What If I Default On My Mortgage?
When you stop making regular mortgage payments to your lender, several events will inevitably happen. You will be assessed fees for late payments, your mortgage will fall into default, your credit rating will fall as the late or missed payments are reported to the credit bureaus and other lenders will be more hesitant to lend […]
Mortgage Pre-Approvals Are Not Guarantees
A mortgage pre-approval is a document from a lender stating that a prospective buyer may have the income, assets and credit to carry the mortgage required to purchase a house of some assumed value. Some of its uses are briefly described here: The initial review of your financial profile indicates the maximum loan amount a […]
Home Finances
Friday, March 26, 2010, 7:30 p.m. Hosted by Grace Christian Life Centre 801 Progress Ave. Scarborough, ON M1H 2X4 The Legal and Timely Issues Seminar Series chaired by Andrea P Kelly invites you to come out for an informative discussion on home finances. In this session, you will learn: Mortgages Taxes Purchase transaction closing costs […]
Before changing lenders, it’s wise to seek, knock and ask
I’ve seen a few clients lately who were very surprised at their mortgage payout statement. Unfortunately, the penalty on payout for one couple was a staggering $20,000! Here are some tips to consider before you decide to change lenders in the middle of a term: Call your current lender’s customer service and tell them you […]