Perhaps you’ve finally gotten that down payment together and are excited to be searching for your first new home. Or maybe you are looking to trade up to a bigger place and need a larger mortgage to see you through to the dream house you are seeking. You might not have quite enough for a traditional 20%, 10% or even the 5% down payment, your credit might not be up to snuff, or you may be looking for a quick loan approval because the seller needs to be close the deal quickly. Whatever your situation is, there is a mortgage specialist in Calgary prepared to help you find your way through the mortgage maze.
Whether you are making the move to purchase your very first home or are in the market for your third or fourth real estate transaction, you can easily obtain a fast approved mortgage. Calgary mortgage brokers at iMortgage Solutions are ready to assist you with an approved mortgage. Calgary brokers are professional and have years of experience in obtaining speedy mortgage approvals and pre-approvals for homebuyers. The best loan rates, in addition to quick and accurate transactions, are available with iMortgage Solutions mortgage companies. Calgary is where you can find helpful, friendly real estate brokers like Steven Crews at www.MyMortgageBroker.com, ready to aid you in fulfilling your dream of owning a home. Even with a history of bad credit, mortgage Calgary brokers like Stephen Crews will help you qualify for that loan to purchase your own piece of real estate at last.
How To Buy A Home With Little or No Money Down!
Have you ever wondered how people with no money for a down payment get approved for a mortgage? Calgary mortgage brokers are adept at helping people who are in just this situation of desiring home ownership but not being able to save up for a huge down payment while paying exorbitant monthly rents. Steven Crews at MyMortgageBroker.com can lead the way for you towards home ownership without having already socked away thousands and thousands of dollars for that initial down payment. There are specialized government programs available that you might qualify for and Steven can show you how to obtain a mortgage even with zero money down! After all, Steven has 10 years of experience behind him, working for a major Canadian bank and he knows all of the ‘ins and outs’ of home loans and mortgage programs.
Obtain The Best Mortgage Rate With The Right Broker’s Help
It’s not easy to sort through the many types of mortgage lenders out there. Their loan rates can fluctuate wildly depending upon the lender and the time you actually close on your home. This is why it’s so important to have your own personal mortgage broker working for you and looking out for your best interests. Your broker will seek out the best mortgage rate and program for your financial needs. And right now is a great time to be looking for a mortgage loan. The mortgage rates in the United States are at historical lows, with the current 30-year fixed rate hitting near 4% according to CNN Money. And very recently the home loan rates in Canada fell below 2% on variable rate mortgages. If there has ever been a fantastic time to finance a new home, that time is now! No one knows if there will ever be mortgage rates as low as this again in the near future. Your personal real estate broker will guide you towards the best loan program for you, at the lowest rate possible. If that low rate is being offered at the bank you currently use, our broker will let you know.
What If You Don’t Qualify For A Mortgage?
If you don’t qualify for a mortgage right now, don’t worry too much about it just yet. It may take a little bit of time, but there are plans that can be put into place to ensure that you will eventually qualify for that loan. It may take a few months of planning, but your goal will be reached with patience and forethought. Your broker will let you in on the steps you can take to repair your credit history.
What Is The Difference Between a Loan Pre-Qualification and a Loan Pre-Approval?
If you receive a pre-qualification letter from a lending institution, please be aware that this is not the same as being guaranteed a loan. It is, however, a good place to begin your loan discussions with your broker. Getting pre-qualified for a loan lets you know about how much house you can afford to purchase based upon your salary and your credit history. This all has to be validated before you will be approved for the actual loan. Being qualified means that according to your income, savings and credit history, you can be considered for a loan approval.
In order to be pre-approved for a loan, you must go through a process of filling out forms and giving forth information that will ultimately provide you with an approval for a certain amount of money a lender will supply for the purchase of your home. Even if you believe that you can afford to pay X amount of money every month on a mortgage, the lender will be the one to determine how much they believe you can afford to spend and comfortably pay back the loan. This monthly amount might be more than you think you can afford, or it may be much less. Each lender has different methods of coming to their conclusions for pre-approvals.
The good thing about getting pre-approved for a mortgage loan is that you then know exactly how much of a loan you will be able to get. This then, together with your down payment (if you have saved one up), informs you as to how much you can afford to pay for your new home. For example, let’s say you have $100,000 saved for a down payment and are looking at $900,000 homes. You then find that you are pre-approved for only a $400,000 loan. Well, with that $400,000 loan and your $100,000 saved, you’ll know that you should be looking for homes in the $500,000 range. A disappointment, yes, but at least you’ll know where you stand once you are pre-approved.
What If You’re Happy In Your Current Home, But Want To Pay Lower Mortgage Rates?
