Was Your Mortgage Renewal Denied? What Happens Now?
If your mortgage is coming up for renewal soon, and you’ve already received your renewal offer, with the new mortgage rate and term, don’t act too quickly. An impulsive decision to sign the slip and return it merely for convenience can end up costing you over the long-term and it doesn’t necessarily mean you’re approved either. There is a chance your renewal can be denied. So before you sign it, consider that it might be time to find a new lender.
Are You Ready for 2018 & The New Mortgage Rules?
Over the last couple months we’ve been talking about the new mortgage rules coming in the new year of 2018. The anticipation and its uncertainty is killing us. We want to ensure that you are fully prepared and know what to expect, thus we want to make sure that we didn’t exclude any important information in our previous blogs ‘New mortgage rules, including stress test for uninsured borrowers’ and ‘More Mortgage Rule Changes On The Way?’ to help you get prepared. As we’ve mentioned in the past, 2018 will be a time when getting a mortgage may no longer be so easy, especially for first-time buyers, as well as homeowners looking to refinance.
What do I Need to Get a Small Business Loan in Canada?
It’s no secret that Canadian businesses are an important part of the economy. However, many businesses and business owners face a number of challenges when it comes to securing a small business loan. During business development, business owners require working capital to finance business growth. Traditional bank loans can prove to be quite daunting and difficult to ascertain, especially if you’re a smaller independent company or a new start-up. Therefore, you need to be well prepared when it comes time to meet with your lender.
Mortgages, Work Permits & Permanent Residence
Many people move to Canada with the the hopes of becoming a permanent resident or gaining employment. However, for many new immigrants, once you get here and get to know the beauty throughout Canada you decide to stay and make Canada your home. If you do then buying your own home may be the next dream that comes into your mind. You should know, if you don’t have the right help, guidance and understanding when it comes to Canadian mortgage, the process can be rather tricky. This is especially true if you’re planning to buy a home in the very near future. We’re here to ensure you are informed about the things you need to do as a new arrival that will help you obtain a mortgage in Canada.
Reverse Mortgages: The Pros & Cons
If you’re a retiree, then a reverse mortgage can serve a valuable retirement planning tool. You can increase your income during retirement greatly by making use of your greatest asset, your home. Continue to maintain your home ownership while borrowing against your homes equity. Unlike traditional mortgages, reverse mortgages don’t require payments. Basically, your lender will pay you instead through a line of credit, monthly payments, or a lump sum payment. During this time your home equity will shrink instead of grow.
Grants for First Time Homebuyers
The great news for first-time buyers is that the government has various grants that you can take advantage of, making your home purchase more affordable. If you’re buying a home for the first time, here are some of the grants you have available:
Challenges Securing “Mixed Use” Mortgage Financing
One of the biggest challenges many buyers face within the mortgage industry in securing “Mixed Use” mortgage financing. This process can take a tremendous amount of time, especially when it’s required for: Construction loans, Mortgage refinancing and Property acquisition. First, before we get too deep here, you need to understand what mixed use property is. To put it simply, it’s a property zoned for both commercial and residential use. So, a mixed use property is one that is both commercial and residential, such as retail stores with apartments above or behind them. However, there are other types of mixed use properties that come with their own mortgage financing challenges.
25-Year vs. 30-Year Amortization Mortgages
When it comes to make important shopping decisions for your mortgage, you have 3 important factors to consider, the amortization period, interest rate and the term. They are equally important in your final decision. However, when deciding what amortization period is best for you, you need to understand the difference between 25-year and 30-year amortization mortgages. Here’s a brief overview.
New to Canada? Mortgage for Non-Residents
Welcome to Canada! Entering and settling in a new country can definitely be a big adjustment. If you’re planning to make Canada your home, then you’ve probably already started to think about buying a new home. First, you should know what it will take to secure a mortgage in Canada. As a new arrival here, you can secure the financing you need at competitive rates.
How to Get a Private Mortgage When You Don’t Qualify for a Bank Mortgage
Whether you’re new to canada or self-employed there is always a mortgage solution for you. Even if you’ve had past credit problems, you can still qualify for a mortgage. You just need to speak to a mortgage specialist. Sometimes banks aren’t always the easiest route, especially with all of the new mortgage rules in 2017. This is the main reason why private and alternative mortgages are rising in popularity amongst buyers.