The Blog

If you haven’t heard yet, there were some big changes to the way anyone with less than 20% down payment qualifies for mortgages as of October 17, 2016. The main change is that anyone who is getting a mortgage with default insurance will now have to qualify at a rate called a Benchmark rate, which is currently 4.64%. You would …

Part Time Or Variable Employment Hello there, With this blog I will be going into what the banks will allow and require in regards to someone being employed part time or with a variable income. Part time and variable income can be two very different items. Part time income could be casual work picking up as many hours as you …

Building Your Credit Score Hello there again! I will be focusing on what most banks want to see for credit when you are applying for a mortgage for this blog.In most cases the banks will want you to have two sources of credit established for two years or more. When I say credit sources, what I mean is at least …

Having trouble getting a mortgage? When you are first getting a mortgage, are a student or transitioning to a new job and you just don’t fit the banks guidelines to get a mortgage you may have need of a cosigner. There can be many reasons as to why you need a cosigner on a mortgage and with the way banks …

People always ask me, “Why use a mortgage broker, or why would I use a mortgage broker instead of my bank?” While, that is a great question and I will answer it with examples of situations where a broker will be more useful than others. A mortgage broker becomes more useful the more complicated your situation is. For example, if …

I wanted to write about buying rental properties as it is getting more difficult each year to buy them. This will focus on clients who have less than 4 or 5 rental properties To start, most banks will only allow you to own up to 4 or 5 rental properties plus your owner occupied property. Doesn’t matter if the properties …

I wanted to write about a scenario where you are either buying a second home or a home for a family member who can’t qualify. You may not know but you may purchase a second home either within your same city or outside of it depending on the circumstances. Your second home may also be a vacation property or a …

Getting preapproved for a mortgage is a great option to have before you go shopping for a home. This enables you to know the price range you should be approved at when you make an offer on a home. It will also prevent you from looking at properties out of your price range and getting excited for something that may …

At this particular point and time not all banks are being fair in their qualifying of clients. An example of this would be the following. I have had several clients with 700+ credit scores, more than enough income and down payment to qualify but have had several banks decline them on a risk basis. These clients worked in, or were …

I thought I would write an article based on how the banks view your income as it is getting tougher and tougher to get a mortgage and knowing how the banks view you now is a valuable tool! I will start with a regular 40 hour per week employee past their 3 month probationary period. The bank will view your …