3 Possible Reasons Your Mortgage Offer Was Denied

Posted onNovember 20/2017By

Before you begin the mortgage application process, it’s important to understand all the aspects of the application including why you will, or why you won’t, be able to qualify. In your mortgage application, you will be asked to provide many documents related to your personal finance, employment history, outgoing expenses, income, loans, and credit score. During this process you will also be on the lookout for a good mortgage loan with low mortgage rates. If, after all this, your mortgage is denied, it can be crushing. Here are some reasons your mortgage was, or could be, denied, to keep in mind for the next time you apply: 1. Credit Score Poor credit history is one of the most common reasons mortgage loans are denied. You can find out ahead of applying if your credit score meets the minimum to be approved, which is helpful because if you know your score…

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Got A Mortgage Offer? Here’s What To Do Next

Posted onNovember 13/2017By

Navigating mortgage applications is a complex process, especially for first-time home buyers. Applying for a mortgage requires a detailed and thorough examination of your income, financial situation, and credit score; the process can be exhausting. There’s never a guarantee you’ll be accepted either, so it can be a big relief once you receive your mortgage offer. Your mortgage offer will be sent either to you or to your solicitor. This offer should be read very carefully. It will contain the amount of money the lender is willing to lend, the length of the mortgage term, and the amount of monthly payments required. You should go over this offer with your lawyer in order to make sure everything is in order. Legal fees are a significant part of mortgage closing costs, but the consequences of not examining the offer carefully enough can cause even bigger problems. Keep in mind that this…

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Can Mortgages Be Transferred To Another Property?

Posted onNovember 06/2017By

If you’re moving house, or would simply like to transfer your equity mortgage to another property, you may be able to do so by getting a portable mortgage. Most mortgages, in fact, are portable, and you should be able to port your mortgage to a new theory. However, there are some conditions. Even though porting is a feature offered in many equity mortgages, there are some reasons you may not be able to, or that it may be more challenging, which are dependant on your lender. It’s important to know that when you request to transfer your mortgage you are effectively re-applying. Just like the first time you applied for a mortgage, your financial or employment circumstances and credit score will be taken into account. If these have changed since you first applied they could affect your ability to transfer your mortgage, or the rate you will receive. For this…

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What Is An Industrial Mortgage?

Posted onOctober 27/2017By

An industrial mortgage, as the name suggests, is a mortgage received specifically for an industrial property. These kinds of properties can include manufacturing plants, factories, workshops, storage units, or warehouses. They are usually located in the area of a city or town specifically meant for industrial use. There are many reasons for buying a building for industrial use. You may want to continue actively using it and take over the existing business, or you may wish to start your own. You may want to renovate the building for another use or as an investment to resell. Whatever your reasons for buying, you can apply for an industrial mortgage for the property. Industrial mortgages actually fall under the category of commercial mortgages. A commercial mortgage is a mortgage on any kind of property that is meant to generate income. However, a commercial mortgage can have housing units in the building, while…

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How Will The Land Transfer Tax Apply If I Leave My Home To My Kids?

Posted onOctober 25/2017By

Land transfer tax is something that is paid upon the purchase of property and is paid to the province at the closing date. This tax is based on the amount paid for the land as well as any mortgage or debt assumed upon purchase. If you are curious about what land transfer tax would be on your property, you can find a land transfer tax calculator online to give you an idea. It is a common wish that property should stay in the family; therefore, many homeowners choose to leave their homes to their children. However, when it comes to inherited property, there are still tax considerations. If a piece of land is given as a gift, then that makes the amount paid zero, which will result in land transfer tax not having to be paid. However, there are rules concerning residency, and if you gift your home to your…

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