Infinite Mortagages clients are generally people who have a strong income (whether they are self-employed or conventionally employed) and strong credit. That being said, we are also sometimes able to arrange mortgages for people with slightly tarnished credit.

Closing costs are any costs that are associated with obtaining and closing a mortgage. They can include (but are not limited to) legal fees, appraisal fees, survey fees, and Realtor fees. Don’t forget the cost of moving!

Mortgage lenders generally allow you to use 32% of your monthly income to go towards mortgage payments, and 40% of your monthly income to go towards mortgage payments plus other debt payments. Some newer guidelines allow us to use up to 44% of your income. To obtain an actual figure of what you can afford to pay for a home, please use our mortgage calculators.

You need a lawyer because final mortgage documents are legally binding. Also, lawyers are the individuals who take care of things such as land title transfers. They are also authorized to hold money in trust, and distribute funds to the appropriate places (such as to your previous mortgage lender when paying out an existing mortgage, or to the sellers of the home you are purchasing).

The requirement of an appraisal is a standard condition for any conventional mortgage (more than 20% down payment), as the mortgage won’t be insured. Basically, the lender just wants to make sure that you are paying fair market price for the property you are purchasing (ie: that you aren’t paying $290,000 for a home that’s only worth $250,000). From the lender’s perspective, they don’t want to lend $290,000 if all they can recuperate in event of default is $250,000 (not that you would default on your mortgage payments, but it’s a base that the lender wants to cover). Another reason for an appraisal is that lenders want to see that the property you are purchasing is, indeed, a quality property.