Faizal Garasia

I offer enhancement regarding your mortgages, real estate investing, leasing or financing, and other credit repair services. I am a mortgage agent and, at the same time, a credit repair agent. Thus, it is evident that I can confidently execute any issues you are facing right now.

I can give you access to different options that may work best to your liking! Bank application is a complex and time-consuming process. Why search one by one when you can apply to all of them in just one application? To best suit your financial needs, mortgage brokers, like myself, are searching the market. Remember: we don’t work for lenders. We work for you!

 Depending on the lender, a pre-approval can mean nothing. However, a good broker can immediately inform you whether you will be approved. A mortgage broker should be able to know how an application will be considered by an underwriter.

 Nobody usually has the money to buy a house outright, so the first step is getting a bank loan. However, any bank rarely gives you a loan unless you have some money to contribute. A down payment will be made to the seller whenever you secure a house. This is deducted from the home’s purchase price, and the bank should cover anything left over.

The minimum amount to be applied to a down payment is 5%. However, you must also demonstrate that you can cover the closing costs (usually 1.5% -3% of the purchase price). If you can afford to spend more without straining your wallet, we recommend you put a down payment. Not only will it take less time for you to pay off your mortgage, but you will also possibly get a lower rate. Homebuyers who deposit more than 20 % down payment are not required to be insured by CMHC. You can also have a more extended period of amortization which means more time to pay off your loan.

People often think their mortgage application process ends with a bank denial. However, this is where you see the advantages of hiring a mortgage broker: if one lender denies you, there is a long line of other lenders waiting to review your application! We do our best to accomplish the financial goals of every client.

If you are dismissed from bankruptcy, there are ways to still get a mortgage loan. Your loan will probably be subjected to more stringent conditions, but it is still possible to obtain a mortgage.

Some of them may not be billed every month, like taxes, so do the calculations to divide them into monthly costs. Below is a list of these significant expenses. Remember that these expenses are also calculated when considering your mortgage loan to see if you can afford these monthly payments without financially straining yourself.

 If your transaction is due to close in the middle of the month, but your regular mortgage payments are set for the month’s beginning, your first mortgage payment may be delayed for several weeks. Let’s say the 15th of the month is the closing; therefore, IAD will be collected at the time of closing along with your downpayment.