In the ever-evolving landscape of real estate financing, an often-overlooked option presents a unique opportunity for both buyers and sellers: the ass...
Read More
In the complex landscape of real estate financing, an assumable mortgage represents a unique and often overlooked transaction that can benefit both ho...
Read More
In today’s dynamic real estate landscape, both buyers and sellers are seeking creative strategies to navigate interest rate fluctuations. One such p...
Read More
In the creative world of real estate investing, two strategies often cause confusion for both buyers and sellers: assuming a loan and buying a propert...
Read More
The decision between a 15-year and a 30-year mortgage is one of the most significant financial choices a homebuyer can make, setting the trajectory fo...
Read More
The choice between a 15-year and a 30-year mortgage is one of the most significant financial decisions a homebuyer or refinancer will make. This decis...
Read MoreWhen inflation rises, central banks often raise interest rates to combat it. If you have a fixed-rate mortgage, your rate and payment are locked in and will not increase, even if new mortgage rates soar. You are effectively shielded from the impact of rising interest rates in the broader economy.
Stay proactive and accessible. Check your email and phone regularly for updates from your loan team. Avoid making any major financial changes, such as applying for new credit, making large purchases, or changing jobs, as this could create new conditions or jeopardize your approval.
A key advantage of using a Broker is that they can pivot quickly. If one lender declines your application, your Broker can analyse the reasons for the decline and immediately approach other lenders on their panel whose criteria may be a better fit for your situation, without you having to start the process from scratch.
You’ll typically need: recent pay stubs (last 30 days), W-2 forms from the past two years, federal tax returns from the past two years, bank and investment account statements (last 2-3 months), proof of any additional income, and a government-issued photo ID.
A float-down option is a feature you can sometimes add to your rate lock for an additional cost. It allows you to “float” your rate down to a lower level one time if market interest rates decrease significantly during your lock period. This provides protection against rate rises with a chance to benefit from a drop.
