As of January 1st 2018, Canada’s Uninsured home buyers will be required to qualify for their mortgage with an interest rate of the greater of the Bank of Canada (BOC) Rate, or 2% higher then the contract rate. (more…)
If you are a borrower who is perhaps self-employed, have questionable income stability or employment history or mediocre credit, it’s likely that your lender will need a guarantor or cosigner for your mortgage. In their eyes, this will ensure them that someone will be held responsible if you areunable to make your mortgage payments.
Are you the person who is considering becoming the guarantor or cosigner, then you should understand the difference between the two, they are very different, as each comes with certain rights and responsibilities. (more…)
There are a lot of mortgage terms, many of which people don’t understand, one of the most common is “assuming a mortgage.” This term has been around for many years and it comes with many advantages and disadvantages to both home buyers, and sellers alike.
There are many websites that will show you mortgage interest rates from several different lenders, but why do these interest rates differ lender to lender? What does it mean to you, the mortgage consumer? (more…)
With the mortgage rules constantly changing, private or alternative mortgages are becoming the only way some people can refinance or buy a home. When the banks turn borrowers down the next option is to look at “Subprime” lenders. There is a significant misconception applied to this “subprime” market, so let me explain them a bit.
Being a new immigrant doesn’t mean you can’t get your own home. The typical rules for New to Canada mortgage borrowing is that you have been in Canada less than three years, have your landed immigrant status, and have been employed in Canada for a minimum of three months. (more…)