Getting a Mortgage with Poor Credit What are Your Options?

Posted onApril 30/2014By

If you have gotten to a point where your credit score resides in the “poor” range, it’s logical to think that you won’t be getting a mortgage anytime soon. After all, who would want to give a mortgage to someone with poor credit? Depending on the actual state of your credit, this belief may be true, but you probably aren’t without options.  Find the Right Lender Not all lenders are interested in helping you if you have poor credit, so the first step in your quest is to find one that will help. If your credit score is low enough, the big banks won’t lend you anything, but there are still trust companies and other “sub prime” lenders who are willing to give you a mortgage. This may end up being an exhausting search, but if you work with a mortgage broker, they should have a list of potential lenders…

Read More
0Comments

How to Choose the Right Mortgage for Your Income Property

Posted onApril 25/2014By

The concept of the income property gets a lot of attention these days, with various reality shows and the internet putting it out there for all to see.  Purchasing a house or a condo with the thought of renting it out can be a good way to build your portfolio and contribute to your future wealth. Essentially, your tenants pay off your mortgage for you and you own the house free and clear when it’s all said and done.  Of course, you still need to get the mortgage in the first place so here are some tips on how to choose the right one.  Consider Your Goals Before you choose a specific mortgage product for your income property, it’s a good idea to figure out your long and short term goals when it comes to the property.  Do you want the rental situation to go on indefinitely?  Do you ever…

Read More
0Comments

7 Frequently Asked Questions About Mortgages

Posted onApril 21/2014By

Whether you live in a modest two-bedroom townhouse or a sprawling 15-room mansion, your mortgage is likely the largest expense you will ever encounter. It’s only natural that you will have lots of questions before you make such a commitment. Here are 7 of the most common ones. 1.  Where Should I Get a Mortgage? Big banks, credit unions, trust companies, private lenders, you have options when it comes to finding the right place to get a mortgage. Take your time, shop around and look for the terms that are best for you. For a wider variety of options, a mortgage broker will help. 2.  Should I Get Pre-Approved? In a word, yes you should.  When you are pre-approved for a mortgage, you know how much you can spend ahead of time. This means you won’t waste time looking at houses that are above or below your budget. You also…

Read More
0Comments

What is a Housing Bubble?

Posted onApril 15/2014By

If you read the news or listen to new stories like most other people, you’ve probably heard the term “housing bubble” before. Of course, hearing the term and understanding the term are two different things and knowing that a housing bubble is negative and has to do with real estate prices isn’t the end of the story.  Here’s a more detailed description: What It Means A housing bubble refers to a temporary situation in the housing market, where the price of real estate rises quickly.  This “bubble” is fueled by incorrect real estate speculation, so as it continues to swell there is always the chance of it bursting, which is the real issue.  A housing bubble that bursts can have a large economic impact and cause ripples in the real estate market for years.  No one ever sets out to create a housing bubble in any market, but sometimes the…

Read More
0Comments

How the Latest Employment Data Is Going to Affect the Canadian Mortgage Rates?

Posted onApril 07/2014By

Many prospective homeowners focus mostly on the prices while they search for a new house.  It makes sense, considering you’ve probably been pre-approved for a certain amount.  However, the mortgage rate is also a critical element and plays a huge role in determining how much you will pay in the long run.  Mortgage rates are determined by many different factors, one of which is employment data.  Why It Matters The employment rates matter when speaking about mortgage rates because they have an effect on the overall cost of labor.  And the overall cost of labor helps determine the rate of inflation, which is an important factor in determining mortgage rates.  When mortgage rates rise and you aren’t sure why it happened, a small supply of unused labor may be the reason.  A small supply of workers means wages rise and that’s when the rates will follow. With a Grain of…

Read More
0Comments




Top