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Alpha Mortgage Housing Corp specializes in construction financing. As you may be aware construction loans are quite hard to get. The construction lending market has become more stringent in the last few years. Not only would your credit history be acutely scrutinized, the equity of your project and the market conditions at the time of applying for the loan would also come into play. When you add to these challenges the existence of fluctuating interest rates, lien waivers and other nitty-gritty, the entire premise of construction financing would become quite complicated.
We are a rare mortgage agency in Surrey BC that would make your entire quest for construction financing a cakewalk. We can do that because of our end to end solution that takes care of the entire process, right from the start which is assessing your requirements to the approval of the loan.
Here’s just a glimpse of how we help you with construction financing.
1. We would first help you to understand the various kinds of loans that you can opt for. There are thirty year fixed loans and there are shorter term loans with adjustable rates. We would also help you understand the various adjustable rate mortgages that have different fixed terms and then the remaining period of the term being subjected to adjustable rates, such as the 3/1 ARM, 5/1 ARM, 7/1 ARM and 10/1 ARM among others. We can also help you get very short term loans such as one year fixed interest loans which you can then convert into conventional mortgages after the construction is completed.
2. As your mortgage broker in Surrey BC, we can help you to get prequalified for construction loans. With our approach, you would be equipped with the assurance of funds before you actually buy the land or chalk out the construction plan.
3. We don’t practice traditional mortgage brokerage in Surrey BC. We will never restrict you to a handful of choices or only certain types of construction financing. You would have the luxury to shop around and you can pick only that lender and a particular loan that you are completely satiated with. You wouldn’t have to feel compelled to choose a certain loan that you have any doubts about or you aren’t fully convinced to sign up for.
4. We will help you with the entire application process, from deciphering what type of loan would be suitable for you to determining how much money you should apply for. We would also take care of all the complexities of the paperwork.
Buying your first home is quite an exciting proposition but before you can know whether homeownership is right for you, its important to know what is involved. We would like to make your experience very simple and easy and at the same time educational.
There are essentially two main types of mortgages in Canada:
A high ratio mortgage and a conventional mortgage.
High ratio mortgages are mortgages that have to be insured by the lenders through one of the three mortgage insurance companies in Canada which include Canada Mortgage Housing Corporation (CMHC), Genworth Financial & Canada Guarantee Company.
Conventional mortgages are mortgages that are not insured by the lenders. Any mortgage with less than a 20% down payment is considered a high ratio mortgage and any mortgage with 20% down payment or more is considered a conventional mortgage.
Since high ratio mortgages are insured, borrowers have to pay an insurance premium which gets added/financed into the mortgage amount. The lower the down payment, the higher the premium. A minimum down payment of 5% is required when purchasing a principal residence and a minimum down payment of 20% is required when purchasing a rental or investment property.
Qualifying for a mortgage:
Some of the key factors lenders look to qualify you for a mortgage include your annual income, down payment and your credit history to qualify for a mortgage. Since every borrower’s situation may be different, we advise you to contact us so that we may be able to discuss the options you may have and match you with a product that best fits your needs and lifestyle.
Mortgage Loan type:
The two most popular mortgage options are – Fixed rate or Variable rate.
A Fixed rate mortgage is a mortgage loan that carries a guaranteed fixed interest rate and payments throughout the life of the loan. A Variable rate mortgage loan, also referred to as an Adjustable Rate, is a mortgage where the interest rate is adjusted, generally monthly, based on fluctuations in the prime lending rate.
The fixed rate option provides stability, but has historically cost more in interest than the variable rate option. The fixed rate mortgage is based on changes in the bond market, while the variable rate mortgage fluctuates along with the prime lending rate
Making the decision on whether to choose a fixed rate mortgage or a variable rate mortgage depends on your tolerance to changes in your payment amount throughout the term of your mortgage. Once again, we can help you make that decision and provide you with all the pros and cons specific to your situation.
The worst mistake you can make as a new homeowner is to buy a house that ends up over-extending you financially. The key is to make sure that you can comfortably afford the mortgage payment and other monthly expenses that come with homeownership.
