FAQ
FAQ
Frequently Asked Questions
Things to know before you get home for first time ?
- Downpayment
- Beacon Score (Credit Score)
- Income
- Employement
Fixed vs Variable rate ?
Fixed Rate mortgage has a fixed payment for your entire term but variable rate fluctuates based on index rates, so variable payments are not fixed.
Insured vs Uninsured Mortgages ?
Insured Mortgages are those which downpayment is less than 20% which requires Mortgage, also called default insurance.Whereas uninsured mortgage are those inwhich downpayment is at least 20% or more and you do not require an insurance.
Reasons to refinance your mortgage ?
Reasons for refinancing your property after refinancing the mortgage is based on equity in your home that one can use that money towards :-
– Debt consolidation
-For investment purposes.
-For renovations etc.
Refinancing is also done for getting a better rate.
Are you eligible for mortgage with bad credit score?
Yes, you can get a mortgage with even bad credit score.We have access to exclusive lenders who provide Bad credit mortgage.We will also help in improving credit score.
What is the difference between open mortgages and closed mortgages?
Open mortgages means that you can pay off the mortgage amount anytime without penalty.Whereas closed mortgage cannot be paid anytime during the term.But only with prepayment options of certain percentage limit annually.
What Is Pre-approval Mortgage?
Pre approval mortgage will give you idea for affordability and they are valid from 60 to 120 days depending upon lender to lender.
Should i hire Mortgage Broker?
Yes , a mortgage broker will help you in finding best lender and will make the mortgage process smoother. Mortgage broker will give you several options and based on that one can make a sound decision and also he will be able to negotiate a lower mortgage rate and easier terms.
Mistakes to avoid while getting a mortgage?
- Don’t apply for new loans or do new purchases which counts as liabilities.
- Don’t quit job or change employers.
- Don’t miss on your payments or increase the use of credit card full limit.
- Don’t switch to new financial institutions as it will show unstable history.
Can I Ask You for Advice?
Yes , you can contact us and get free consultation for your mortgage inquiry.
- +1 647-273-0758
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