Mortgage FAQ’s

Can I buy with no money down?

With good credit, job stability and proof of income, you can arrange for a mortgage with no money down up to 95% of the property value or new purchase amount (subject to availability).

I have bad credit, can I still get a mortgage?

As long as you have equity in your property, we may be able to get you approved for mortgage financing with bad credit.

Can we switch from a variable to a fixed rate?

Depending on the terms of your mortgage, you can switch to a fixed rate term from a variable rate mortgage at anytime.

Can we arrange bridge financing?

Bridge financing can be arranged depending on the closing date and is usually no more than 6 weeks of the new purchase.

What is Bridge Financing?

Bridge Financing is a short term loan that enables you to maintain the property you¿re currently selling, as well as purchase the property you wish to purchase. This option is available if there is a time gap between your sale and purchase.

How long can you hold a rate?

Rates can be held between 90 to 120 days. Rates can drop if rates in the marketplace fall.

I am in business for myself and can’t prove income; can I still get a mortgage?

Yes, we can still get you approved for a mortgage. The qualifying process is different as rates and terms may vary depending upon the credit and equity in your property or your down payment towards your purchase. You will need to answer 4 simple questions:

  1. How is your credit?
  2. How much are you putting down, if it is a purchase?
  3. What is your income?
  4. How long have you been in your job?

How does bankruptcy affect my qualifications?

In order to purchase a home, depending on your down payment, we can get you a mortgage provided, you are discharged from bankruptcy. Most banks require you to have reestablished your credit with at least two trades within 24 months.

How do I know if I qualify?

There are many ways to qualify for a mortgage. Some mortgages are based on the equity of your home with no income qualification needed, while others are based on salary and credit worthiness.

Each mortgage application is treated differently and can be approved subject to your specific needs and qualifications. We are experts in determining the route to process your application in order to obtain the best mortgage rate in the marketplace on your behalf.

What are the sources of acceptable down payment?

A down payment must come from your own non borrowed source. You may also use money that is gifted to you from immediate family and provide a gift letter to state the money will not have to be repaid. You may also qualify for a Flex down mortgage and use the money you can borrow against other assets you have or use the money through lenders special programs.

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