Finding a mortgage is no easy task whether you are planning to buy a home or refinancing to help pay off your creditors. This article will illustrate the major considerations when it comes to finding a mortgage that is suitable to you. A borrower when shopping for a mortgage should not only consider the principal amount, interest rate, amortization and the payment frequency that best fits a borrower’s needs but understand that a mortgage is a legal contract between the borrower and lender. It provides a loan secured against the borrower’s property. As such, there are different mortgage types which ...
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Applying for a mortgage? Here is what you need to know about mortgage fraud. The mortgage interest rates are near record lows right now, making it more appealing and affordable for homeowners to apply for a mortgage loan. Yet, it is still very difficult to qualify for one due to stringent pre-approval rules. With more individuals having a hard time getting a mortgage comes a risk of being involved in mortgage fraud. Mortgage fraud is one of the most common ones. It occurs when an individual deliberately misrepresents or withholds information to obtain mortgage financing. Some of the common examples ...
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The demand for Private lender financing is increasing and is becoming a more favorable method for consumers who are looking for an alternative to traditional lending. A private mortgage is a loan whereby funds can be obtained by a private entity rather than borrowing from a bank or other finance provider. In many cases, private mortgages are a mutually beneficial solution for both the investor and the borrower. Frequently, the mortgage rate is high, and the payback period is shorter than a traditional mortgage but qualifying for a private mortgage is far easier then qualifying for a traditional loan, instead ...
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It may seem daunting at first, but qualifying for a home mortgage loan in Canada is easier than you might think. The minimum requirements list can make you lose hope long before the financial advisor even looks at your application. Thankfully, there are many changes you can make to your day-to-day life that’ll help you. The national and global economies are still trying to recover from the global pandemic. Although it created a buyer’s market for property hunters, it also means lenders are even more selective in handing out credit. That doesn’t help the average person qualify for a home ...
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#AskIsaacZisckind Buying a home may offer distinct advantages over paying rent to a landlord. For one thing, at the end of your rental, you have nothing to show for the money you paid each month. When you own the home you live in, increases in market value and reduction of the mortgage through your monthly payments increase the equity you have in the home. There are a few things you need to know before you begin your search for the home of your dreams to make your quest a successful one. Arrange for a consultation with a real estate lawyer ...
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#AskIsaacZisckind You might think the process is safe because of the documentation required to establish ownership of the property and title insurance to verify the legitimacy of the transaction, but a recent news story about the arrest of four people for committing mortgage fraud illustrates the dangers to homeowners and lending institutions. In fact, mortgage fraud has increased by 52 percent throughout Canada with Ontario being one of the provinces hardest hit by this criminal activity. It is important to understand how mortgage fraud occurs and what you can do to protect yourself from it. What is mortgage fraud? Mortgage fraud is the deliberate ...
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#AskJoshuaHimel A home is more than just a place to live. For most families, it represents a dream come true. Years of financial sacrifices to save enough money for a down payment seemed worth it in order to provide your family with a place to live and grow for many years to come. It is probably the largest investment you will ever make in your life, so it’s understandable that don’t want anything to go wrong. Hiring a real estate lawyer who is committed to ensuring your dream purchase does not turn out to be a nightmare can turn what can be ...
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