Articles Tagged: mortgage
If you have a portable mortgage and you move, do you need to pay another down payment on the next place?
Yes, you do 🙂 A lender is not able to finance any more than 95% of the value of a primary residence purchase. Even if the amount of the mortgage you are porting is equal to, or greater than the purchase price of the house you are buying, you’d need to pay that mortgage down […]
What is a bridge loan? (aka bridge financing)
Imagine you are selling your house and you’ve bought a new place to live. You’ve made a nice profit on the sale of your house (WOOT!!) and you’re using that money to help purchase your new home. You want to move in to your new house before you have to move out of your old […]
What can I do to improve my credit?
Internet high five for looking for ways to improve your credit! Here are a few basic tips to help you on your way 🙂 make sure all payments are made on or before the due date. If your minimum payment on a credit card is only $50 and it’s due on the 1st, but you […]
How long will it take to get an approval once I’ve made an offer on a house?
How exciting!! You’ve found a house and you’re making an offer – what a thrilling time!! When you make an offer on a property, your realtor will typically write up the offer so that you have time to get your mortgage financing finalized. Even if you’ve done as much as possible up front (ie. provided […]
Why do I qualify for less if I am taking a variable rate?
When lenders qualify you for a mortgage, they look at a number of things. They’ll check your credit, income, assets and they’ll take the property you are buying in to consideration as well. When they determine how much you qualify for, they will look at your debt ratios. In simple terms, your debt ratio is […]
Why do I qualify for less if I am taking a term shorter than 5 years?
When lenders qualify you for a mortgage, they look at a number of things. They’ll check your credit, income, assets and they’ll take the property you are buying in to consideration as well. When they determine how much you qualify for, they will look at your debt ratios. In simple terms, your debt ratio is […]