nmlady20022002 asked: I am going to re-finance my interest only mortgage and need suggestions on when to lock in an interest rate. How long will they continue to drop?
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nmlady20022002 asked: I am going to re-finance my interest only mortgage and need suggestions on when to lock in an interest rate. How long will they continue to drop? When it comes to mortgage financing, more and more Canadians are choosing to work with a professional mortgage broker. According to a recent study by the Canada Mortgage and Housing Corporation (CMHC), 23 per cent of mortgages written were arranged through a broker.Canadians are just catching up with their American neighbors, who are far less [...] A jumbo mortgages is a home loan that exceeds the limits set by FannieMae and Freddie Mac.How are jumbo loans different?What differentiates jumbo mortgage loans is the loan amount. At present, loan amounts that are higher than $417,000 are usually deemed jumbo mortgages. This determination is made by comparing industry standards for average housing loans [...] susieq asked: My problem is that we have a contract on our house, the person who offered on the house has submitted all the necessary paperwork to their mortgage company, and has received her commitment letter back from them; however, a closing date has yet to be set. My realtor tells me that the [...] For many people, mortgage payments are their single largest expense. Yet, when financing a home, most Canadians don’t comparison shop to ensure they’re getting the best mortgage rate and terms available. This mistake can cost homeowners tens of thousands of dollars over the course of their mortgage.Here are seven ways mortgage brokers can help:Access to [...] Rikki Suzi asked: We would like to move into a bigger home. We live in a small condo that we paid a lot for. We will never get as much for it as we owe for our loan, but we have out grown it. We are not in a foreclosure situation because [...] Christopher asked: The recession was caused by people being unable to pay back their home mortgages because the mortgage rates were too high? Banks were not getting their money back from home owners, causing a credit crunch, thus they were unable to lend money to big businesses. Big businesses then had to cut back on expenses and [...] “Wow!” you say to your spouse as you hit the brakes on the car. “Did you see the mortgage rate those guys are advertising?” Your worries are over, you’re thinking. Just lock in a rate like that for the next ten years, and you’ve got it made.Not so fast. That rate may not be the [...] First and foremost; the bank does not, nor do they want to own your home. So why do so many people believe this? Prior to FHA getting involved in 1988, the lenders would take an equity position in their Borrowers homes. That practice has resulted in unfavorable feelings towards today’s reverse mortgages. The Federal Housing Administration [...] schweezy7 asked: My husband and I want to apply together for a mortgage, his credit score is excellent, mine is non-existent since I have been in the US for only 3 years and have used credit cards related to my husband’s account only. Is there still a way for me to be on the mortgage? |
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