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Terminology Tuesday – Are You Realty Pre-Approved? BEWARE ofAds That Say “Get Instant Pre Approval 24/7 – Why? Read and Find Out!!

October 2, 2018
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There are many ads out there right now that are telling people to get Instantly Pre-Approved anytime, any day!!!  BEWARE, those ads are very misleading and can be very frustrating as well when you do to buy a house and find out the pre approval you have was just a pre qualification based on no information supplied to back up your application.

A real pre-approval, or at least as best as you can really get if you have not placed an offer yet, is based on supplying the income documentation that will back-up your income type and also a credit check is done.  From that a Mortgage Broker will advise you meet to discuss your situation, check the documents you have that confirm your income and then actually going over your income to debt ratios based on that information.

I true approval however is when you have actually placed an offer and then and only then does the full file go to the lender and then if required to the insurer to get full approval.  These ads are very scary and also again misleading!!!  I urge you to contact us at Advance Mortgage to get the REAL Pre Approval and Approval!!!

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Terminology Tuesday – FCT – Who Are They and What Role Do They Play In The Mortgage Process

September 25, 2018
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FCT – First Canadian Title is a refinance program lenders use when a client is refinancing or transferring their mortgage in order to deliver improved service and heightened customer satisfaction.

This one-stop solution helps lenders complete refinancing or mortgage transfers easily and efficiently.  They take care of all required searches, documentation, funding and reporting.

With a quick turnaround time and a competitive fixed price, The FCT Refinance Program eliminates guesswork and unpleasant surprises for borrowers.  It includes a title insurance lender policy that protects your investments from title related risks.  Canada’s top banks, national lending institutions and credit unions use the FCT Refinance Program for smooth, secure transactions.

Call Brenda or Jessica at advance Mortgage for full details 403-347-0774

Red Deer Mortgage brokers   Mortgage Broker In Red Deer   Mortgages   Loans  Credit Advice  Refinances  Renewals   Cashbook Mortgages  Private Mortgages  Acreage Financing  Second Home Purchases  Home equity Lines Of credit

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Do You Really Have a Pre-Approval

September 21, 2018
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In light of misinformation we see being given from time to time we want to shed some light on the issue of pre approvals. We have met with many homebuyers who come to us after visiting the bank. They will tell us they had a pre-approval but when they went to purchase a home they were somehow no longer approved. We see this far too often and it is very difficult on the homebuyers and everyone else involved.

If you visited a bank or other mortgage professional and filled in an application but did not provide any documentation to verify income or personal information then the integrity of your pre-approval has to come in to question. The reason for this is because determining a homebuyer’s personal information is not always so simple. There are many rules we have to follow when qualifying a homebuyer and we don’t expect homebuyers to know all of these rules. For example what someone claims to earn in income is not always the same number we are allowed to use in qualifying. Different rules apply for different situations as far as what we can use to qualify. For this reason on any pre approval we always review documentation, especially income documentation. We want to ensure your pre- approval has a solid foundation and you don’t get any surprises after the fact!

A pre-approval is only meant to provide homebuyers with a good idea of what they can qualify for. Once you have an accepted offer on a home then we seek out a formal approval with the chosen lender. For any questions please give us a call at 403-347-0774

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Terminology Tuesday – Your Third Stop On Your Road To A Successful Real Estate Experience – The Property Inspector!

September 11, 2018
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Why do you need to use a Property Inspector and what do they do!!! Most realtors will advise you have your property inspected as there could be issues with the property that only a fully trained professional inspector will find or even know where to look. There will always be wear and tear with an existing home, that we expect and understand. Although the inspector will address those, the real ones to be concerned are major relating to but not limited to electrical, plumbing, structure, leaks, drainage, roofs, and so on. Your inspector will be in the property for about 4 hours and will do a thorough exam from top to bottom and then go over that report with you to explain. It is imperative you use an inspector, ask your realtor to refer one to you as they are your best avenue in that they know the best ones!!! Not using one could incur huge costs down the road if there are issues that could have been addressed at purchase time. Lots of times there will be negotiating done to facilitate any costs relating to any repair that may need to be done if something is found as a problem

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Terminology Tuesday – 2nd Stop On Your Road To A Successful Real Estate Experience – The Realtor

August 10, 2018
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2nd Stop – The Realtor!!!

How important is the Realtor in this process! Really, they are very important and one of the professionals you should never go without. When buying a realtor does not cost you anything, in fact they can save you a lot of not only money but headache as well. To be honest, how many of us really know how to put in place all of the steps needed in order to complete on a huge investment like real estate? I for one would never go without using a realtor and I am in the industry.

How do they help:
Writing up the offer to purchase and presenting to the sellers realtor
Negotiating the price and other terms for you
Setting times for financing dates, property inspection dates that meet the requirements for the lender and the inspector
many properties require permits, inspections for wells, septic, easements, on and on it goes

these are just a few and believer there are many more. The need for the use of The Realtor is huge, we can help you find the right one as well

So, now you have the First Two Professionals you need on your road to a successful experience!!!

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Terminology Tuesday – The First Stop On Your Road To A Successful Real Estate Experience – The Mortgage Broker!