Some of the most common closing costs involved in purchasing a home include:
Refinancing your mortgage means taking a new mortgage on your existing property based on the existing equity in your property. (Equity refers to the difference between your current property value and the current out-standing mortgage amount)
Some of the reasons why a refinance would make sense are for:
Careful consideration must be given to refinancing as it may have benefits as well as certain risks. Alpha Mortgage House Corp will help you make that decision. For example there can be interest savings & lower monthly payments but on the other hand you may have to pay a penalty to break your existing contract and this is where we can help you make that decision.
Now that you have received a renewal letter from your existing mortgage lender, do you just sign it and send it back by selecting the rate offered or would you rather shop around for the best rate or product available? At renewal you now have the option to negotiate a new term and interest rate. Most people make a mistake of thinking that their current mortgage lender is providing the best rate and products and therefore just sign and send the renewal letter back. Get a second opinion and at Alpha Mortgage House Corp we make sure that you get the best rate and product available with respect to your current financial situation by shopping for you. This could save you thousand of dollars in interest costs that you could lose just by signing and returning your current renewal letter.
In most switch transactions, there is no cost involved as the new lender will carry costs such as appraisal fee and the legal fee to transfer over the mortgage from your existing lender as long as the mortgage amount being switched, borrowers on title & insurer (applies to high-ratio insured loans) remain the same.
Generally you should start shopping for rates about 4 months before your current mortgage expires and to save you the hassle of doing this we will do it for you. Lender’s usually send renewal notices 1 month before the maturity date but having talked to us prior to that or during the renewal process may help you examine some of the interest savings and help pay off your mortgage faster.
10 things you may want to consider before your mortgage renews
1. Have you explored all your options?
Once you receive your mortgage renewal statement, there’s nothing easier than simply signing on for another term. But while this may make sense in many cases, your family or financial situation may have changed over time. We can look for opportunities that could better meet your needs right now.
2. Are you comfortable with your payments?
If you’ve been feeling financially strapped each month making your mortgage payments, this could be the time to reduce them to a more easily managed level. On the other hand, if you’re earning more, why not pay down your mortgage faster and save thousands of dollars
in interest over time?
3. Do you need cash flow for other things?
Your priorities may have shifted since you first bought your home, and your cash flow needs can shift too. Things like paying for a child’s university education, planning a career change, or a major purchase such as a vacation property may call for spending money on things other than your home. You may be able to refinance your mortgage to take this into account.
4. Can you handle fluctuating rates?
Some homeowners are nervous about any hikes in interest rates, while others are comfortable to go with the flow. Rates are tough to predict. It’s best to base your decision on your personal situation, not what you read in the news, and tailor your mortgage renewal around your needs. We can help you decide whether to opt for fixed or variable rates — and we don’t want you to lose any sleep over your decision!
5. Will you sell soon?
If you are likely to sell soon, consider a shorter-term mortgage or one that has flexible terms so you’re not penalized if you sell your house before the mortgage comes due.
6. Are you thinking about a major renovation?
You know that projects such as a new kitchen or an addition can make your home more valuable. But the cost of having the work done can tie up a lot of money. Before you renew,
look at all your financing options, which may include getting an additional line of credit or keeping your monthly mortgage payments low so you have money on hand to finance the renos.
7. When do you want to be “mortgage-free”?
If you’re planning extended time away from work or perhaps an early retirement, it may make sense to pay down your mortgage sooner rather than later. While increasing your payments will raise your monthly costs now, you’ll ultimately save on interest in the long term and can prepare for that fabulous, mortgage-free lifestyle.
8. Could you use your home equity to fulfill other goals?
Refinancing a mortgage can be one way to free up cash you need for other things, which could even include buying another property. Mortgage renewal time is an ideal occasion to
review all your options.
9. Have your insurance needs changed?
If your financial situation has changed since you first took out your mortgage, review whether you need the same level of insurance in place to cover mortgage obligations.
