Purchases

There are many different mortgage options when it comes to a purchase. Fixed or variable rates, closed or open mortgage, how long of a term, amortization, etc, etc. Let me help you as your mortgage professional customize a mortgage that is suitable for you and your family’s needs. There are still mortgages available with zero down (OAC), at a very competitive interest rate. The first place to begin with any purchase transaction is with your pre-qualification and pre-approval. Call me today!

Do you have a down payment?

While there are still options available to purchase with 0% down, it is typically recommended that buyers have at least 5% down to put towards their home purchase.

What source is the down payment from?

When purchasing a home, the down payment can come from your own resources, or in the form of a gift, or it can be borrowed from an at arms length source.

Where is your down payment coming from?

Is it a private or MLS listed purchase?

When purchasing privately, buyers have to be a little more meticulous about the transaction. There is usually more paperwork that is required and a little more cost is incurred with a private purchase than with an MLS listed property.

Is it a build or pre-owned home?

Construction/draw mortgages are structured a little differently than a regular mortgage. There are 3-4 advances at different stages of completion. The rate on these types of mortgages are not usually set until the property is 90 days away from completion.

Are you requiring a purchase+improvements mortgage?

When purchasing a property that requires renovations, the cost of the renovations can be included in the mortgage. A typical condition is that the work is completed up front and that all costs will be reimbursed upon completion and inspection.