The Mortgage Commitment Letter
According to Google search results – A loan commitment is an agreement by a commercial bank or other financial institution to lend a business or individual a specified sum of money. A mortgage commitment letter is given by banks and brokerages. In its integrity, it is a lender/bank on paper committing to an amount of money […]
What Is A Rate Float Down?
A rate float down applies to pre-approvals, and Mortgage Commitments Letters that are active. If you have a closing in 30 days, and you received a certain rate. If the rates go up you are protected by the mortgage commitment letter. If the rates go down, and you have a float down with the lender, your rate […]
Mortgages & Independent Legal Advice ( I.L.A.)
In general terms, independent legal advice is provided by an outside lawyer or paralegal who is unrelated to the client’s matter, associated parties, or the lawyer or paralegal, and who does not have a conflicting interest. What does this mean when it matters for a mortgage? When you have a house, and you need a co-signer and […]
The T1 General Explained
Types of Income, Assets and Other Pertinent Info On the T1 General T1 General – This information jacket will give you a fairly detailed picture of how a client’s income is being taken and taxed. Page 1 – Vital Information Page 2 – Indian Status, Foreign Property Page 3 – Income Breakdown T4, T4A, T4OAS, T4AP, […]
What Is A Mortgage Pre-Approval?
At Mortgage Suite, like all wicked mortgage companies, you can go from Pre-approval to Approval in a few hours. The approval is that feeling of relief, or simply getting your keys in the end; but what about the pre-approval part. A pre-approval does give that slight relief at the beginning of the purchasing process, but […]
Mortgage Funding Conditions
All mortgage approvals come with a mortgage commitment, and all Mortgage Commitments have conditions. These conditions are presented on the commitment and given by an underwriter. “Why are underwriter’s hair so shiny? Because they condition the hell out of it” Mortgage Industry Joke All mortgages are different and as such all conditions are different. We are going to […]
The Variable Rate Mortgage
At Mortgage Suite we perform so many different mortgages. Every day, our clients choose which mortgage suits their needs and financial journey. Within this journey, an option is always chosen. This mortgage option typically falls into 2 main categories; the Fixed Rate and the Variable Rate mortgage. Always remember a variable rate mortgage will fluctuate with […]
Commercial Mortgages
A Commercial Mortgage Analysis We have all heard of residential mortgages. These are the mortgages that are easy to grasp when compared to other types. In this post, we will explain the difference and what it takes to get a commercial loan. We will also try and break down the types. Commercial Lending applies to […]
5 Year Fixed and 10 Year Fixed Terms Vs. Other Mortgage Terms
Sometimes It’s Hard To Know Which Mortgage Term To Choose In this post, we are going to look at the general guidelines of a 10-year fixed term and compare it to other Mortgage Terms like 5-year fixed, and variable. Most clients choose a 5-year fixed mortgage. Generally speaking, the Canadian mortgage market is very insulated […]
The Self-Build Mortgage
There are a few ways to find yourself a brand new built home. You can always purchase a Custom Build or new build. In this post, we are going to go over the Self Build Mortgage. This is where the client buys land, has had their drawings approved by an engineer and is ready to go […]
