Not sure which mortgage is right for you?
“Can I get a home equity loan with a 500 credit score?” is one of the questions many homeowners are wondering nowadays.
Any one of us who has previously applied for a bank loan or mortgage knows, having a higher credit score matters.
A bridge mortgage is a fast and flexible financial method you can use to speed up the purchase of a new property by tapping into the equity of your current home. Learn if this type of mortgage is right for you.
If you’re one of the many homeowners that got hit hard by the COVID-19 pandemic and are now worrying about the loss of your property, this post is for you!
The increased demand for loans and mortgages for landlords has clearly signaled that among the ones mostly affected by the pandemic, property owners are occupying a leading position.
But obtaining a loan during COVID-19 will be more difficult than what borrowers were accustomed to in the past years.
Why is this?
If you are a home owner in British Columbia and you have fallen behind on payments or your bank will not renew due to previous payment history here is some options you can consider.
In light of recent economic troubles across Canada, most of the “big banks” have imposed very strict lending requirements which ask for an almost perfect credit and a stable source of income. If you don’t fit into these categories, most probably your loan application will be turned down.
What can you do if you’re in this situation? Is there any hope left? Will you still be able to get the loan you need? Absolutely. And we’ll tell you how.
If you’re wondering how to get pre-approved for a home loan, you’re in luck, because it’s a pretty simple process. On the other hand, determining what type of home loan you are trying to get approved for takes some expertise. First, we must first figure out what type of lender will you qualify under. Most applications for a home loan start with a bank or credit union, but what if your application doesn’t fit under these strict guidelines?
One of my favorite challenges being a mortgage broker is to work alongside a client who has already been told no. Either by their banks or another mortgage specialist. A file that comes to mind is a client that resides in Surrey who was informed by his primary bank that because he was 7 months out of a Consumer Proposal, they would not be able to support him with any type of mortgage products.
Using client’s home equity, we were able to lower clients previous interest rate and obtain them additional money to pay down debts. Clients still have a low credit score but good income. Debt consolidation should assist in improving credit score and will try to obtain conventional mortgage financing in 2019.
New Appraisal Clause # 17 & #18 added to appraisals. Appraisal Institute of Canada (AIC) in January 2018 requires appraisers to add these two clauses to reports or their E & O insurance will not cover them. All B-Lenders & Private Lenders can no longer rely on the report unless B-20 legislation has been applied to lending.
