 comments)
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buyer information seller information closing financing: Understanding Bridge Loans - 06/30/11 08:25 AM
Many homeowners who are buying a new property and selling their existing home want a few days or weeks between the closing days. In most cases, they will require bridge financing. Here's how bridge financing works:
· The lender who is providing the mortgage financing for the new purchase will also provide the bridge financing
· The lender will require a firm sale otherwise they will not bridge the financing
· Most lenders prefer bridge loans to be for a period of under 30 days
· Fees vary by lender: some do not charge a processing fee, others can charge up … (0 comments)
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buyer information seller information closing financing: Canadian important mortgage changes and dates for new guidelines - 02/03/11 03:36 PM
A few weeks ago, theCanadian federal government announced changes in mortgage lending guidelines. These changes are mandatory for CMHC insured mortgages; however, individual banks and mortgage lenders have not announced their policies regarding conventional mortgages. We are waiting to hear whether a 35 year amortization is available on conventional mortgages & whether lenders are changing their Home Equity Line of Credit (HELoC) parameters. Also, although we often refer to insured mortgages as a CMHC mortgage, there are 2 other mortgage insurers available to lenders - neither Genworth Financial nor Canada Guaranty have issued statements regarding policy changes.
Important dates for new … (0 comments)
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buyer information seller information closing financing: Timing Toronto's Real Estate Market - When is a good time? - 01/26/11 01:37 PM
"I am thinking of buying, but I think I am going to wait till the market cools a bit..."
Your decision of buying and selling is a personal decision. In a perfect world, one would want to buy when it's low, sell when it's high, rent and upgrade while the market corrects itself. We try to keep up with every forecast on the market. However, forecast of future trends can always change...just like the weather. It's not possible to time the market, and will only make a complex decision of buying/selling real estate even more complex. If you bought a home … (1 comments)
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