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April 11, 2018

A mortgagor will be concerned about your status if you are unemployed because he will want to know how you are going to repay the loan.  The lender will conduct a financial review of the total income and expense of the household of the mortgagee to see whether the total income of the household is enough to make all the necessary payments required for a mo...

April 4, 2018

In some cases there may be a limit to the percentage of the down payment that can be gifted for your mortgage.  However, in most cases gifted money is acceptable but it has to be from a family member.

April 3, 2018

Your bank will tell you that they are the best choice for a mortgage because they want your business.  However they may have stricter conditions for qualifying for a mortgage than some lenders.  There are many lenders out there that may be able to offer you a better rate based on your particular needs or situation.  A mortgage broker has access to many le...

April 2, 2018

A fixed  rate means that your mortgage interest rate will remain the same regardless of changes in the economic conditions.  A variable rate, on the other hand , can be changed by the lender if the economic conditions have, or will change in the future.

If you think the rates are likely to drop in the future, it makes sense to take out a variable rate...

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2020 Rudy Lochan

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