Own your own company? Find out how you could have a house too! Data shows that almost 20% of all income earners in Canada are now self-employed. Today, lenders desire evidence of a steady income. Here are a couple of ways to ease the process and raise your possibilities of obtaining a low mortgage rate. Document Every Penny You’ll be … Read More
Understanding Mortgage Insurance and CMHC
Do I really need mortgage insurance? A down payment serves as a form of security– so the larger your down payment, the better. If you have a greater amount of equity built up in your home, unforeseen circumstances may be managed easier, and you’ll be less likely to default on your mortgage. Lenders commonly group low mortgage rate shoppers that … Read More
What are Blended Mortgages?
Blend your mortgage to improve your rate. Quite a few people are wondering how to lower their current mortgage costs. Generally, the mortgage penalties you incur to break your mortgage are set up as the greater of three months interest or the value of your Interest Rate Differential. If you’re going to break your mortgage, try and do it when … Read More
Preparing For Your First Mortgage
Four moves to make when getting ready for your first mortgage. Step 1: Know What You Want Should your mortgage be fixed or variable? Fixed Mortgage Rate: Enables you to “lock in” a predetermined rate for a set amount of time (term). Variable Mortgage Rate: This type of mortgage rate changes monthly according to the mortgage lender’s prime rate. Anyone … Read More
Land Transfer Tax
How much is the land transfer tax in your province? Each province has a land transfer tax, with the exception of Alberta and Saskatchewan. Ontario, British Columbia, Prince Edward Island and the city of Toronto offer land transfer tax rebates for first-time homebuyers. Considering purchasing some property? Be sure to review land transfer taxes when completing your budget and considering … Read More