When a person retires, conventional wisdom tells us that since they no longer have an income, there’s no way they can pay back a loan – and thus, no bank would be willing to offer them a mortgage. But is that always the case when it comes to purchasing a home?

On this episode of Office Hours, Malcolm and Desiree sit down to discuss the process of applying for a new mortgage as a retiree and which types of income lenders prefer to see from this group.

Contact Desiree: desiree@fortismortgage.com

Follow us on social: @fortismortgage

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These days, not only are we experiencing record low interest rates, we are also seeing home prices that are constantly on the rise. And this has created a perfect storm for people wanting to refinance their mortgage – for a number of reasons.

Although it is obvious to mortgage professionals the reasons why you might want to reconfigure the terms of your home’s mortgage, it is not necessarily as obvious to those outside of the mortgage business. So, on this episode of Office Hours, Malcolm & Desiree sit down to explain the basics of how a home refinance works, as well as some scenarios in which a refinance might make sense for you.

Contact Desiree: desiree@fortismortgage.com

Follow us on social: @fortismortgage

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Recently, you too may have experienced the feeling that everyone else but you has a beach house. And you may be wondering how it’s possible that the people you know can afford to purchase a beach house while they’re still paying off the mortgage on the house they live in currently.

On this episode of Office Hours, Malcolm & Desiree sit down to explain exactly how you too might be able to make your beach house dreams come true.

Contact Desiree: desiree@fortismortgage.com

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Typically, when a person is applying for a new loan, they will be asked to provide statements from any bank accounts or investments as a means to show the lender where their down payment will come from when it’s time to close on the loan. And although it may seem simple that a person may receive a cash gift from a relative and apply that to the funds being considered for the purchase, it is not always so cut and dry.

On this episode of Office Hours, Malcolm and Desiree sit down to discuss what makes this situation unique and how to navigate it.

Contact Desiree: desiree@fortismortgage.com

Follow us on social: @fortismortgage

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With some folks still looking to get out of city centers and move into single family homes with more space to stretch out, it’s not uncommon to need to carry two mortgages for a short time while moving from the old house to the new one, then getting the old house sold to pay off an existing loan. And thus, mortgage lenders have created specific loan programs to be able to accommodate an individual or family who finds themselves in this very situation.

In this episode of Office Hours, Malcolm and Desiree  sit down to discuss the nuances of this very situation and the stages that need to be navigated carefully in order to make sure that both closings can happen without much of an issue.

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A non-traditional mortgage is defined as any mortgage that does not qualify as standard or conventional, or conform to a standard amortization schedule. Such as an adjustable rate mortgage, an interest only mortgage, a balloon payment, etc. And although these loans typically have higher interest rates to reflect the additional risks for the lender, they are sometimes a better solution than a traditional mortgage.

On this episode of office hours, Malcolm and Desiree sit down to discuss non-traditional mortgages and some of the ways they might be a better fit that the typical 30-year fixed rate mortgage.

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In this competitive market, buyers are having to be flexible in what they want and are willing to accept in their new homes. That house with the worn floors or dated bathroom that may have been a disqualifier in years past is now receiving multiple competing offers from buyers looking to escape the city center and get into a single family home. But after paying above ask to get into the house in the first place, is there anything left for renovations?

In this episode of Office Hours, Malcolm & Desiree sit down to discuss the options available to buyers in need of a few additional dollars for renovations when they go to close on a fixer upper.

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As a small business owner, it can be challenging to prove to a lender that you are a safe enough credit risk to lend hundreds of thousands of dollars to. However, that is not to say it is impossible. For most small business owners, the mortgage process just comes down to properly establishing yourself on paper, paying yourself regularly, and keeping detailed records of everything coming in and going out of your bank account.

On this episode of Office Hours, Malcolm & Desiree sit down to discuss the challenges and the solutions facing small business owners looking to purchase a new home or refinance an existing mortgage.

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