All About Real Estate, Finance & Mortgages

Mortgages are tough to qualify for when you are self-employed or commissioned. Even with a good credit history, getting a mortgage from a major bank is sometimes frustrating. Over 20% of Canadian income earners are self employed, business for self or are 100% commissioned. With this large of a segment of the population working for themselves you would think the mortgage banks in Canada would be a little more accommodating. Well they have! Finally. Most people in business write off expenses before declaring their income. That's the advantage of being in business for yourself. You pay income tax on a lesser amount but when you need to prove income for a mortgage approval, your tax returns make it look like your income is low and you can't afford the mortgage you deserve. Qualifying for a Low Documentation Mortgage is easier than you think. You can purchase a new property or re-finance your existing home up to 90% of its appraised value. The lender bases their mortgage approval on...

What is a Mortgage Broker? A mortgage broker is an independent professional who works as the liaison between the borrower and the lender to negotiate mortgage loans. We are mortgage loan specialists. Whether you are purchasing a new home, switching your mortgage, or refinancing you existing mortgage, many factors must be considered. Its our job to analyze specific needs and find the best mortgage product that satisfies your budget and goals. Why use a Mortgage Broker? We have access to numerous lending institutions and investors. We will make sure to get the best loan possible: the best interest rate, conditions, and prepayment privileges. You won't have to deal with any financial institution yourself. We deal with the same lenders you're used to dealing with. Including the 'Big Banks' and Trust Companies. We deal in great volume of mortgages and pass on the savings to you. We also deal with some innovative broker-only lenders who can offer even more attractive rates an...

Build or re-build your credit in Canada, even if you've had credit difficulties in the past, or have never had a credit card before! An excellent opportunity to establish your credit rating. Virtually all Canadians are approved. Find out more here...

Our Mortgage Payment Calculator will show you how different rates and payment frequencies can affect your mortgage. How much can you afford? What payments can you expect to be making on your mortgage? Simply fill in the form and click the "Compute Payment & Balance Summary" Button.

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The Adjustable Rate Mortgage is quickly becoming one of the most popular options for consumers. There is a tremendous spread between the prime interest rate and a fixed long term mortgage. This spread can be as much as 3% and with the average mortgage in Canada approaching $130,000, this difference in interest rates can be tremendous. How does an adjustable rate mortgage work? The adjustable rate mortgage is quite different than traditional mortgages in that long-term mortgages are priced according to Bond market, while the adjustable rate mortgage is priced in accordance with the prime interest rate. The longer the term, the higher the interest rate. This is not always true but generally speaking it does hold true. By selecting a longer term mortgage you are agreeing to pay a higher interest rate for the term. It is similar to paying an insurance premium to guarantee the interest rate but the insurance premium is the higher rate. An adjustable rate mortgage gives you total control....

Your credit score is an important indicator of your creditworthiness. The higher your score the better chance you have at getting credit extended you. While many lenders use bureau scores to help them make lending decisions, they also take other aspects into consideration. Lenders will use your credit score to determine if you are likely to pay your bills and also help them place you with the appropriate repayment plan. For example if you have claimed bankruptcy in the past they might place you at a significantly higher interest rate. The following is used to calculate your beacon score: Payment history- This indicates if you have made your payments on time Amount owed - Comparison of what you owe to your credit limits with various lenders Length of time - This indicates how long you have had credit accounts New Credit - Shows how often you are looking for new credit Type of credit - Considers the type of loans you have - car loans, lines of credit, credit card balances I can't str...

Many people dont even consider buying a home because they believe they cant afford it. In fact most people continue to rent and pay for someone elses mortgage. Homeownership is more affordable than people think in fact in most situations it is more affordable. Some factors to consider would be that rent increases over time but a fixed term mortgage does not, mortgage payments remain more stable over time. So lets think about it, by owning instead of renting your wealth will increase as you gain more home equity. It makes more sense to stop renting and start buying. Now dont get me wrong, buying a house is a big committment. The house must be kept in good condition, renovations, repairs and insurance expenses all add up. But if we think of it as an investment into increasing our net worth we see the value of owning over renting. Another reason people are stuck renting is that the banks have turned them down. How can I qualify for a mortgage when my bank has turned me down? The answer is...

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Home equity loans and home equity lines of credit continue to grow in popularity. According to the Consumer Bankers Association, during 2003 combined home equity line and loan portfolios grew 29%, following a torrid 31% growth rate in 2002. With so many people deciding to cash in on their home's equity value, it seems sensible to review the factors that should be weighed in choosing between out a home equity loan (HEL) or a home equity line of credit (HELOC). In this article we outline three principal factors to weigh to make the decision as objective and rational as possible. But first, definitions: A home equity loan (HEL) is very similar to a regular residential mortgage except that it typically has a shorter term and is in a second (or junior) position behind the first mortgage on the property - if there is a first mortgage. With a HEL, you receive a lump sum of money at closing and agree to repay it according to a fixed amortization schedule (usually 5, 10 or 15 years). Much l...

Obtaining a home loan is arguably the most expensive transaction you’ll experience in your lifetime. Therefore, getting the best home at the greatest value is an endeavor worth pursuing. Whether you’re trying to squeeze in to a higher priced home or just trying to shave a couple bucks off of the closing costs, this article will help you explore your options. Here’s a list of our top 7 things you can do to cut corners and save money on your mortgage Shop Rate! Shop Fees! ARMs Balloons Interest Only Incentives PMI 1. Shop Rate! Sometimes the obvious just needs to be stated out loud: Lenders do not charge the same rate. Some charge more, and some charge less. Obtain several loan offers for consideration, and compare the rate. If a lender offers you an unusually low rate, check for fees, points, and additional charges or changes in terms. Don’t fall into the trap of just going with the largest bank on the block. Do your homework and check your lender’s background and reputation, but open y...

Did you know that when you take out a fixed-rate mortgage, you're paying a big "safety premium"? That's because banks usually set their fixed rates at considerably higher levels than their variable rates. They do so to ensure that a fixed-rate mortgage will still be profitable for them if interest rates rise. If you're a potential homeowner, you should ask yourself if that premium is worth paying. It may protect you if interest rates spike up suddenly. But if they don't, you may end up paying thousands of dollars in extra interest. That's an expensive insurance policy. Historically, variable-rate mortgages have proven to be cheaper than those with fixed rates over the long term. Even if you feel that interest rates will rise in the near future, you should take a long-term perspective. With a variable rate mortgage, you are usually starting out at a lower rate to begin with, and you wi%ll benefit from any decreases in interest rates that occur in the future...

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