Mortgage Strategies

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10 Year Mortgage: The Best Payment Mortgage Strategy

Hi Aleem here- Mortgage Brokers Vancouver Bc – about The Best Payment Mortgage Strategy! My friend Rahim is a financial advisor and I think he would also do well as a professional debater. About a month ago, over a cup of coffee he was playing “devil’s advocate” and grilling me over the logic behind the concept of locking into a ten year mortgage today. Rahim, I must say that I am truly thankful I have friends like you in my life. […]

By | April 5th, 2013|Mortgage Strategies|Comments Off on 10 Year Mortgage: The Best Payment Mortgage Strategy

What NOT To Do After You Apply For A Mortgage

Hi Everybody, Aleem here the Mortgage Specialist in Vancouver, Canada. While many borrowers are concerned with what they need to do in order to qualify for a mortgage, today I'd like to address some things that borrowers should NOT do once approved for a mortgage. 1) Don't switch banks or move money around. As your lender reviews your mortgage application, you will likely be asked to provide bank statements for the last three months on your chequing accounts, savings accounts, money market funds and other liquid assets. To eliminate potential fraud and to satisfy the anti money laundering act, most lenders require a thorough paper trail to document the source of all of the applicants funds. Changing banks or transferring money to another account – even if it's just to consolidate funds – could make it difficult for the lender to document your funds. 2) Don't disregard your lender's requirements. You may have been pre-approved for the mortgage but your work with the lender is far from over. In order to process your loan, you need to meet certain requirements. Your lender will need copies of your bank statements, tax returns and other paperwork. It is up to you to get it to your mortgage originator as soon as possible. Failure to submit certain qualifying documents could cause you to lose your loan and the financing you need to buy your home. 3) Don't quit your job. Lenders like to see a consistent job history. […]

By | October 11th, 2010|Mortgage Strategies|Comments Off on What NOT To Do After You Apply For A Mortgage
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