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Avoid any major purchases before closing your mortgage loan

Avoid any major purchases before closing your mortgage loan. Some homebuyers think that just because they have a mortgage deal all lined up, the deal is done. Not so. Banks have been known to pull mortgages when the homebuyer buys a new car or makes another major purchase. To banks, such purchases suggest more debt for the homebuyer and more risk for the banks. Avoid any big-ticket items until after you’ve signed on the dotted line. That goes for cash deals, too. Banks also check out your cash reserves when they approve a loan.

Why You Should Think Twice About Small Home Loans

Note that if you do manage to finance a home with a mortgage loan of less than $50k, the interest rate will most likely be higher to compensate for the money the lender is losing on the deal. Additionally, while closing costs of, say, $5,000 would be considered perfectly reasonable on a standard mortgage, that represents 10 percent of a $50,000 loan not so reasonable any more.
So in answer to Sandys challenge, the banks and rates available for mortgages under $50k vary by applicant, and you wont find them advertised. Some lenders outright do not provide these small mortgage loans, while those who will do so on a case-by-case basis.
I would advise anyone seeking a mortgage this small to stop for a moment and really think about whether its worth it may turn out that securing a mortgage loan for that little doesnt make sense financially. If you need a loan for less than $50k, consider finding an alternate source of funding, maybe even borrowing from a family member or friend, or simply waiting on your purchase so you can save up the money you would be spending on mortgage payments and pay cash instead.

Applying for a mortgage

The traditional method of applying for a mortgage has been to go into the local branch of your bank or building society for a face-to-face meeting. But there's no real need for this. Many lenders now accept applications via the telephone or Internet.

To speed up the application process, have ready your most recent P60 form, your three most recent payslips or your employment contract. If you are self-employed, you will normally need to provide accounts for the past three years.

Tip: Check whether you will have to pay for your own property valuation, legal fees and whether the lender charges an arrangement fee. It's important to have the money lined up for these at the outset.

Mortgage Payment

Not only you will need to show you have sufficient "reserve funds" in your bank account to make your future monthly mortgage payment, but also you need to prove that you have enough money generation capability to sustain your ability to make payments in the future.

The most common way to prove is to disclose your current employment status and the salary that you are making. The bank will often ask for your last 2 years of tax returns (to prove you have a history of making similar salary) and then the last 2 pay stubs (to prove that you are really making the salary that you claim you are making). So as long as you are telling the truth, you should have no issues providing your tax returns and pay stubs as proofs.

Steps to Good Credit

Frommeyer and Arnold both suggest checking your credit as often as possible. You can get a free credit report annually through AnnualCreditReport.com.
In addition to paying bills on time, they suggest not opening too many lines of credit in a short period of time. A few per year is okay, but lenders are typically wary of people they determine to be "credit dependent."
They also say to clear up any problems or mistakes immediately. Lenders don’t want to hear explanations; they want to see solutions.

Bora Bora Island Beach- French Polynesia

French Polynesia has actually more than one hundred islands. Bora Bora Island is the most idyllic among all of them. If you are out on your honeymoon, this particular destination is the best in terms of privacy and beauty. Bora Bora Island is almost a hidden place in Polynesia amidst the rugged territories and it can give you the precious privacy that you need for your honeymoon destination.

The water of the sea in it is crystal clear and the place is beautifully maintained by the local authorities.You can enjoy the services like horse-riding, helicopter tours, hiking and excursions. The island has the presence of many hotels that makes your stay extremely comfortable.

Old Montreal Port-Canada

Last on our list is the Old Montreal Port (Vieux Port Montreal) which lays hidden in the historical center of Montreal. The port was once the economical center of North America, but after the decline in the field of maritime activities the Canadian government decided to recondition the area. Today it is a major artistic and touristic destination filled with picturesque buildings and beautiful old boats.