Richards Mortgage Group Articles

There are many ways to cause yourself stress and frustration in a real estate transaction. Failing to properly set an adequate condition of finance when drafting an offer to purchase is one of the easiest ways to send your stress meter through the roof (as well as the stress meter of the professionals helping you).

In this blog, we are going to talk about how a client of mine was able to rearrange her finances such that she and her partner could mortgage qualify for a $400K target house in their neighborhood.

Yes, a Mortgage for a Resident Doctor is Possible! Perhaps you have just finished university, and are now starting your medical doctor internship at the University of Calgary Foothills. Perhaps you have finished your medical residency at University of Alberta in Edmonton and starting your practice. It doesn't matter where you are in Canada, as a new doctor you are likely burdened with heavy student loan debt, a barrier in most cases to qualifying for a mortgage hence homeownership. Yet at the same time, after years of hard work, many young doctors are tired of renting and eager to buy their first home. Good news for you is that there are a handful of mortgage lenders eager to extend credit to debt-burdened graduates coming out of medical school. Whether you call it a pre-practice mortgage, new doctor mortgage, a medical resident mortgage, or a resident doctor mortgage, these are special mortgages specifically designed to meet the needs of physicians just starting out.

My phone rings, chat bubble bubbles, or my email dings ... "what's your best interest rate?" asks the caller. I scratch my head, as at this point I know nothing about my caller, the property or their needs. This article's aim is to shine a light on this question from the mortgage-lending side of the fence and delve into what it takes for a mortgage professional to be able to accurately answer your question.

Prospective homeowners may get excited by the market or the prospect of home ownership and decide that now is the right time to look into buying a home...but sometimes they get the cart before the horse and start house shopping before the have been pre-approved for a mortgage. The pre-approval process is a way for buyers to get insight on potential obstacles and learn more about what mortgage lenders want from applicants. Preparing for a mortgage loan in advance will help avoid surprises and speed a buyer's final mortgage approval when the right house is found. You'll also be taken more seriously.

About 1 in 6 working Canadians are self-employed and, in recent years, the self-employed mortgage qualifying rule book has changed considerably. These evolving rules have created significant challenges for those seeking mortgage financing, and the property you can qualify for might not be what you expected....