Your Top Mortgage Questions Answered
At Sterling Homes, we understand that navigating the mortgage landscape can be challenging. That's why we launched our #Askamortgagebrokerseries on social, aimed at demystifying the mortgage process and providing valuable insights directly from our experienced mortgage broker partner, Jacki Harris at MMG. Each reel in the series tackles a specific question or topic, ensuring our customers are well-informed and confident in their home-buying journey.
August 7, 2024
Part 1: How can a co-signer help you get approved for a mortgage, and what role do they play in the application process?
Co-signers as a great benefit as they add additional income to your application and can help you qualify for more. This is a great option for first time home buyers to explore.
Part 2: What are the differences and benefits of using a broker vs a bank?
MMG is a broker and shares all the great things they can do with connections to a multitude of lenders and lending options.
Part 3: How can someone best prepare for making the application process seamless and stress-free?
It is best to prepare by talking to your lender regarding what documentation they will require for your approval and getting this ready while home shopping.
Part 4: What is something you wish people knew about mortgages and financing options?
The 5-year fixed rate has been one of the most popular financing options. Many lenders can offer a variety of different financing options such as variable and fixed rate with different terms to help optimize your lending and payments for your mortgage.
Part 5: What are your predictions regarding interest rates this year?
This is the million dollar question! Interest rates do seem to be trending down for 2024 and that will help with affordability and assisting more customers in qualifying for a new home. While we don’t have a crystal ball, always check in with our lenders for more information on the latest rates and incentives.
Part 6: Can I qualify for a mortgage if I am on maternity leave or have a pending leave?
For anyone with an upcoming parental, medical or personal leave, there are options to still move forward with a new mortgage and lenders can help you navigate these with ease.
Part 7. Can non-permanent residents get a mortgage for a new home in Alberta?
Make this a possibility and check out all the criteria to allow non-permanent residents to move into a new place to call home.
Part 8: What is your advice for saving to obtain a down payment to purchase a home?
Rent costs are similar to a mortgage payment, however the deposit can be the hurdle to home ownership. Check out this video for many tips and tricks to get started on your down payment.
Part 9: Do you have to put 20% down?
This will depend on your purchase price, but many home purchases do not require a 20% deposit. MMG explains the scenarios and what down payments are required.
Part 10: What is your number one asked question as a mortgage broker?
The most common question is how do I afford more? Jacki offers up a ton of suggestions on how you can get into your dream home and afford it.
Part 11: Have you heard of bridge financing?
Bridge financing is a great option to move into your new home seamlessly, especially if your previous home is not sold or has a possession date later than your new home.
Part 12: For people that feel that homeownership isn’t attainable, what are some creative ways you can recommend to help get them there?
One creative solution is adding a Legal Basement Suite. Adding a suite can help you qualify for a larger mortgage and has the extra bonus of additional rental income to offset your mortgage payments.
Stay Tuned for More!
Follow us on Instagram and TikTok for regular updates on new topics and expert advice on all things lending and mortgages.
For any specific questions or personalized advice, feel free to reach out to our Sterling team and our trusted mortgage lenders. We’re here to help you every step of the way!
Author: Pamela Burns
