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pre approved mortgage



905.537.8815



getting a pre approved mortgage

Start with a pre approved mortgage if you're thinking of buying a home.

Before you set out house shopping with your realtor, why not talk to me about getting pre-qualified for a mortgage? I will pull your credit and verify your income to come up with that magic house price number that you qualify for. Your realtor can then zero in to find you that perfect home at the price you can afford.



pre-approved-mortgage.jpgGetting a pre-approved mortgage helps you get the home of your dreams.


new phone # 905.537.8815

Interview with Paul Hammond, Sales Representative, 905-977-9807 (Cell)

phammond.realtor@gmail.com   -    www.paulhammondrealtor.ca

Video correction: The purchase plus improvement mortgage combines the purchase price and cost of renovations into one mortgage at 5% down of improved value (not 10%).


what's my business background and experience -- realtor asks

Paul Hammond of Chase Realty asks about my background and experience:

Here you go, I began my mortgage career as a mortgage agent in early 1990's. In 1995 I went back to school full time for 5 years to obtain a Financial Services Underwriting (FSU) Post Diploma. It's the highest qualification in the mortgage financing industry.

This vs most mortgage brokers or agents who have taken several few day courses at best. My studies ranged from finance law to real estate law, property assessment, accounting, securities overall 18 full semester subjects related to the mortgage industry.

This makes me one of only 2 mortgage brokers with these qualifications in Hamilton. Upon obtaining my financial services underwriting diploma, I established Axcess Mortgage and Loans Financing Co. Ltd. in 2000 and have since helped hundreds of families achieve their real estate ownership dreams.

I help clients with pre approved mortgage, home buyer loans, refinancing their mortgages getting them the best debt consolidation loans to restructure expensive debt into one low monthly payment or dealing with credit problems and private mortgages.

We are members of a coalition of independent mortgage brokers with a huge buying power with lenders. This translates to lowest mortgage rates for clients and a wide range of mortgage products.


What type of benefits do we offer?

Let's take a look at a couple of pre approved mortgage products:

First time home buyers programs:

  • you can buy a house at 5% down up to $500,000
  • down payment can be own savings or gifted by parents or grandparents
  • borrowers qualify for land transfer tax first time home buyer credit
  • borrowers are eligible to withdraw up to $25,000 from their RRSP
  • under new housing program borrowers may be eligible for HST rebate
  • first time buyers may be eligible for a 10% refund on their CMHC premiums when buying an energy efficient home.

One of the exciting mortgage products for first time home buyers or any home buyers is the purchase plus improvements program - the home remodel loan. Instead of buying a house at an outrageous price, buyers can look for a good home that needs some care, maybe a new kitchen or a bathroom and make their own dream home. Buyers can get up to 10% or up to $40,000 more money by combining the purchase price and the cost of renovations into one affordable mortgage.

New to Canada less than 5 years who have a landed immigrant status and permanent employment and some credit history can buy a house with 5% down.

We have a second home mortgage for those wanting to buy a home for child attending university or aging parents.

There are several home loans for self employed:

  • Proprietors who can prove majority of income may qualify at 5% down with some minor adjustments (up to 15% of income adjustments on their tax returns to qualify).
  • Self employed borrowers who cannot prove income on their tax returns and have 20% down payment can qualify using their bank statements history of revenue deposits.

There is alternative mortgage financing for borrowers with credit problems with 20% down payment -- there are some property and area restrictions with alternative lenders.

Purchasers with 20% down and fair credit at least 600 credit score may be able to fit into a 35 year amortization which will qualify them for more money and lower mortgage payments.

If you need a home mortgage for bad credit, we have private lenders who say YES when everyone else said NO.

It's also important to know that in addition to the down payment all buyers need to have 1.5% of purchase price for closing costs - in some cases lender and broker fees may apply.


what is the future of mortgages going forward ?

The good news is that for the short term, interest rates on good credit and good income 'A' mortgages should continue to be reasonably low on a pre approved mortgage.

  • The government will likely continue with the tightening strategies to cool off the market in their effort to prevent a real estate bubble. This will be more difficult to get a mortgage.
  • The new down payment rules are here, in some price points you will now need a larger down payment to buy a house -- 5% down up to $500,000 purchase price - 10% down on the portions over $500,000 to $1 million.
  • Most lenders are now insuring their mortgages.
  • At 20% down and good to fair credit, we have a lender offering 35 year amortization.
  • The stress test is here - this means lenders add 2% to your contract rate to qualify you for a mortgage.
  • We have lenders in the broker channel that offer a NO STRESS TEST mortgage - this qualifies you for 20% more money.
  • We're experiencing growth of alternative mortgage lenders to fit all those borrowers that don't fit an 'A' mortgage either because the're self employed and can't prove enough income on their tax returns or have credit problems. With alternative lenders the borrowers will pay slightly higher interest rates and will need larger down payment but will enjoy more flexible qualifying rules.   

CONTACT MARIE COPELAND TO IMPROVE YOUR CHANCES OF GETTING THE RIGHT FINANCING


Like many of my clients you'll get fast mortgage solutions, even if at first your situation seems difficult. I will do all the work to get you the best pre approved mortgage - all you have to do is to provide me with the documents needed.


Banks and "A" Lenders pay us for your service. EXCEPT bad credit mortgages, some self employed mortgages, private mortgages or multi-use and commercial loans - broker fees are payable by clients. 

*Lenders change their products and interest rates without notice.


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