Complex Situations

Term APR 5 yr variable 4.15 1 yr fixed 5.25 3 yr fixed 5.30 5 yr fixed 5.49 10 yr fixed 6.05

Some people run into complex situations. Their income or credit may have become impaired. There are many common reasons for this:

• Divorce
• Separation
• Illness
• Job Loss
• Injury at work

People can hit road bumps. It happens to almost everyone eventually at some time. Many times your credit rating may be impacted. We don't pass judgement we simply try to resolve to suit your needs..

** In general the faster the issue is addressed, the better.

Depending on the situation we can use various methods to resolve the problem including refinancing the existing mortgage and resolving debts, utilizing cosigners, equity lenders and private lenders.

With any mortgage that ranges to the complex our goal is to provide a win-win scenario which protects the client and lender. We want a solution to get you back on track again.

There are many mortgage options depending on the situation. It is fair to say that one bank may have certain parameters they work within, but other banks may have different parameters. It pays to shop around.

With a complex situation our goal is the resolution of the problem. If we give a client advice on how best to fix the situation, we will suggest solutions. If you don't wish to act on the suggestions, there is no problem. If you take even part of the advice, that would be terrific.

What is your situation? Tell us in detail, good and bad. Tell us everything and we can see how a solution can be worked out now or in the future.

Let us know if you prefer branch banking or virtual banking. What is your preference?

A key factor is getting pre-approved.
How much can I afford?

This is fast and painless and most of all, useful.

A pre-approval offers you three advantages:

1. You know the accurate house range you should be buying or what your refinance amount should be.

2. You lock in the rates for 120 days. This rate guarantee can prove invaluable.

3. You are not committed in any way shape or form. If we earn your business wewould welcome that. If you choose another route, we wish you the very best.

The pre-approval is a mix of your income, your down payment, the interest rate and your credit rating.

This involves taking details such as:

• Your name
• Your address
• Date of birth
• Social Insurance Number
  
• Where you work, how long and how much you earn
• Income: is it hourly, salary or commission
• Asset and Liability information
  Down Payment amount and source

There are many options for making your mortgage application:

1. Contact us online using our web contact form here.
   
   
2. Give us a call at 905-388-3176 or toll free at
   1-800-713-0985. We would love to discuss your options and the best mortgage solution for you.
   
   
3. Write us an email with your preferences and any questions you might have. We will promptly reply with tips and advice to help you along in your mortgage planning. Send your emails to advice@fairmortgagesolutions.com
   
   
4. Send a fax with details for what you want for your mortgage to 905-388-1737 or toll free at 1-800-713-0994
   
   
5. Personal meeting at a convenient location for you - your home, your work, our office etc... We won't squeeze you into our schedule - we'll make time for you and fit ourselves into yours!

Whatever you prefer. We will do our best to make it easy and simple for you.

Talk over your situation with us, we can provide advice and options as to what you can do and what the market indicates may be a good route to go.

You want the home to be affordable.

A general ratio is if you are hourly or salaried based, your mortgage payment, property taxes and heating payment should amount to 32% or less of your gross combined income. This called your GDSR.

In addition your mortgage payment, property taxes, heating, all other debt like credit cards, student loans and car loans, should amount to no more that 40% of your gross combined income. This is your TDSR.

Every person is different, every situation is different.

If you are self employed, above doesn't apply. You must use common sense. There are excellent programs for self employed clients.

Statistically, it has been shown that if you keep within these parameters, it is generally affordable for you. Try and make yourself bulletproof.

Second Mortgages

Rarely used but potentially invaluable.

This can be a hard concept. When we look at a home we tend to view it as a huge ratio or a percentage. What can we accomplish?

Second mortgages can be patched into making a purchase or refinance work where normally it would not for a variety of reasons. They are a controversial and more complex mortgage than a large first mortgage but they can have a very valid tactical reason for being used.

If second mortgages vanished tomorrow we would have a severe problem. They are useful and can serve a purpose. They generally involve fees and are two mortgages, therefore, more complex. The rate of interest on the second is higher but it is usually open. CMHC fees are not incurred and that can offset the rate differential to a great extent.

People who lend on seconds, people who use seconds can both gain. What we try to do is give a blueprint or roadmap for both.. It is to everyone's advantage that the second be used tactically with an end point. The client gains and the lender gains. The client gains through getting the financing they need when they need it with the view that they will re-combine the mortgages into a lower product down the road. The lender gains because they know their risk exposure is minimized. From a lenders point of view, seconds can be very risky, especially in a market downturn.

Seconds are interesting and invaluable under certain circumstances. We look upon seconds positively when they are used to purchase a home or make a logical refinance. We look upon them negatively when they are used with no end point to resolve, as a default management tool.

Perhaps we can help you?

Or at the very least, give you advice.

Take the Next Step

Choose one of the four options below:

1. Apply for a Mortgage Online
2. Call Us at 1-800-713-0985
3. Let Us Contact You
4. Our Contact Info