Horner Mortgages

05/10/2023

Going through the pre-approval process is important. However, the actual term ‘pre-approval’ is often misunderstood. It’s not magic, and it’s certainly not binding.

Let’s be clear, a pre-approval isn’t for the lender; it’s for you!

And yes, if you’re considering buying a property, you should start with a pre-approval. But be aware that simply having a pre-approval isn’t all you need to secure mortgage financing.

Read more at our Blog!

https://hornermortgages.ca/blog/mortgage-pre-approval-vs-pre-qualification

05/05/2023

Thank you, Rick for the 5 star review! We are always here to help.

05/02/2023

This month at , I am including:

✔ Paying off your mortgage faster

✔ Economic Insights from Dr. Sherry Cooper

If you are not currently subscribed, you could be missing out on some important updates and market information!

Not signed up to receive our regular updates? Feel free to send us a DM and we will get you connected!

04/27/2023

If you are looking to purchase your first home, your next home, or your twentieth home, lenders will require certain documentation to prove different aspects of your file. Generally, the list of documents are similar from lender to lender, but of course some lenders can choose to require less, more, or different documents than others. The earlier on in the process you can collect these documents, and provide them to your broker, the better. Some documents may be required up front during the pre-approval stage. Some will come later. Of course, we will walk you through the entire process when you reach out to work with us.

So here we go, here is a list of the most common documents that will be required to secure mortgage financing.

Read more on Our Blog:

https://hornermortgages.ca/blog/planning-ahead-a-guide-to-mortgage-documentation

04/21/2023

How to Qualify for MORE Mortgage Money

Here are 3 examples of the MANY ways that help us obtain the maximum purchasing power for our clients:

Fixed rates are currently lower than variable rates, which reduces the stress test and helps you qualify for more. A shorter term may be wise right now based on the current climate, but since 5 year fixed rates typically have lower rates, they can help you qualify for more. That said, the 5 year fixed rate term has its dangers so to speak, so it may not be advised to choose this term just to qualify for a bit more right now.

Rental Suites can have a huge impact on qualification as well. Again, some lenders are more aggressive with rental income than others, so it’s important to work with a broker that has the best options. Surprise, not every broker has access to the best lenders.

DECREASE that down payment, and put some of that cash towards paying off a larger vehicle loan, credit card, or unsecured line of credit. Since a $400/monthly payment on another loan can reduce your mortgage qualifying by approximately $100,000 give or take, this strategy can have a massive impact for some people. Don’t do it now, let us help you examine the best options for you situation.

If you are looking for a PRE-APPROVAL that maximizes your purchasing power, get in touch with us and let us help create your strategic plan.

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04/19/2023

When looking to qualify for a mortgage, typically a lender will want to review four main areas of your mortgage application. Income, credit, downpayment/equity and the property itself. Assuming you have a great job, excellent credit, and sufficient money in the bank to qualify for a mortgage, if the property you’re looking to purchase isn’t in good condition, it may be tricky to get a mortgage from a conventional lender.

The property matters because the property you are looking to purchase is the collateral the lender holds in case you default on your mortgage.

Read the rest on our Blog!

https://hornermortgages.ca/blog/why-the-property-matters

04/17/2023

Q: What is a HELOC?

A: A home equity line of credit, or HELOC, is a revolving type of credit allowing you to access the equity in your home in the form of a credit line. It is secured to your property and is a powerful tool that can be used for many different things like, consolidating higher interest debts, house renos, or to help you with the down payment to purchase another property! These would need to be set up by your mortgage broker or bank.

If you want to talk strategy about accessing the equity in your property, give us a call!

04/14/2023

So your family is growing! Congratulations!

If you’ve thought now is the time to find a new property to accommodate your growing family, but you’re unsure how your maternity or parental leave will impact your ability to get a mortgage, you’ve come to the right place!

Lenders have different policies when it comes to Mat Leave, however, as long as you have a letter from your employer stating you have a guaranteed position/income and a return-to-work date, this income is still able to be used for qualifying. That said, don’t just assume your situation will work, please talk to a professional to get an understanding first.

Read more on Our Blog:

https://hornermortgages.ca/blog/maternity-parental-leave-and-qualifying-for-a-mortgage

04/12/2023

Bank of Canada (BOC) Announcement April 12th, 2023:

0.00%, No Change!

Today, for the 2nd Key Interest Rate Announcement in a row, the BOC has decided to hold steady with No Change!

If you have any questions about anything mortgage related, please feel free to reach out as we're here to help!

04/04/2023

This month at , we are including:

✔ Payment Frequency Information

✔ Economic Insights from Dr. Sherry Cooper

If you are not currently subscribed, you could be missing out on some important updates and market information!

Not signed up to receive our regular updates? Feel free to send us a DM and we will get you connected!

03/31/2023

Always great to receive positive feedback from clients about our services. Thanks Kiel!

03/29/2023

Not all insurance products are created equal.

One of the most common mistakes homeowners and potential homeowners make is that they hear the word “insurance” and just assume they have it! Well, you might have one kind of insurance, but you might be missing coverage elsewhere. It is important to understand all the different insurance products to ensure you have proper coverage.

To help you get a better understanding of the insurance, we have broken down the four main insurance product options you will encounter and what they mean.

Want to know more? Check Out Our Blog!

https://hornermortgages.ca/blog/understanding-insurance