10. Are you getting the best rates and terms?
In a competitive mortgage environment, your good credit history can make refinancing work to your advantage. We analyze mortgage markets daily to ensure you don’t miss any money-saving opportunities
Regardless of being a first time buyer or a repeat buyer, purchasing a home is the largest investment during your life time. It can be one of the most exciting things you or your family can do. It could also be stressful but at Alpha Mortgage House Corp, our goal is to make it more exciting and less stressful by educating and helping you each step of the way and above all make it the best possible experience as we do understand the challenges you and your family may face.
Whether you may have the best credit or challenged credit, we will be ready to assist you either way. As the real estate market changes, so do the various mortgage products and programs from different financial institutions and therefore providing you with a variety of options and making it easier to purchase your new property.
Examples of some of our programs include:-
Farm land financing is very different from conventional mortgage or construction lending. Not every mortgage broker in Surrey BC will be able to help you secure farm land financing. We at Alpha Mortgage Housing Corp have expansive exposure in farm land financing and you would need our expertise to secure a loan.
Farm lands are within the ambit of rural lending. The manner in which a normal property and a residential or commercial construction project would be assessed will not be applicable while assessing the applications for loans to purchase and develop farms. We know the rural lending industry, we know how to evaluate the value of farm lands and if the kind of money you need would be deemed viable by lenders. This viability study is extremely important as that would determine whether or not you would qualify for a loan. All this is in addition to the normal criteria of getting any loan, which includes all factors ranging from the down payment you make to your credit score.
With us as your mortgage agency in Surrey BC, you would be prepped to face the challenges that lenders would put forth. Most lenders will ask quite a few tough questions before granting you any farm land financing. If you are not equipped with the right responses then your application will not even be considered, let aside having a chance of getting approved.
A major factor that determines whether or not you would get the financing you need is the kind of revenue that your farm can generate. This is the key to a viability study. Hence, in addition to offering you various lenders and all the information you need to choose the right loan, we also help you to formulate a marketing plan or a revenue projection that would exponentially increase your chances of getting the loan.
If you have purchased farm lands before and have adequate exposure or experience, then that would help your case but if you have never ventured into such endeavors then you would need a solid marketing plan and a convincing project to show the lenders that you would be able to repay the loans. Usually, mortgage brokerage in Surrey BC does not engage in any practices that would help you with the marketing plans of your intended project but we delve deep into the requisites to make a stronger case, which is a quintessential need to get farm land financing.
There are several reasons why you may need secured lines of credit. There are certain expenses that you may have to take care of or you may have to make certain investments from time to time which you may not be able to accommodate from your savings. Not everyone has substantial cash at hand at all times. You may want to renovate your home, you may need to purchase a vehicle, there may be some unforeseen expenditure or you may even want to consolidate any existing debts to make repayments simpler. When you need to borrow some funds, personal loans are often the only option but they can be hard to get and the elaborate paperwork, high rates of interest and the uncertainty of getting them can be a problem. That is why we at Alpha Mortgage Housing Corp encourage our clients to consider secured lines of credit.
While we do offer all the services that a traditional mortgage broker in Surrey BC does, we also offer some specialized services. We specialize in secured lines of credit that would need you to apply only once and have a pool of funds available for you at anytime, anywhere. You don’t have to reapply or go through any elaborate procedures to get your funds. It is very similar to having a credit card but without the high rates of interest and hidden fees.
We would ensure that you get secured lines of credit which do not incur any transaction fees every time you borrow some money. You would get impeccable customer service right from the start and as long as you enjoy the secured line of credit. You would get online banking, telephone banking and you would get to choose from some of the most respected lenders in the country. We only suggest lenders that have an excellent track record in offering secured lines of credit.
You may think of unsecured lines of credit as an alternative but as your mortgage agency in Surrey BC we would recommend you to consider secured loans. Unsecured loans are easier to get as they don’t need any collateral, guarantor or security. But secured loans will charge you much lower rates of interest and the amounts you can borrow will certainly be much higher. You will not be able to make large purchases using unsecured lines of credit. The best you would be able to do is make quick day-to-day purchases and you may be able to take care of some repairs in your home. To make larger purchases or investments, you would need secured lines of credit.
Allow our mortgage brokerage in Surrey BC to make it easy, quick and surefire for you to get secured lines of credit.
