New Mortgage Rules

New Mortgage Rules Changes “Stress Test”

Matthew Jackson Mortgage Tips

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 Mortgages

Matthew Jackson Mortgage Tips

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

Matthew Jackson Mortgage Tips

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 …

Getting a Mortgage with a Cosigner

Matthew Jackson Mortgage Tips

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 …

How Do Mortgage Brokers Fit You With A Lender?

Matthew Jackson Mortgage Tips

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 …

Buying A Rental Property

Buying A Rental Property

Matthew Jackson Mortgage Tips

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 …

Buying a Second Home

Buying a Second Home or Home for Family Member

Matthew Jackson Mortgage Tips

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 …

Mortgage Preapproval

Mortgage Preapproval

Matthew Jackson Mortgage Tips

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 …

Not All Lenders Are Equal

Not All Lenders Are Equal

Matthew Jackson Mortgage Tips

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 …

Employee income

Employee Income and How the Banks View It

Matthew Jackson Mortgage Tips

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 …