I had the pleasure of training a few new Mortgage Planners yesterday in our office. One of the most interesting topics that was discussed was “Isn’t equity and stated income financing the same?” The answer is “NO”. Let me explain. Many institutional lenders (banks, credit unions, etc.) and all three mortgage insurers (CMHC, Genworth & AIG )
This past Saturday on the Radio Real Estate Show I suggested that people look beyond just the rate they would be getting on their variable rate mortgage. It is important to look into details such as what the conversion rate would be if you chose to lock-in, is the rate compounded monthly or semi-annually, etc. Too
During the process of getting a mortgage approval, you broker may require you to get an appraisal. Many times, clients respond with, “but I already did a building inspection. Does the bank want that report?” NO. Appraisal and building inspection are two different things. An Appraisal is the process whereby the bank sends in a
