At Homewise, we have partnered with a large list of top-tierlender partners who offer a wide range mortgage options, rates and features so that we can provide our users witha great mortgage that meets theirunique needs. To ensure that we can do this while providing best in class service, we review the following criteria to make a match:
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Terms and Features- Fixed or variable, Prepayments, portability, etc. - we will ensure that the mortgage best suits your needs
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Rate- We always look to get our users the lowest rate possible
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Loan to Value - The amount of money the borrower needs as part of their mortgage vs. the price of the home. For example, a $640,000 mortgage for a home valued at $800,000 is an LTV of 80%
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Income Verification - taking into account the home buyers (and if applicable co-applicant) total income. This also includes employment type and status (i.e. full-time, self-employed, salaried, etc)
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Property Type - Is it a Condo, Townhouse, cottage, or single family home
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Credit Score - certain lenders will only lend to individuals with a score of 650 and over. A higher credit score can also lead to a better rate
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Speed - Some borrowers need financing immediately. If that is the case, we will work with a lender that can approve our borrower more quickly.
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Length of ownership- some home buyers are only looking to live at their home for a few years. This will affect term length and choice of a lender who provides the best features for shorter ownership.
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Affordability- some users squeeze to their maximum affordability to buy a home. This will help determine the length of amortization as well as payment schedule. In the opposite situation, where a home buyer is in a strong financial situation, we will help them pay off their mortgage as quickly as possible. Finding a lender that meets that need.
All of this information enables us to find the exact lenders that meet your unique needs. To find out which lender is best for you, start your application today
