Common Untruths About Mortgages

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Common Untruths About Mortgages
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• If youre applying for a mortgage for the first
  time, youve probably heard at least some of the
  myths listed below. Now, while seeking help from
  a mortgage broker can definitely simplify the
  process and make it more manageable, its also
  helpful to try and get a better understanding of
  mortgage procedures yourself, and by debunking 5
  common untruths about them, you should feel a
  little more mortgage savvy

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• Untruth number 1
• The self-employed have got no chance of ever
  being approved for a mortgage
• If youre self-employed and looking for a
  mortgage, meeting up with a mortgage broker could
  prove beneficial, since they are far more likely
  to have access to the types of lenders who will
  have solutions for people just like you, unlike
  the bigger lending institutions. Such lenders
  take a wide range of income sources and documents
  into consideration to determine which of their
  products is right for your needs, and could
  debunk this common myth in an instant.

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• Untruth number 2
• If your credit score is less than perfect,
  lenders will instantly disqualified you
• Many things can happen in life to harm your
  credit score, but this doesnt have to mean that
  you will automatically be rejected by lenders.
  While there can be no doubt that having a good
  credit score will give you an advantage when it
  comes to buying a home, a good alternative lender
  (which a mortgage broker can help you find) will
  look at your bigger financial picture and try to
  understand the circumstances surrounding it.

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• Untruth number 3
• If youre new to Canada, you wont qualify for a
  mortgage
• Fortunately, even if you are a newcomer to the
  country, there are alternative lenders out there
  with solutions for immigrants, and your mortgage
  broker can put you in touch with them. Running
  programs to evaluate a borrowers entire
  financial story, they will look at all factors
  affecting your ability to pay back a loan, and
  offer you some options that are workable.

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• Untruth number 4
• 25 years is the maximum length of time for a
  mortgage to be paid off
• For insured mortgages with down payments below
  20, the payback period is 25 years, but for
  uninsured mortgages with down payments of 20 and
  more, it can be longer. In fact, some mortgages
  have amortization periods of 30 years, and by
  working with a trusted mortgage broker, you can
  find them should you need to.

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• Untruth number 5
• Banks are the best places for mortgages
• While the best place for you to get a mortgage
  might be your bank especially if youre a first
  time buyer - this isnt always the case, and it
  will depend entirely on your circumstances as to
  which lender offers you the best deal. Finding
  the right lender is made easier with a mortgage
  brokers help.
• Connecting you with the right lender is what
  mortgage brokers are all about, and with their
  access to alternative lending solutions, and
  ability to help you demystify the entire mortgage
  process, you could be living in your dream home
  far sooner than you ever imagined!

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• Mortgage-broker-Calgary is your best resource for
  finding a mortgage for your property. Luke Wile,
  is the best mortgage broker in Calgary and is
  proud to serve clients from across Canada, while
  being centered in Calgary, Alberta. Luke is proud
  to serve his clients with a personalized approach
  to finding his clients the best and lowest
  Canadian interest rates and terms offered by the
  major banks and private lending institutions. If
  you are looking for Calgary mortgage brokers,
  with Luke Wile you can get fast and personal
  expertise for your mortgage. Contact us today!