Mortgage Quiz

I thought I would try and think of a number of questions I often get asked. Hope this helps but if your question wasn’t asked and answered, call or drop by.

a) Can I build a new home on my own? Yes, but not all lenders allow.

b) Can I get financing to buy just land? Generally no, but ask your branch and maybe they will.

c) Do I charge? No, except for “private mortgages”.

d) Once you have had credit problems, does this ever improve? Yes, in fact credit activity is removed after six (6) years with Equifax and seven (7) years with Trans Union Credit.

e) Can I get a mortgage if I went bankrupt? Yes, the minimum you must achieve is two (2) years since you were discharged and one (1) year of re-established credit. Lenders like more than the minimum. Bring in discharge paper and we will review.

f) What is the difference between a co-signer and guarantor? A co-signer is placed on title of the property and is more significant. A guarantor is not on title and plays the role that if the applicant has problems, the guarantor will support the person.

...more questions to come in the future.