Pre-Approval
Pre-approval is key. This process will provide you with a specific dollar amount that you can afford. Lenders and sellers will know you are serious about buying when it’s time to make an offer. And in hot real estate markets, a buyer may need to act fast; if the competing buyer has a pre-approval in hand and you don’t, they win.
Pre-approval is quick and relatively painless. Usually, you can get pre-approved within 24 hours with the necessary income verification and supporting paperwork on hand. It’s the right step in your home purchase process. Let’s get you pre-approved today. Contact your local Mortgage Alliance Professional and they’ll answer all your questions.
Thinking of Switching or Transferring Your Mortgage?
Is switching your mortgage a good idea?
You’ve heard about the switch mortgage and know that it means moving your mortgage to another lender but don’t quite understand the whole story.
The best way to tackle the switch mortgage subject is to answer some of the many questions we’ve had over the last little while. First off, when you get that renewal notice in the mail, do yourself a favor and don’t just sign it and accept the lender's interest rate and terms without giving us the opportunity to see if we can get you a better deal. Banks make some real good money with renewals when people just sign the renewal and send it back. Remember, there’s no cost or obligation to have us take a look. Knowing if switching or transferring your mortgage is the right thing to do starts with a conversation with your Right Broker, a Mortgage Alliance Professional.
Line Of Credit
The advantage of a line of credit over a regular loan is that interest is not usually charged on the part of the line of credit that is unused, and the interest rate is usually much more attractive than traditional credit card rates. The borrower can draw on the line of credit at any time that he or she needs to. And in some instances it’s a good idea to consolidate your debts with a line of credit or it can be used to help you achieve home improvement dreams or many other “wish-lists” you may have. Contact your local Mortgage Alliance Professional and they’ll be answer all your questions.
Private Mortgage
A private mortgage is a good way to get fast cash for just about any purpose. If you don’t qualify for a regular mortgage or don’t have time to wait the regular two to three weeks to get the money from a bank or trust company, private lenders can help.
Generally, private mortgages are offered by large, well-established companies that are in the business of lending money. The people who run these companies are sometimes ex-bankers or private citizens and have lots of experience in determining credit worthiness. They end up in private lending institutions because they realize that conventional banks turn away far too many people that are willing and able to pay back their loans. This may be the right path for you. Contact your local Mortgage Alliance Professional and they’ll be answer all your questions.
Commercial Mortgages
Commercial Mortgages fall into their own class of financial products. They are different because there is no standard methodology that all lenders use to underwrite them so they require a lot more expertise to successfully put together.
Lenders typically underwrite each commercial mortgage transaction according to the merits of the proposal and the financial strength of the borrower. Once the lender is satisfied with the risk in funding the commercial mortgage or project, they will then decide on the price. Contact the experts at Mortgage Alliance, Commercial Canada and they’ll be able to help you build your commercial projects.