income in a mortgage borrower is important to estimate his / her capacity to repay the mortgage loan
Higher home prices & higher interest rates What people looking to be homebuyers can expect from the current home market headlines in the mass media? Now that higher home prices & higher interest rates (slightly) than last year’s are becoming rout news, and while the Bank of Canada has kept interest rates with no changes (for now), some people…
The new rules affecting high ratio mortgages are effective from October 17th, 2016. The following are new mortgage rules for high ratio mortgages, (under 20% down payment = high ratio mortgage). From October 17th, 2016 onwards all borrowers (including those seeking a mortgage with a 5 year or longer fixed rate, insured mortgage with a variable rate, fixed…
Considering co-signers to help your mortgage may be a very smart thing to do in regards to money-saving, however, this advantage may come with some potential risks that may end up consuming some of those savings or even worse, potential legal conflicts. A good family that I know wanted to buy a house to stop…
Chip – Reverse Mortgage – Income Advantage On a reverse mortgage, interests paid are tax-deductible and lower than the increase of the equity of your home Chip – Reverse mortgage A reverse mortgage is a loan secured against the value of your home. Unlike a loan or a regular mortgage, with CHIP you are not…
Mortgage for single parents In Ontario, as of 2011 according to Stats Canada, there were more than 604,000 lone-parent families, and in a staggering 80% of them, the female parent was living with their children!. Now, this days is very difficult enough for a married or common-law couple to qualify for a mortgage in order…
Financial character Financial character is the mental and moral group of qualities presented by an individual in regards to his/her behaviors when it comes to his/her financial agreements. Your credit score may not be good enough to qualify for a mortgage! Your high income may not be sufficient to qualify for a mortgage! Have you suffer…
The Home in Peel Affordable Ownership Program is designed to provide low to moderate income residents who are currently renting in the Region of Peel with loan The program fundamentally seeks to help with the 5% down payment of a property to be purchased by those already leaving in Peel region but are currently renting….
Home sale prices in Ontario Is it really worth it to buy a house? That is a question that some renters that I have come across with have or had, like John and Sue (not real names) from Toronto, who were renting because they never thought that they could buy a house considering their financial…
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