Mortgage Pre Approval

Mortgage Pre-Approval One of the first steps when buying a home is getting pre-qualified for a mortgage. It is important to understand how much of a mortgage you can afford before you begin searching for a home. I work with a selected group of mortgage professionals who are specially qualified to assist you in this area. If you would like to receive the latest rates, and meet with a mortgage professional, please contact me. The following links...

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Bank of Canada Change Lending Rules in Canada June 21, 2012

Source Globe and Mail The country’s biggest banks were caught off guard on Wednesday night as the Department of Finance prepared to clamp down on mortgages by reducing the maximum amortization for a government-insured mortgage to 25 years from 30. Ottawa will also limit the amount of equity that can be borrowed against a home to 80 per cent of the property’s value, down from 85 per cent. The moves are designed to cool the housing market and...

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Mortgage Pre Approval Windsor Real Estate

By Dan Lanhardt – Scotia Bank Two often confused terms in the home buying process are a mortgage loan pre-qualification and a home loan pre-approval. Even some loan officers and real estate agents will use the terms incorrectly, so here’s what you really need to know about each one. Pre-Qualification A mortgage loan pre-qualification is simply an estimate of how much house you can afford and how much money a lender would be willing...

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Mortgage Loan Insurance Windsor Real Estate

What is CMHC Mortgage Loan Insurance? Mortgage loan insurance is typically required by lenders when homebuyers make a down payment of less than 20% of the purchase price. Mortgage loan insurance helps protect lenders against mortgage default, and enables consumers to purchase homes with a minimum down payment of 5% — with interest rates comparable to those with a 20% down payment. To obtain mortgage loan insurance, lenders pay an insurance...

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