It's not impossible to get a loan in Canada if you're self-employed. Usually, that just means more documentation is required. Largely, it's so that clear proof comes through about your income. If you had a regular employer you'd get paychecks and the like; since you employ yourself, you need to prove how consistent your pay is and for how much.
Read MoreWelcome to Canada, your home sweet home. Or so you would think, considering the dramatic increase in newcomers settling down across the great nation. If you’re one of these new Canadians, or even if you’re thinking of making the move, there are a few challenges we all share, and it might be time to prepare yourself for them ahead of time. What are they?
When you move to a new country, it can be challenging to adjust to the culture and begin a new life. As a result, several financial institutions provide mortgage choices for immigrants to aid their transition into homeownership.
Read MoreDid you know that you can get a loan to renovate a home that you are purchasing? You can add the costs to your mortgage using what is called a Purchase Plus Improvements mortgage. Of course, this only applies to properties you intend to purchase in Canada.
Read MoreWhen should you lock in your variable into a fixed rate mortgage? If you are buying a home this year, which option will save you the most money? If you understand the innate differences between fixed and variable rates then the below breakdown will help you make the best educated decision.
Read MoreThe terms credit score and credit rating are more or less used interchangeably in casual conversation, but there is a difference. A credit score ranges from 300 to 900. Nine indicates the highest risk for payment default, while a credit rating is one to nine and is specific to individual accounts or tradelines that appear on a credit report.
Read MoreWhile buying a house can be a rather daunting experience, there are ways to make it easier. Considering how grueling this process can be, it would be in your best interest to do all you can to make buying a house go more smoothly. One of the best ways to make buying a house easier is the First-Time Home Buyer Incentive.
Read MoreConsider the following scenario: you've been looking for a home and have seen numerous, each time acquiring a better picture of your perfect home. Then there's the perfect house. However, there is a snag: the property is not yet ready for occupancy, and you lack the finances to complete the necessary renovations. A loan for the purchase and improvement of a home may be advantageous.
Read MoreAs a homeowner who wishes to unlock the equity that you’ve already built up in your current property, you might have been toying with the idea of getting a second mortgage. However, you might be wondering if it is indeed the best choice for you.
Read MoreBuying your dream home is something not all people have the means to do for many reasons. They could be in a financial state where getting approved for a mortgage is extremely difficult due to bad credit or having a low income. However, there are ways to get your mortgage approved with the help of a co-signer or guarantor. For the uninitiated, these two terms may seem confusing or unfamiliar. This guide will help you understand the difference between the two and which option would be more suitable for you.
Read More57% of Canadians don’t check their credit scores. Your credit score can determine whether or not you are granted a residential lease or a mortgage? It also has the power to determine your quality of life by controlling things like purchasing a vehicle. It's incredibly important to maintain a good score and be consistent over time.
Read MoreOne of the most common questions in personal finance is whether to cancel unused credit cards. After all, if you aren't using the card, why keep it?
Read MoreFairly dividing debt obligations can be difficult during a divorce or breakup. Your mortgage is typically your largest liability, and it must be managed fairly in the face of high emotion and arguments at home. While you may be worried about what's going on inside your relationship, your mortgage lender will never know how you feel about the split.
Read MoreThere are plenty of ways to purchase a home with no down payment. This does not mean you get to completely forgo this part of the payment. Rather, it does not need to be paid initially.
Read MoreNewcomers to Canada face and suffer from this. Whenever they need to apply for loans or mortgages, they may have trouble backing themselves up because their credit score has been reset. However, fret no more because we will help you in building your credit score again!
Read MoreIn this Non-residents guide to getting a mortgage in Canada, we'll review how to assess the current market, find the right lender, and plan for taxes and down payment. But first, let’s define what a Canadian non-resident is. Simply put, a non-resident is someone who routinely or lives typically outside of the country.
Read MoreWhen it comes to shopping for your dream home, it could take months searching all over the town for a house that is just the right one for you, only to come up empty-handed and disappointed. Why? Maybe the housing costs aren’t affordable, some houses look great from the outside while the inside of it is not what you want like poor interior lights, a leaky roof, bad electric works and so on.
Read MoreSince the introduction of the 2016 mortgage stress test (which determines whether or not you can afford the mortgage you want), traditional big bank lenders are consistently rejecting more mortgage applications.
Read MoreAre you thinking about buying a home within the next year, but can’t seem to save the down payment and closing costs fast enough? Here is a trick to get you there much faster by using the Home Buyers Plan which smartly leverages RRSP loans and gets you a tax refund in the thousands.
In the case study below, a young couple made $21,000 appear overnight by smartly using RRSP loans and then applying for a mortgage.
Read MoreAs people make a furious rush to either upsize or downsize in a hot market, there are some often overlooked mortgage strategies to consider when buying and selling real estate at once. Failing to plan ahead can cause some serious stress and jeopardize the potential of your new home.
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