RECA – Real-Estate Council of Alberta
RECA – Real-Estate Council of Alberta
Just like Doctors or Lawyers Mortgage Brokers are governed by RECA – Real-Estate Council of Alberta. This council is composed of twelve members, representing residential and commercial real estate, property management, mortgage brokers, real estate appraisers, and the public. RECA was established in 1996 as a non government and independent association. Their responsibilities include determining setting and enforcing standards of conduct and business practices for industry professionals, providing services that enhance and improve the industry, and administering the Real Estate Act, Bylaws, and Rules. Having a governing body make a lot of sense seeing as a Mortgage Broker we are a critical part in helping you in making probably one of your biggest investments in your life.
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Are Fixed rates going up?
Are fixed rates going up?
Are rates going up? Well, the key indicators for fixed rates are suggesting that our historically low rates may be going up. It seems that when the Bank of Canada lowers the Canada Prime rate
Alberta Mortgage Broker – Self Employed Documentation
Alberta Mortgage Broker – Self Employed Documentation
Everyone when looking at mortgage financing is looking for the best mortgage rates. This article is let you know what you need to have in order to get the absolute best rate from all the different mortgage companies out there. If you are going to get the loan from the bank or from an Alberta Mortgage Broker, it doesn’t matter most of the supporting documentation you will need is the same.
Income Verification
It doesn’t matter if you are looking for a subprime mortgage or a mortgage with one of the major mortgage companies they will want to see verification on income. It is a bit different for the self employed and the employed but the basics apply to both. Your Alberta Mortgage broker will need to see 2-3 years of job history. Check out the video for examples.
Proof of Down Payment
Major Banks and Alberta Mortgage Brokers have a responsibility to make sure that the money for the down payment isn’t fraudulent or from illegal sources. In order to this mortgage companies want to see 3 month history and explanations of where the money came from. If it came from a wedding present or it is just savings they’ll need to know that.
Property verification
In order to get the proper net worth and debt ratios in line Alberta Mortgage Brokers are once again will generally need to see confirmation of what your property is worth and what expenses are involved with your home. I do have access to certain lenders that will do online appraisals or that will allow your city assessment for proof of this but others will require a full appraisal. Property worth is the most important to subprime mortgage companies and if you are getting a second mortgage as they base most of their decision to give you a mortgage more on the worth of the property than on your personal credit and job.
Getting all the documentation is not easy but if you know what is needed and you keep the documentation ready in a separate folder you will guarantee yourself less headaches and betters service and rates when ever you work with a Mortgage Broker in Alberta. This video goes through all examples of typical documentation you will need. Check out other videos and important information at www.MortgageBrokerRate.com
