WHAT TO EXPECT AND BEST PRACTICES

KNOW AND UNDERSTAND ALL OF YOUR OPTIONS

Available Sept 2, 2019

Features of Program

Your credit score is probably the most important component of your mortgage application because it's the primary factor that banks and lenders use to determine your creditworthiness.

WHAT TO EXPECT AND BEST PRACTICES

Here is what you need to know:

Definition of a Condominium (from Condominium Property Act):

A condominium is a form of real property ownership that has two distinct parts: you own your condominium unit to which you get a title, and you also jointly own common property with the other unit owners in your complex. Owning a condominium is not the same as renting an apartment where all the
duties and responsibilities of running the building are handled by the building owner and caretaker. In a condominium complex, ownership responsibilities belong to you and all the other unit owners in your
condominium corporation. Some examples of residential condominiums are an apartment within an apartment building, a duplex, a bungalow, or a townhouse.

As a small business owner, in case you don’t already know; you are measured against a higher bar when obtaining mortgage financing. In order to qualify for traditional mortgage financing you must meet all the following criteria:

In order to process your mortgage application, the following documentation will be required by the lender: PROOF OF INCOME INCOME (hourly or salaried position) Employment letter confirming minimum hourly wage/salary, position and tenure. Letters must be on the letterhead and signed by an authorized person with contact information 2 Recent pays tubs Previous year T4 or Notice of Assessment (NOA) If your income includes any overtime, bonus or commission income, please provide 2 most recent years Notice of Assessment (NOA) and 2 most recent years T4’s SELF EMPLOYED T1 Generals, 2 most recent years (full package) Notice of Assessments (NOA), 2 most recent years with proof income taxes paid…

Mortgage brokers maintain contact with an extensive network of lenders, and this shortens your search for favorable home loan options. Mortgage agents also have good knowledge of the different lending rules, and they offer you their services at no added charge.

When you are purchasing from a builder, there are a few questions to ask about financing:

How long before your new home will be ready? (this is important and may affect your rate hold options)

What type of mortgage is required?

As an Axiom Broker, my role is to take a longer term view and create options to help you to plan for the worst. Life happens, and circumstances beyond your control; job loss, health issues, business challenges, lawsuits, divorce, etc. can quickly derail even the best of us and put us in a difficult financial position.

The following Zero Cost Insurance Plan creates a safety net via strategic use of pre-payment
privileges. This goes well beyond the simplistic “skip-a-payment” policy offered with many lenders.

Getting a mortgage approved and reaching the end of its term is just one phase of your home loan journey. As long as you owe a balance at the end of your mortgage term, you will need to renew your agreement for another term. If you don’t renew, the mortgage holder (lender) can demand the balance amount in full from you.

Connie Graham, mortgage broker at Axiom Mortgage Solutions Inc. wishes you and your family a blessed and wonderful Holiday Season, and a happy, healthy, and peaceful New Year 2019!

You are pretty awesome for supporting my small business. A big thank you to you all, from your local Edmonton mortgage broker.

I understand that sometimes re-financing your home to consolidate debt and lower your monthly payments is necessary and I try to make the process as simple as possible.

As an expert in mortgages, I’ve created a handy checklist to help you complete refinancing your home with as little stress as possible. Follow my checklist to refinance your home quickly so that you can get back to the important things in life.

Buying a house for the first time is an exciting experience, however, many people take very little time to consider their options before making a decision, and that’s because it’s an unfamiliar experience. During the home buying process, there are different stages you need to expect and prepare for. When you are aware of what is required buying a house becomes easier. You’ll know what to expect and what questions to ask for your benefit.

As you have probably noticed, interest rates have been on the rise for the last two years. While rates are still low, they are not as low as they have been in the past. What does this mean for you?

I’m Connie Graham, a mortgage broker in Edmonton, Sherwood Park, Alberta with Axiom Mortgage Solutions Inc.

I am delighted to announce the launch of my new website!

New Website Coming Soon!