At times, institutionalized financing or public lending isn’t available. Numerous factors determine whether or not you would get a certain kind of loan for a particular purpose. You may be turned down by conventional mortgage providers or banks. You may not get approved for a particular type of construction project and you might not be willing to change your plan. You may face hurdles in getting farm land financing. Small to medium business owners often don’t have the requisites that traditional lenders like banks and financial institutions ask for. In such scenarios, private financing becomes the only available choice.
We at Alpha Mortgage Housing Corp have been into mortgage brokerage in Surrey BC for a long time; long enough to know that there are many people and businesses that don’t get approved by banks and financial institutions for various kinds of loans. There is a reason why unsecured lending and private financing has become so popular and commonplace these days.
Having us as your mortgage broker in Surrey BC would not only help you to get private financing but you would also be able to get the best among all available options. The problem with private lending is that most people or businesses don’t know where to look or who to talk to. Unless you know a large group of venture capitalists or investors who are already into private financing, chances are high that you would struggle to get the funds you need. Hence, you can imagine the significance of our mortgage agency in Surrey BC when it comes to private financing.
We have a large network of private investors who regularly finance various types of projects. You may want to buy a farmland and want to develop it, you may wish to construct a restaurant or a place of business, you may wish to make a large purchase or you may simply need working capital to cover the operational costs of your company. From meeting certain expenditure to working on expansion of your business, we would help you to secure private financing for myriad needs.
We don’t just act as a bridge between two parties. We would actually help you right from the start. With our expertise you can come up with plans that private investors and financers would find viable. From preparing the paperwork so the facts can be properly presented to pitching your project, we help you in every step of the way to secure private financing.
There are many avenues to secure project financing and it is our objective at Alpha Mortgage Housing Corp to get you the loan that you need with minimum hassle and as soon as possible. You may be aware that for any kind of project financing, the viability is the key. Banks would check your ability to payback and if your credit score qualifies for the amount of money you are seeking. The nitty-gritty of the project would also be considered stringently. The same approach is taken by most financial institutions unless you are looking at unsecured loans which would cost you a fortune in interests.
As a mortgage agency in Surrey BC with multiple specializations, we have managed to become the finest facilitator of project financing. We don’t practice traditional mortgage brokerage in Surrey BC although we do offer conventional mortgage from banks and other financial institutions. What we also do is explore various avenues to make sure that you do get a loan at the end of the day.
With us as your project financing and mortgage broker in Surrey BC, you would get a horde of choices. First, you would be able to pitch the idea and plan of your project to banks and financial institutions. They have the largest funds and their capacity to loan you the amount you need is unchallenged. They also charge the least interest in any category of loans. Also, they are less likely to have hidden fees and unreasonable charges. But if they are not willing to entertain your application for project financing, we have other ways.
We specialize in secured lines of credit and private financing as well. Whether you need an ongoing line of credit or you need a onetime major investment, our network of private investors and the secured lines of credit from various lenders would meet your needs. We are also experts in construction financing, farmland financing, rental properties financing, residential and commercial mortgages, second mortgages and land development financing. This expertise would be put to use to ensure that your project plan is presented well and that the lenders get convinced of its viability and thus you stand a good chance of getting approved.
In project financing, nothing matters as much as the project itself. While your financial profile and history will come into play, nothing is more important than a viable project. And since we have a plethora of lenders and there are various kinds of loans, the chances of you securing project financing are much higher.
Rental properties financing can be extremely easy to get or it may be a daunting challenge. Everything boils down to the kind of property you want to invest in, the plan you put forth describing how you wish to capitalize on the investment and your financial profile including credit score and earlier investments will be taken into consideration. There is a perception that banks and lenders ask for a higher down payment when it comes to rental properties financing. That is neither a fact nor a practice in reality. However, there are many aspects that do come into play, from how many rental properties you own and how many loans you have right now to the viability of the proposed plan.
As a mortgage broker in Surrey BC, we specialize in rental properties financing. The basic premise of mortgage brokerage in Surrey BC is the same whether you are buying a property to stay in it or you are investing in a rental property which you would generate some revenue from. But since you may already have a loan or two, you have to deal with a bit more stringent qualifying criteria.
