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Let’s say you are on the bubble for qualifying for a particular mortgage amount. Aside from credit score and other paperwork, etc. what are the key factors that can make a difference to being approved or declined?

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Myth: If you are pre-approved for a mortgage, then you definitely get the mortgage loan
Myth: Mortgages are commodities distinguished only by Interest Rate.
Myth: The risk of variable rate mortgages can easily be mitigated by converting to a fixed rate.
Myth: You need perfect credit to be approved for a mortgage

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Myth: I don’t need a mortgage broker because I can be approved by a big 5 bank.

Myth: I can trust my bank to give me the reliable and best advice to take care of my interests.

Myth: Mortgages at a big bank are safer.

Myth: Changing my mortgage lender requires me to change all my banking.

Myth: Mortgage brokers are another layer in the process and will add to the cost.

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Key Questions for a mortgagor: I got my mortgage before these changes were announced. What happens to me at maturity? Will the bank renew me? Can they decline me? Will I have to sell my house if I don’t qualify? Ahhh!!!

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Conventional mortgage wisdom has taught us for years that putting down 20% for a down payment will save you tremendously. The reason is, in Canada, you are required to pay default mortgage insurance for down payments less than 20%. The standard premiums are based on the Loan-to-Value (LTV), which is simply the Loan Amount / Property Value.

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What happens to someone that desperately needs money and tries to borrow it? Either they can’t get it because their application / credit is lacking or they will be forced to pay more for it. For example, take someone who has lost their job temporarily and has fell behind on important bill payments, such as the mortgage.

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1. Why do people invest in private mortgages (the benefits)?
2. What are the risks?
3. What is the exit strategy?
4. What are the costs and other considerations?

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There is a myriad of reasons why a mortgage applicant may not fit into the standard credit box. The reasons can range from documentation requirements to bruised credit. The applicants are not substandard by any means. They simply do not fit into what the regulators, insurers, and government policy makers say that the banks can lend on.

However, there is good news! There are still many lenders that will truly underwrite an applicant.

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Find out:

What is the difference between my Term and my Amortization?
Can the bank re-assess the value of my home at renewal?
I’m coming up for renewal, what rate am I offered? Am I given the posted rates?
What happens if I neglect to respond to the renewal offer?
Can I increase or decrease my balance at maturity/renewal?

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Mortgage arrears in Canada are exceptionally low, both today and historically. We Canadians place a great deal of importance on ensuring we make our mortgage payment as top priority. The consequences of being behind are simply not worth the excessive fees associated with missing a payment or, more importantly, dealing with the Bank kicking you out of your home. Watch about the first 30 minutes of the Hollywood movie “99 Homes” and you’ll really witness the stark harshness of the eviction process.

Did you know there are some strategies you can employ with your mortgage to keep yourself up to date on your payments?

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