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How To Secure A Mortgage When You’re Self-Employed

Posted onNovember 21/2016By

There are many advantages to being self-employed, but one disadvantage is that it is much more difficult to prove your income to financial institutions. It gets especially complicated when your income is much less on paper than it actually is— especially when you factor in the deductions made from business expenses. Recent rule changes have made it much more difficult for self-employed workers to qualify for a loan, but if you are self employed, there are ways to increase your chances of successfully securing a loan. Have A Good Credit Score Although it is not the only requirement for securing a mortgage, it is still critical. If you know your credit score is low, try to improve your score before approaching the bank, because it is one of the first things they will look at. Keep Your Business Books Keep track of your financial records. Practise good bookkeeping and keep…

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Renewal VS. Refinance: What’s The Difference?

Posted onFebruary 12/2016By

Home mortgages in Canada are actually not normally paid off over the life of the term. This is because, usually, lenders amortize the loan for a period between 15 and 30 years. However, the longest allowable loan you can receive from a Canadian bank is for ten years. The result is that many homeowners who pursue financing through the traditional channels will have to renew their mortgage at least once. However, some homeowners prefer to refinance at the end of their loan deal, rather than renewing the loan. It’s important to understand the difference between renewing and refinancing. The Difference Between Renewing and Refinancing A renewal of a mortgage is pretty straightforward. At the end of a five or ten year deal, if the loan has still not been fully paid off, you can opt to simply renew the deal and pay off the loan at the previously agreed upon…

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How Will Your Student Loan Affect Your Mortgage?

Posted onFebruary 05/2016By

There’s a growing concern in recent years about the increasing number of people who are graduating from post-secondary education and finding themselves drowning in student debt. Whether it’s a person earning a general baccalaureate degree or someone graduating from a professional program and entering a lucrative field of work, crushing student debts are following people around for decades after they’ve finished school. Getting the right education to suit your skills and prospects is invaluable, but tens or even hundreds of thousands of dollars of student debt can really hold you back, especially when coupled with academic inflation and a scarcity of jobs. But the fact is that many people have student debt and they can still become homeowners. This article will detail how your student loan can affect your mortgage. Analyzing Debt: The Percentage of your Monthly Wage that Pays off your Debts Obviously, the best case scenario when applying…

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Can I Get Out Of My Mortgage Without A Penalty?

Posted onJanuary 01/2016By

There are many reasons you may need to break a mortgage. Life is unpredictable, and perhaps a five year closed mortgage seemed like the right choice at the time, but as we all know circumstances can change. Maybe you need to sell earlier than you thought, or maybe you found a cheaper rate somewhere else. Unfortunately, getting out of a closed mortgage can result in paying a penalty fee, and these can cost thousands, or even tens of thousands of dollars. Protect Yourself From The Beginning When it comes to signing a mortgage, the language that’s used in the documents can be complicated and difficult to understand, especially for an inexperienced buyer. In this way, you can get stuck paying penalties larger than you expected, or not being able to get out of the mortgage at all. Though it can seem daunting, it’s worth learning how to read legal documents.…

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Mistakes To Avoid While Renewing Your Mortgage

Posted onDecember 28/2015By

Mortgage renewals can either be a nightmare or a dream come true, depending on which lender you work with and what the market is doing at the time of the renewal. Many homeowners, especially those new to the scene, make the mistake of not capitalizing on significant rate drops. If you have the opportunity to refinance to a lower, fixed-rate mortgage, it is usually in your best interest to do so. 1-2% may not equate to huge savings in the short-term, but the results are drastic over decades. You deserve to get the most out of your investment; by adhering to the following tips, you stand a great chance of saving thousands down the road! Handling your mortgage renewal the right way Start planning for the renewal at least four months in advance You want to give yourself plenty of time to research every available lender and product. While this…

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