Perhaps you don’t want to move out of your home, but you’re sick of paying the mortgage rates you signed on for some years ago that were 5, 6, or even 7% or more. You want to take advantage of and lock in the current low rates being floated that may never be seen again for years to come. If so, then it’s time for you to refinance your home.
Why have high interest debt when you can refinance your home now and take advantage of current lower rates? Even if there are closing costs involved, you will recoup them after just a couple of years and then enjoy many, many years of lower monthly payments.
Home Equity Loans: Do You Need Money To Pay Off High Interest Credit Card or Other Debts?
If you have equity in your current home and are paying off high interest credit card debt, maybe it’s time that you use that equity and pay off those inflated debts now. Or perhaps you’ve taken out a loan that has a high interest rate to help pay your children’s college loans or for any other reason. It makes financial sense to take advantage of current low mortgage rates and obtain a home equity loan to pay down those debts that can drag down your financial future.
Maybe you’ve always dreamed of adding onto your home. You’d love to have a swimming pool, an extra bedroom, or renovate your kitchen or bathroom. Cashing in on your equity with a new loan would give you the money you need to make these dreams come alive. These renovations will also increase the value of your home when you ultimately decide to sell it in the future.
If you’d like some extra money to do other things, such as buy a new car or go on a long-awaited vacation, your Calgary mortgage broker can steer you towards the right equity loan for you. You have equity in your current home if the difference between what your home is worth and how much you owe on it leaves you with some money. This money is the equity amount. Let’s say you purchased your home ten years ago for $300,000 and you took out a mortgage for $200,000. Perhaps your home is worth $500,000 on today’s market. That would leave you with nearly $300,000 in equity that you may be able to borrow. Keep in mind that you can only borrow up to 85% of your home’s value when refinancing.
There is also something called a home equity debt consolidation loan, where you can borrow all of the money you need to pay off certain debts in one tidy monthly sum that will be lower than it is now due to the lower interest rates. This can include a car loan, credit card debt and other monthly bills that will all be rolled into one payment every month. A home equity loan in Calgary will free you from the burden of large monthly bills. All of your loan payments will be consolidated into one lower interest loan, freeing you up to achieve more financial freedom. The repayment options can be quite flexible with home equity debt consolidation loans, and the payments can be combined with your mortgage payment, making just one payment possible every month. This will make budgeting your home finances much easier and lead you down the path to saving money towards your goals of being debt-free.
Pluses and Minuses of a Debt Consolidation Loan
Acquiring a debt consolidation loan does have its potential pluses and real disadvantages, however. Once your credit card, auto loans and other debts are finally paid off, you must have the willpower to stop borrowing money by using credit cards again. Also, the debt consolidation loan is money you can spend however you like. You must not be tempted to spend this loan on anything other than paying down your debt! Keep in mind that you are borrowing on the equity of your home and, thus, you are losing this equity until this loan is paid off. Finally, there are upfront fees associated with this type of loan. Legal fees, home appraisal fees, title insurance and more can run your upfront fees to over $1,000 or more. If you do not have the funds for this, sometimes the fees can be incorporated into the loan itself.
The good thing about consolidating your debts with this type of loan include a much lower interest rate overall with flexible repayment options available to you. You may be better able to manage the one monthly payment for all of your debt, making life a little easier. You can be approved for and receive your consolidation loan in as little as two weeks’ time. You can borrow up to 85% of the value of your home! When you make your payments on time with this loan, your credit score will improve (especially if it’s been dragged down because of your inability to have kept up with those higher-interest loan payments you’ve just consolidated). If you really need a loan, this may be the only way to secure one, especially if your credit score is low. Using your home’s equity comes in very handy at a time like that.
Own Your Home By Paying Off Your Mortgage
It would be fantastic if you could make that last mortgage payment and know what it feels like to own your home at last, free and clear. A Verico Mortgage Advisor can show you how you can accomplish this goal sooner than you may have thought possible! There are a few vehicles that can be used to accomplish a quicker route to true home ownership.
Contact Your Calgary Broker Today
Whether you are in the market for a new home mortgage, a refinance, a debt consolidation loan or a home equity loan, the professionals at MyMortgageBroker.com are here to help you. We can obtain the best loan rates for you while you sit back and let us do the work that we do best.
If you’re looking for a loan with no down payment, we are here to guide you through that maze of zero down payment loan options. If you need to improve your credit rating before you can be pre-approved for a loan, we will provide you with the steps you need to take in order to become approved.
When it comes to home lending, the experts at MyMortgageBrokers.com can educate you on fixed versus variable rate mortgages, how to compare home equity loan offers, and what a home equity line of credit (HELOC) is compared to a Home Equity Loan. They’re not the same animal at all, though they sound very similar!
Don’t hesitate to contact Steven Crews, your mortgage professional, by phone at 403-870-2669 or go to www.MyMortgageBrokers.com today for all of your mortgage questions and solutions