Minimum Downpayment
Effective December 15th, 2024, the minimum down payment is changing to 5% for the first $500,000 of the purchase price, and 10% for the remainder …
Appraisals
Appraisals play an important role in the lending industry. They are used by lenders to help determine the lending value of a property, but they …
Downpayment Verification
In our previous blog post on the Mortgage Approval Process, we touched on the Compliance part of the approval. Downpayment verification, in particular, can be …
Mortgage Approval Process
The mortgage approval process has 5 fundamental stages: the collection of information, submission to the lender, appraisal, document review, and file complete. Each stage forms …
Owner Occupied and Rental Properties
With the many mortgage rule changes implemented over the last few years, financing has evolved resulting in lenders underwriting owner occupied and rental properties differently. …
Well Water
Thinking of purchasing a property serviced by well water? You can save yourself potential stress if you include a "subject to a satisfactory water potability …
Income Verification & Qualifying
There are a few key components that play a role in mortgage approvals: income, verification documents, level of down payment, and credit score. One of …
Commercial Financing
Commercial Financing Do you have a Commercial project that requires financing? Here are a few basic guidelines that you need to know… Examples of Property …
Rental Property Financing
The guidelines surrounding rental property financing have changed over the last few years. There are a few variables that play a role in determining which …
Paperwork! Enough Already!!
When you are applying for a mortgage, how organized you are with your paperwork plays a part in how smoothly the process will go, and …