Think you are ready to be a homeowner? Here’s exactly how you can tell! 1) You have a budget Factor in homeowner’s insurance coverage, property tax, fees, upkeep costs, and the best available home mortgage rate. 2) You have a sizeable down payment. Generally, you’ll need a down payment worth 20 % of the house price. 3) You have a … Read More
Typical Lending Criteria For The Self-Employed
Two things to keep in mind Most self-employed persons have a more difficult time getting pre-approved for a mortgage. The ideal image of a borrower by most lenders is one who has a stable job and thus a consistent stream of income as part of a regular pay cheque. Self-employed individuals rarely have this luxury. If you would like to … Read More
Should I Rent Or Buy?
Are you ready to take the leap into homeownership? Weighing out the pros, cons, costs, and considerations is the best way to help you determine if you are ready to own a home. Renting Pros Renting is a wonderful first step to living on your own. Given that it lacks long term commitment many rental agreements generally only last one … Read More
Mortgage Fundamentals: Pre-Approved Vs. Pre-Qualified
What’s the difference? There are several stages of the Canadian mortgage rate approval procedure when you apply for a mortgage. It is essential to understand what they are and what they really mean. What is Pre-Qualification? This is the initial step of the low mortgage rate approval process wherein your mortgage broker takes a look at your overall earnings and … Read More
How to Know When You’re Ready to Purchase a Home
Think you are ready to be a homeowner? Here’s exactly how you can tell! 1) You have a budget Factor in homeowner’s insurance coverage, property tax, fees, upkeep costs, and the best available home mortgage rate. 2) You have a sizeable down payment. Generally, you’ll need a down payment worth 20 % of the house price. 3) You have a … Read More