Posted on
June 22/2020By
northwood
Many things affect a homebuyer residential mortgage — the process of the application contains many safeguards to protect lenders and borrowers alike. A self-employed individual or business owner has unique challenges. A homebuyer residential mortgage falls under a different approval process for the self-employed or business owner. Don’t Forget to Declare Ownership Business owners, in many cases, take a salary from the business they run, and a T-4 reflects their earnings for tax purposes. In the application process, a lender will review the form, but the big mistake here is the failure to declare ownership of the business. This causes…
Posted on
June 15/2020By
northwood
Technology has been disruptive across many economic sectors, and the next group to be affected is the mortgage broker. Robo-advisors won’t make the mortgage broker obsolete, but they will provide savings for consumers. The process is a simplification of the current system that the majority of Canadians are amenable to, but it comes with a caveat. Borrowers say that they still want some human contact with a mortgage broker to help them with the significant decision of buying a home. Robo-advisors will link customers to lenders, finding lower rates, and assist with refinancing for a current mortgage. Through the use…
Posted on
June 08/2020By
northwood
Volatility in the financial markets can create havoc for investors and homeowners alike. An economic downturn can wipe out a lifetime of investments or cause interest rates to soar without notice. When buying a home, many considerations come into play, and the first is the type of mortgage you choose for the financing for your home. You can choose from a fixed-term mortgage, a variable rate mortgage, an open mortgage, or a closed mortgage. To identify the best mortgage financing product for you, let’s define what the mortgages are and how they work for a homebuyer. Fixed-Term Mortgages The fixed-term…
Posted on
June 01/2020By
northwood
A mortgage renewal can be stressful, even at the best of times. But how do you renew your mortgage if you have suddenly become unemployed? Or, underemployed or injured with limited income to deal with in this time of crisis? Your bank will reject your mortgage renewal if you are unemployed based on your lack of capacity to pay the mortgage. In that case, turning to a mortgage broker who has many options available is the best course of action. Brokers work with lenders to help the mortgage renewal process for the financially challenged, and in most cases, brokers are…
