With the mortgage rules constantly changing, private or alternative mortgages are becoming the only way some people can refinance or buy a home. When the banks turn borrowers down the next option is to look at “Subprime” lenders. There is a significant misconception applied to this “subprime” market, so let me explain them a bit.
Being a new immigrant doesn’t mean you can’t get your own home. The typical rules for New to Canada mortgage borrowing is that you have been in Canada less than three years, have your landed immigrant status, and have been employed in Canada for a minimum of three months. (more…)
We used to have two primary mortgage categories, “High Ratio” or “Conventional” mortgages, but now we have insured, insurable and un-insurable. What do these terms mean?
Insured; a mortgage transaction in which the insurance premium is/has been paid by the client. (Generally, 19.99% equity or less to apply towards a mortgage, amortization of 25yrs or less, mortgage under $1Million, qualify at Bank of Canada(BoC) benchmark rate). (more…)
Being self-employed or a business owner means that you have a different set of guidelines for obtaining mortgage funds. Due to write-offs a lot of us show less income on our final government documents then we actually made; this can make your mortgage application and approval more complicated. (more…)