This topic contains 5 replies, has 2 voices, and was last updated by Anonymous 7 years, 10 months ago.
- May 5, 2011 at 6:46 am #203442
I’m trying to move to Canada in the next few years, and would like to build a home there. Already have property but having trouble finding financing to build on it as I am not a resident, have great US credit but no Canadian credit…help! Any recommendations on Banks that will consider my US credit history and not require a cosigner?
- May 6, 2011 at 11:36 am #260948
Get your citizenship and then you’ll have no problems finding a bank. Try Scotia, TD, BMO, RBC, or CIBC. Scotia, TD, and Bank of Montreal (BMO) are likely to be of most help for you.
- May 16, 2011 at 4:31 am #427740
Why the rush? With a 630 FICO you’ll be paying subprime rates which will be substantially higher than the 4.5% you are paying now.
To answer your question, no you will not get a decent rate with a 630 FICO.
Wait until the bankruptcy falls off your credit report and then refinance. In the meantime just keep paying your bills and keeping your credit clean as a whistle. Sounds like you are on the right track, good luck.
BTW: Beware the answer than says in another year your bankruptcy will come off your credit report. Bankruptcies are reported for 10 years. In addition that poster doesn’t know anything about the subprime lending market, the interest rates charged are substantially higher than you would get with A credit. Plus with a 4.5% loan currently the original poster would be nuts to go out and refinance with a subprime lender right now.
- May 16, 2011 at 4:59 am #427741
Mortgage loans are so competitive now that it should not be difficult for you to get a loan at a good interest rate. The secondary market will take higher risk customers and keep the rates low. But if you wait another year before purchasing your new home, your bankruptcy will be wiped off your records, your credit score should go up, and even if total rates increase you would be able to get a better rate for your mortgage.
- May 16, 2011 at 5:08 am #427742
Don’t do it. If you’re at a fixed 4.5% do not touch it. Have your parents transfer the property into a trust. Have the trust make the payments on the home, then have them transfer their interest/rights of the trust onto you. That way, you’re responsible for the trust and the payments and the lenders won’t invoke the due on sale clause. Also, once your parents have the trust make the mortgage payments, have them remove the mortgage information from their credit. You then can borrow against the trust to pay off your other debt.
Talk to a lawyer and an accountant about this option. Hey, when a mortgage broker tells you not to refinance, something in this world is not right! 😉
- May 16, 2011 at 5:54 am #427743
Adjustable-Rate Mortgage Payment
People are asking if home loans in newspaper ads showing astonishingly low rates are for real. These ads are what we call adjustable-rate mortgage payments.
Loans with an adjustable-rate mortgage payment type usually have low rates only for a short time. Rates of adjustable-rate mortgage payment are adjusted on a regular basis, usually after the first year is over. This means that the interest rate and the amount of the monthly adjustable-rate mortgage payment may vary, going either up or down.
With adjustable-rate mortgage payments, there is little chance of you knowing what your future monthly payment would be. Some types of adjustable-rate mortgage payments have limits to the interest-rate increase. When an adjustable-rate mortgage reaches a certain percentage, the interest rate will no longer increase for the duration of that period. But at the end of that period, the adjustable-rate mortgage payment will vary once more.
Determining whether or not an adjustable-rate mortgage payment is the right type of loan for you usually depends on your financial situation. Also, it depends on the type of adjustable-rate mortgage payment you plan to make. Adjustable-rate mortgage payments have characteristics that might ultimately prove risky in the long run. Because the dynamics of interest rates in the market are never certain, the amount of your adjustable-rate mortgage payments are uncertain as well.
Adjustable-rate mortgage payments generally have lower initial interest rates compared to fixed-rate mortgages. This makes an adjustable-rate mortgage payment more affordable and easier on the pocket. Adjustable-rate mortgage payments may also help you qualify for a larger loan. This is due to the fact that lenders sometimes decide to extend a loan provided that your current income is steady and your adjustable-rate mortgage payments for the first year are up-to-date.
Another advantage of having an adjustable-rate mortgage payment type of loan is that it could turn out to be less expensive in the long run. With an adjustable-rate mortgage payment, the chance of interest rates going higher is equal to its chance of going lower. Now here in also lies the risk of having an adjustable mortgage payment.
When it comes to having an adjustable mortgage payment, there are no guarantees. It is either the interest rates will lower down or it will rise up. Lower interest rates mean lower monthly adjustable-rate mortgage payments. Higher interest rates mean higher monthly adjustable-rate mortgage payments for you. There is no middle ground. Adjustable-rate mortgage payments are basically a trade-off – you exchange more risk for lower rate with an adjustable-rate mortgage payment.
But despite this, there are some ways to circumvent the risks and increase your chances of landing a good investment in an adjustable-rate mortgage payment. Below are some questions you need to consider:
• Is there a possibility that my income will rise up enough to cover higher adjustable-rate mortgage payments should interest rates go up?
• Is there a chance that I might take on other sizable debts like a loan for a car or school tuition in the near future?
• Will my adjustable-rate mortgage payments increase even though interest rates remain the same?
• How long do I plan to own this home? (If you plan on selling soon, an increase in interest rates should not be a problem for your adjustable-rate mortgage payment.)
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