A pre-approval is an educated estimate of what you can afford to borrow for a home, and what your monthly payments would be. We'll walk you through pre-approval and show you what's within your reach. We have the privilege of working with different lenders who offer some of the most competitive rates and terms.
By working with us for your home purchase or mortgage renewal, we can save you substantial amounts of money over the lifetime of your mortgage. Refinancing can be a great option to pull out equity for consolidating debt, home improvements, investment, university expenses, and more. Interested in a possible refinance?
By working with us for your home purchase or mortgage renewal, we can save you substantial amounts of money over the lifetime of your mortgage. Refinancing can be a great option to pull out equity for consolidating debt, home improvements, investment, university expenses, and more. Interested in a possible refinance?
Services
Home Purchase
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A home is the most significant purchase most people will make in their lifetime. At Travelbea & Associates, our focus is on finding you a range of financing options that will suit your unique situation. With the variety of innovative products and programs available today from financial institutions, it's an advantage to have somebody shopping around on your behalf to match you up with the best solution.
Mortgage Pre-Approval
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Pre-approval is Step One in the home buying process. It's smart to get pre-approved before you start shopping so you have a clear impression of what you can spend. Essentially, a pre-approval is an educated estimate-factoring in your financial snapshot along with lender and insurer criteria-of what you can afford to borrow for a home, and what your monthly payments would be.
Fixed Rate vs. Variable Rate
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The choice between fixed or variable rate mortgages will depend on your tolerance for risk as well as your ability to manage possible increases in mortgage payments. A fixed rate mortgage is appealing for those who value stability and consistency-for example, anyone on a tight monthly budget who wants to anticipate their monthly costs long-term.
Understanding your Credit Report
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Your credit report is a listing of all of your mortgage and consumer debt. In Canada, the two main reporting agencies are TransUnion and Equifax. Whenever you apply for credit or make a payment on a loan or credit account, the lender reports information about the transaction to these two agencies. The credit score, or beacon score, is a number from 300-900 (higher is better) which gives financial institutions an idea of your lending risk.
Choosing the Right Term
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Longer term mortgages may appeal to people who desire consistency and want to feel secure about making their payments comfortably for the foreseeable future (for example, ten years). This can also be valuable for those buying for investment purposes, as you can more accurately project future earnings from the property.
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