Posted on
October 14/2019By
northwood
Many people who are thinking of buying a home will wonder if they will be able to purchase the home of their dreams with their current salary. They may then turn to a local mortgage qualifier to determine if they can buy a home with their current income. It should also be noted that every person’s situation is different. Some people may have more stringent budgets due to financial dues and substantial expenses, while others may have a large amount of capital to work with from the beginning. Here, we will help you determine if you can afford a mortgage on your salary using a mortgage qualifier in Toronto. The First Step When you decide to buy a home, many steps are involved, and it is a lengthy process. The first thing you should do is determine how much capital you can borrow for your mortgage. The goal is to…
Posted on
September 26/2019By
northwood
If you are thinking of obtaining a commercial mortgage in Ontario or a business loan to open the business of your dreams, then you may be faced with a few obstacles. Trying to secure a mortgage or loan of any kind can prove to be challenging if you do not know where to go or where to start. There are also many reasons why you or your business partners may be denied for a commercial mortgage in Ontario or a startup business loan, which we will discuss in this article. Why Lenders Reject Commercial Mortgage Applications If the loan underwriter or the bank’s loan officer is not satisfied with your business proposal, then they may deny your application. For your business plan to be accepted, they need to feel that the plan firmly supports the requested loan amount, meaning they need to be confident in your business plan. Also, if…
Posted on
September 19/2019By
northwood
Trying to secure a commercial mortgage in Ontario may be intimidating to some, but it doesn’t have to be. A commercial mortgage can help you to expand property, or finance a brand new property if you wish. A commercial mortgage can also be used to consolidate one’s debts. However, the criteria for obtaining a commercial mortgage are quite different from those required to obtain a residential mortgage. Here, we will focus on how you can secure a commercial mortgage loan in Canada. What are commercial mortgages used for? A commercial mortgage is a loan taken out on a commercial real estate property with the property in question serving as collateral. The borrower can be incorporated, a limited company, partnership, or conventional enterprise. A commercial mortgage loan can be taken out to finance a hotel, office, store, industrial property, construction site or residential real estate property but can also qualify if…
Posted on
September 12/2019By
northwood
If you would like to know what a second mortgage entails or would like to secure one, then an easy tool, that won’t cost anything to use is a second mortgage payment calculator. A second mortgage calculator is a handy tool that will allow you to calculate the amount that you can theoretically qualify for, as well as the amount of equity that you can extract from your property as well. Here, we will provide a guide to using a second mortgage payment calculator. Basic Second Mortgage Payment Calculator There are some rudimentary second mortgage calculators that you can use online. Essentially, the only figures you will need to input are the numerical value of the home, the balance on your 1st mortgage, and the amount of the 2nd mortgage, if applicable. Then hit send, and you will get a figure that indicates the amount that you can borrow. The…
Posted on
September 07/2019By
northwood
There are many things that you should consider when buying an investment property, such as investing in a residential mortgage in Ontario. It should also be noted that while people can make money by buying and selling real estate properties, the world that is depicted in reality TV shows that focus on house flipping is not how the real world works. If you would like to procure a residential mortgage in Ontario and are interested in buying an investment property, then there are certain things that you should consider first. What is its condition? Some people may opt for a fixer-upper property due to the low initial investment. They may see potential in either the home or neighbourhood in which it is situated. However, you need to think in the long-term, as investment properties are a marathon and not a race. Ask a licensed and bonded home evaluator to inspect…
