What is mortgage?? 🤷♀️🤷♀️🤷♀️
Every time I meet with my clients, I get the same questions so I decided to Write a post. .
Today we will speak about mortgage !
. ••⭕ Get your mortgage Pre-Approved.⭕
So you know how much you can comfortably afford. . .
. ••⭕ Downpayment
If you buy a house with less then 20% Downpayment
Lender will have you also purchase CMHC insurance. .
. . ••⭕ Fixed vs. Variable.
. ✔Fixed rate -Commits you to a specified interest rate and fixed monthly payment. With fixed rate you know exactly how much you will be paying each month .
✔Variable rate - means your mortgage payments will fluctuate with prime rate .
••⭕ Term vs. Amortization .
. .✔Amortization period -is the time period a home owner takes to pay his entire mortgage. Amortization can be as long as 35 years.
✔Term- amount of time the homeowner commits to Rules, Conditions and Interests rate, they have agreed to with their lender. Term can be last from 6 month-10 years with Avarage term in Canada of 5 years. .
.••⭕ Applying for mortgage
In order to determine if you eligible for a mortgage, lender consider 3 basic things ✔Credit rating
✔Downpayment .✔ Annual income .
. ••⭕ Bank vs Mortgage brokers
Mortgage brokers ✔have access to multiple lenders, including the big banks
✔ can offer lower rates because of the volume of their business ..
I am working with a professional team of mortgage brokers, that can help you easily get preapproved.
If you are planning to BUY soon give me a call at 647-763-3211
I will find you YOUR dream HOME and connect you to professional mortgage broker.
Pre approval requirements video is up! If you don't know what is needed listen to this video ! Let me know if you want to know what you're pre approved for 2nd video ended a bit early but an ID and SS card is needed part of required documents #queenofmortgages#ownyourown#preapproval#documentchecklist
Had a great sales meeting today at the Suwanne BHHS office. We spoke about our beat or meat program and our 10,000 closing guarantee.
1 158 hours ago
Happy closing day to the Nino family on the refinance of their home today!
We saved them money on their monthly mortgage by giving them a lower rate and dropping PMI on their loan.
Are you thinking about refinancing? Reach out to me today and let's run some numbers and see if I can save you some money. 📱 404-290-5153
💻 Apply Online: www.benmillerhomeloans.com
1 118 hours ago
Ever wondered a ball park mortgage number but don’t want the 3rd degree...our calculators are super easy. Link in my bio.
Who doesn’t love passive income?!
Investment properties are a great way to generate this.
We work with clients helping them make the best decision when buying an investment property because it has to make sense!
Let’s talk DM 📲
1 539 hours ago
There are a few good reasons for having a sizable house down payment. The big one is to avoid private mortgage insurance, or PMI. This is a fee lenders tack on loans for buyers who put less than 20 percent down, and it can add hundreds to your monthly mortgage payment. Do you want to learn more?
Video collab with my good friend Alan today! 🎥 Keep an eye out 👀 for it to drop later this week! Q&A on the topic of First-Time Homebuyers 🏡 Thanks for the good vibes @alanfeder
1 129 hours ago
Today we are talking income! Wondering what you’ll need to send into a lender during your pre-approval process? 🤔
Guaranteed hours are a good source of income when getting pre-approved for the purchase of your home. The most recent pay stub and a letter of employment are all that is required! Part-time or casual hours can also be used given a two-year history. 💰
Salary is another strong source of income, as lenders love consistency! A letter of employment is all the document the lenders will need! 📝
There are some amazing interest rates out there at the moment, owner occupied and investment. Some banks are even offering cash back refi rebates if you refinance over to them. Call me if you want to discuss your options 🤓🙌🏼💰
1 710 hours ago
This and other incredibly valuable information can be found, free of charge on my website, www.CapitolaParker.com
Money back at tax time is great! Whether you've purchased or refinanced, it's important to start your tax season right!
When visiting your tax professional you will want to have the following prepared:
-2019 Property Tax Bill
-2019 Closing Disclosure
-Mortgage Interest Statement from your lender
Questions? Let's get in touch!
NEED INSURANCE? @hollywoodinsurance is located on site. Call today for a FREE QUOTE🗒 (832) 529-77414☎️ .
