Self-Employed Archives - Page 6 of 7 -

First-Time Buyer

Mortgage Co-Signor vs. Guarantor: What is the Difference?

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…)

By Meghan Van Houten, 7 yearsSeptember 18, 2017 ago

First-Time Buyer

The Difference in Interest Rates

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…)

By Meghan Van Houten, 7 yearsAugust 17, 2017 ago

Equity Take-Out

What is a Private Mortgage?

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.

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By Meghan Van Houten, 7 yearsJune 26, 2017 ago

First-Time Buyer

Insured vs. Insurable vs. Un-Insurable.. What does it all Mean?

We used to have two primary mortgage categories, “High Ratio” or “Conventional” mortgages, but now we have insured, insurable and un-insurable. What do these terms mean?

Insured; a mortgage transaction in which the insurance premium is/has been paid by the client. (Generally, 19.99% equity or less to apply towards a mortgage, amortization of 25yrs or less, mortgage under $1Million, qualify at Bank of Canada(BoC) benchmark rate). (more…)

By Meghan Van Houten, 8 yearsApril 24, 2017 ago

Equity Take-Out

What to Avoid when Applying for a Mortgage

The following is a list of items you want to avoid doing when you are starting the process of applying for a mortgage.

1. Don’t apply for any new credit; Applying for credit will lower your credit score. You will lose a few points off of your rate and will also potentially change your borrowing ratios.

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By Meghan Van Houten, 8 yearsApril 5, 2017 ago

First-Time Buyer

First Time Home Buyer Grants

The great news for first-time buyers is that the government has various grants that you can take advantage of. If you are buying a home for the first time, here are some of the grants that could be available to you; (more…)

By Meghan Van Houten, 8 yearsMarch 2, 2017 ago