1. Pre-Approval Getting a pre-approval is the first step to start a mortgage. A pre-approval will guarantee that you keep a certain rate for up to 120 days. Once a Broker finds out about your income and debts, an estimate can be made on how much you can afford to pay. In other words, you will know your maximum house price. It is recommended that you…
Buying a home in British Columbia can be virtually impossible for some people in certain markets. Thus, many homebuyers unknowingly make offers on homes they cannot afford. Before beginning the bidding war on a potential property, it helps to have an indication of an affordable monthly mortgage payment. Some home buyers do not fully understand a pre-approval. Even if you obtain a pre-approval, it does…
The Basics Buying a home usually involves arranging a mortgage. That means you borrow money to finance your new home, using the home as collateral or security for the loan. Mortgages have been around for centuries because they allow people to buy and sell real estate, even when purchasers don’t have enough money to pay for the property outright. Let’s look at the fundamental components…
I've wanted to write a good article on this topic for a while now because I think it's one of the most misunderstood areas in my field. Before I really knew about the mortgage industry, I assumed that brokers made their livings in one of three ways: charging a fee, increasing a lender's rate, or using a small lender with high rates for the sake…
