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1 - 10 of 14

Thursday, September 29, 2016 - # 4. -Drawbacks of refinancing into a 15-year mortgage

    Adding payments to cut loan term in half30-YEAR loan for $200,000, paid off in 15 years   Interes rate of the loan :$ 3.625%Monthly principal and interest : $ 1442Total interest, life : $ 59.572                                                          

posted in English at Thu, 29 Sep 2016 21:34:05 +0000



Wednesday, September 28, 2016 - # 3. -Drawbacks of refinancing into a 15-year mortgage

In the scenario below, you could get a $200,000, 30-year loan and pay it off in 15 years by adding $530 to each monthly payment. This gives you the flexibility of withholding that extra $530 when times are hard. Example: Your kids' college tuition is due, and then the car breaks down. Adding payments to cut loan term in half30-YEAR loan for $200,000, paid off in 30 years    Interes rate: 3.625%Monthly principal and interest: $ 912  Total interest, life of the: $ 128,366  

posted in English at Wed, 28 Sep 2016 23:35:29 +0000



Wednesday, September 28, 2016 - # 2. -Drawbacks of refinancing into a 15-year mortgage

    ?Money in the bank will pay the bills, home equity will not.? What flexibility meansWith a 15-year mortgage, your minimum monthly payment is just that -- a minimum. The monthly payment doesn't go down when you're short of money. The same is true for a 30-year loan, but that minimum monthly payment is lower than it is for a 15-year mortgage. But a mortgage lets you pay more than the minimum payment every month. This means you can get a 30-year mortgage and make extra payments each month to ... Full Article...

posted in English at Wed, 28 Sep 2016 02:59:58 +0000



Tuesday, September 27, 2016 - Drawbacks of refinancing into a 15-year mortgage

    When you refinance from a 30-year, fixed-rate mortgage to a 15-year home loan, you pay a lower interest rate and you save a lot in interest payments. Read more about the advantages of refinancing from a 30-year loan to a 15-year loan.  by going to out blog  www.amparo.But a 15-year mortgage has 2 major drawbacks compared to a 30-year loan for the same amount: *       The monthly payments are higher. *       You have less flexibility when money is tight, which can happen when you have ...

posted in English at Tue, 27 Sep 2016 00:45:43 +0000



Tuesday, September 20, 2016 - # 9. -9 tips to ensure your mortgage preapproval remains intact until closing

    Don't co-sign, no matter what     What many co-signers don't know: When you co-sign a loan for someone else, that debt goes on your credit history and counts as one of your own. That means lenders include the entire balance as if it's yours alone when they calculate your debt-to-income ratio. So even if the borrower pays every bill on time and you never have to contribute a dollar, co-signing could still impact your ability to borrow. The last thing you want to do right before you close on ... Full Article...

posted in English at Tue, 20 Sep 2016 21:54:36 +0000



Monday, September 19, 2016 - # 8. -9 tips to ensure your mortgage preapproval remains intact until closing

No new credit     During the phase between mortgage preapproval and closing, your mortgage lender wants to be the only new creditor in your life. That's because each time you apply for credit, several things happen simultaneously. The request alone can lower your score. If you get new credit and use it, your debt load will go up -- which could threaten your pending mortgage. If you don't use it, your access to more credit (and debt) could still scare your mortgage lender. When any of your ...

posted in English at Mon, 19 Sep 2016 22:18:03 +0000



Friday, September 16, 2016 - # 7. -9 tips to ensure your mortgage preapproval remains intact until closing

    Pay bills on time     Paying late is one of the biggest strikes against you in the credit department. That's because lenders see late payments as a sign of financial stress -- reasoning that if you had the money, you'd pay bills on time. On the other side of the seesaw, they view paying on time as a sign of good financial health. The effect of a late payment will vary with your history, If your history is spotless, you may not have a problem. If you have a past bankruptcy or other ...

posted in English at Fri, 16 Sep 2016 19:30:23 +0000



Thursday, September 15, 2016 - # 6. -9 tips to ensure your mortgage preapproval remains intact until closing

    No big buys (without consulting the lender)     Until you leave the closing table, the mortgage lender is your new financial quarterback. That means no big purchases with cash or credit cards unless you run it past the lender first. "As soon as you're in the process, you will hear every lender say, 'Do not make any large purchases,'" The reason: The lender has to assess your debt-to-income ratio and your ability to repay the loan, and suddenly depleting your cash or running up card balances ... Full Article...

posted in English at Thu, 15 Sep 2016 02:08:06 +0000



Tuesday, September 13, 2016 - # 5. -9 tips to ensure your mortgage preapproval remains intact until closing

    The rules aren't more forgiving for repeat buyers     Whether or not you get a loan comes down to the underwriting. If you've ever purchased a diamond, you've heard of the "4 C's." When you buy a home, there are 5 C's. . And these are the things that are analyzed by underwriters, the experts who crunch the numbers on your loan and your ability to repay it: CreditCapabilityCollateralCharacterCash Underwriters don't make allowances for new or repeat buyers, she says. Since underwriting is ... Full Article...

posted in English at Tue, 13 Sep 2016 22:44:48 +0000



Thursday, September 8, 2016 - # 4. -9 tips to ensure your mortgage preapproval remains intact until closing

Create a paper trail When you're trying to buy a home, any bit of extra cash is welcome -- from bonus checks to a donation from the in-laws. But you want to be scrupulous in documenting every dollar that doesn't come from your regular income. Today's homebuying regulations are a lot stricter. That means cash deposits and checks that aren't part of your regular paycheck stream have to be noted and explained with supporting paperwork. "We see it, and it's one of the most common things a loan ...

posted in English at Thu, 08 Sep 2016 19:43:37 +0000



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DID YOU KNOW AS SELF EMPOYEED WITH GOOD CREDIT HISTORY we can state the income if you have had your business for 2 years or more ? write to am.mortgage@shaw.ca

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