Mortgages Rates

Mortgage Application

When you apply for a mortgage the lender will evaluate all the different parts of your loan application.

Parts of your mortgage application may include your credit report, income, assets, tax records, employment documentation, business licenses, rental agreements, legal documents, preliminary title report, your appraisal report and more.

If the lender approves your application they will usually come back with a set of “loan conditions”.

Loan Conditions

These loan conditions can be a few simple items, or much more.

If you do not satisfy these loan conditions you will not be able to get the loan. This is because your loan approval is usually contingent on you satisfying all of the loan conditions the lender lays out.

Loan conditions may include providing a letter of explanation for a credit issue, written verification of your job position, tax records, business licenses, or any number of other things.

Competing Lenders

There are many lenders who offer loans that require far fewer loan conditions.

These lenders are usually more expensive, with a higher interest rate and higher monthly payment.

If you find that you cannot satisfy the loan conditions from one lender you can always reapply for the same or similar loan with a competing mortgage lender.

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First Foundation Residential Mortgages, your Edmonton and Calgary Canadian Mortgage Brokerage encourages you to Refinance Now & Enter to Win Free Cookies for a Year! NOW is a wise time to explore mortgage refinancing opportunities that will help you meet your goals. As a valued client and a smart cookie, you probably already know that interest rates are currently at an all-time low, but did you know that there are no-fee refinance options* also available? 3 Smart Reasons to Refinance! – Lock into a lower interest rate and pay down your mortgage faster! – Consolidate your debt into one easy payment to decrease your total monthly payments and improve your cash flow. – Leverage the equity in your home for investments and earn a higher return, or refinance your home to do renovations that will add substantial value. – Check out www.firstfoundation.ca/cookie for more details, or contact us at www.firstfoundation.ca/contact

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In video #4 of this series Brian introduces budgeting as the most overlooked tool in determining your financial health and in determining how home ownership can be comfortable and affordable.This is the first of three videos on budgeting and there is homework to do to prepare for Budget Session #2 and #3.A must for First Time Buyers but equally valuable to existing home owners in evaluating their monthly income and expense and analyzing their current cash flow.

Re Mortgage

Current mortgage rates will indicate the state of the economy and every individual mortgage lender’s current stance within it.  Most mortgage lending companies will offer a mortgage rate which is pretty similar to the rates of other companies without offering much difference between the rates.  However, not all rates will be identical and when you are looking for the best rate to sign for your mortgage, since percentage points can make thousands of dollars worth of a difference over time.  Finding the best mortgage rate for your individual loan means that you should figure out who is going to offer you the best deal.

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The 30 year rate fell from 5.06 to 4.99 this week. This marks the 3rd week in a row where rates have fallen. Although rates have been falling they are still quite a bit off the all time low of 4.71 we saw on December 3, 2009. That said it’s nice to see rates falling again. Looking at other rates the 15 year dropped from 4.45 to 4.40. The 5 and 1 year arms dropped from 4.32 to 4.27 (5 year arm) and 4.39 to 4.32 (1 year arm). Below are rates from the weeks from Dec 24, 2009 to Jan 21, 2010

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