Basic Criteria for a Commercial Mortgage Loan
A commercial mortgage is a loan that is taken out on a business property. This may be a rental property, or it may be a property such as a storefront or industrial space. In some ways, commercial mortgages are similar to residential mortgages in that they are loans against collateral. In other words, the lender has the option of foreclosing on the property if the borrower defaults.
How to Get the Best Construction Loan
Building your own home can be an exciting process. Most people however do not have the money to pay for a home construction up front and banks don’t like to give mortgages on homes that don’t even exist yet. The solution that most people turn to in order to finance a home build is a construction loan.
Tax Benefits for Small Business in Canada
If you have your own business in Canada, there are a number of tax deductions that you could be taking advantage of. These can help you reduce the overall amount of tax that you are paying at the end of the year and in some cases, they can even help you get a refund. Many business owners, however, may not be aware of all the tax benefits that they are eligible for. Here is an overview of some of the tax deductions you might be able to claim.
Types of Mortgage Loans for Home Renovations
Every home at some point is going to need a renovation. Whether you are replacing roof shingles, updating your kitchen, or building a whole addition, home improvements are rarely cheap and most people don’t have enough cash on hand to pay for them outright. Fortunately, there are a number of ways a mortgage loan can help you pay for your renovation. The following are three types of loans that make use of your home equity and that can help pay for your home improvements.
Surprising Reasons You Might Get Turned Down for a Mortgage
When you imagine someone who has been turned down for a mortgage by a traditional lender, chances are you envision someone who has damaged credit or who has very little in savings. You may be surprised to learn however even the most financially responsible people who don’t owe anyone a penny can sometimes get turned down for mortgages. And some of the reasons may surprise you. Here are five surprising reasons why you might get denied a mortgage.
Getting the best ROI on Rent to Own Deals
While they are still not as popular in Canada as they are in the US, rent to own housing agreements are becoming more common on this side of the border. Rent to own agreements essentially work in the following way. A landlord owner purchases a home which is then rented out by a tenant who has the intention to purchase the home after a specified timeframe. An agreement between the landlord and tenant will be signed with guarantees a certain price on the home and gives the tenant the first right to purchase the home after that timeframe.
Tips for Getting Mortgage Pre-Approval in Canada
If you are starting to shop for a new home in Canada, then getting pre-approved for a mortgage is highly recommended. A pre-approval will show a prospective seller that you are serious about buying and it will also give you a good idea about how much you can afford. If you are ready to get a mortgage pre-approval, here are a few tips that will help you qualify for the best rates and largest amount you can.
Tips to Manage Your Credit Score in 2019
At AKAL Mortgages, we pride ourselves on being able to help people in all sorts of credit situations. But let’s not kid ourselves. The better your credit score is, the better your options are going to be for getting a mortgage.
10 Things to Check at Mortgage Renewal Time
When mortgage renewal time rolls around, you will get a letter from your bank or other financial institution letting you know that it is time to renew. Unfortunately, many Canadians simply renew with their current institution at the offered rate without checking to see if doing so is really in their best interest. Before you renew your mortgage, here are ten things you will want to check.
How RRSPs Help First-Time Home Buyers
This time of year, you are probably hearing a lot about the importance of saving for retirement through tools such as RRSPs. But did you know that RRSPs are also a great tool that you can use if you are a first-time home buyer? That’s right! Through a federal government program called the Home Buyers’ Plan (HBP), first-time homebuyers may borrow up to $25,000 tax free from their RRSP for a down payment. If you are married, both you and your spouse may borrow from your RRSPs for a total of up to $50,000.