Mortgage Savvy

By
Mortgage and Lending with Lynn Meldrum with Verico Canada First Mortgage

To get mortgage savvy you need to know a few things about the lender you will be using.  There are some Mortgage Lenders who are able to take on more variety of clients then others.  If you have some challenging issues in regards to your credit there are Lenders out there willing to take you on However they do charge a higher interest rate and will have higher payout penalties should you want to refinance, and some of them won't let you refinance at all.  There are other mortgage lenders who offer the best rates but may have high payout penalties that can affect refinancing for you at a later date. This is information your mortgage professional needs to share with you when you are setting up your mortgage. 

There are things that every consumer should ask themselves when setting up a new mortgage.  In regards to payout penalties.

1.  Am I going to stay in this property for the next 5 years

2.  Am I going to need to do any renovations or improvements to the property that I would need to refinanace to do.

3.  Is this a property I intend to flip?

4.  Am I in a position where my job may send me to another city, province or country.

In setting up the best mortgage for anyone these answers should be shared with your mortgage professional before deciding what is the best mortgage for you.  Sometimes it is not always about the best rates you can get but the best conditions of your mortgage the lenders can offer you.

Lynn Meldrum

403-554-9142

 

 

 
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  1. Jean Terry 03/18/2009 02:46 PM
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Rainer
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Jean Terry
Keller Williams Realty Spartanburg, S.C.

Lynn, great post.

March 18, 2009 02:45 PM
Rainer
17,372
Lynn Meldrum
Lynn Meldrum with Verico Canada First Mortgage

Thaks I hope it helps some people trying to refinance these days. 

 

Lynn Meldrum

March 18, 2009 03:36 PM
Rainmaker
340,047
Robert May
Real Estate Expert & Mortgage Broker- Lethbridge
Verico Canada First Mortgage/ Rainbow Realty

Hey Lynn, your posts are good but could use a little spicing up.  Try adding some pictures to them by using the little picture of the tree on the tool bar at the top of the blog post, and then increase the benefits to you by placing some links into the blog that link back to your website or to your page on the Canada First website.

 

Something like this: Lethbridge Real Estate Lethbridge mortgage broker  Lethbridge mortgage rates Lethbridge real estate listings  

 

Those links will let the search engines find your posts and get them into google and in front of consumers. 

March 18, 2009 04:55 PM
Rainer
54,190
Barbara Delaney
Park Place REALTORS, Inc.

Dear Lynn,

 

Good common sense advice for people who need it. It seems that some people turn off their common sense button when they take out a loan!

 

Thanks for sharing!

Barbara

March 19, 2009 12:46 PM
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Rainer
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Lynn Meldrum

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