Mortgage Tailors

  • Important Steps to Efficiently Use the Best Mortgage Broker in Edmonton

    Getting a mortgage is one of the biggest decisions you will ever make. Accessing our highly   skilled mortgage broker is here to help make the most profitable choice. To help make the best mortgage choices, the use of a Mortgage broker in Edmonton is the best decision. Edmonton’s best mortgage broker will break down your income, assets and debts and find the perfect mortgage solution for you. If you are looking for the most credible mortgage broker in Edmonton, Mortgage Tailors is the one for you. The service provider is widely appreciated for helping its varied customers to crack the most beneficial mortgage deals. Moreover, working as a well-knit team of experts having deep industry knowledge, the company has emerged as a preferred name in the concerned domain.

    Why do You Need a Mortgage Broker in Edmonton?

    Several financial decisions are not to be taken on a routine basis. For instance, if you are planning to buy a home or are willing to refinance an existing property, there is a serious need to precisely understand the market situation and the return that you can avail based on your financial position. In such a scenario, a mortgage broker in Edmonton is all you need. Some of the fundamental values you require include the interest rate, down payment, location of the property, term of the loan and any other factors that will affect the mortgage decision. 

    Here, let us attempt to help you understand how working with the best mortgage broker in Edmonton:

    • Type of Loan: The essential requirement of making the most of a mortgage broker in Edmonton is to select the loan type you wish to avail. Every sub-category further alters the options that will be displayed. So, be very careful in typing the loan category. Some of the key options that you will find include home purchase, refinancing that replaces the current mortgage with a new loan, and cash-out refinancing that applies to those interested in accessing their home equity. Based on the type of mortgage solution you desire, we consider the home value, existing mortgage balance, cash amount, and down payment, we work together to decide your best mortgage solution. 
    • Correctly Enter the Current Property Value: Once the loan type is selected, the next step is to input the home price. Find the exact price via property listing or by using the latest appraisal. Even a home appraiser can be used to identify an estimated home value using their expertise. 
    • Specify the Mortgage Balance: The next step is to check the specific mortgage balance. For instance, if you are buying a property, you need to enter the down payment you plan to make. The down payment can be specified as a fixed amount or as a percentage of the home price. At this step, one thing to remember is that a higher value of the down payment is considered an excellent factor to avoid an insurer premium A borrower with less than 20% down payment is expected to pay a  mortgage insurance premium, which is based on the loan to value.
    • Type of the Property of Interest: The next step is to review the type of property.. It is always recommended to check the property listing to avoid confusion. A reason for a mortgage broker to pay attention is that not only does a lender approve a borrower they must also approve of the property.
    • Credit Score: The next step to perform when using a mortgage broker is to review your credit score. Those unaware of their credit score can check Equifax or Trans Union for their credit report. Moreover, a mortgage brokers understanding of lender policies based on your credit, will help get the mortgage approved. . Checking on the credit score helps determine a mortgage solution for which an individual qualifies. Most lenders offer a loan based on credit score, monthly income and debts of the borrower. A high credit score improves chances of getting a mortgage approved and at a lower interest rate.
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  • Why To Join Hands With Legal Separation Mortgage Tailors?

    Getting legally separated in Canada and worried about your matrimonial home? If that is so, you’ve come to the right place. Mortgage Tailors are here to extend the support that you need. You can engage in one-to-one consultations with Edmonton’s renowned mortgage broker Eva Neufeld and discuss your concerns.

    We understand that seeking a divorce is an emotionally and financially draining process. Both the parties are generally unwilling to forego their matrimonial property at a compromised rate. Sometimes, they agree on selling to get a new property individually, and at times just one of the partners is interested in keeping the house.

    As per Canadian law, you can get only 80% of the property value refinanced. So the legal amount that can be taken out might not be enough for paying off joint debts. Thankfully, another option of proceeding with the spousal buyout program is there to help. If the parties seeking a divorce have a legal separation agreement, then the loan amount can be raised to 95% of the total home value.

    Reasons to seek professional help for legal separation mortgage:

    • A Peaceful Mortgage Split:

    Only having a lawyer isn’t enough. In the challenging time of separation, it is essential to have someone who can share correct advice. It is natural for the separating partners to have a lot of questions in mind. Having easy access to someone who is aware of the ins and outs of real estate mortgage issues is essential. Also, there are concerns related to child support that is to be carefully handled.

    • Professional Advice At Every Step:

    One uninformed mistake while dealing with legal separation can cost you a significant amount. But, on the other hand, taking professional help can make the problematic divorce phase easier for both the parties. 

    Using the expertise of someone who is experienced in handling similar situations can act as an immense support. Moreover, you will end up making sensible mortgage decisions.

    • Assistance In Buying A House Post-Separation:

    It is possible that you might want to consider investing in a new mortgage post-separation. Speaking to a knowledgeable mortgage broker can help to get the best advice on what you qualify as per the situation and your financial position.

    • A Well-Defined Process:

    In sensitive life decisions like separation, things must proceed in a standard format to avoid mistakes. If you seek help from a legal separation mortgage company, you would be asked to begin the process by submitting certain documents. Next, you need to continue with the mortgage application form. Post form submission, the experts will look at your application and offer consultations. Only after understanding your preferences any further action will be taken. It is essential to be very transparent with the mortgage experts to avoid any information gap. 

    Key Takeaways:
    You need not feel alone on the path that you have chosen. You may consider our legal separation Mortgage Tailors solutions as your reliable friend. The experts take any decision only after considering your requirements and leaving you in the best state. So go ahead and get in touch with the best mortgage experts today.

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