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What Can I Do to Have a Better Chance at Getting a Mortgage Approval in 2021?

If you’re an aspiring homeowner, then you probably understand how challenging it is to qualify for a mortgage. Many lenders have introduced stringent measures in an effort to cushion themselves from the economic uncertainty brought about by the pandemic. Despite interest rates being at a record low, borrowers are still struggling to get their mortgages approved.

However, there are several tips you can follow to get your mortgage application approved without too much hassle. For starters, you need to find a quality lender, who you will feel comfortable with leaving the process in their hands. In fact, for our Canadian readers, you can get remarkably affordable mortgages from Altrua. Regardless, whether you’d like to get a second mortgage, lower your rate or simply recalculate payments, there are many lenders in your area where you can go to find a good rate.

So, what do you look for when choosing a mortgage lender? These five areas stand out above all others: 

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Refinance Your Mortgage Now While Rates Are Still Historically Low

A home purchase is one of the most exciting and expensive financial transactions a person will make. Because homes cost so much, most people choose to buy one by getting a mortgage. They borrow money from a lender at an agreed upon interest rate for a designated length of time. When the loan is paid off, the house is legally theirs.

refinanceThe rate lenders charge for interest on a mortgage does not stay the same. They fluctuate, sometimes even from day to day. Because they can change frequently, Person A may end up getting a lower rate than Person B. It seems unfair that one person could get a better rate and save money just because they had better timing on their home purchase.

That’s where refinancing comes in to play. If done properly, it can end up saving homeowner’s money in the long run.

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Understanding the Basics of Refinancing Mortgage Loans

What does it mean when you consider refinancing mortgage loans. Why would a person even consider it? Please welcome Jessica Kane as she shares her insights on the subject.

refinancing mortgage loansMany homeowners who have owned their property for more than a year or two have already refinanced a home mortgage. Some of your friends and family members may have casually mentioned that they were in the middle of a refinance loan process, or they may have talked about the great interest rate they got or their plans for their home equity funds.

If you are not familiar with mortgage refinancing, you may be wondering what this actually means, how you can do it and what the benefits would be for you. By spending a few minutes learning more about it, you may decide that now is the right time for you to contact a mortgage lender about refinancing your home loan.

What Is a Refinanced Loan?

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