Separations happen! Mortgage Wise is here to make it easier for you!

 

Separations Happen!

Writing this particular blog is ironic as I have my wedding in 18 days!  But it is important for people to know about their options when it comes to separation and divorce.

Going through a separation or divorce can be one of the most difficult periods in anyone’s life.

In addition to the heartbreaking end of a marriage, there are often difficult decisions that need to be made.  Where do the kids live?  How do you divide up the assets?

If you also own a matrimonial home you will certainly have other questions.

Who gets the house?  Can I possibly remain in my home?

Is there enough equity built up so that we can refinance to consolidate or pay out matrimonial debts and / or facilitate a buy out of my spouse?

The new mortgage rules effective July 2012 restrict the refinancing of one’s home to a maximum of 80% of the home’s value.

HOWEVER…there is a way to finance up to 95% of your homes value!

CMHC and Genworth Financial Canada, both suppliers of mortgage default insurance in Canada, will now consider applications for one spouse to buy the matrimonial home from the other spouse with financing available up to 95% of the home’s value.

Mortgage Wise can help.

Here is what we will need;

1. A Private purchase and sale agreement signed by both parties
2. A finalized divorce / separation agreement
3. A statutory declaration signed by the spouse who is relinquishing interest in the property
4. Lender may request additional support documentation depending on your individual situation and an appraisal may be required.

You have the questions.  We have the answers!

Thanks for visiting!

Improve your purchase!

 

Improve your purchase!

Have you found a property that you would like to do some renovations to? 

Maybe there is a property that you are interested in that needs some work.   Maybe there is a property that needs a lot of work before you can move into it.

Here’s how “Purchase plus improvements” works…

1. Find a property.

2. Evaluate the current value and the future value after improvements

3. Get quotes from reputable companies (on company letterheads)

4. An appraiser looks at the values before and after

5. Get the work done (appraiser visits the property) and get the monies refunded to you for the renovation costs

Here are the limitations…

1. You need to carry the costs of the renovations
2. You will need to put a minimum down payment of 5% of the improved value of the property
3. Most lenders max out the improved value to 10% of the purchase price to a Maximum of $20k.  Some will do 20% up to $40k. 
4. If you wish to do a larger renovation, we need to look into a “construction draw mortgage.”

Don’t you feel better now that you know???

I know I do for letting you know.

As always, I am available to help answer any questions you may have about this product and any other products.

Thanks for visiting an AWESOME approach to MORTGAGES.

Please feel free to share this with anyone that needs some mortgage questions answered!

Pre Approvals...What's up?

 

Pre Approvals…What’s up?

If you are thinking of buying a house or looking to renew within 120 days, DO IT!

2 main reasons to get pre approved…

1. Save a great rate for up to 120 days
2. Know that your comfortable with the rate and payments before you buy / Renew / Refi

With pre approvals, you know where you stand with your credit and how much you can afford.

There are 4 things we need to prove when you are purchasing a property:

1. Income
2. Down Payment amount and where its coming from
3. Credit
4. Affordability

Before we meet to do your pre approval, please have the following items ready:

1. Drivers License
2. Social Insurance Number
3. Recent Pay Stub (unless you are self employed)
4. Working knowledge of the debts you have

Let’s get you pre approved so you can shop with confidence!

Thanks again for visiting an AWESOME approach to MORTGAGES!

I missed you!