Straight Up: Mortgage Talk
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But to many, a home purchase requires borrowing a large amount of money, and therefore acquiring a large debt that most have never experienced. It is this debt that the following pages will help to explain. Straight Talk Download. When applying for a mortgage, it is important to have all the necessary documents prepared in advance.
When a lender has many applications to process, it is easy to understand that those that are the most complete will get attention first.
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To ensure your application is looked at promptly, try to obtain as many of the following as possible. It should confirm annual income, position, length of time on the job and be on company letter head. Take along a copy of all certificates, statements or bank books. Eliminate any concerns a lender may have regarding the source of your down payment. Proper documentation now will prevent questions later. This is a written contract that shows the price, terms and conditions under which a buyer agrees to purchase a property from a vendor.
It will be signed by both the purchaser and vendor and witnessed by a third party. If it is a private purchase, the lender will require both vendor and purchaser to have separate lawyers. If it is a purchase listed through the MLS system, an offer to purchase written up by a licensed real estate agent is acceptable. If you have not yet purchased a home, an offer is not required to get your mortgage pre-approved. This provides a lender with a brief description of the property to be mortgaged. If you have not yet purchased a home, have an idea of purchase price, property taxes, and condo fees if applicable, on the type of home you would be interested in.
Put together a list of assets and existing debts that you may currently have. Regardless of how much or how little, a lender needs this information to determine how much mortgage you would qualify for. The more accurate this information, the quicker and more complete the application process will be. The longer the amortization, the smaller the monthly mortgage payment. A commonly used amortization period is 25 years or less.
The insurance premium is paid by the borrower and can cost up to 3. This premium is added to the mortgage being borrowed. At this time the lawyers will transfer funds from the purchaser to the vendor and title of the home to the buyer. Also known as the Possession Date. If a survey is not available, the lenders will insist on title insurance being arranged on your behalf. Terms are commonly from 6 months to 5 years, though longer terms may also be available. After the term expires, you can either repay the balance owing or re-negotiate the mortgage at current rates and conditions with the lender.
A collateral mortgage cannot be assigned, therefore at this time a collateral mortgage cannot be transferred to another lender on maturity without cost. Therefore, on maturity, eliminating your ability to shop around for a better rate. If possible, avoid collateral mortgages. Most institutions offer a pre-approved mortgage that tells you in advance the amount of mortgage you are approved to borrow.
This calculation is based on your income, down payment, and any debts you currently have. It can also hold a current mortgage rate for up to days while you look for a home. If your credit bureau has a Beacon Score of under , lower ratios may apply. Therefore, if your rate is 3. In summary, remember that more important than qualifying within the guidelines of an institution, is your sense of comfort with the monthly payments. Do a detailed family budget to ensure what you want to pay, and with that we can confirm if it is inline with what the system allows. The final step in qualifying is to look at what other debts you have.
It does warrant concern, because a difference in rate directly affects your monthly mortgage payment. But rate is not everything!
Straight Up Mortgage Talk
Two institutions may have the same rate for a specific term, and yet the privileges offered may be quite different. Ensure that any mortgage you take has good prepayment, is portable and increasable, and offers bridge financing. A mortgage should be portable, meaning you can take the existing mortgage with you to a new property being purchased. The new home must be acceptable to your institution. An institution should allow the purchaser of your home to assume the existing mortgage.
He must qualify though, as you did. If you discharge an existing mortgage during the term, the penalty can be substantial. A mortgage should always be increasable, meaning that during the term of your mortgage you can increase the amount of the loan for a specific purpose. An example would be borrowing money to build an addition consolidate debt etc.
Most mortgages, unless specified otherwise, are closed. A closed term means that the mortgage cannot be paid off prior to maturity. So to make long term mortgages attractive, most institutions allow some form of prepayment option. These privileges can vary from one lender to the next.
All institutions should give the borrower an option of paying their mortgage monthly, weekly, or bi-weekly. How your salary is paid may dictate to you which is more convenient, however paying your mortgage on an accelerated weekly or bi-weekly i. Ask how this can benefit you.
Straight talk about independent mortgage bankers
When arranging a mortgage there are legal and disbursement costs i. It pays to be just as careful when choosing a home loan. The idea is to:. You can get a mortgage directly from a bank or through a mortgage broker. Both have their advantages and disadvantages.
Straight Up: Mortgage Talk - Tim Harrison, Elizabeth Alvarez - Google книги
These lenders usually only accept applications through mortgage brokers. Here are some questions for lenders to have on hand when meeting with a bank. How much you can borrow depends on what you can afford to repay on your current income, and how much a lender will lend against the value of the property you want to buy. Not sure how to calculate mortgage repayments?
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Try our new mortgage repayment calculator. There are many types of mortgage, each with its own interest rate, fees and degree of flexibility. All these things affect how much the loan costs and when it will be paid off. Once our mortgage is in place, there are steps we can take to make sure it keeps working for us. Read more. Sometimes you need to experiment to see how things work. We were headed for the chip shop the second night in a row. I could see it coming. The kids were keen. What if you could pay off your mortgage sooner than planned? Revolving mortgages are a valid option here in New Zealand - use them the right way and you could It's easy to find details on using KiwiSaver for a first home, but they don't really say whether it's a good idea or not.
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