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 …

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 …

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 …

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 …

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 ...

First Time Home Buyers

Matthew Jackson Mortgage Tips

Here is some great information first time home buyers should take note of. If you are a first time home buyer this is going to be an alien and somewhat stressful process, so hopefully this sheds some light on the process and what to expect. Qualifying: If you are an employee what we will request is generally a job letter …

Kelowna Mortgage Broker

Mortgage Renewals

Matthew Jackson Mortgage Tips

Here is some information for when the time comes to renew your mortgage. When you choose a fixed or variable rate mortgage, you choose a term where you are guaranteed a certain discounted rate at the bank from 6 months to 10 years. Once that term is near completion, normally your bank will send you a letter stating your renewal ...

Self Employed Mortgages and Income

Matthew Jackson Mortgage Tips

Here is a good introduction and some information on self employed mortgages. As a Sole Proprietor the basic guideline the banks go off of would be a two year average of your line 150 income. What that means is your income after all of your write offs showing on your notice of assessment line 150. So if your gross income ...