Mortgage Insurance: What It Is and Why You May Need It

Mortgage Insurance: What it is and why you may need it Mortgage insurance is a type of insurance that protects the lender in case you default on your mortgage payments. You only need mortgage insurance when you are putting down less than 20% for your down payment. These types of loans are called High Ratios […]

Your Downpayment

Down Payments and their sources Every real estate purchase you make will require a down payment. The main purpose of the down payment is to show your intent to buy your new home. Even better if you can prove you have saved for it over time. Lenders like to see you save for the down […]

The 3 Types of Insurance With Your Mortgage

The 3 Types of Insurance with your mortgage Mortgages require 3 types of insurance, each has its own purpose. Depending on your down payment amount you may need all three. If you have a conventional mortgage you will not need the first type of insurance. If your down payment is less than 20% you will […]

Debt Servicing: Can You Afford Your New Home?

Debt Servicing: Can you afford your new home? Once you have proven your income source you now must prove your ability to make your future mortgage payments. To do this the lender will want to know all your current debts, car loans, lines of credit, and credit cards. All consumer debts will be used in […]

Your Income and Employment

Your Income and Employment With any loan or mortgage, a critical factor is how you will pay it back. Your income history is important to a mortgage lender. In this chapter I will cover the two types of income the banks want to see with everyone that is applying for a mortgage. Employment Income: This […]

Your Credit Score

Your Credit Score Your credit score follows you silently throughout your whole life. It is used by all lenders and credit grantors and is recorded and monitored by private agencies worldwide. We are all rated using a variety of methods and this is then shared with legitimate lenders and credit granting companies. We all have […]

The 5 C’s of Credit

Written by: Daryl Marsden The 5 C’s of Credit When it’s time to borrow we all go through a nervous period. Even those with perfect credit will break a sweat when applying for credit. They may put on a look of confidence but everyone has a little fear about the outcome of requesting credit. Lenders […]