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What is a Mortgage?

A mortgage is a loan taken out to buy property or land. They are commonly for 25 years but often the year term can be shorter or longer. The loan is ‘secured’ against the value of your home until it’s paid off. If, for some unfortunate reason, you can’t keep up your repayments, then in this particular situation the lender can repossess (take back) your home and sell it so they get their money back.

Affordability Analysis

Before putting down a mortgage, it is best to perform a quick analysis of finances. Calculating costs of owning a home is best, which includes calculating the following: household bills, council and other taxes, maintenance and insurance, so on and so forth. The lending party can often demand seeing proof of your annual or monthly income along with debts. The lender, which can be a bank or an organization, will want to make sure that you are well able to keep up with repayments if, in such case interest rates rise. The lending party also reserves the right to deny offering a mortgage at all if they think that the repayments won’t be repaid.

Where to Get a Mortgage

A mortgage broker can perform a comparison of different mortgages presently on the market including those mortgages which are not offered directly to customers. Often times, a broker looks at mortgages from the ‘whole market’ instead of looking at products from a number of lenders.

Applying for a Mortgage

Applying for a mortgage is often broken down into a two-stage process.

The first stage often consists of calculating how much you will be able to afford, and which type of mortgage or mortgages you are going to need.

And the second stage consists of mortgage lender conducting a further detailed check to see evidence of income and a regular affordability check.

Correlation between Deposit and Interest

The greater deposit there is, the lower the interest rate could be. This correlation is often times referred to as “Loan to Value” or LTV.

As an example, a $10,000 deposit on a $100,000 property, the deposit is 10% of the price of the property, and the LTV is the remaining 90%. The mortgage will be secured against this 90% portion.

Basically, the interest rate depends on LTV. The lower the LTV, the lower interest rate is expected to be. This is due to the fact that the lender prefers taking less risk with a smaller loan.

If you are in the market for residential mortgage financing contact us today.  We’re always happy to help!

TESTIMONIALS

  • “Hi Felicia and Steve.
    Thank you so much for walking me through a process that I was not sure about.  You were extremely patient with me and I truly appreciated that the most.
    I was wondering if you could send me a few cards.  I have told two people that were talking about Reverse Mortgages and I only have the one card that Steve gave me.
    I wish you all well and again, thank you for making it so easy for me.
    With much respect always,

     

    — Judi
  • After speaking with several Brokers, my wife and I found that Steve Bryan at Mortgage Alliance was the right broker to handle our mortgage situation. He was highly professional, proactive, knowledgeable and patient. Steve and his associates followed up regularly, and took the time to explain all the pros and cons, this allowed us to make the best decision for our family. They work swift and accurate, wrapping up all of our matters within a couple of weeks. We would definitely contact Steve Bryan for any future mortgage concerns and recommend anyone looking for mortgage services to his brokerage.

    — Peabo & Sabrina S.
  • Referring u to friends/family is easy. I am picky and you addressed all my questions/concerns in a timely and professional manner. You were also extremely knowledgeable and provided me with some key information that assisted me in getting a property that meets all my needs by telling me about the home improvement loan from the bank.

    — Sophia
  • I have known Steve Bryan for the past three years …

    At our meeting I told him I was looking for a second mortgage on my home, he explained the steps involved in the process with great clarity he was very articulate, professional and effective. Steve was able to secure the mortgage with B2B bank at a reasonable interest rate and to my satisfaction.

    What I appreciated most was Steve’s dedication, commitment and driving results, I will recommend him to anyone in the future.

    — Judith D
  • If you’re looking for someone that will work for you and have your best interests at heart your search stops here. Steve fights for his clients to the end and never gives up on a deal until he gets it done. Thank you Steve.

    — Shelley D
  • We were recommend to Steve by a family friend and he was very professional and took the time out to lets us understand the pros and cons for what we wanted to do. When we decided what we wanted to do he gave us the best option. He’s patient and he makes sure you have all required documents before proceeding. I would recommend him to everyone.

    — Damian H
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