August 1, 2018
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Our New Series on The Professionals you need to ensure a successful real estate experience has begun!!!!

The first professional you need to see is The Mortgage Broker – you need a pre approval first in order to determine what you can qualify for, if you can qualify and what are the steps to get the approval done!!! Remember however pre approvals are just that “PRE” and don’t necessarily ensure you get an approval. To get a full approval you need to not only have your income and debt ratios complete along with the credit check, you also need to have an actual offer in on a property. That comes later though because at this point you need to have a good idea that you can even put an offer in.

So, step 1 is to set an appointment with us, we will go over your income, debts, credit report and give you a very good idea if you are ready and set to go forward with the purchase. Jessica and myself will always ask you to bring in as much income information as you can that pertains you situation, we will put your application onto our mortgage system, go over the credit report with you and go over the entire process with you. At this time as well we will enter into your application the potential purchase price that you are looking for, relate that to the monthly payment you will have so you can better understand how those connect to each other. This is very important so you know based on what you would like to spend for a home you can also see what the payment is per month to feel comfortable with that as well.

Now, you are either set to go to Step Two – The Realtor- or we need to advise and go over with you what steps need to be taken first in order to ensure a successful purchase. STAY TUNED – STOP #2 NEXT WEEK!!! THE REALTOR!
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Terminology Tuesday- Who Are The Professionals You Need On Your Team To Ensure A Successful Real Estate Experience!

July 24, 2018
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This is a very important topic and one we will be addressing over the next few weeks in a series that will help you to understand who you need and why. We will pick one professional each week and explain who they are, why they are important and what they do. I hope you will enjoy this series as we believe everyone needs each of these professionals to assist them along the way.

So, stay tuned and we hope it will be helpful!!

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Conditions Have Been Met – What Happens Now!!!

July 13, 2018
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Things are moving along, you have placed your offer, your mortgage is all approved, now what. Now is the relax time, enjoy the great thoughts about moving into your home. The paperwork is done for now.

The next step is signing the legal mortgage documents at the lawyer. About 7-10 days prior to possession day your lawyer will call you to set an appointment to sign the legal documents which must be done at least 3-4 days prior to possession. They will advise you to bring in a bank draft or certified cheque for the amount of the rest of the down payment and all closing costs which will include but not limited to the lawyer fee, pro-rated property taxes if applicable, title insurance etc. You also need to be sure you have sent to your lawyer proof of fire insurance as the lawyer can not release the funds unless fire insurance is in place as at closing. After that it is a wait time for possession at which time the lawyer will receive the funds from the lender, send over to the sellers lawyer who at that time, once received, will release the keys to the client or the client’s realtor. Now, you move and ENJOY!!!
Why use a Mortgage Broker, Which Mortgage Broker to use, When use a Mortgage Broker, credit advice, first time home buyers, home equity lines of credit, loans, second home purchases, acreage financing!!!

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Terminology Tuesday – Steps In The Approval Process – Episode 2 – The Purchase

June 26, 2018
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Step 2 in the approval process is the purchase, you now have an accepted offer and ready to get to the approval stage. We have already met with you, assessed your situation, gathered income documents and have most likely pulled a credit report. This gave us some initial information which would have been enough to advise you could go house hunting and given you a range of what you can afford to buy to meet the lender debt ratios used.

So, you have an accepted offer, you need to bring that in along with the Listing sheet. We will advise of any updated documents required such as more current paystubs, an employment letter if we have not received that as of yet and proof of the down payment. We now have the actual amount of your purchase price so can update your application and get it ready to send to the lender. As each situation can be different there will be different documents as each mortgage is different compared to the client situation. We will go over this step in detail with you as now your deal goes to the lender we have chosen for their approval. It is important for us to get as much information as possible in order to expedite the process with the lender, I will step you through that and keep things as simple and pain free as possible, that is what we do. It is now in the hands of the lender!!!

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Terminology Tuesday – Series On “The Approval Process Step By Step” – Episode #1

June 22, 2018
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We are beginning a series on The Approval Process- Step By Step – this is Episode #1 explaining the initial appointment.

You call into our office to set an appointment to receive a pre-approval, we set that appointment and give you a list of important documentation to bring with you so we can better determine your situation and how we can assist. We will ask you what you are looking to do, is it a first time home purchase, are you selling an existing, are you buying a revenue property and so forth. We need to know who you work for, how long you have been at your job, how are you paid, are you an employee or are you self employed or contract, the position you hold at your job.

Then we go further into your situation by processing an application with your personal information onto the application and if necessary at that time pulling a credit bureau to determine debt and your credit rating. We will explain each step in full detail so you understand what is happening along the way. You may not be buying right away and if that is the case we determine how far we need to go with your application based on your plans for a purchase. This is the best time to discuss your options based on what is going on with your income, debt and credit rating as these are the 3 major components of getting an approval for your purchase. You are in control of how much you feel you need to know to proceed and we assist along the way. This appointment can also just be a consultation as you may not be ready just yet however want to know what you need to do when it is time to purchase. That is what we are here for and will assist you each Step of the way.

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