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Summary Get to know the real story behind the rumors and stories circulating mortgage and mortgage rates. Be a well-informed buyer before you take a decision. Body With so many rules and regulations in the mortgage market, and those ever changing market conditions and rbc mortgage rates, people are not to be blamed if they are left confused and overwhelmed. Sometimes, it becomes hard to segregate the facts from the rumors and the end result is so many myths circuiting the markets. The prime focus of this page is to locate these myths and find the real truth behind them. After all, the real estate market is very unpredictable and one must get their facts and figures right before proceedings. 5 Percent Payment is Essential Well, this happens to be true and if you hear such stories, believe them as they are technically true, 5 percent down payment is the mandatory minimum to get a mortgage. However, one can avail of those 5 percent cash back programs from many lenders. The lender will return you the amount after the closing date. However, these kinds of rbc cash back mortgage often come with a higher rate of interest. Pre-Approved Mortgage is Essential Pre-approval just takes care of the basic process to make sure that you are on the right track and are mortgage-able. As the buyer, you also get an idea of the loan amount and mortgage rates. The lender would need a confirmation whether you have all your financial and employment information, as well as the down payment, before confirming the loan. Find a reliable rbc mortgage contact to take the right decision. There is no room for Bankruptcies There is no need to do away with all our dreams of owning a house if we have hit a bankruptcy. This is not true as one will come across plenty of lenders who specialize in offering post-bankruptcy mortgages to home buyers. As long as the bankruptcy has been discharged for a minimum of two years, you can take time to rebuild your credit scores and then, getting a lender should not be a problem. Talk to a reputed mortgage broker Calgary like Mr. Gagan Bilga to discuss royal bank mortgage. No Mortgage for Bad Credit Most lenders are aware of the fact that not every homebuyer will have good credit scores. But that doesn’t mean that they should be deprived of the opportunity to buy home. There are plenty of lenders who are still willing to offer mortgages to home buyers in this situation, although they may charge higher interest. 25 Years or Lesser amortization period There have been recent changes to rules governing the maximum amortization period, but these rules apply to mortgages requiring insurance. If you have made the down payment, and do not need insurance, then one can easily to negotiate with your lender for a longer amortization About Author William King has penned down many articles on rbc mortgage application form and on this apge he sheds light on some, of the myths circulating the market.
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