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Canadian Non-Resident Buyers: Buying Property FAQs

Through the years, we’ve helped a large number of non-resident buyers in the purchase of their first homes in Canada. Throughout these years there have been many questions that come up quite often, so we’d like to share them with you ahead of time. Non-Residents: Residency & Financing FAQs Who can buy property in Canada? Home buyers from all countries can buy property in Canada. In Canada, there are no restrictions when it comes to how many or what type of property [...]

Your Down Payment: Vital Information for Newcomers to Canada

When buying a home in Canada, even Canadians don’t purchase their home by paying for the entire cost. As a newcomer, you’re also not expected to cover the full cost without help. For instance, when you purchase a home in Canada there are two financial money sources that can help you: Source #1: A mortgage Your mortgage is a legal agreement that allows you to borrow money from a lender, such as a bank or private lender. Source #2: Your down payment Your [...]

Why You Should Lock in Your Mortgage Now?

There is a fear among Canada’s home loan borrowers, about the potential of the Bank of Canada will be soon hiking their interest rates. For those who can currently afford to make their monthly payments, this may no longer be the case should rates increase. If you are a homeowner with a variable-rate mortgage, you’ve probably been losing a lot of sleep over the potential. As you are probably already well aware, your rates can vary, and unfortunately, they may [...]

A Comparison: Posted Interest Rates & Discounted Interest Rates

We’re sure that you’ve already started doing your mortgage research, keeping an eye on interest rates and comparing them among various lenders, if you want to purchase a home. Among these various lenders are most likely banks and credit unions, who typically offer: Posted rates (also known as a set rate) Feature discounted or special rates Trying to understand these rates on your own can be quite challenging. A mortgage broker can be utilized to help you understand posted and [...]

Commercial Mortgages: Types, Timeframes, Qualification Criteria & Insurance

Commercial Mortgages With a commercial mortgage, a loan is taken out for a commercial property, as opposed to a residential property. The commercial property is used as the collateral. Credit history assessments are typically more complicated with a commercial mortgage, and you can expect rates to be a bit higher as well since there is more risk involved. Types of Commercial Properties Commercial properties can fall into a few different classifications, and it’s important to understand what type of commercial property your [...]

Mortgage Solutions for every Self-Employed in Canada

Are you self-employed and looking for a mortgage? With mortgage regulations being more stringent at banks in the recent years we, it has become difficult to have a mortgage be approved especially for the self-employed. STANDARD MORTAGE With an adequate amount of income, you can avail a borrowing up to 95% of the value of your home with default insurance. Even without a default insurance, you can avail a loan up to 80% of the value of your home. SELF-EMPLOYED MORGAGE Having qualified [...]

Your Credit Score & Your Mortgage

It’s sad when we say that you’re just a number to lenders, but it’s true. In their eyes, your character is defined by your credit score. This also happens to be the determining factor whether you get approved or denied. Curious to know how you measure up in the eyes of lenders? Here’s a lowest to highest scale, so that you can see for yourself: 580 and under: It’s likely your application will be denied or your rates will [...]

Is It Worth It To Break Your Mortgage Early?

A mortgage advisor can come in handy, especially when you’re thinking about refinancing or breaking your mortgage. They can complete an analysis of your personal financial situation, including a review of your existing mortgage. In doing so they’ll be able to show you what costs you might face and outline all of the benefits that come with either option. They also have access to special lenders with competitive rates, and this is what will help you come out ahead [...]

Private Mortgage Mississauga | Obtaining it in Canada

Obtaining a Private Mortgage in Canada So you are buying a house and you aren’t exactly sure how you are going to pull it off because it seems like every corporate lender you have filled out an application at, has responded with a “NO”.  Private mortgage lenders are becoming more and more popular in Canada because when all of the banks and other corporate lenders say, “NO”, quite often the private lenders are the heroes of the day because they [...]

Becoming a First Time Home Buyer

First Time Home Buyer Brampton          For those of you that are considering buying a home for the first time, here is some advice that you can take with you to the bank.  Becoming a first time home buyer can be a scary process for those who have no idea exactly how the home buying process works.  The first thing you should do is consult with your local bank or finance company to figure out how much [...]