More and more Canadians are leaving the head office for a home office, quitting corporate jobs in order to start their own companies. In fact, statistics show that nearly 20% of all income earners in Canada are now self-employed. Which is fantastic… until you need to apply for an affordable mortgage rate. Securing a mortgage when you own your own company can be difficult, especially if your business is relatively new. Today, lenders want proof of a stable income before considering adding you to their accounts. Here are a few ways to ease the process and increase your chances of qualifying for the best mortgage rates. Continue reading
How to Check Your Credit Score
Did you know that your credit score can mean the difference between an affordable mortgage rate and an astronomical one? This three-digit number can unlock endless possibilities for your financial future, but only if you know how to properly maintain it. The first step? Knowing how to check your credit rating. Continue reading
How to Break Your Mortgage Without Breaking the Bank
Interest rates are low, and from the looks of things, should remain stable well into 2012. If you’re currently paying out the nose because you’re locked into a fixed-rate mortgage, now could be a good time to break your mortgage and refinance your rate. Unfortunately, trying to break a mortgage before your term is up can be a nightmare experience. The penalties for bailing early can be high, so don’t be rash with your decision. Consult with a mortgage broker before you dive in head first. Continue reading
How Much Does Mortgage Insurance Cost?
As a first-time homebuyer, chances are you’ve never heard of mortgage default insurance. More often than not, it isn’t until you’re sitting across from your lender that you learn about this expensive requirement. You see, in order to qualify for certain types of mortgage products in Canada you are required to be “insured”. While most insurance products are designed to protect your dependants in the case of an unexpected accident, mortgage default insurance actually protects your lender if ever you are unable to make your mortgage payments. It’s a strange concept for many property virgins, but one that should be discussed early in the homebuying process. Continue reading
How to Avoid Major Home Buying Errors
Housing affordability continues to remain stable across Canada, creating the perfect environment for savvy home hunters. With more houses available on the market, buyers are becoming much more competitive, rushing to complete their purchase agreements. Situations like this often lead to costly buyer errors, as anxious home hunters make hasty, uninformed choices. These mistakes are sometimes impossible to reverse, so be careful. Continue reading