Bank decline funds in 8 days

Tonight I was able to take a tour of a home that a young couple purchased. They have three young children and their new home is much larger then what they previously had. The financing fell through with the local bank and I was able to get financing approved and the deal funded in 8 days through a lender that deals only through the mortgage broker channel. It is so rewarding seeing families move into their own homes and being able to take a part in helping them realize this. - "Money can buy a house - but it can't buy a home"

Recently Genworth Financial Canada announced it's Cash-Out Refinance Program. Borrowers can take equity out of their homes for a variety of purposes, including debt consolidation, renovations, or combining a first and second mortgage. One of the advantages of this program is that it allows loan-to-value (LTV) up to 95% LTV on 1-2 unit properties.

Recently I have seen a lot of people choosing longer amortizations to take advantage of lower payments. Although amortizations are available up to 40 years with a number of lenders so far I am seeing more 35 year options. If you choose to take a longer amortization you should really consider trying to make lump sum payments throughout the year. Even a $100 every so often would help save on total interest costs. Lump sum pre-payments can range from 10% to 20% per year of the mortgage amount depending on the lender.