Calgary Mortgage Broker/ Specialist
When it comes to alternative lending options, Equity & Private Mortgages are two of the most popular choices. Both options have their own unique set of benefits and drawbacks, so it's important to understand the difference between them before making a decision. Equity lending is typically used for larger projects, such as funding a business expansion or buying a new property. The main advantage of this type of loan is that you can access the funds without putting up any collateral. However, the downside is that you could face significant financial risks if the project doesn't go as planned. Equity & Private Mortgages, on the other hand, is often used for smaller projects or short-term loans. The main benefit of this option is that it's usually easier to qualify for than equity financing.
A mortgage pre-approval is so important to ensure that you are buying within your purchasing ability. There is nothing worse than having your heart set on a home that ultimately you cannot qualify for the mortgage to buy. A critical part of the pre-approval is ensuring you have all of your documents ready, down payment in place, taxes filed, taxes paid, and income verification documents. Finally when it comes to the actual mortgage ensure you consider the terms of the mortgage and not just the rate. Different lenders have different terms and saving a little on rate could cost you way more in the long run due to a term in the mortgage you did not understand, realize or expect to get in the way of your future.