Call us today at 832-628-7739☎️ or stop by our Galleria Area Dealership & Service Center📍5624 Southwest Frwy, Houston, Texas 77057 (59 & Chimney Rock)📍
#Tip : Don’t be fearful if your approval has conditions. A conditional loan approval is fairly standard. Satisfying the loan conditions, whatever they may be, is how you turn your conditional loan approval into a full/final approval. #HomeLoanApproval#PreApproval#mortgagebroker
0 411 hours ago
Tuesday's Tip of the Week: Downpayment
This video is a RULE OF THUMB. Understand that variables such as your pre-approval, rental properties and/or fixed preconstruction payment plans can cause you to pay LESS or MORE. To find out EXACTLY how much you need feel free to message us and we'll get you on the right path. One quick message could save you years of time and money!
@hgtvcnada talks about the bathroom and kitchen renovation projects with the highest return on investment:
🛠️ Convert the cabinets - paint or refinish the doors and add new, sleek hardware
🛠️ Upgrade the sink
🛠️ A fresh coat of paint (ROI of up to 165%)
🛠️ Replace the light fixtures
🛠️ New, modern energy-efficient appliances
🛠️ Double sink in bathroom
🛠️ Upgrade bathroom wall accessories
🛠️ Floating vanity
🛠️ Consider a big, luxurious bathtub as opposed to a new shower
Don’t allow anything to stop your progress. Stay ENCOURAGED!
Let us make your real estate dreams come true! ✨✨💫 If you have any questions you’d like answered, please comment below or send us a message.
Ready to buy or sell? Give us a call today!
Looking at houses? Don't forget this crucial step. Even if you haven't filed your 2019 taxes, let's get the process started. As a brokerage, we have so many options for our buyers and some of the lowest rates in the industry! Don't wait, DM me! #getpreapproved#preapproval#buyahomein2020#denvermortgagemama
PreQual vs PreApproval!
Hi, Paul Schott here with Schotzie’s Mortgage Minute.
Now, many people ask about pre-approvals or pre-qualifications - and most of the time people don’t know if there’s a difference. But you know what? There’s a big difference!
For a pre-qualification – we look at your credit, and take a look at some of the basics. While that’s an important first step, it’s nowhere near as powerful as a pre-approval. A pre-approval is where we dive in a little bit deeper and check your income, check your assets, and make sure that you can actually purchase a home.
When you go to visit a seller with a pre-approval, you may be able to save thousands of dollars. This is because that seller will now have more confidence in your offer, over someone else’s. Also, you may even be able to negotiate a better price for yourself!
This is important in a tight, competitive market. So next time, take a look at getting that pre-approval!
If you have any questions, please contact me. Look forward to seeing you soon.
You will need income confirmation, downpayment confirmation and a contract of purchase and sale.
Do you have more mortgage questions that you want answers to? Let's chat at 289-219-2662. 📲
1 1720 January, 2020
Now may be the right time to refinance and potentially save hundreds of dollars each month! Call us for more details! 470-302-1176
1 920 January, 2020
Win a $250 visa gift card!
To enter follow Enlighten Financial Solutions and share this competition on your page or story!
Competitions are great but I want to learn more about YOU though!
FOR MORE CHANCES TO WIN:
1. Send me a DM with a question related to finance & buying property in Australia, then you'll have another 2 entries in the competition!
2. For another entry, tag 3 friends. Easy!
Winner will be drawn next Monday 27th @ 8pm
5 820 January, 2020
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39 2,1943 November, 2019
That new car could cost you an EXTRA $71,000 🤯
What if I told you that your monthly car payment can negatively affect the amount you can afford for a house by 25%… 🙃
I was talking to my mortgage broker and he explained how car payments can make or break a mortgage approval amount. Here is an example below. Assuming a $60,000 salary, good credit, no other debts and a 5% down payment 🏡
🚙 A $250 car payment = $276,000 purchase price
🚗 A $500 car payment = $240,000 purchase price, that’s a reduction of $36,000 just from an additional $250 for your car payment
🏎 A $700 car payment = $205,000 purchase price, that is a reduction of $71,000 which is 25% less than what you could have got
So before you “bougie” out on a car, think about your 1-3 year plan. If a house is in the picture, you might want to reconsider until after you buy a home 🧐
Again this is only one variable in getting approved for a mortgage, reach out to me if you have any other questions! I would be more than happy to direct you to my mortgage specialists 🐼