Alterations to BC Residential Loan Recommendations Will Impact Property Buyers

Alterations to BC Residential Loan Recommendations Will Impact Property Buyers

British Columbia’s Ministry of Finance announced new guidelines for banks and lenders earlier this year, to tighten up the lending of residential loans. These guidelines went into effect in April 2011. The changes in lending guidelines were focused on the loan-to-value ratios and amortization periods of residential mortgages. This is information that mortgage brokers need to understand so they can better assist their clients. Also check– Brooklyn Property Management

Important Definitions for Borrowers to Understand

A loan-to-value ratio is the ratio of the mortgage loan as it relates to the total value of the property. What does this mean to consumers? Let’s say a property is determined to be worth $500,000.00 and the mortgage loan being advanced to you is $400,000.00. This indicates two things. First, the down payment the bank or lender expects a borrower to make is 20%. Second, the loan to value ratio is 80%.

An amortization period is the length of time over which a loan is to be paid down to zero. When reference is made to a 3-year or 5-year ARM, it indicates the period that the Rate will remain fixed. This is not to be confused with the amortization period. Generally speaking, …

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Cash Loan - The Fast, Safe and Easy Solution to Financial Difficulties

Cash Loan – The Fast, Safe and Easy Solution to Financial Difficulties

As you observed in today’s economic climate, you can figure out how hard it is to manage your everyday expenses. With the fall of the dollar rate, almost 2 million U.S. companies are facing foreclosures in recent years. And as a person who is only depending on a regular salary, the global recession has huge effects. Good thing, there are options like cash loan that you can consider whenever you need instant cash.

Yes, we are doing everything to tighten our belts during this situation. Instead of buying expensive things, we prepare to save for other important things. It is because we want to save our money for other expenses. But what if you see your ailing mother? Or perhaps, your car stops in the middle of the road yet you have no money to send it to the repair shop. It is hard and you need to do immediate action just to find instant cash to fix your problems.

Thanks to the services offered by lending companies, you can easily get instant cash overnight. No need to wait for the next payday just to pay for your bills and medication expenses. In just a few clicks of your mouse, …

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