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 …

Kelowna Mortgage Broker

Refinancing Your Property

Matthew Jackson Mortgage Tips

Currently lenders will allow you to refinance up to 80% of an appraised value of your home. You would still have to qualify with your income for the new mortgage amount and make sure there is enough to cover any related expenses. Also keep in mind if you are not done your current term with your lender that there may …

Kelowna Mortgage Broker

Bad Credit & Private Lending Mortgages

Matthew Jackson Mortgage Tips

There can be many reasons for having to get a private or B lender mortgage. Some of the main reasons are the following: Damaged or bad credit Past bankruptcy or consumer proposal No credit Thin Credit (Haven’t had credit for very long) Collections Etc There are many reasons a client or clients may need to get a higher priced mortgage …

Kelowna Mortgage Broker

Conventional Mortgage Types (20% or more Equity)

Matthew Jackson Mortgage Tips

I am going to go over an example of buying or refinancing a home with 20% or more in equity. Buying / Refinancing a home with 20% or more down payment allows you to choose several more options than if you did a lesser down payment. Here are the main differences: Amortization Lenders will allow you to choose a longer …

Kelowna Mortgage Broker

Getting A Mortgage While Having A Previous Bankruptcy

Matthew Jackson Mortgage Tips

Getting A Mortgage While Having A Previous Bankruptcy or consumer proposal can be very difficult. Some banks won’t even consider giving you a mortgage until the judgement drops off your credit bureau 7 to 8 years after you have been discharged. Luckily some lenders will provide you a mortgage under certain conditions. In most cases conventional lenders like TD want …

Kelowna Mortgage Broker

Home Equity Line of Credit

Matthew Jackson Mortgage Tips

Hey Everyone, This column I am going to go over the qualifications and process you would normally go through to get a Home Equity Line Of Credit. The first step is you either need to have 20% equity in your home already or have 20% down payment minimum when you are purchasing. This allows you to enter into a conventional ...