If you as a first-time home-buyer are planning to buy your home this year and are facing the question of where will you get the down payment from? This article is for you.
One can only admit that the advantages given, by the Government of Canada when it comes to promoting homeownership are fabulous; opportunities like this should be seized, especially by those whose finances have been tight before, not allowing enough savings being allocate towards the down payment of that home that is most needed now in order to stop renting, and contributing to the payments of someone else’s mortgage. Why not contribute to the payments of your own mortgage instead?….Before it gets harder!
The Government of Canada recently announced the minimum down payment requirement will be increased from 5% to 10% on the portion of a purchase price for a property that is above $500,000 but less than $1 million on insured mortgages. This change will take effect on February 15, 2016
Getting the down payment from your RRSP’s is a very smart strategy that makes way to a greater downpayment, it requires a careful planning and commitment but it works beautifully, the greater your down payment is, the better the mortgage is for you, try it!
Do you want me to help you with your mortgage?
The next is just an intro on how it could work for you:
Read your T4’s just received by your employer, or your last week of December’s pay stub find out how much taxes you have been already deducted, and that you possibly consider now gone.
Calculate here what you have earned, the taxes that you have already paid and see enter an amount that you are eligible to contribute towards your RRSP’s (see your last’s year notice of assessment from Revenue Canada), you may still add more than what you are eligible for.
If your tax return increases then this plan should work wonders for you.
Submit your online mortgage assessment application and start your process that will start sharpening numbers to give you clarity as of when you can afford to buy your home, how much you can afford, how much taxes you can save and how much returns you can also get in the following year.
You are on time to recuperate those taxes that you were already deducted from your paycheck, do not procrastinate and sieze the opportunity now!
Once we practice your mortgage assessment you will be in a better position to decide is this strategy works for you, you will also have a greater knowledge to visualize when you will finally be able to purchase your home. Not every family’s financial situation are the same, your situation is unique, that is why your mortgage assessment should be unique as well
A mortgage lender is who lends money securitized, and registering the loan against a real estate property with the intention of benefiting from the interest paid by the borrower. Banks, financial institutions and private lenders profit from this service and help borrowers with their financial needs and have the security on the borrower’s property.
Investing in real estate is one of the most profitable ways of investments in Canada, It’s easy, secure, profitable and you don’t need to purchase a new property to be able to profit.
What you need is cash from savings, from your own home equity or from your low-performance investment funds, even from your already saved RRSP funds….If your cash is not producing, you should become a lender, if your funds are performing under 8% you should become a lender.
You can become a lender and help yourself, help your family, a friend or someone else. They pay their mortgage and you collect the interest paid by them, is that simple.
Becoming a lender is secure, easy, quick and limited to those that apply and qualify first. Fill up the form below and request a one on one meeting for detailed information.
The non owner occupied rental mortgage loans help you qualify by adding the monthly rental income to your current income. As a result you are able to purchase or refinance a rented property and let the property pay for itself with the rent
Scenario: You currently have a steady job or business, a decent credit score, some savings but no time to start another business or job, and you would like to earn residual income from a real estate property.
The non-owner occupied rental mortgage is designed for those who would like to become real estate investors.
New to Canada Mortgage is for people who have immigrated or relocated to Canada within 60 months, offers credit record or history flexibility, lower down payment required than a conventional mortgage.
The New to Canada mortgage is for the new immigrants that have obtained landed status and have not already owned a house It presents the opportunity to start owning a home instead of renting.
The following are some borrower qualifications for the New to Canada Mortgage:
High ratio secured mortgage loans with only 5% Down payment from own resources; For LTV’s less than 95%, the remainder may be gifted from an immediate family member or from a corporate subsidy. (3 years landed immigrant)
Or Conventional unsecured mortgage loan with 35% Down payment or more from own resources.
Amortization up to 30 years in Conventional & 25 years insured mortgages
No 3rd party/Guarantors
Number of units, Max 2
Must provide valid work permit or verification of landed immigrant status
International Credit Report or 2 alternative sources of credit
Bank reference letter or 6 months bank statements
3 months minimum full-time employment in Canada (borrowers being transferred under a corporate relocation program are exempt)
All debts held outside of the country must be included in the total debt servicing ratio (Rental income earned outside of Canada is to be excluded from the GDS/TDS calculation)