360Lending

Tip of the Day: Stay ahead of pests! 🐜🌿 Use preventive measures like sealing cracks, gaps, and maintaining a clean living space. Proactive pest control not only ensures a comfortable home but also safeguards against potential issues down the road. 🏡✨

Dreaming of Home Upgrades? Second Mortgages Can Turn Your Dreams into Reality! 🌟🏡 Visit 360Lending.ca to learn more!

Without a doubt, it’s been a rollercoaster ride for Gen Z this year. Young Canadians faced many financial challenges, from housing affordability to rising grocery prices and navigating an unstable job market. Although these issues will spill over into the new year, there are ways to prepare. Here are five things that will likely impact Gen Z in 2024, and what you can do about them. Read the full article here: https://lnkd.in/ghe65SBG

Glossary Term: Closing Costs Closing costs encompass the various fees and expenses incurred when finalizing a mortgage and completing a real estate transaction. These expenses, separate from the property's purchase price, are typically paid during the closing, or settlement, of the deal. Closing costs include but are not limited to: 1️⃣Lender Fees: Origination fees, application fees, etc. 2️⃣Third-Party Fees: Appraisal, title search, and inspection fees. 3️⃣Taxes and Insurance: Property taxes, homeowners insurance, and prepaid interest. 4️⃣Legal and Escrow Fees: Charges for legal services and managing escrow accounts. Understanding and budgeting for closing costs is crucial for homebuyers, as they can significantly impact the overall cost of purchasing a property. 🏡💵

Thanks for the great review! “Dimitri and Patricia were fantastic throughout this entire process! We were working under a very tight deadline, and not only did they make sure we met our date they were calm, understanding, helpful, and made themselves available for our questions/concerns at all times. I highly recommend them both and look forward to working with them again in the future!”

Preparing for a mortgage application? Here's a checklist of common documents you'll likely need: 1️⃣Proof of Income: Pay stubs, W-2 forms, or income statements. 2️⃣Tax Returns: Typically, the last two years of personal tax returns. 3️⃣Employment Verification: Confirmation of employment status and details. 4️⃣Bank Statements: Recent statements from your accounts. 5️⃣Information about Existing Debts: Details on loans, credit cards, or other financial obligations. Having these documents ready streamlines the application process, ensuring a smoother journey toward homeownership. 📑🏠

Would you rather have a home with a spacious backyard but a smaller interior, or a larger, luxurious interior with a more compact outdoor space? Share in the comments!

Discover the best credit cards in Canada from our carefully curated list across all categories. Compare options to find a credit card that perfectly aligns with your unique spending habits and lifestyle. Read the full article here: https://lnkd.in/g75eueq

Glossary Term: LTV (Loan-to-Value Ratio) LTV, or Loan-to-Value Ratio, is a pivotal metric in the mortgage realm. It represents the proportion of the loan amount relative to the appraised value of the property. Calculated by dividing the loan amount by the property's appraised value, LTV is a crucial factor in mortgage underwriting. For instance, if a property is appraised at $200,000, and the borrower secures a mortgage of $160,000, the LTV is 80% ($160,000 / $200,000). Lenders use LTV to assess risk; a higher ratio suggests more financial exposure for the lender. Understanding LTV is essential for borrowers, as it influences mortgage terms, interest rates, and whether mortgage insurance is required. Monitoring and optimizing LTV can contribute to more favorable mortgage conditions. 📊🏡

We’re glad we could help you! Thank you for taking the time to leave a review. “Dimitri, Adam and Patricia were extremely helpful.”