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July 2014 Newsletter

The ins and outs of pre-approvals

When you’re house hunting, it’s a great idea to know the amount of mortgage you qualify for, your monthly payments, and that your interest rate will be held for a specified period of time i.e. 120 days. This way you can shop within your price range, you don't have to worry about rates rising, and both realtors and sellers will know you're serious. Be realistic though and make sure you can afford that pre-approved amount; review all of your homeownership expenses and your monthly budget. 

Keep in mind that not all pre-approvals are the same, and that a preapproval is not a mortgage approval. Some are just a simple rate guarantee subject to lots of conditions and a later approval.  For a full pre-approval you need to submit your application and documentation so the lender can qualify you, and even then it’s a good idea to have a financing condition in your purchase offer because your property will need to be assessed by your lender. Be sure to not make significant changes after getting the preapproval i.e. changing jobs, adding debt or missing payments, co-signing another loan, or using your down payment money. 

Contact us today and get off on the right foot in your homebuying journey!


The Five “C”s of Credit

Getting a mortgage can be a nerve-wracking experience when you’re not sure what to expect. Take a few minutes to understand what lenders are looking for: the five “C”s of credit:

Capacity: Your income from all sources will be compared against your monthly expenses.

Capital: Your downpayment demonstrates that you can save and accumulate assets.

Collateral: The lender’s assurance that the mortgaged property is marketable and can be re-sold.

Credit: Your habits in meeting your debt obligations; do you pay your bills on time?

Character: Are you sufficiently trustworthy to meet your obligations?

You want the lender to see that you and your business are a good investment, and we’ll be happy to help you make the best impression!


Travel tips: vacationing with your dog

While taking your dog on vacation can be great fun, it can also pose some challenges. With a little pre-planning, you should be able to pack up your pooch and hit the road!

  • Look for accommodations that are pet-friendly.  There can be a big difference between pets allowed and pet friendly so be sure to review all pet policies.
  • Investigate the areas that you will be visiting. Are there dog-friendly and off-leash parks or beaches? Are dogs allowed on trails, in downtown areas, in stores and outdoor restaurants, or other local attractions?
  • Bring proof of vaccinations, especially if you may need to use a local kennel.
  • Make sure your dog is wearing a well-fitting collar with current ID.
  • Bring comfort items like toys or a blanket, pack an extra sheet and towels for covering and cleaning, and pack some meals in individual portions for flexibility when on the go. 

And enjoy your summer!

Source: Invis & Mortgage Intelligence

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Latest Lending Rates

Terms Our Rates
1 Year 6.69 %
2 Years 6.04 %
3 Years 4.94 %
4 Years 5.09 %
5 Years 4.94 %
7 Years 5.65 %
10 Years 6.05 %
Current Prime 7.20 %
5 Year Variable 6.25 %