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…)
The following is a list of items you want to avoid doing when you are starting the process of applying for a mortgage.
1. Don’t apply for any new credit; Applying for credit will lower your credit score. You will lose a few points off of your rate and will also potentially change your borrowing ratios.
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…)
If you have been renting for many years, you may be considering purchasing a home for the first time. You have sacrificed to save up for your down payment, but now you’re ready to buy. Buying a home can be exciting and scary, and is likely the largest purchase you will make in your lifetime. This is why it is so important to get the right advice from the start.