With all of the complex rules and regulations surrounding mortgage financing, some clients will come to us and initially express their utter frustration. “We know the house we want,” they say, “we just don’t know how to get it.” It’s true, to the average person the complexities and nuances are difficult to understand, especially on top of the usual stressors we face each and every day of our lives. It is preferable to want the best rate, of course, but as a neophyte homebuyer, you’re unsure how it is secured.
MORTGAGE FACILITY is pleased to maintain ongoing relationships with a network of experienced industry professionals, including lawyers, lenders and investment advisors. We work alongside this extended network to provide you with step-by-step guidance through the entire process. All of us come together to make sure you receive the best possible rates and terms.
You may be wondering what specific advantages are to be gained from pre-approval. Let’s take a look at the most important advantages.
With pre-approval, your mortgage interest rate is guaranteed for up to 120 days. What if the rate goes up during that time? Makes no difference to you. What if a better rate comes up during that time? Big difference to you! Should a better rate come up during the same period, you are automatically locked into the lower rate.
If you are considering the purchase of multiple rental properties, it is important to appreciate how mortgage lenders will calculate the property income and expenses. By deducting expenses incurred from carrying the rental mortgage from the property-generated income, your debt load (from a lender’s point of view) will often remain unchanged. This is comparable to maintaining the same income without the added expenses incurred from the purchase of an additional property.
You’ve always dreamed of owning a cottage but never thought it possible. Well, we are here to disabuse you of that notion! At Mortgage Facility, we are proud to maintain close relationships to an extensive network of trusted lenders, many of whom specialize in second home mortgages.