You’ve been approved for a mortgage. Don’t risk it by buying a car.

When you are approved for a mortgage, you will often sign a document that states that they can revoke your approval if your creditworthiness changes before the mortgage is funded. Most people don’t think anything of this, if they even notice it, but it is actually quite important. If you buy a car, or open […]

Refinancing is math

Pure and simple. How much will you save on interest, vs. how much will you pay in penalties? Reading the fine print before you sign your mortgage in the first place will help immensely, because then you will know what sort of penalty to expect. But the bottom line is that you should never assume […]

Reverse Mortgages

Because of Remembrance Day tomorrow, I’m posting about real estate today. You see these commercials once in a while: happy older couple who are able to stay in their home because of the magic of a reverse mortgage. But what is a reverse mortgage? Basically, it’s a mortgage that you don’t pay until you die […]

Don’t waive a condition until you know for sure

I’ve had this situation happen a few times lately when I have acted for the seller: the buyer waived the financing condition, or didn’t put in a condition of financing at all, and found out shortly before closing that their financing was not actually approved. How does this happen? It comes down to pre-approvals. When […]

Are you ready?

I’m stealing today’s post from Ask Ross, a blog about all things mortgages. Here are his top 5 signs that you are ready to buy a house: You have a reliable source of income. Home ownership requires paying regular bills, and being prepared for unexpected expenses. If your income fluctuates wildly, you may want to […]

Helping out your children

Most parents work hard to protect and help their children as they grow, and continue to do so when their children become adults. One aspect of helping is often assisting their children in buying a home, often through co-signing a mortgage. Acting as a co-signer or guarantor on a mortgage often seems like a simple […]