Date Posted: March 12, 2018
Steve, Frank and Lisa take all of your real estate and mortgage questions. Lenders, failed sales and the greatest time to put your house on the market are among the topics discussed.
Lisa mentions that listing numbers are still low compared to last year, down nearly 20%. Paul calls in and discusses Real Estate Agent commissions and the industry standards.
Frank discusses the job numbers that were recently released. From a mortgage approval standpoint, when clients have part-time hours, lenders want to see the number of guaranteed hours and in some cases a 2 year income average from Notice of Assessments. Lenders are becoming more vigilant in the document review and will want to see letters of employment, paystubs and will likely contact the employer for verification. When using commission income, a minimum of 2 years history is required. If an individual is self-employed for less than 2 years, you will most likely need to use an alternative lender. Frank does mention that once you have passed the 2 year mark, there are really great programs available for those self-employed individuals. Any income tax arrears are a major red flag and will not allow clients to get institutional lending.
Lisa notes there is a lot of growth in the condo markets. For those individuals looking for a lower price range, the condo market may be the first step on the property ladder. These, however, may come with higher condo fees which are important to factor into your budget. Frank reminds listeners that it is so important to factor in not only your mortgage and housing payments, but also the costs associated with your lifestyle. If you are separated, lenders will request a copy of the separation agreement to see if there are child support or alimony costs.
When looking for sound mortgage advice, it is always recommended to use a professional Mortgage Broker who isn’t tied to one lender and suite of products so they work with the best interest of clients in mind.