Remember the Carlsberg ads from a few years ago, which said “You and the bank own a lovely house together…?” If you have visions of old Mr. Potter from It’s a Wonderful Life in your head when you think about applying for a mortgage, we can help answer some of your questions about mortgages and put you in the home owning game.
A mortgagee (the financial institution) finances the purchase of property by securing a mortgage. This involves the temporary transfer of the property’s title to a mortgagor (you) as security for the amount borrowed.
Issues relating to mortgages can be confusing sometimes. For example:
- You can actually qualify for a mortgage before you buy a house
- Successful refinancing of an exisiting mortgage at lower rates (which sounds good at first… who doesn’t want a lower rate?) may involve elements such as time penalties as restrictions
- Second mortgages can often be arranged at rates as low as first mortgages and can be even more flexible
- Foreclosures or power-of-sale are not automatic — they can be stopped.
Lynn understands these issues and is able to give you the advice you need for your unique situation. And because Lynn is an independent broker, she has no affiliations to one particular bank or institution, and is able to get you the best deal.
She can answer all questions, such as:
- What are current interest rates and how do I get the best one?
- How big a mortgage payment can I afford and what do my payments cover?
- When is the best time to secure a mortgage?
- Do job stability, credit history and income affect my ability to get a mortgage?
- Can I get a mortgage without putting anything down?
- How do I secure a second mortgage?
- How do I renegotiate my existing mortgage?
- What is bridge financing and when do I need it?
- Do I need mortgage insurance?
- What is the difference between open and closed mortgages?
- Do I need a lawyer to get a mortgage?
Lynn has all the answers and more. Call her at 905.432-0159 or email firstname.lastname@example.org to get the whole picture about mortgages and financing.