Getting A Mortgage While Self-Employed: 3 Things To Know

Posted onAugust 28/2017By

While many people make a good, or great, income being self-employed, it can make getting a mortgage or other loan more difficult. However, this doesn’t mean it’s impossible. There are just a few more things to take into consideration. While you can use an online mortgage qualifier calculator, it’s often helpful to seek the advice of a mortgage professional as well. Before you do, here are some important things to know if you’re applying for a mortgage while self employed: 1. What You Need When applying for a mortgage loan, you must be able to prove your income to show that you’ll be able to make your monthly payments in full. Most lenders will require at least two years’ worth of accounts and tax returns in order to prove your income. The more you can provide in this case, the better. To apply for a mortgage, you’ll generally need: Good…

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How Mortgage Penalty Is Calculated In Canada

Posted onAugust 21/2017By

For most home buyers shopping for a mortgage, interest rate is the most important aspect of the process. However, it’s important to look past mortgage rates and also consider penalty rates. While no one plans to break their mortgage, there are many reasons you may have to in the future and it’s smart to plan for all possibilities. Unforeseeable circumstances such as divorce, a move, a change in finance, or other personal circumstances may mean that you can’t complete your mortgage term. It’s important to plan for the possibility that you may not be able to see your term through right from the beginning, or you may get hit with a huge penalty. When discussing your mortgage, either with a bank or mortgage broker firm, make sure you ask about the process of breaking a mortgage, and the penalties involved. Mortgage penalty is calculated using the interest rate differential. Typically,…

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Down Payment On A New Build: What You Need To Know

Posted onAugust 14/2017By

With so many new condos and residential developments coming up in Toronto and the GTA, many buyers are looking into buying new builds. The biggest benefit of a new build over a resale property is living in a fully customizable, mint condition home. However, the down payment process on a new build is different than on a resale. The bad news is that a down payment on a new build is a lot more than on a resale. With a resale, the minimum down payment is usually 5%, while on a new build it can be up to 25%. Even though this may be daunting, this down payment isn’t required all at once but can be broken up into smaller payments. While the payment schedule can vary slightly depending on the building company, it often looks like this: 5% with offer 5% at 30 days 5% at 90 days 5%…

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3 Signs To Refinance Your Mortgage

Posted onAugust 07/2017By

Refinancing your mortgage simply means replacing your existing mortgage with another one. Homeowners often refinance their mortgages in order to get better interest terms and lower mortgage rates. When you refinance your mortgage, your existing mortgage doesn’t simply disappear. Rather, it is paid off and a new loan is created. You may be thinking of refinancing to get lower mortgage rates, or perhaps you’d like to change your interest terms, for instance, from a variable to a fixed rate. Here are some signs that it could be a good idea to look into refinancing: 1. Current Interest Rates Are Lower Most lenders advise the best time to refinance is when the interest rate is at least two percentage points below your existing mortgage rate. If the current interest rate is substantially lower, refinancing can be a good way to save money. By getting a lower mortgage rate, you will be…

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