Not sure which 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?
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.
As mortgage interest rates have hit an all time low and are probably going even lower, many people are thinking that refinancing your mortgage could be a smart move… but there are other options you should consider first.
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?
Second Mortgage Surrey BC
Funds to consolidate debt and complete renovations to client’s surrey condo. This was a previous client with a proven payment track record. Was able to provide financing to 65% of BC Assessment
2nd Mortgage Rate 7.95%
Total Mortgage $55,000
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.
