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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 [...]

Debt Consolidation – A General Idea

Debt Consolidation             For millions of people all around the world, financial distress is a familiar term.  When humans take on more than they can handle financially, the usually wind up getting into debt.  When the going gets even tougher, and they figure out that they can no longer meet their financial obligations, they usually always look for ways that they can save money and cut financial corners wherever they can.  They pretty much do [...]

What Is Bridge Financing?

Bridge Financing To put it simply, you won’t stay in your first home forever. Sooner or later you’ll set it and most likely buy a new one. When you do, you’ll probably want to use the home equity of your current home and put it towards your new purchase. However, you might find that your new home will close before your sold home does, which will put you in a situation without a down payment. This is where Bridge Financing [...]

What Is a Home Equity Line of Credit (HELOC)?

Home Equity Line of Credit Mississauga If you’ve been advised to refinance with a Home Equity Line of Credit (a.k.a. HELOC) instead of refinancing with a standard mortgage, then you may be wondering what the difference is between the two. Therefore, we want to help you understand the characteristics, interest, APR, advantages, and risks associated with HELOCs. Home Equity Line of Credit: The Characteristics HELOC is a loan that is set up as a line of credit. It has a maximum draw, as [...]

Second Mortgages – Important things to know

Second Mortgages What do I need to be considered for a Second Mortgages? Applying for second mortgages typically is for people who already have a mortgage in the first place.  As well, you must have photo identification and be able to provide proof of employment, such as paystubs and bank statements. The first mortgage must also be in good standing with your current lender. Who do I speak to about obtaining a Second Mortgages? Applying for second mortgages is really easy, especially if [...]