Your Questions Answered

While shopping around for mortgage rates, we often ask friend, family member first for their advice and always hear how they got the lowest rate from their bank. while applying with a certain lender, we find that it not the case with our situation. The reason we don’t always get the lowest rate as people in your family circle is that your personal situation might be different from theirs or your overall mortgage need to qualify for low rate is not the same. This causes frustration as we become fixated that on low rates and forget that our own personal situation might be different than our family members. Most lenders usually follow a certain criterion to qualify a client based on mortgage needs.

• Purchase Price of the Property, type property, location of property.
• Purpose of owning the property – owner occupied or rental, commercial use, construction etc.
• Source of down payment being used and amount of down payment.
• Loan to Value ratio as well as Debt Service ratios.
• Credit score – excellent, okay, low/bad credit. Are there any issues servicing of the debt payment.
• Income – hourly, salary, commission etc.
• Employment – term of employment, type of employment and years in the industry.
• How much debt or what type of debt?

Contact me to discuss your individual circumstances and find how we can customize a mortgage solution based on your personal situation.