Owing to that, we as a mortgage agency in Surrey BC offer you various kinds of rental properties financing.
We offer the traditional options which include the banks, home mortgage companies and credit unions. We don’t just provide one lender or two but a plethora of them. You will have plenty of choices and various propositions. You can choose the term you prefer, the interest that is cheaper and you can play around with fixed and adjustable rates. We would help you with the entire application process and we would also offer you our expertise to come up with a rental property marketing plan so the viability of the investment and the certainty of its returns can be presented to the banks, mortgage companies or credit unions.
We also offer you alternative options. For instance, we can facilitate seller carry back loans. These are financing options wherein a lender or private investor offers you a loan on certain stipulated terms. You may consider subject-to rental properties financing. In such loans, you would get a short term solution to your funding needs. You can then work on the long term financing requirement or a larger loan. Seller second loans are also common. They can cover the down payment or take care of a certain portion of your entire loan requirement. The criteria for such loans are usually more lenient. You also have the lease option which may do away with the need for any down payment whatsoever.
Give us a call today and we can talk about your rental properties financing requirements.
As a mortgage agency in Surrey BC, we always talk to our clients and signify the importance of making timely repayments. Nothing impacts your credit score and financial plans as adversely as missing out on mortgage payments. For most Canadians, the mortgage is the biggest loan or the house is the biggest investment. Failing to keep up with its repayments will not just risk foreclosure but make life extremely difficult for everyone in the family.
You will hear some people talk about selling a home that is due for foreclosure. Many talk about short sales or pre-foreclosure sales, assumption and deed-in-lieu for foreclosure but these aren’t really viable options for anyone who intends to keep the home. If you need to keep your home, then you have to keep paying your mortgage. At best, you can try to review the terms and repayment options or come up with a financial strategy to deal with the crunch situation.
We are a mortgage broker in Surrey BC that specializes in foreclosure prevention. There are many ways you can keep your house, manage to repay the mortgage and you can simplify the entire process. Of the many ways we endorse and practice in our mortgage brokerage in Surrey BC, we can help you talk to your existing lender to review the terms. Mortgage companies and banks are not averse to talking to their borrowers. They are simply wary of those who make false claims or intentionally skip repayments. Presenting your case can always bring in some leniency from your mortgage provider. But that doesn’t always work. So we have a multipronged approach.
We have a host of short term and long term solutions for foreclosure prevention. We can help you with debt consolidation that would get your debts in order and you would have to repay at a lower rate of interest. This is a good long term and holistic solution as you don’t have to worry about each and every debt. You would only have one debt.
We can help you with reinstatement that would allow you to make the impending repayments with a onetime lump sum within a certain period of time. This will buy you more time to set your finances in order. There is the option of forbearance that offers you temporary relief from making mortgage payments. This may be as short a period as three months but that can be of immense significance in tough times. We also facilitate foreclosure prevention with a revised repayment plan, loan modifications, with partial claims if your mortgage is insured and with second mortgages or refinancing.
Commercial mortgages are more complicated than the ordinary residential mortgage. It must be noted that even if you are investing in a house and intend to use it as a rental property, it will qualify for a commercial mortgage. Any mortgage that is not for the property where you would be residing is considered a commercial mortgage, even the one for your second home. Commercial mortgages can be very easy to get if the entire plan is extremely viable and rewarding. Else, commercial mortgages are extremely hard to get.
You would always need a mortgage broker in Surrey BC if you want a commercial mortgage. There are far too many complications, legalities and paperwork that have to be taken care of. But working with any mortgage agency in Surrey BC will not be worthwhile. You need specialized mortgage brokerage in Surrey BC that would be specialized in commercial mortgages. We at Alpha Mortgage Housing Corp have that expertise.
You may or may not be aware that commercial mortgages do not have definite rates of interest. When you apply for personal loans or a normal mortgage, you would get the rate that is being offered to someone else. In commercial mortgage, the rate you get may be quite different from what someone you know would get. The rates are determined after studying the viability of the investment and the returns it promises. When the investments are riskier or the projections of returns are unconvincing, the banks or any mortgage lender would raise the interest rates because they would have a risk of running into bad debts. Now, this is where we come in. We have several lenders for you to consider. That way, you would always be able to check numerous quotes or propositions and thus choose the best option.
