Buyer Protection Plan with Vancouver Mortgage Broker Mark Fidgett, Best Rates
http://www.notapennydown.com . Mark Fidgett, a mortgage broker in Vancouver BC Canada, explains ALL the benefits of the Buyer Protection Plan. Imagine Buying a home in Vancouver, BC and being protected with a Price Guarantee, Wow
Duration : 0:2:42
Advantages to Choosing 30 Year Fixed Rate Mortgage Loans
Is a 30 year fixed rate mortgage loan right for you? What is the advantage of a 30 year fixed rate mortgage? 30 year fixed rate mortgages offer security even if you plan to sell or refinance your home after a few years. Watch this Expert Real Estate Tips segment and learn all the advantages of a 30 year fixed rate mortgage loan.
Duration : 0:1:15
California Down Payment Assistance 99.5% loan
California Down Payment Assistance Programs for November 2010. This is a 3% grant for down payment or closing costs. That never has to be paid back. This is FREE money. No Payments, NO liens, NO seconds. 99.5% home loan. 1/2% down payment. Get yours today!!
Duration : 0:1:32
Stated Income Bad Credit Mortgage Loans Coming Back?
http://www.rmilending.com Rich Iacovetta & RMI Lending. No income, No Asset, No Equity, Bad Credit loans coming back? Say it isn’t so! Enjoy this week’s Facebook Friday show, and check out our fan page at http://www.facebook.com/fbfriday
Duration : 0:3:35
Bad Credit Mortgage Boon Or Bane?
Gone are the days when your bad credit history or your unfettered debts could block your chances of obtaining a mortgage loan. Dont worry about your bad credit history impeding your application to a bank or other financial institutions or even private lenders from granting you a mortgage loan. Due to the severe competition, there are many lenders and even banks willing to happily finance you in spite of your poor financial past through what is called bad credit mortgage. You can go on line and view the many options available and select a lender who offers the features you are looking for. The better way, however would be to select a specialist broker in this sphere and move the matters through him as he would have the connections and wherewithal to quickly process and get your loan sanctioned. Bad credit mortgages and regular mortgages differ only on the grounds that the former services people with a suspect credit history resulting from non repayment of loan installments in the past, court cases and even bankruptcy and the latter services the people with good or normal credit rating. Many lenders are queuing up to offer excellent terms to borrowers with less than perfect credit. People get bad credit for a variety of reasons, some due to their undisciplined approach to matters of finance, some due to unemployment or other unforeseen financial hardship such as a medical illness, but, even with bad credit, it is still possible for someone who is employed to get a bad credit mortgage loan. Many self employed people who cannot produce several years of tax returns showing income earned will have a more difficult time getting financing. Not so long ago, bad credit mortgage borrowers were obliged to pay a pre-payment penalty which meant that during the first six months to three years, they had to service a heavier than normal interest rate which would slowly taper down. Lenders sometimes insist on heavier installment in the first few months or years. Over a period, because of the longer period for servicing of the loan and the repayment also being less, the borrower gains the opportunity to pay his loan installments in time and build up the credit rating so that he can revert to normal interest and regain his good credit rating.
Duration : 0:2:29
Need a Down Payment to Buy a New Home? Here are Some Ideas. (Mortgage Broker)
http://MortgageInVancouver.com
The biggest barrier to entry for most anxious first time home buyers is the down payment. Coming up with a chunk of cash all at once that you are comfortable saying good bye to for a while.
What many do not know or have a misconception of is that there are other ways to get a down payment other than your savings or chequings account.
So what are they? What other possible sources can you use to get your down payment?
Lets start from the top and I will list them in the order that banks favor the most to least as where the funds come from and how much your down payment is has a huge effect on what your are worth to a mortgage lender and whether they will even qualify you for a mortgage loan.
1. Top of the list, of course is your savings. If you have the discipline to save your money and keep it in plain sight without spending it then the banks will really like you and want to trust you with their money. This is obviously the most favorable situation. One thing to note however is that the money you are using must be in your bank account for at least 90 days. The reason for this is to make sure it isn’t money laundering or that it isn’t untaxed cash, etc. If the money has been in your account for less than 90 days then they will want documentation of some kind proving where you got the money.
2. Ann RRSP account is the next best thing to your actual savings account as it is simply a different a variation of it. You have been disciplined enough to put away money each year and now you are using it to buy a home. Banks will like this.
Some things to note however; if you are not a first time home buyer then you will get taxed on this money. Depending on what tax bracket you are in will determine if this is a good idea for you. If you are a first time home buyer then you can use up to $25,000 towards your down payment TAX FREE.
3. Pulling Equity from Another Home is also looked upon nicely because it too is another variation of saving. However, to pull out equity you must refinance that property which means you need to be able to qualify for both mortgages. This is usually not a problem. It just depends on your assets, income and current employment situation.
I can help you with both transactions of refinancing and the purchase to help this process move smoother for you and to structure it so that you are using your equity in the best way possible for your situation.
4. Gifted Down Payment. There is a lot of confusion on what exactly is a gifted down payment so I am making a video blog specifically targeted to this topic (so don’t forget to subscribe to this channel) but basically this is not where you can get money from your friend to use as a down payment. You must get it from a direct family member. DIRECT, not cousins, aunts, etc. It must be your Mother, Father, Brother, Sister, or Child. If you grew up with your aunt and uncle or some different circumstance like that then there can be some exceptions made. I will just have to approach the lender with your story.
Proper Gifted paperwork must also be filled out to use this method of down payment and I can provide this for you when the time comes. All it really needs is a signature from the Gifter saying that they are giving this money to you with no strings attached and that you will never have to pay it back.
5. The final method of obtaining a down payment is by putting it on your credit cards or lines of credit. This is solely going to depend on how much credit you have and whether you will qualify for the mortgage with this additional debt attached to you.
An example of this is if you only have a $20k credit card and you will be maxing this debt out to get your down payment then the banks will be nervous to give you money. If however, you have a $50k line of credit and pulling out $20k will be nothing near dangerous for you then this wont be so bad.
The bank does not want you to struggle for your payments. They want to make sure that your mortgage is going to get paid back and if you are tapped out financially then the chances of you defaulting on the loan becomes greater.
So hopefully this gives you a good overview of down payments; where you can get it from and how the mortgage lenders view them.
If you have any questions just give me a call, 604.313.9996 or email coss.L@mortgagecentre.com. You can also go to my website to apply online at http://leahcoss.ca or read more of my blogs at http://MortgagesInVancouver.com
Leah Coss
Duration : 0:4:24
Today’s Mortgage Rates: Which home loan is best?
Texas Mortgage Info: How your mortgage person structures your loan is more important than the getting a low rate.
http://www.mylendingplace.com
Duration : 0:8:59
Buying real estate in Vancouver, How to choose a realtor. Mark Fidgett mortgage broker
http://www.notapennydown.com . Mark Fidgett, a mortgage broker in Vancouver Canada, explains How to choose a realtor in Vancouver Canada
Duration : 0:5:59
Mortgage loans/ Get one with Bad Credit
http://911credit.blogspot.com
Best Credit Cards To Get
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Duration : 0:1:21
Money Merge Account Mortgage Accelerator Clip dr
Clip of Nationally Syndicated Consumer Advocate Dave Ramsey, Discussing Money Merge Account Equity Accelerator Mortgage Fraud.
Duration : 0:3:44
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