Therefore, once you apply to us for a Deposit Advance, we will move quickly to approve you, and fund your Deposit. There is a $49.95 application fee, which is paid to the Government in order for us to do our due diligence. Also we have provided a ¡°Deposit Advance Calculator¡±, so that you can estimate the cost of borrowing. All our advances are registered, and the legal fee is $250.00 + GST. However this fee can be borrowed with your deposit.
For more information please visit our blog: toronto Mortgage financing home deposit, buying a property real estate deposit financing, short term financing loan new home deposit broker.Finance and money
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( 2.8 / 53 )Mortgage Fraud - Straw-man swindle
Con artists use a "straw man" or "straw buyer" to purchase a property. A straw buyer is usually someone fairly unsophisticated who has passable credit. Often straw buyers are told by the huckster-a mastermind who uses a false identity and typically poses as a sophisticated investor-that they'll get a nice chunk of money if they go in on a plain-vanilla business transaction with him.The straw buyer gets a mortgage on the property. Then the straw buyer signs the property over to the huckster in a quitclaim deed, relinquishing all rights to the property as well as the underlying mortgage. The straw buyer gives the huckster the mortgage proceeds, taking a small cut-usually 10 percent-for himself. The huckster doesn't make any mortgage payments and often even pockets rent from unsuspecting tenants until the property falls into foreclosure. Usually the straw man, not the mastermind, is arrested for fraud.
Some Things to Know About Applying for a Mortgage
Applying for mortgages with several banks can harm your credit rating. Many people are surprised to learn that skipping payments isn¡¯t the only way to damage a credit rating ¨C the truth is, you weaken your credit rating with every application you fill out. This is because each bank pulls a credit bureau on you to assess your application and these inquiries are reflected on subsequent bureaus. Many lenders consider multiple inquiries to be a red flag on your credit. A good credit rating is critical in getting the best mortgage rate and terms. A mortgage broker protects your credit by pulling just one credit report and submitting it to lenders on your behalf. This way you can shop for the best possible mortgage amongst many lenders without damaging your credit rating.[ add comment ] | permalink |
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Extended warranties
Before you pay extra for an extended warranty, find out whether your credit card will cover it for free first. Credit card issuers often offer warranty extensions.
"The odds of things going wrong in that warranty period are pretty slim, which is why issuers offer them," says Scott Bilker, the founder of financial advice site Debtsmart.com. World MasterCard and American Express cards, for example, double most warranty periods. (These warranty extensions max out at one year.)
Return guarantees
Stuck with an unwanted item because you lost the receipt or missed the short return period? If you can prove you purchased the item (by pinpointing it on your statement) and the store rejected your request to return it, the credit card issuer may accept the item instead.
Capital One's No Hassle Points Rewards card and many VisaPlatinum cards offer up to $250 back per item for up to 90 days after purchase.
Coverage of stolen or damaged goods
Under the Fair Credit Billing Act, a federal law that enables consumers to dispute unauthorized or incorrect credit card charges, every purchase made with plastic carries certain protections.
The law covers everything from double-billing accidents at the grocery store to the handbag you bought on eBay that turned out to be a fake.
Card companies regularly look for ways to get more of your money. Here's how to tell whether your issuer wears a black hat or white one.Theft and accidents happen, but that doesn't mean you're out of luck. Some card issuers will reimburse for damaged or stolen items within 90 days of the purchase date. They usually won't cover loss or normal wear and tear, however, so specify what happened when filing the claim, says Bilker.
Citigroup's Citibank cards, for example, offer as much as $500 to $1,000 back per item in the event of theft, accidental damage or (in some cases) fire. MasterCard offers up to $10,000 per item for Gold-level or better cards -- above and beyond what insurance covers.
Price protection
If the item you recently bought goes on sale or is cheaper at another store, your credit card may refund the difference. Just present proof of the sale price or price change and the original receipt.
The catch: Many issuers exclude prices found at online stores, making the policy significantly less valuable, Dworsky says. Most Chase and Citibank cards refund the difference up to $250, within 60 days of purchase.
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At MortgageDirect2u.ca, our well-established relationships with over 60 lenders ensures you receive the best available mortgage - and the best available mortgage rate. From residential to commercial real estate, our Mortgage broker can help you make the right decisions. Whether you`re buying a home, renewing your mortgage, or refinancing - trust the Mortgage Direct2u experts. Mortgage financing VS Contract Modification The short answer is that most loans are serviced by firms that don't own the loan, and owners do not give servicing agents the discretion to modify the rate. When market interest rates drop, a lender would rather drop the rate on a fixed-rate mortgage in good standing than lose it to another lender through a refinancing. On the other hand, if the borrower isn¡¯t going anywhere, the lender doesn¡¯t want to drop the rate. The lender¡¯s objective is to drop the rate only if necessary to prevent loss of the loan. Mortgate rates little changed as housing market struggles A commercial mortgage is designed for businesses and investors who wish to purchase or refinance income producing, commercial properties. With competitive interest rates and a network of mortgage specialists we are committed to finding solutions meeting the individual needs of each customer. Residential Mortgage * A Commercial mortgage provides funding over $500,000 for long-term financing of income producing properties What else do I need to know? * To qualify, the real estate must be a multi-purpose, industrial, office, commercial, retail, or a multi-residential (5+ units) property * The property must be located in an active resale and rental market where current market rents exist for comparable properties, and where the property is readily marketable * Mortgages require a current appraisal (AACI-qualified, bank approved appraiser; CMHC guidelines apply for CMHC insured mortgages), a passing environmental report (phase 1 ESA) and may need a report on the building condition * Variable and fixed rate options are available. Variable rate option (prime-based) can be converted to fixed rate option * Mortgages are available for a maximum of 5 years (10 years for CMHC-insured properties) * Multi-residential buildings may be amortized over 25 years (CMHC-insured may be up to 35 years). Other types of property may be amortized over 20 years Finance and money
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