With our expertise, you would also be able to borrow more. Typically, you cannot get more than 75% of the total value of a property in commercial mortgage. Many lenders cap it off at about 60% or 65%. We cannot change the rules of the industry or what lenders do but we can certainly find the lender who would offer you the maximum borrowing capacity.
The valuation of the property you are investing in and the viability study would influence your chances of getting approved for a commercial mortgage, the rate you would pay and how much you can borrow. We would play a role in facilitating the evaluation and viability study to help you get the best.
Land development financing is unique. It isn’t the same as your conventional mortgage. It can qualify as commercial mortgage but the requisite also matches the ambit of project financing or construction financing. In myriad ways, land development financing can be considered the same as construction financing, farm land financing if it is for a farm, project financing depending on the scope or rental properties financing. Thus, you can apply for any of these loans to develop a piece of land depending on its intended purpose, scope and your loan requirements.
We at Alpha Mortgage Housing Corp specialize in all the aforementioned loans or mortgages. That is why we are the most preferred mortgage broker in Surrey BC. A mortgage agency in Surrey BC that deals only with residential mortgage or commercial mortgage may not be able to help you get the land development financing you need. Take for instance the case of developing a farm. For you to get some help from any mortgage brokerage in Surrey BC in such a scenario, the firm would need to have prior experience in rural lending. Financing for farms and farmlands has very different requisites than a standard mortgage to buy a condo. Likewise, commercial properties which are basically any real estate other than your residence would be treated differently by lenders.
As your mortgage agency in Surrey BC, we would offer you all the choices you need, actually more than that. You can check out all lenders who are into land development financing. We would offer you propositions from banks, financial institutions and you would also get access to private financing. Often, it is easier to get private financers or lenders and they don’t always charge an exorbitant rate of interest. You may also try out our secured lines of credit if they can satiate the loan amount requirement. Your loan requirements may not be as high as to qualify or be suitable for a commercial mortgage. Secured lines of credit can easily get you tens of thousands of dollars and you can keep borrowing more as you progress with your development project. You don’t need the entire fund at the same time as the need would arise as your project shapes up. To borrow the whole amount at once and to pay interest on that for the period when you wouldn’t be using the money isn’t a very sound financial strategy.
We can help you in more ways than you can imagine. With our portfolio and plethora of options, you would certainly get the best land development financing.
Second mortgages are not the most desirable of all financial remedies but they are unavoidable at times. When you need to make a substantial investment in something or you need to take care of a large expense, it is often a second mortgage that helps. Not many people have enormous credit limits or a lot of cash at hand. Not many people would qualify for a handsome personal loan and in any case they draw a lot of interest. There are only a few choices you have when you have to spend a lot of money on home renovation or repairs or there is a large financial commitment somewhere.
We at Alpha Mortgage Housing Corp specialize in second mortgages. Owing to our longstanding exposure and experience as a mortgage broker in Surrey BC, we know the mortgage industry better than most. We know how lenders work and think, how they qualify applicants for second mortgages and we can also get you the best deal. It is these aspects of our mortgage broker in Surrey BC that have made us the most preferred choice for homeowners and commercial property owners.
Finding the best second mortgages is quite challenging. Many people may recommend that you consider your existing bank or mortgage lender for a second mortgage. That can be a good move as you can save some money on fees and avoid some hassles being an existing customer of the institution but what if they charge you a much higher rate of interest or doesn’t offer you favorable terms. Thus, it is necessary to shop around.
As your mortgage agency in Surrey BC, we would offer you a host of lenders and you can get to choose from several propositions. You can then do the math or we can help you do it so you can get the best deal. Not only is the rate of interest a determiner but you also need to check the fine print. We will ensure that the terms are favorable.
With our expertise and services, you can sit back home, check out propositions and get a second mortgage quickly, without any hassles and you can be certain of getting the best deal available. We also advise our clients on how to go about using their second mortgage so they don’t end up borrowing more money than they need and then fail to repay, thus risking a foreclosure.