Wednesday, September 14, 2011

Ask a Mortgage Question

I wanted to add this post to my blog because I want to answer some direct questions regarding Canadian mortgages that you may have.  When I review the topics that have been typed into search engines to find my blog I notice that your questions may not be completely answered with what you find.



So you can feel free to ask any mortgage question I will be sure to add a reply as soon as I can.  I will also be posting questions that people have asked their search engines and replying to them.
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6 comments:

  1. Ron MillerSeptember 14, 2011 at 5:43 PM

    Mortgage question from AOL search. "refinancing when banks turned you down"

    There could be many reasons why one particular bank turned you down. Many lenders have a model that they want clients to fit into. If something in your life has changed and your current bank will not help you, it may be to your benefit to contact me and I can let you know what can be done. We use about 20 different lenders so we are not restricted with one particular set of rules.

    You can read my post on Refinancing for some more information.

    ReplyDelete
  2. Ron MillerSeptember 23, 2011 at 2:43 PM

    Mortgage question from Google search. "benefits of colateral mortgage"

    There are some benefits, financing up to 125% of your homes value, but only if you qualify. Downside is you are limited to your mortgage institution for any financing you want, remember you never want to be trapped by a lender. Only people who should use a colateral mortgage are people with lots of funds elsewhere that are using the bank, not the bank using them. Read more Here.

    ReplyDelete
  3. Ron MillerSeptember 27, 2011 at 6:51 PM

    Mortgage question from Google search. "Can you renew your mortgage after a proposal?"

    Yes you can renew your mortgage after a proposal. Depending on how long ago and if you re-established your credit will dictate your interest rate. Often your lender will automatically renew your mortgage.

    You can read more about this subject at Mortgages, Bankruptcies and Consumer Proposals.

    ReplyDelete
  4. Ron MillerOctober 14, 2011 at 11:51 AM

    Email Question, "For purchase plus improvements, can I get more than 40k?"

    The answer at least in Ontario to my knowledge is no. Genworth will allow up to 20% of purchase value on a home for improvements. However there are not any lenders who have a program that will allow that. Most have a cap of their own. Some 10% others 20% max of 40k. Read more about "purchase plus improvements" here.

    ReplyDelete
  5. AnonymousDecember 28, 2012 at 8:09 AM

    i have a house in port dover we renewed our mortgage in june now becasue of financail reasons have to sell what is the penalty to break our mortgage

    ReplyDelete
  6. Ron MillerDecember 28, 2012 at 11:39 AM

    Hello Anonymous, the first thing you should do is call the lender and ask them what the penalty would be. Penalties are calculated different at every bank. I would have to know your current rate, which lender you are using and the terms of the mortgage.

    ReplyDelete

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