Richards Mortgage Group Articles

If you're a first time homebuyer, one of the most important questions to answer is: how much house can I afford? To answer that question, you need to know how much mortgage you can afford. This article will help you understand the mortgage process, and our list of calculators can give you even more insight into the possibilities. The availability of mortgage financing is obviously important to your purchase plans and each mortgage lender has their own lending guidelines, or Rule Book that you'll need to consider. Different scenarios require different rules. For instance, whenever you have less than 20% down payment, your lender will need Mortgage Default Insurance . So when figuring out how much home you can afford, your mortgage professional must refer to the Rule Books that apply to your specific situation.

Last updated: May 2019 As a mortgage broker, one of the things I hear over and over again, especially with younger buyers, is that they think they have some credit report items that will prevent them from getting a mortgage. While that may be true, more often than not, it is actually a lack of down payment savings and/or too much personal debt that is the real culprit.

Deciding on whether you want a mortgage broker or a bank to handle your needs can seem daunting. Here, we break it down for you so it's easier to make the right choice. 70% of mortgage consumers use their personal bank to arrange their mortgage simply because they are unaware or unclear about what professional mortgage brokers are, what they do, how they are paid. More importantly, they are unaware of the benefits. The other 30% of mortgage consumers, especially the younger Internet-savvy generation, have already discovered that mortgage brokers are an excellent source of information that also save them time and money. Recently, mortgage brokers have taken to the airwaves, especially via Don Cherry to the hockey crowd, trying to raise awareness of the mortgage broker option. Thanks to DLC and to you for doing your part as well! The main reason mortgage brokers continue to gain traction and market share over dealing directly with the bank is that a broker is representing you and your desire to get the best terms possible, not the bank's desire to maximize profits. Simply put, it eliminates a conflict of interest and it forces the banks to compete! The second reason is service. And - as Don Cherry says on TV - "mortgage brokers get you great rates and it doesn't cost you a thing!" Here is my definition of a mortgage broker...

(Last Updated 2019) A lot of people think it is their credit holding them back from getting a mortgage so they can buy their first home. Possibly, but credit is easy to fix. Truth of the matter is that saving for a down payment is the hard part. If you require more discipline as it relates to saving – perhaps you spend whatever's in your bank account and just squeak by to the next pay-cheque – then this article is for you! Here's a Down Payment Savings strategy to help you SAVE FOR DOWN PAYMENT, BUILD YOUR CREDIT SCORE, and GET THE GOVERNMENT TO HELP TOO. It's easy, it works, and it is set 'n' forget. The end result is you get to buy your own house, and you feel great!

Last Updated: May 2019 Amortization - what the heck is that? A good way for a mortgage borrower - let’s call our borrower Barry - to understand the concept of “amortization” in the context of mortgage re-payment is to look forward to a time when the mortgage loan has been fully re-paid. Let's explore Amortization by looking at the following questions:

How to Maximize your Home Buying Options and Fast Track your Dreams! So are you dreaming of buying your first home? First time homebuyers can fast track the process by simply doing their homework. The following tips are a ‘must know’ for those navigating the home buying process: The 3 knows of home buying! Know what you want! A starting place for every home owner begins with an assessment of where you go, what you enjoy and what is available. A quick review of real estate listings in your areas will give you a good idea of the inventory and price in that area. The second step is to start walking in the neighborhoods you want to live in. You may be the first to spot a “for sale by owner” sign or a new listing. As well, you will become more familiar with the area. Know what you can afford! Examine your monthly expenses – What do you see? Are you able to save a little extra every month or are you struggling to get by? A mortgage consultant can problem solve with you to determine a course of action. Sometimes buying can be cheaper than renting! Answering this simple question will guide you toward the correct course of action - whether to continue renting, or you're close to a mortgage than you think! Know your credit score! Risk is everything when it comes to lenders deciding if you get a "best" rate, a “B” rate, or no mortgage at all. Missed payments, unpaid collections, late payments or incorrect information all affect how you appear to the lenders. I recommend all curious homebuyers check their credit BEFORE attempting an offer on a house. Correcting credit errors takes time. Get connected! Here's how a mortgage planner can help... We can: