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Most of the time, yes! Buying a home builds equity and wealth, while renting only pays someone else’s mortgage. You have the opportunity to sell your home in the future and make some money back.
We recommend getting pre-approved with a mortgage broker first. Then you can work with a realtor who knows your budget so you’re not looking at houses you can’t afford. You’ll know exactly how much you’re able to purchase.
Most lenders offer insured mortgages for both new and resale homes at 5% down, which means you pay a premium for mortgage default insurance. This is an added cost, but opens the door to homeownership sooner.
Refinancing involves taking out a new loan that replaces your current mortgage. Many use it to lower payments or pull out equity. The new loan pays off the old one, and you can change terms, amortization or even how much you owe. parturient nec.
You can renew within the last 4 months of your term (without penalty). Some lenders let you renew earlier (with a fee). This lets you shop around or renegotiate before penalties may apply.
Start by looking at your income, down payment, and debts. Also factor in property taxes and utility costs. Our team can help first-time buyers or investors calculate their affordability and determine how to get started.
The mortgage stress test is used to verify whether a borrower can afford the
mortgage if rates rise or if their income decreases. Borrowers have to be approved for the interest rate offered by their lender, plus 2%
Yes! Rental income from tenants living within your own residence can be used toward approval. Lenders usually allow a portion of that rent as extra income if it's documented with a lease.
Most lenders will accept down payment funds that are a gift from immediate relatives. You just need a gift letter stating it’s not a loan. It’s a popular way to help first-time buyers use family savings to get into a home.
Your monthly costs include mortgage payment, property taxes, insurance, utilities and upkeep (plus condo fees if any). We’ll help plan your budget so you know what to expect. Questions? Reach out anytime!
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Expect 2-6 weeks from application to closing. It depends on paperwork and lender workload. Pre-approval can be much faster (days), so starting early helps ensure you close on schedule.
A pre-approval tells you how much you can borrow and shows sellers you’re serious. It gives you a clear buying budget and reserves funds at a quoted rate for up to 120 days. You can then shop knowing exactly what you can afford.
A home appraisal ensures the property value supports the loan amount. Lenders require it to confirm the home’s worth and protect you from overpaying. If the value is low, they may adjust the loan.
Absolutely! We can help you find private loans, interest-only mortgages, or portfolio lending tailored to investors. We’ll review your portfolio and goals to create a custom financing plan for your investments.
A Home Equity Line of Credit (HELOC) allows you to borrow against your home equity. You borrow what you need and pay interest only on that amount. It’s great for renovations or emergencies since you tap funds only when needed.
Closing costs typically range from 1.5-4% of your loan amount. They include legal fees, title insurance, land transfer tax, and adjustments. For budgeting, plan for a few thousand dollars in addition to your down payment.
Fixed rates remain constant throughout the loan term, offering stability but less flexibility. Variable rates go up and down with the market, so payments can change. Both have pros and cons depending on your plans.
Life happens. Do not let past history dictate your future! We review each case individually: options like a higher down payment, co-signer or alternative loans may apply. Every credit situation is unique. Let's talk!
Yes! Self-employed borrowers can qualify. We typically need 1-2 years of tax returns or financial statements to verify income. It’s a bit more paperwork, but you can certainly secure a mortgage.
when you can lower your rate or get cash for a good reason. Common reasons: tapping home equity for renos, consolidating debt or switching amortization. Fees may apply. We’ll help you see if it’s worth it.
